Make in India - Praj Way.. Pramod Chaudhari
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1 Make in India - Praj Way.. Pramod Chaudhari Executive Chairman, Praj Industries 29 Dec 2015, Pune
2 Outline I Praj Story - Evolution & Growth Make in India II SME Sector Govt. Push for SME Transforming SME III Growth Frontiers for SME SME Global Benchmarking IV Take away Praj Industries Ltd 2
3 Outline I Praj Story - Evolution & Growth Make in India II SME Sector Govt. Push for SME Transforming SME III Growth Frontiers for SME SME Global Benchmarking IV Take away Praj Industries Ltd 3
4 Who we are? Technology backed solutions A knowledge based company References across five continents A global Indian company End-to-end solution provider Expertise and experience in process and integration engineering A Customer centric company Customized solutions A socially responsible corporate citizen Strong focus on sustainable development Praj Industries Ltd 4
5 What Do we Do? Alcohol/ Ethanol plants Brewery plants Water and Wastewater Treatment Systems Critical Process Equipment & Systems HiPurity Systems Pharma Biotech F&B Cosmetics Bio-Products -Distillery bioconsumable s -Livestock, health & nutrition products -Human health & nutrition -Biochemicals Praj Industries Ltd 5
6 What is value chain? Audit and FEED Technology & Engineering Process Equipment Manufacturing Installation and Integration Commissioning & Handover Life cycle Management Project Management Praj Industries Ltd 6
7 How have we grown? Inception as SSI in 1983 Set-up In-house R&D Center Venture funding by ICICI IPO Forays into synergistic fields like brewery Enters S E Asia Alliance with Filtrox for Filtration systems Enters South America & Africa Alliance with Meura for high performance Mash Filters Launch of PRAJ Matrix Enters Europe Forays into process equipment, water & waste water treatment solutions Pilot Plant 2 nd gen bioethanol demo plant Enters high purity water segment through Praj Hi Purity Systems Unveils new identity Patents Developm ent & commerci alization of new biomolecules Praj Industries Ltd 7
8 Praj Story: Evolution 1 st Decade {1/2} Identifying the Right Opportunity - Ethanol/Distillery Industry { } Technology Intensive Innovation Driven Value addition to agri-commodity The Challenges - { } Access to Technology EU Collaboration Raising Funds - Enter VCs (first of its kind) Gaining Customers Trial by Fire. Adaptation & Innovation Competition from formidable MNCs Walking Extra Mile and Strong Value Proposition. Getting Together the Team - { } Budding Intrapreneurs meet Entrepreneur Unquestionable buy-in from the Team Praj Industries Ltd 8
9 Praj Story: Evolution 1 st Decade {2/2} Leading with Passion - { } Setting stage for Systematic Innovation Established R & D Center in the first five years of operation IPO in 1994 Exit of Venture Capitalist Shareholder value Dream of Leap forward Internationalization Next growth phase through multiple diversification AMP at HBS Praj Industries Ltd 9
10 2 nd Decade : Trials, Tribulations Fault Lines in Growth & Diversification Too much Dependence on Collaborators Challenging Economic Climate ASEAN Crisis Experiencing air pocket Leading to Tough Decisions U turn on the strategy Private Placement - Influx of Funds Setting the stage for the next wave Sticking to Knitting Focus New Opportunities, New Markets Leading from the front Finally, Take off Cash is King Praj Industries Ltd 10
11 3 rd Decade: Scale Up, Going Global, Institution Building Accelerating Innovation World Class R & D facility Accelerating Scale up World class manufacturing facility at the Port ( Kandla SEZ) Setting up global network Advent of Marquee Investors Vinod Khosla, Marubeni, Tata Institutionalizing Focus on Processes & Excellence Sharper focus on Shareholder value CSR activities strengthened Intrapreneurship Praj Industries Ltd 11
12 Future: Time for Transformation Creating an engine for the Next Praj: Embark Growth Trajectory Value Maximization New World Order Re-energizing Innovation & Excellence through processes led by Sr. leadership team Provide greater organizational sustainability Leadership development & Succession Planning Change of Address A more transparent, ergonomic workplace Sustainability Imperatives despite VUCA Praj Industries Ltd 12
13 Future: Time for Transformation Engagement of MNC consultant To set levers for enhancing shareholder value Setting the stage for new metrics of performance Business Unit Concept embedded Focus on PBT and ROCE Induction of External Talent Rigor of Performance Indicator Change in Identity To convey the changed business, customer profile and way of working Praj Industries Ltd 13
14 Future Perfect To be a global leader in green technology by providing environment friendly and sustainable end-to-end solutions that can make the world a better place 14
15 Outline I Praj Story - Evolution & Growth Make in India II SME Sector Govt. Push for SME Transforming SME III Growth Frontiers for SME SME Global Benchmarking IV Take away Praj Industries Ltd 15
16 Make in India {1/3} WHAT is it? Govt. of India initiative to encourage multinational as well as Indian companies to manufacture their products in India for the domestic as well as global market consumption Making career in India Engaging with core industries and Manufacturing sector in India as rewarding career destination. Brain Gain Attracting Indian talent working abroad, back home to harness global best practices in Indian industry Praj Industries Ltd 16
17 Make in India {2/3} WHY manufacturing matters? Key to sustainable and resilient economy Secures future for the country Critical for national security Overall development of nation Every Job in Mfg. Creates 2-3 jobs in Service Significant contribution to forex earnings Pride factor - Made In India World s top economies built on the back of strong manufacturing capabilities! Praj Industries Ltd 17
18 Make in India: Objectives {3/3} Facilitate investment Convert India into global manufacturing hub Enhance skill development Build a sustainable eco-system for Mfg. infrastructure Raising the business confidence in India Aim High quality standards; Foster innovation Improve Ease of Doing Business Ranking Minimize impact on environment Praj Industries Ltd 18
19 Make in India: Status {1/2} India 2.2% of global Mfg. Output 15-16% to GDP from services 12% of workforce Lags behind global peers in Planning, SCM, quality and maintenance Labor force less productive than China & Thailand Source: Praj Industries Ltd 19
20 Make in India: Status {2/2} Growth rate Falling share of Mfg. in GDP Bottleneck for Growth Source: PwC report 2014 Contribution of Mfg. sector in country GDP has been on decline High cost of RM, Energy and fierce competition being top reasonsy All out efforts are being made to revive growth of sector Praj Industries Ltd 20
21 SME Sector: Status {1/4} 2 nd largest employer after agriculture ;> 80 million jobs Large scale employment at lower capital cost than large industries Augments in industrialization of rural & backward areas; over 46 Mn. units in India Reduces regional imbalances between rural and urban areas Assuring more equitable distribution of national income & wealth. 45% contribution to overall Mfg. output and 40% share of total exports 8% of country GDP ; 6,000 + products Enterprises with < 20 employees comprise of 73% of employment in the Mfg. sector Vibrant SME sector is backbone of manufacturing! Source: MSME Govt. of India Praj Industries Ltd 21
22 SME Sector: Status {2/4} Characteristics Innovative capabilities in niche manufacturing, Comparative advantages of advanced engineering, Low-cost manufacturing and overheads, Ability to speedily absorb new technologies Local skills and capabilities Strong Presence Auto component Foundry industry, Electronics industry, Chemicals, Leather, textiles, Agro and food processing, Pharmaceuticals, Transport tourism industry ISRO s Mangalyan has > 10 components from SME tool room! Praj Industries Ltd 22
23 SME Sector: Auto Component Success story {3/4} Revenues up from US$ 26.5Bn in FY 08 to US$ 66Bn FY 16E- CAGR of 12% Over SME players accounting 15% sales Favorable Govt. Policies Focus on Quality & Innovation, Design Modern shop floor practices PE Deals Sustained FDI Lowest Cost 19Mn. Direct / Indirect Jobs 7% growth in GDP FY15 Praj Industries Ltd Source: 23
24 SME Sector: Status {4/4} Challenges Sub-optimal scale of operation/ production capacities Technological obsolescence Supply chain inefficiencies Increasing domestic & global competition Working capital shortages and inadequate capital Insufficient skilled manpower Turbulent and uncertain market scenario. Ineffective marketing strategy, identification of new markets, constraints on modernization & expansions absence Innovative approach in operations required to meet challenges! Praj Industries Ltd 24
25 Govt. Push in Developing SME {1/2} Collateral free lending and subsidy schemes Eco system for commercializing technologies through Technology Centre System Program and center of excellence IISc, Bengaluru Vendor development program involving buyer-seller meets Launched MSME -Cluster Development Program 966 clusters and 171 infrastructure development programs Several schemes in the area of lean manufacturing, certification, technology up-gradation, technology commercialization, design clinics, quality, IPR awareness etc. Udyog Aadhaar Memorandum for the simplification and universalization of MSME Source: MSME Govt. of India 100,000 on-line registrations within first 3 months; 25% in Maharashtra Praj Industries Ltd 25
26 Govt. Push in Developing SME {2/2} ASPIRE - A Scheme for promoting Innovation & rural entrepreneurship Sets up a network of technology centers Sets up incubation centers to accelerate entrepreneurship Promote start-ups for innovation & entrepreneurship in agro-industry Provides necessary skill set for setting up business enterprises Facilitates the market linkages available to entrepreneurs Provide hand holding for a critical period to ensure self-sustainability Creates a framework for Start-up Promotion through SIDBI. Source: MSME Govt. of India Challenges continue to plague SME sector despite Govt. support! Praj Industries Ltd 26
27 Outline I Praj Story - Evolution & Growth Make in India II SME Sector Govt. Push for SME Transforming SME III Growth Frontiers for SME SME Global Benchmarking IV Take away Praj Industries Ltd 27
28 Transforming SME {1/3} From.. Traditional ancillary unit Reverse engineering. Low cost machine shop. Component sub-vendor. Built as per print. Machining & conversion. Domestic operator. To Outsourcing partner Re-engineering High quality producer Supplier of a product Customized Engineering Certification and compliance International Player Moving up the value chain by acquiring skills & capabilities! Praj Industries Ltd 28
29 Transforming SME {2/3} Tabling SME Agenda at ALL major socio-economic and political events Mechanism to ensure Govt. fiscal incentive schemes reach & benefit SME Establishing linkages between Banks, FIs, Ministry boards with SME Testing labs and product certification for ensuring quality standards Effectiveness in training and skill up gradation for work force Market intelligence and analytics for emerging business opportunities Special SME Cell at Embassies and Commercial consuls for assistance Enhancing effectiveness of Innovation, Incubation and IP protection Brand building initiatives for Indian SME sector Praj Industries Ltd 29
30 Transforming SME {3/3} Investors Incubation Phase Start-up Phase Growth Phase Big ticket events Permits SME manufacturing orientation to VCs, PEs, Angel investors Capital by way of seed funding for ideation to proto-type 2015 Watershed year for start-ups; However no fan-fair for Manufacturing - Can Start-up India show way? Non-Fund Support for transition from proto-type to pilot production e.g. SBLC,BGs Capital & investment allowances to frog leap from pilot scale to commercial scale of production, Modernization, up-gradation, energy saving, organization build Recognizing & earmarking SME slots Simplification of approvals, clearances and inspections Praj Industries Ltd 30 Unleashing SME potential is key to success of Make in India!
31 SME Global Perspective Source: The Economist Intelligence Praj Industries Ltd Unit (EIU) 31
32 SME Global Benchmarking; Germany {1/3} 3.7 Mn or > 99% firms in Germany SME Make 52% earnings; >1 of every 2 37% of total sales i.e. > 2 Tr. Euros SME employs >68% of workforce Employs >89% trainee tomorrows are B2B Cos. based in small towns Long term view - Invest in society welfare 95% family owned; 85% family managed Strong in Industrial & capital goods sector 54% firms brought new product / spending in R&D Sound finance - 54% Equity rest bank loans Source: Federal Ministry of Praj Industries Ltd Economics & technology Germany 32
33 SME Global Benchmarking; Germany {2/3} Praj Industries Ltd 33 Source: Federal Ministry of Economics & technology Germany
34 SME Global Benchmarking; Germany {3/3} Praj Industries Ltd Source: Federal Ministry of 34 Economics & technology Germany
35 Outline I Praj Story - Evolution & Growth Make in India II SME Sector Govt. Push for SME Transforming SME III Growth Frontiers for SME SME Global Benchmarking IV Take away Praj Industries Ltd 35
36 Imperatives for Indian SME {1/2} Innovation Technology R&D Consortium approach involving likeminded players Strategic alliances & technology collaborations companies abroad Focus on process innovation rather than just product innovation Early adaption to Business Model innovation Harness global account management; Select few large scale players High-end technology boutique - Proto type, pilot & zero series product 3 rd party accreditations, certifications for quality, design & engg. Moving to specialized and value added products is vital! Praj Industries Ltd 36
37 Imperatives SME Internationalization for SME {2/2} {2/3} Internationalization Tap newer markets through credible export / trading houses Working through global accounts - piggy backing Develop expertise for Smart commercial deals Draw upon prowess of digital marketing for stakeholder outreach Leveraging intn l forums, delegations for niche market / tie-up Use Indian embassies & trade mission aboard for linkages Accessing newer markets & global customers is critical! Praj Industries Ltd 37
38 Harmony in ecosystem Conception and formation of policy Setting up roadmap for implementation Modalities for implementation Framework & structure for execution Center Make in India: SME State Expediting. De-bottlenecking operational issues Local Praj Industries Ltd 38
39 Putting it altogether.. Strong Mfg. sector a MUST for healthy economy. Growth of large Mfg. Cos closely tied to SME Vibrant SME can power India s growth story globally Standard of living in country heavily influenced by SME Rigor & speed critical for implementing Govt. schemes for SME Need to reconfigure SME in wake of Make In India Adapting Innovation technology and R&D is business imperative Internationalization is next growth frontier for SME Harmony between center, state, private sector, industry associations, academia, banking fraternity can make SME globally competitive Praj Industries Ltd 39
40 Thank you! Praj Industries Ltd
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