Latest news with #RajeshJejurikar
Time of India
6 days ago
- Automotive
- Time of India
Your next car could cost more as price pressure grips India's auto industry
Commodity prices are climbing again after a softer second half of FY25, prompting Indian auto companies to make small price hikes to cushion the impact. Analysts have warned of rising raw material costs , particularly steel, through the last quarter and into the current one. While automakers are attempting to absorb some of the pressure through cost reduction and changes in product mix, industry leaders say the upward price trend could become a challenge in the months ahead. Speaking during Mahindra & Mahindra's (M&M) first-quarter earnings call, Rajesh Jejurikar, executive director and CEO of the company's auto and farm sector, said: 'Steel is up 6% over last quarter and so far we have taken some price hikes to neutralize it. But if steel inflation continues it will be a head wind.' Analysts noted that precious metals have also become costlier, partly driven by US pre-purchase activity. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Rohan Kanwar Gupta, vice-president and sector head for corporate ratings at ICRA , said: 'There has been some increase in select raw material prices over the past two quarters, post a softening in prices in H2 CY2024. Some hardening in raw material prices is expected over Q2-Q3 FY26, which could exert pressure on margins to an extent.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What Is This Product That Brings Life Back to Those Suffering From Chronic Knee Problems? Wellnee Undo For now, the financial hit is not significant, with chief financial officers estimating the impact at around 0.5%. Bharat Madan, CFO of Escorts Kubota , said: 'The commodity increase is severe for PV companies but this quarter there was some pressure on us as well and Q2 may see some inflationary impact of around half a percent.' Despite the cost rise, analysts believe the effect on automakers' profits is limited. Gupta said: 'Despite the increase in prices, the gross margins for OEMs across automotive segments continue to remain at steady levels, aided to an extent by price increases taken by OEMs at the start of the calendar/fiscal year.' Live Events You Might Also Like: June sees first decline in SUV sales in India in over five years amid economic challenges While raw material costs rise, the auto sector is also facing slowing demand in one of its strongest segments. Monthly SUV sales in India fell for the first time in over five years in June, as IT sector layoffs, geopolitical tensions and broader macroeconomic challenges weighed on buyer sentiment. SUVs have been the main driver of passenger vehicle sales growth for nearly a decade. Industry data accessed by ET shows that SUV sales dropped 2.1% from last year to about 175,000 units in June. Passenger vehicle sales data for July is yet to be compiled. Experts said this is the first monthly decline in SUV sales after years of uninterrupted growth, signalling buyer fatigue. SUVs now account for about 55% of all passenger vehicles sold domestically, covering micro, compact, mid-sized and large models to cater to a broad customer base. SUV sales had grown in strong double digits between FY20 and FY25. However, during the first quarter of the current fiscal year, sales increased just 5.6% to 572,000 units, down from an 11.3% rise in FY25. You Might Also Like: Nissan launches Magnite KURO Special Edition: Check price features & upgrades here (wth ToI inputs) You Might Also Like: Tata Harrier & Safari Adventure X variants launched: Check price, features, specs and more
Hindustan Times
01-08-2025
- Automotive
- Hindustan Times
India's sibling CXOs: Two sides of the same coin
Earlier this week, when the world was cheering Shailesh Jejurikar's appointment as CEO of Procter & Gamble, I found myself thinking not just about another Indian at the helm of a global powerhouse—but about his brother, Rajesh Jejurikar. Shailesh and Rajesh Jejurikar (HT) In a country rightly proud of its rising tide of global CEOs, from Sundar Pichai to Satya Nadella, Shailesh's elevation is yet another proud moment. But if you really want to understand the Indian brand of leadership, you'd do well to look a little closer home, at Rajesh Jejurikar, the calm, self-effacing Executive Director and CEO of the Auto and Farm Sector at Mahindra & Mahindra. Rajesh doesn't chase headlines. He builds legacies. He's the kind of leader who prefers the quiet of a shopfloor in Nashik to the glare of a boardroom in Mumbai. He spends as much time with engineers tinkering on next-gen EVs as he does with dealer partners in small-town India. And when credit is handed out, he's the first to redirect it to the team. I recall a conversation with one of the Indian auto industry's doyens and Mahindra's top former leaders, Dr Pawan Goenka, now Chairman of IN-SPACe, who offered a telling anecdote. 'When I was made President of the Auto business way back in 2003,' Goenka told me, 'Rajesh was in serious contention. I was leading R&D, he was heading marketing. The Scorpio's success was built equally on both. Maybe I got the role simply because I was 50 and he was 40.' It's classic Rajesh: talented without being territorial, dedicated without being demanding. His journey at Mahindra spans more than two decades, marked by product milestones, global forays, and a resurgence of the brand's SUV dominance. And yet, when I messaged him on Wednesday to congratulate him on his brother's big moment, Rajesh replied with characteristic grace accepting all the good wishes on behalf of his family and wishing the best to his brother. Shy. Humble. Gracious. At a time when leadership is often equated with visibility, charisma, and personal branding, there exists a quieter, steadier form of influence – one rooted in purpose, resilience, and trust. These are leaders who build institutions without needing applause, who shape industries through thoughtful decisions rather than public declarations. Often overshadowed by more high-profile siblings or peers, their power lies in consistency, empathy, and a deep belief in the collective over the individual. Later that evening, we spoke. I asked what the two brothers have in common. 'We both call our parents daily. It's a habit we never skip. We weren't academic toppers, but we loved sports. I did athletics, he played serious cricket. We both enjoy reading, partying, and living a balanced life.' He added, 'We're practical, not theoretical. We cut to the core of problems. But Shailesh is more structured. I go with intuition. Having lived in India longer, I'm more at ease with ambiguity. He likes structure.' There's something about Indian siblings. Maybe it's the shared values, the grounding in middle-class aspiration, or just the magic of complementary strengths. Over the years, we've seen this quiet symphony of sibling success play out in boardrooms. Take Ajay and Vindi Banga. Ajay, the World Bank President and former Mastercard chairman, is a master of strategic inclusion and global diplomacy. Vindi led Hindustan Unilever's India and global businesses with a razor-sharp focus and environmental vision. One brings charisma, the other discipline. Together, they reflect two faces of excellence. Or Indra Nooyi and Chandrika Tandon. Indra, the formidable former CEO of PepsiCo, is admired for her strategic mind and social conscience. Chandrika, her sister, is a McKinsey veteran turned Grammy-nominated artist and philanthropist. Steel and soul, in equal measure. Then you have the Kurian twins, Thomas, CEO of Google Cloud, and George, CEO of NetApp. Thomas is the change agent, George the anchor. One disrupts, the other delivers. Both are rooted in intellectual rigor and quiet determination. But perhaps no sibling trio embodies understated excellence quite like the Natarajan brothers. N. Chandrasekaran (Chandra), the Chairman of Tata Sons, rose from intern to CEO of TCS before becoming the first non-family professional to lead the Tata Group. His career is defined by focus, operational brilliance, and the ability to lead both turnaround stories and transformational acquisitions. N. Ganapathy Subramaniam (NGS), Chandra's elder brother, served as COO of TCS, steering one of the world's largest IT companies with vision, stability, and deep trust among clients. Their eldest brother, N. Srinivasan, is Group Finance Director at the Murugappa Group, widely respected for his integrity, financial stewardship, and people-first approach. What binds the three together? Perseverance, humility, and a shared sense of purpose. Their rural upbringing in Tamil Nadu, grounded in hard work and simplicity, has shaped their leadership styles, which are empathetic, collaborative, and quietly effective. Their personal style could be very different though. One might walk into a meeting casually savoring a mango, turning its taste into conversation; the other could spend an entire interview revealing nothing yet saying everything. And sometimes the brothers' bonhomie also plays out at the intersection of business and policy. Take the Rajan brothers: Raghuram Rajan, former RBI Governor and global economic thinker, and Mukund Rajan, who once helmed brand and ethics at Tata Sons. Both brought intellect and integrity to their respective domains, policy and enterprise, while embodying different public personas: one global, vocal, and reformist; the other methodical, thoughtful, and mission-driven. 'Raghuram has written extensively—articles, books—and he's known for sticking to his convictions. I think what I admire most is his willingness to stand up for what he believes, even if it goes against conventional wisdom,' said Mukund Rajan. 'Like his early warnings about the financial crisis—he stood alone in a room and raised concerns. That takes courage. He believes in objectivity and truth. You can explain or rationalize it, but you can't change it. For me, that commitment to authenticity has shaped my career. I stayed with the Tata Group because of their ethical values. When I became the Chief Ethics Officer, it felt like a validation that I had chosen the right path—just like Raghuram had.' Then there's the Kant brothers. Amitabh Kant, India's former Niti Aayog CEO and G20 Sherpa, is best known for his role in architecting Make in India and Startup India. His brother, Ravi Kant, played a pivotal role as Managing Director of Tata Motors, where he championed the Nano and helped globalise the company's footprint through acquisition of Jaguar and Land Rover. Both are visionary institution-builders. One in public policy, the other in corporate strategy. Their shared DNA: passion for impact, articulation of big ideas, and fearless execution. What sets such people apart, according to those who've worked closely with them, is a deep-rooted hunger to grow and an exceptional ability to learn and adapt. In Shailesh's case, he never shied away from new challenges. Whether it meant moving across continents or shifting roles and sectors. From India to Kenya, Singapore to the U.S., and back again, he embraced change with openness and resolve. That kind of professional mobility, his brother says, builds perspective and character. Paired with a strong learning muscle and an instinct for execution, it's what enables leaders to thrive in uncertain times. Many also point to a defining trait often seen in Indian professionals in global companies: a mix of ambition, work ethic, and the ability to figure things out, qualities that consistently set them apart. 'Shailesh is a keen learner… He has a remarkable ability to relate with people and take them along with his ideas,' said KR Subramanian, Operating Partner, The Convergence Foundation. Subramanian and Shailesh joined P&G as management trainees on the same day and worked alongside each other for many years. They shared an apartment as bachelors and have remained friends. Their sons graduated together from Harvard—one studied law, the other business administration. Shailesh is proof that what feels out of reach may be possible for young Indian professionals, Subramanian added. For Ajay Banga of the World Bank, it has all been about serendipity. 'Vindi is more thoughtful and I am a little bit more impulsive but at the end of the day, both of us value serendipity – both at our careers and at our personal lives. One of the things that both of us feel very happy about is that Serendipity has taken us places,' Ajay Banga said in a podcast hosted by SOIL Institute of Management. 'You overthink jobs and think you want to be in a position in a certain number of years. By the time you reach there, you realise the entire structure has changed. Overplanning your career based on today's structure is the worst thing you can do,' he added. And the best life hack? Be born second. 'One really good piece of work is to be born second. Life is 50% luck and my luck was having him (Vindi) there before me.' So, as we cheer for Shailesh Jejurikar, and rightfully so, let's also raise a quiet toast to the other brothers and sisters who stand just off stage, shaping the future of Indian and global businesses with empathy, integrity, and excellence. Because in the end, leadership isn't always loud. Sometimes, it just shows up, gets the job done, and lets others shine. Amrit Raj is a former Mint journalist and the author of Indian Icon: A Cult Called Royal Enfield. He is the Chief Marketing Officer at Zetwerk, a manufacturing company.
Business Standard
31-07-2025
- Automotive
- Business Standard
Mahindra & Mahindra Q1 PAT climbs 32% YoY to Rs 3,450 cr
Mahindra & Mahindra's standalone net profit surged 32% to Rs 3,449.84 crore in Q1 FY26 as against Rs 2,612.63 crore recorded in Q1 FY25. Revenue from operations increased 26.1% year on year (YoY) to Rs 34,083.23 crore in the quarter ended 30 June 2025. Profit before tax was at Rs 4,471.25 crore in Q1 FY26, registering a growth of 31.3% from Rs 3,406.22 crore in Q1 FY26. EBITDA grew by 17% to Rs 4,795 crore in the first quarter of FY26, compared with Rs 4,116 crore recorded in the similar quarter last year. Total vehicle sales stood at 2,47,249 units in Q1 FY26, marking a 17% increase compared to 2,11,550 units sold in Q1 FY25. The company also recorded solid growth in its tractor segment, with 1,32,964 units sold during the quarter, up 10% from 1,20,492 units in the same period last year. In Q1, the company maintained its leadership across multiple segments. It remains #1 in SUVs, with a market share of 27.3%, reflecting a 570 bps increase, and saw a 22% growth in SUV volumes. It also leads in LCVs (<3.5T), capturing 54.2% of the market, up 340 bps. In the tractor segment, the company holds a market share of 45.2%, up 50 bps, and continues to dominate in electric 3-wheelers with a market share of 38.7%. Furthermore, MMFSL's AUM grew by 15%, with GS3 remaining below 4%, staying within the defined range. Lastly, Tech Mahindra reported a strong performance, with EBIT up by 260 bps, driven by a continued focus on margin expansion. On consolidated basis, the companys net profit gained 23.4% to Rs 4,376.58 crore on 22.8% rise in revenue from operations to Rs 45,435.88 crore in Q1 FY26 over Q1 FY25. The companys revenue from automotive segment was at Rs 25,998.71 crore (up 31.46% YoY) while revenue Farm Equipment sector (FES) stood at Rs 10,891.56 crore (up 12.15% YoY). Dr. Anish Shah, Group CEO & managing director, M&M, said, Q1 FY26 has been an excellent quarter, with broad-based growth across all our businesses. The operating excellence in our Auto and Farm businesses is evident in continued market share gains and margin expansion. Tech Mahindra is witnessing momentum in deal wins, maintaining cost discipline, and is moving steadily towards its FY27 margin objectives. MMFSLs calibrated approach to growth is reflected in stable asset quality, with GS3 under 4%, as committed. Our Growth Gems are progressing well on their value-creation journeys. Rajesh Jejurikar, executive director & CEO (Auto and Farm Sector), M&M, said, Our Auto and Farm businesses continued to show strong momentum in Q1 FY26, with a gain of 570 bps YoY in SUV revenue share and 340 bps YoY in LCV (<3.5T) market share. In Tractors, we gained 50 bps YoY to reach a 45.2% market share the highest ever in a quarter. Our Auto Standalone PBIT margin (excluding eSUV contract manufacturing) improved by 50 bps to 10.0%, while core Tractor PBIT margins improved by 100 bps to 20.7%. Amarjyoti Barua, group chief financial officer, M&M, said: We are pleased with the groups performance this quarter, despite several macro challenges, including geopolitical disruptions. It demonstrates the resilience of the group. With our continued focus on capital discipline and operational metrics, we remain committed to shareholder value creation. M&M Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India. It is the world's largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate. Shares of Mahindra & Mahindra rose 0.19% to Rs 3,212 on the BSE.
Hindustan Times
31-07-2025
- Automotive
- Hindustan Times
Indian EV space seeing good progress with entry of global players, says Mahindra
Mahindra believes that the Indian electric vehicle market is seeing good progress with the entry of new international players. The homegrown auto giant that launched its renewed EV offensive in the recent past, with models such as the XEV 9e and BE 6 , also stated that its own offerings stack up quite well against the competitors who are entering the segment. Mahindra's comment comes at a time when Tesla has just launched its first showroom in India earlier this month. Also, VinFast has started accepting pre-bookings for its VF6 and VF7 electric SUVs in the country. At a post-earnings analyst meeting, Mahindra & Mahindra (M&M) Group CEO & MD Anish Shah said that the Indian EV segment now has new players in the market share from a volume standpoint. "We believe that our goals should be around the revenue market share because our products will be at much higher revenue price points. We believe that more players will come in, and that is fundamentally the right direction for the country. We are seeing very good progress with new players coming in," he said in an apparent reference to global EV giant Tesla, which entered the domestic market earlier this month, with the launch of its Model Y crossover at ₹59.89 lakh (ex-showroom). Also check these Cars Find more Cars UPCOMING Mahindra e20 NXT 15 kWh 15 kWh 140 km 140 km ₹ 6 - 8 Lakhs Alert Me When Launched UPCOMING Tesla Model 3 82 kWh 82 kWh 555 km 555 km ₹ 40 Lakhs Alert Me When Launched UPCOMING VinFast VF3 210 km 210 km ₹ 9 - 12 Lakhs Alert Me When Launched Tesla Model Y 75 kwh 75 kwh 622 km 622 km ₹ 59.89 Lakhs Compare View Offers Mahindra XEV 9e 79 kWh 79 kWh 656 km 656 km ₹ 21.90 Lakhs Compare View Offers Mahindra BE 6 79 kWh 79 kWh 682 km 682 km ₹ 18.90 Lakhs Compare View Offers Watch: Mahindra XEV 9e review: New benchmark for EVs in India? | Range and road test | First impressions Speaking about the rising rivalry in the Indian electric vehicle space, M&M Executive Director & CEO (Auto and Farm Sector) Rajesh Jejurikar said that competition has always made the company stronger. "What we've seen is that competition has always made us stronger. One difference we see this time is that usually, in the past, when competition came in, we had to improve our offerings, which we did, and we were able to combat competition well," he said, while also adding, 'We will start now seeing a rapid growth in EV penetration in the same system structure that we make, and that will be in the next few months. Overall, it depends on the markets and the process." He also said that with the electric cars in its portfolio, Mahindra products actually stack up very well against its competitors coming in. Meanwhile, Mahindra also stated that while urban sentiment in terms of demand currently is weak across the country, the fundamentals remain strong. Earlier, the company posted a 24 per cent year-on-year increase in its consolidated net profit to ₹4,083 crore for the June quarter, driven by broad-based growth across business verticals. The company reported a net profit of ₹3,283 crore for the April-June quarter of the last fiscal. Total income from operations rose to ₹45,529 crore in the June quarter against ₹37,218 crore in the year-ago period, Mahindra said in a regulatory filing. The auto company stated that auto and farm businesses continue to deliver on growth and margins, with profits up by 20 per cent. Check out Upcoming EV Cars in India. First Published Date:
Time of India
31-07-2025
- Automotive
- Time of India
Steel price surge could strain costs, warns Mahindra
New Delhi: Mahindra & Mahindra (M&M) has flagged rising commodity costs, particularly steel, which it says has seen a 6 per cent price increase over the last quarter. 'We are concerned about steel going up,' said Rajesh Jejurikar , Executive Director & CEO- Auto and Farm Sector, during the company's Q1 earnings media briefing on Wednesday. While it claims to have managed to partially offset the impact through hedging and inventory buffers in Q1, Jejurikar cautioned that continued inflation in raw material costs could strain price stability. 'Looking at the overall inflation levels in the category, there should be an effort made to moderate the level that is getting kicked off with raw material increases such as steel,' he said. Amarjyoti Barua, Group Chief Financial Officer (CFO) noted that while commodity hedges helped offset inflationary pressures in Q1, sustained increases, particularly in steel, could impact future quarters. 'Steel was the largest,' he said, adding that certain precious metals are also showing signs of inflation, possibly driven by pre-buying trends in the U.S. 'The inflationary environment right now is a little more than what we were counting on till last quarter,' Barua cautioned. During Q1, Mahindra had already implemented a price increase of up to 3 per cent across its SUV and commercial vehicle (CV) portfolio, citing rising input and commodity costs as the key drivers. The company said the hike was necessary to offset inflationary pressures impacting the broader automotive sector. CAFE norms Amid industry debate over proposed fuel efficiency regulations, Jejuriker said SIAM has submitted its recommendations for the Corporate Average Fuel Efficiency (CAFE) norms, in December 2024 for passenger vehicles and in 2025 for commercial vehicles. Mahindra and Tata Motors are among the OEMs that have reportedly sought the exclusion of light commercial vehicles (LCVs) under 3.5 tonnes from the fuel efficiency mandate. However, in a draft notification issued Monday night, the Bureau of Energy Efficiency (BEE) retained LCVs in its proposal, covering N1, N2, and N3 truck categories, despite industry pushback. Commenting on the same, he said, 'We strongly support and endorse this proposal and believe there is broad alignment among SIAM members. While we await the government's final decision, we are fully prepared to comply with the approved norms." In Q1 FY26, Mahindra emerged as the market leader in the LCV segment with a commanding 54.2 per cent market share, overtaking Tata Motors' long-held dominance in the category. EV Business Electric SUVs contributed 8 per cent to Mahindra & Mahindra's total SUV volumes in Q1 FY26, with the company leading the EV market in both revenue and volume share. The auto major said there has been 'no disruption in production' due to rare earth magnet supply issues. It added that supply for key components is comfortably secured for the current and next quarters, and largely covered for Q4 as well. 'We've taken multiple actions, ranging from inventory planning to substituting rare earth with light earth elements and exploring ferrite-based alternatives. At this time, we feel confident that it is not a risk,' Jejuriker said. The automaker plans to ramp up its XUV 9e and BE 6 production by introducing variants Pack 1 and Pack 2 through the festive season and into January. Interestingly, EVs have the highest proportion of women buyers across Mahindra's portfolio. 'While I don't recall the exact number, I believe around 80 per cent of our EV buyers are women, which is a distinctly different profile compared to our ICE vehicles,' he said. On rising competition, he acknowledged shifting market share dynamics but expects overall EV volumes to grow. 'As competition grows, market share will be affected.' The EV business delivered robust financials, clocking ₹111 crore in EBITDA on ₹2,800 crore revenue, including contributions from Mahindra Ltd and Mahindra Electric Automobile Ltd (MEAL). Q1 Performance Backed by robust operational performance in its farm and automotive businesses, M&M reported a 24 per cent year-on-year rise in consolidated net profit to ₹4,083 crore for the quarter ended June. The company's subsidiaries also contributed meaningfully to the quarterly growth. 'This was a strong quarter for cash generation. Despite infusing nearly ₹2,500 crore into two subsidiaries through rights issues, our cash balance increased on a sequential basis,' said Anish Shah, Group CEO and Managing Director. He added that the company's automotive launch pipeline remains strong, with multiple new models and variants scheduled across FY26 and FY27.
