Human Resources/MARKETING Management
Sir, pls help in solving the following questions.
1. Explain in what sense the top management takes decisions for a company and in what sense it does not takes the strategic decisions for a company alone? Illustrate with suitable examples.
2. Identify two firms of your choice. One that is a single business unit and the other which has several related businesses. Read the published information about these firms and analyze the corporate profile of each company.
3. Identify two companies that have recently merged. Read the published information on the two companies. Based on the study identify the issues and challenges the two companies are currently facing in combining their respective organizational cultures.
4. Select an organization of your choice and analyze how focus strategy has been useful for the organization to build its competitive advantage.
HERE IS SOME SOME USEFUL MATERIAL.
SOME ANSWERS HELD BACK DUE TO SPACE CONSTRAINT.
PLEASE FORWARD THESE BALANCE QUESTIONS TO MY EMAIL ID
I will send the balance asap.
2.Identify two firms of your choice. One that is a single business unit and the other which has several related businesses. Read the published information about these firms and analyze the corporate profile of each company.
SINGLE PRODUCT—BUSINESS UNIT
Bata - India’s favorite footwear brand
Bata India is the largest retailer and leading manufacturer of footwear in India and is a part of the Bata Shoe Organization.
Incorporated as Bata Shoe Company Private Limited in 1931, the company was set up initially as a small operation in Konnagar (near Calcutta) in 1932. In January 1934, the foundation stone for the first building of Bata’s operation - now called the Bata. In the years that followed, the overall site was doubled in area. This township is popularly known as Batanagar. It was also the first manufacturing facility in the Indian shoe industry to receive the ISO: 9001 certification.
The Company went public in 1973 when it changed its name to Bata India Limited. Today, Bata India has established itself as India’s largest footwear retailer. Its retail network of over 1200 stores gives it a reach / coverage that no other footwear company can match. The stores are present in good locations and can be found in all the metros, mini-metros and towns
Bata’s smart looking new stores supported by a range of better quality products are aimed at offering a superior shopping experience to its customers.
The Company also operates a large non retail distribution network through its urban wholesale division and caters to millions of customers through over 30,000 dealers.
• Constant innovation in design and product development
• Superior customer service
• Excellence in operational and commercial execution
• Entrepreneurial spirit and passion to win
• Teamwork in international environment
• Trust and respect for our employees
• Adding value to the community
• Delivering on our commitment to shareholders
Awards received in 2009
1. Awarded Amity Corporate Excellence Award – 2009 in a ceremony held in Amity Business School, NOIDA on February 27th 2009. Bata received the award for the third time.
2. Business Week lists Bata India in list of “The world’s 25 Unsung Innovative Companies” in its May 2009 issue. The report was compiled by Boston Consulting Group, Business Week’s partner in Annual Most Innovative Companies Special.
3. Awarded Outstanding Sales performance for Year 2008 for Hush Puppies by Wolverine Group- Announced in May 2009 in Michigan
4. Brand Equity recognized Bata in the TOP 50 Most Trusted Brands in June 2009. Bata is the only lifestyle retailer in the top 50 brands.
5. Bata India awarded the prestigious Images award of the year for the Most Admired Retailer of the Year – Fashion & Lifestyle in Mumbai on September 16, 2009.Other nominees in the category were Levis, Benetton, Wills Lifestyle, Bata, Louis Phillipe and Titan
6. Bata India awarded the Most Admired Footwear Brand by Images Fashion Forum in 2009, the ceremony was held in Mumbai on January 28, 2009
7. Bata India received the Amity HR Excellence Award for Corporate Ethics on 28th August 2009 in a ceremony held at Amity Business School, NOIDA.
8. Bata India is selected as a POWERBRAND in the POWERBRANDS 2010. The selection is done after an extensive pan India research conducted by Indian Council for Marketing Research to select The Most Powerful Brands in India in the year 2009.
Bata - Today
• Sells over 45 million pairs of footwear every year
• Serves over 120,000 customers every day
• Sells through over 1200 retail stores
• Operates 5 manufacturing facilities
• Employs more than 6800 people
The Bata Shoe Organisation (BSO) is one of the world’s leading footwear retailers and manufacturers with operations across 5 continents managed by 3 regional meaningful business units (MBUs).
Bata´s 3 Business Units
• Bata Europe, Lausanne, Switzerland
• Bata Emerging Markets, Singapore
• Bata Branded Business, Best, Holland
The MBU approach provides quality resources and support in key areas to the companies operating in similar markets such as product development, sourcing or marketing support. Each MBU is entrepreneurial in nature, and can quickly adapt to changes in the market place and seize potential growth opportunities.
Bata’s strength lies in its worldwide presence. While local companies are self-governing, each one benefits from its link to the international organization for back-office systems, product innovations and sourcing.
Although Bata operates in a wide variety of markets, Bata companies share the same leadership points. Two important ones are product concept development and constant improvement of business processes in order to offer customers great value and the best possible service.
• Serves 1 million customers per day
• Employs more than 40,000 people
• Operates 5000 retail stores
• Manages a retail presence in over 70 countries
• Runs 33 production facilities across 22 countries
Bata India reports excellent growth for second quarter of 2012
- 29% growth in Net Profit, 18% in Sales
-Continues aggressive expansion, opens 48 new stores in Q2
Quarter Ended 30th June 2012======30th June 2011
Sales (Rs. in lacs ) 51084.7 -------------43450.9 18
Net Profit (Rs. in lacs ) 5265.2--------- 4098.9 29
Announcing the results, Mr. Rajeev Gopalakrishnan, Group Managing Director, Bata
India Limited said, “All of us here at Bata would like to thank our esteemed and loyal
customers, it’s because of our customers that we have received outstanding results this
quarter with remarkable increase in sales and profit yet again. Our focus to expand the
retail outlets and our constant endeavor to improve the merchandise with newer & better
designs will continue. In-fact such great response from our customers for the ever
improving product range is very encouraging”.
Further adding Mr.Gopalakrishnan said, “We launched our new campaign ‘Discover
New’ focusing on new and younger audiences, with an attempt to gain more footfalls.
Through this unique initiative we wanted to connect better with our customers offering
them freshness in all aspects, especially the renewed vibrancy and fervor that can be
experienced at our stores, new merchandise and great services”.
Bata India has continued the strategy of expanding its retail stores and has opened 35
new Bata stores this quarter These new stores are based on the new large format and
are above 3000 sq ft. and are spread across metros, tier 1 and tier 2 cities. Hush
Puppies brand also saw expansion with the opening of 7 exclusive new stores and 2
shop-inshops in leading department stores in the same period. The company also
opened 4 new Footin stores across the county. In first half of year 2012 the company
opened a total of 119 new stores. 96 Bata retail stores, 10 Hush Puppies exclusive
outlets and 5 shop in shop stores, Footin opened 8 new stores.
The Company introduced various new product ranges for its customers this quarter. A
wide variety of footwear with finest stitches to most recent modern cuts and
extravagant designs withouta compromise on quality and comfort were introduced this
quarter. This collection showcased the latest range for men by Bata, Hush Puppies,
Ambassador and Moccassino.
Bringing the best of its comfortable range under its brand Comfit introduced ‘Comfit
2012’especially for mothers on Mother’s Day, showcasing a wide variety of relaxing
footwear in different styles & materials. Bata India also launched a whole new range of
‘handbags and accessories’ for women this summer which received great response from
‘Discover New’ is an exciting campaign introduced by Bata India for its patrons. The
Campaign is directed towards making the consumers happy on purchasing something
exceptional, every time they step out of Bata stores. With an aim to discover something
new on every visit to the Bata store across the country, the brand endeavors to attract
more customers to its wide variety of footwear and accessories.
About Bata India:
Bata has been holding a unique place in the hearts of Indians for more than 75 years
offering footwear and accessories for the entire family; Bata has redefined the modern
footwear industry in India. It has established a leadership position in the industry and is
the most trusted name in branded footwear.
Bata India is the largest footwear retailer in India, enjoying a large market share in the
organized sector. It retails through over 1250 Bata Shoe Stores located in over 500 cities
(in Rs '000) (in Rs '000)
Gross Turnover 15,646,207 12,770,888
Less: Excise Duty on Turnover 225,426 188,945
Net Turnover 15,420,781 12,581,943
Other Income 1,313,704 152,529
Profit / (Loss) before Depreciation & Taxation 3,605,037 1,755,076
Less : Depreciation 411,008 325,104
Profit / (Loss) before Taxation 3,194,029 1,429,972
Provision for Taxation :
– Current Tax 966,785 546,378
– Deferred Tax Charge/(Credit) (Net) (31,149) (69,926)
Net Profit 2,258,393 953,520
Profit available for Appropriation 4,245,712 2,381,675
During the year 2011 your Company achieved a total turnover of Rs. 15,646.2 million as compared to Rs.12,770.9 million in
2010, which reflects a growth of around 23%.
During the year 2011, your Company has been in the path of successful repositioning of its retail stores following aggressive
expansion plans. Your Company has also improved its wholesale business with intensive focus in industrial and institutional
sales. Introducing Total Quality Management, i.e., quality in merchandise, manufacturing, marketing, stores operations,
new stores opening, grooming and building the best talented team, has been the most important driver of your Company's
operations with increased emphasis on improving its productivity.
With continuous research and development, understanding the customer needs and preferences for design, quality and
comfort remained another focus area. Improvement of overall product performance by implementing the planned strategies,
bringing in new developments and product improvements based on consumer research have helped your Company achieve
an unprecedented performance during the year under review. The use of modern technology and newer materials not only
guarantee world class quality products at reasonable price but also cater to the fashion needs of the customers while
meeting the ever changing market requirements.
Your Company has strengthened its BATA HOME - Delivery Service, a first of its kind service in footwear retail in India which
is aimed at meeting the needs of our customers, who are unable to find the footwear of their choice at our stores, due to
missing size or specific articles from your Company's wide shoe collections at a specific retail store. With this service, the
entire stock of your Company is now available for sale by any retail store, which is offering this service. Using this service,
customers can now place their orders for any footwear, which they are unable to find in a retail store and they get the same
home delivered free of cost within seven working days.
During the year your Company's manufacturing facilities have also been upgraded with introduction of improved quality and
better technology and materials for giving the products a more trendy looks and comfort to meet the ever changing market
requirements. In order to meet its demand for footwear, your Company has tied up with various manufacturers to produce
shoes as per its designs and quality standards.
Your Company has been consistently showing improved results in each quarter and will continue to grow its business by
focusing on tier 2 and tier 3 cities where the potential for growth is enormous. In order to achieve volume growth your
Company has introduced new retail concept - FOOTIN, with a new range of footwear focusing on affordable fashion and
trendy styles. These FOOTIN stores are totally unique and different in terms of display and ambience from the other shoe
retailers in India. This FOOTIN concept has a great potential to generate volume growth in view of the current market
scenario of increasing organized retailing and with more and more malls coming up in mini metros and developing cities.
The improved performance of your Company over the past few years is a testimony to the fact that the Company is moving in
the right direction and has adopted the right model of doing its business. The Indian market offers great opportunities and
challenges as well. As the Indian consumers become more and more demanding in their choices, preferences and tastes,
your Company also has to gear up to seize these opportunities and face the challenges.
TRANSFER TO RESERVES
The Company has transferred a sum of Rs. 225.8 million to General Reserve against Rs. 95.4 million transferred last year.
The Board of Directors has recommended a dividend of Rs. 5/- per share and also a special dividend of Re.1/- per share due
to gains in surplus property development. Therefore, a final dividend of Rs.6/- per share (i.e., 60% on an equity share of par
value of Rs. 10/- each) has been recommended for the year ended December 31, 2011 as against Rs. 4/- (i.e., 40% on an
equity share of par value of Rs. 10/- each) paid last year. The payment of aforesaid dividend is subject to approval of the
shareholders at the ensuing Annual General Meeting of the Company.
As on December 31, 2011 the Company has Rs 0.66 million unclaimed matured deposits. Necessary reminders have been
sent to the deposit holders advising them to claim their deposits from the Company. Presently the Company is not accepting
any fixed deposits.
ICRA has reaffirmed the rating of [ICRA] A1+ (pronounced as 'ICRA A one plus') to your Company for its CP programme.
This is the highest-credit quality rating assigned by ICRA to short term debt instruments. ICRA has also reaffirmed the rating
of [ICRA] AA (pronounced as 'ICRA double A') to your Company for its Line of Credit (LOC) limits of fund based/non-fund
based facilities sanctioned by the Banks. The outlook on the assigned rating is 'Positive.'
AWARDS AND RECOGNITION
Your Company has received the following Awards and Recognition, which has made us all proud:
i) Bata India Limited was awarded “Retailer of Year (Footwear/Non Apparel)” by the Asia Retail Congress at Mumbai on
February 8, 2011.
ii) Bata India Limited received the “Most Admired Footwear Brand” of the year award by Images Fashion Forum in
Mumbai on February 18, 2011.
iii) Amity University awarded Bata India Limited “Corporate Excellence Award for the Best Retail Chain” during the
international business summit on February 23, 2011.
iv) Bata Industrials received Directorate General Mines Safety Certification for its PU Sole Safety Footwear range.
v) Bata India Limited was recognized as the Most Trusted Brand at 18th position by the Brand Trust Report. This ranking is
post survey of 16,000 brands; only 300 top brands were felicitated by The Trust Advisory.
vi) Bata India Limited has been awarded the “SUPERBRANDS” status again for the year 2012.
vii) Bata India Limited has secured the 35th rank in Brand Equity's Most Trusted Brands 2011 while being the No.1 footwear
brand in India. As the most preferred brand, Bata continues to grow and service its valued customers with confidence.
viii) Bata India Limited bagged the Award for “Customer & Brand Loyalty” in Footwear Sector, at the 5th Loyalty Awards in
February 2012, presented by AIMIA and conceived and managed by Kamikaze B2B Media.
CORPORATE SOCIAL RESPONSIBILITY
The following CSR activities have been undertaken by your Company during the year 2011:
Your Company has come forward to preserve the nature by joining World Wide Fund (WWF) to protect the natural
environment and its wildlife and also actively participated in “Save the Ganga” project. We have state-of-the-art effluent
treatment plants so that we do not pollute the river 'Ganga'.
Your Company has been associated with Family India - a voluntary network of individuals who supports a collective
mission to provide social, educational and humanitarian services and conduct enrichment programs to improve the
quality of life.
Your Company has donated an UPS equipment to the school for underprivileged “Deaf and Dumb” children at the
school welfare center, Gurgaon for running the Computer facilities without affecting power failure.
A library was set up at welfare center for underprivileged “Deaf and Dumb” children, a librarian is deputed to run the
library during school hours, 250 school bags were gifted to the children on the day of inauguration of library.
An amusement park named as “Bata Children Park” has been developed on an unutilized landfill area within school
vicinity and made available to especially abled children of the “Deaf and Dumb” school. The amusement park was
inaugurated by Mr. Thomas G. Bata during his visit to the school.
Organized a Pulse Polio Program at Bataganj factory and nearby slum areas wherein 4800 children (0-5 years age
group) were vaccinated with the help of 10 BCP volunteers and State Govt. medical team.
Bata Sports Club felicitated the Bengal football team that won gold medal in the national games. Mr. P. K. Banerjee -
renowned Olympian and ex Indian team captain and coach was also present on this occasion.
A tree plantation drive was organized at Batanagar plant during the month of September 2011.
Health checkup camps such as free Blood sugar testing, Obesity, Eye checkup camp were organized for employees of
Batanagar and their families during the month of July and August, 2011.
Bags, stationary and sweets were distributed to 56 orphans at Missionaries of charity, a NGO in Kolkata by Retail East
The Company is providing free medical services to the people living near the factory in Bataganj (Patna) and also free
drinking water facilities to the inhabitants residing around the factory.
During the year under review your Company continues with its strategy of retail expansion with the opening of more than 100
new Bata Stores and renovating existing stores. The growth of retail business with penetration into newer markets and
expansion in existing markets shall be the focus for your Company going forward. Your Company has opened 146 new large
format stores with an average floor size of not less than 3,000 sq.ft. and has remodeled 30 unviable stores to transform into
large format stores. The large and international layout of these stores help in better exhibition and display of the several
footwear concepts from Bata's new shoe collection. The unviable small stores, which cannot display the variety of our
footwear collections, are being shut down in a phased manner.
Through over 1250 retail stores across the country, your Company sells over 50 million pairs of footwear every year, serving
1,50,000 customers every day. Your Company's collection continues to delight today's customers with its comfortable, high
quality footwear, latest designs, large variety and great prices. Developed by the Company's in-house team of experienced
and talented buyers and shoe designers, your Company's footwear collection is now more trendy and desirable than ever
Your Company's Hush Puppies range of footwear in the premium segment is on an aggressive growth path and has plans to
reach new heights with more exclusive brand outlets in all major metros across India. These exclusive brand outlets offer the
complete brand experience and offer the entire Hush Puppies product range to the customers. The brand has also expanded
its presence in large departmental stores via Shop-In-Shop and is also available with most of the retail stores of your
Company and its dealers, across the metros, making it one of the fastest growing casual footwear brands in India.
Your Company's leadership in the dress comfort segment continues. Comfit, Ambassador and Mocassino brands have
grown very well. For the ladies segment, Bata's popularity continues to grow with the trendy Marie Claire range and its latest
designs to enhance a woman's femininity, sensuality and individuality. The youth focused brand North Star and specialty
outdoor brand Weinbrenner presents new trendy designs with an increased focus on casual styles.
Bubblegummers brand continues to allure children across the country with its trendy and lightweight all-weather footwear.
Your Company is planning to expand its presence in the online sphere through its virtual retail channel and is looking forward
to an exponential growth in this format. Your Company has already entered into tie-ups with two e-commerce sites viz.,
e-bay.com and rediff.com for sale of footwear through internet and shall continue to explore tie-up opportunities with other
e-commerce sites in future.
Your Company's wholesale division operates with a network of over 275 distributors and over 20,000 independent shoe
dealers. Your Company caters their requirements through its 11 depots located across the country. These dealers are
offered exciting new collections with trendy designs, giving a balanced mix of value and quality and focused on promoting the
Your Company's Industrial division caters to the safety footwear needs of various industries. Safety and durability are
essential properties of these footwear, while special features, e.g., impact resistance, heat resistance, oil resistance,
penetration resistance, etc. are also provided upon specific industry requirements. This division is delivering increased
volumes year after year, with the appointment of several new distributors and fetching huge orders from more than 400
industrial and public sector undertakings in India. Your Company has received the coveted Director - General of Mines
Safety (DGMS) certification on PU sole safety Footwear range, which would help the brand to address the issues of the
mining industry. In order to firmly establish Bata Industrials as the most sought after and premium brand of safety footwear,
your Company continues to invest in intense marketing and communication programs.
Your Company's Institutional business with its new business expansion plan is focusing on bulk institutional supplies. The
division is aggressively targeting the corporate segment including modern key accounts. The division has also tied up with all
central police canteen stores. This specialized division focuses on direct sales to various institutions, e.g., hospitals, airlines,
hospitality, schools & colleges. Regular - wear occupational shoes are offered to management level people working in an
industry or construction environment. Canvas shoes, Hunter shoes, Miner's shoes, etc. are offered to meet the special
requirements of Armed forces, Police and Mining Industry.
Your Company's Export sales in 2011 were Rs. 169.3 million compared to Rs.117.7 million in 2010.
Bata has a well-organized logistics team at Gurgaon and control all transport and warehouse operation. The year 2011 was a
year of modernization of our retail distribution centers in terms of modern Infrastructure and automation. Retail Distribution
Centers (RDC) at Chennai and Farukhnagar have been modernized to align distribution setup as per the Company's growth plan.
This automation of warehouses will strengthen our distribution system by supplying right size of footwear/ Non footwear to
our stores as per requirements and reduce the inventory at stores and overall stock cover.
Logistics team has taken various initiatives to reduce the transit time and freight by consolidation of loads and route
optimization in both primary and secondary transport.
The Capital Expenditure incurred during the year amounted to Rs. 1,245 million (including Batanagar housing of
Rs. 433.8 million with no additional cost) as against Rs. 580.4 million in 2010. The increase in capital expenditure was
predominantly due to opening a number of new stores and modernization of old stores. Capital expenditure has also been
incurred for installation of machinery and moulds to modernize our factories and to produce footwear of the latest trendy designs.
INDUSTRIAL RELATIONS AND PERSONNEL
Your Company has continuously been working to improve human resources competencies and capabilities in the company to
deliver results as per the plan. Major initiatives and interventions to this effect as taken up during the year 2011, are as under:
Building up the best team in all functional areas
During 2011 your Company has hired 52 Middle and Senior level Executives for its various functional areas and people
moving out, retiring etc. had been replaced with professionals with better qualifications and experience.
Creating bench strength and building up capability for future growth
Executive Development plan
For the third consecutive year, your Company pursued its aim of nurturing and developing new talent for various
responsibilities by successfully training its Executive Trainees. 6 Executive trainees have been hired from various
retail management schools, who have gone through 9 months Executive Development Plan (EDP) which was initiated
in the year 2009.
6 executive trainees, who successfully completed their training, have been placed as District Managers across retail
Executives have been hired during 2011 for retail operation, merchandising, wholesale, legal, etc.
Training and Development
a) “Train the trainer” program for District Manager
Developing and Training of internal talents as trainer continued to be the focus area of your Company in 2011.
18 nominated District Managers across all chains attended 2 days “Train the trainer” program. These District Managers
are imparting training to batches of newly joined sales promoters and store managers in their respective chains.
b) Training of store employees and Store Managers/K-Scheme Agents
Training of shop floor employees to improve their knowledge and skill levels with an objective to achieve excellent
customer service levels in our store remains a key focus in 2011 also. Training was conducted for 1037 store
employees and 540 K-Scheme Agents/Store Managers to enhance their performance and effectiveness.
c) Training on Water Based adhesives at Batanagar Factory
92 Employees from leather, rubber and Lab, alongwith Unit managers and other functional managers attended one
day program in three successive batches during May-June 2011 at Batanagar factory.
d) Training Program on “Barcode”
A one day training program on “Barcode” was conducted by GM-IT at Batanagar unit. The same was attended by 16
Department In-charge from various departments.
e) Training Program on “Preventive and Predictive Maintenance”
Batanagar unit organized a 2 days in-house training program which provided training on preventive and predictive
maintenance to the maintenance and production team.
f) Training Program for Promising Employees
BSO Development Program for promising employees was conducted in two batches during October 2011.
23 executives from retail operations, buying, distribution, Industrial safety department, etc. attended the program.
The objective of the workshop was to equip them with the necessary knowledge, skills and know-how to progress from
being a manager to a leader. The training was followed by powerful individual and group presentations with an aim to
develop the required talent that inform, persuade and lead to actionable outcomes.
g) Training Program on Business Development for District Managers
72 District Managers across all chains attended 2 days in-house training program on “Business development”. This
program was aimed at honing up skills of the District Managers on various facets related to business development and
h) Training program on First Aid at Faridabad Unit
25 workmen from across different sections were imparted training on First aid at Faridabad unit. The program was
conducted by Indian Red Cross societies, New Delhi.
i) Store Management Course and Winning Merchandise Course
Nominated buyers, retail manager and district managers from retail operations attended winning merchandising
course in Nairobi and Singapore. The program has helped them to broaden their horizon on different facets of
merchandise and overall retail management and operations.
j) Bata India Premiere League 2011
A 2 days action learning oriented workshop named 'Bata India Premiere League' was organized in October-2011. The
objective of the workshop was to create a simulated business environment and encourage out-of-box thinking and
generate new and creative business ideas so as to achieve higher business growth in 2012. Total 28 executives from
across various functions participated in the same.
Reward and Celebrations
Millennium Club 2011
For the fifth consecutive year, your Company recognized the achievement of the members of Millennium Club 2011. The
Millennium Club is a recognition program for all Retail stores of the Company with an aim of acknowledging the superior
performance and extra efforts put in by the store managers who have achieved a turnover of Rs. 20 million and above during
the preceding year. A total of 59 stores qualified to be the Members of Millennium Club 2011.
As a token of appreciation, the members were presented with trophies, certificates and lapel pins for themselves and their
team members. This appreciation reinforced their commitment and passion towards achieving the goals of the Company.
Wholesale division annual meet
Urban wholesale division organized 3 days annual meet at Gurgaon for depot managers. The objective of this meeting was
to discuss the wholesale business dynamics, issues and priorities besides setting up stretched targets and priorities for
action. The Action Plan for 2011 was finalized during the event.
Performance management: through Quarterly Performance Review
Your Company continued a quarterly performance review process for all the operational Retail Managers and District
Managers. This process very clearly defines their objectives and achievements. This review takes place in retail chain office
by the immediate supervisor before HR representative and feedback of the last quarter is given to the assesses and also
their target for the next quarter is set.
The overall review has been extremely helpful in setting up a process of continuous performance measurement and
The Earning per Share (EPS) (Basic and Diluted) of your Company has increased by 49% (from Rs.14.84 in 2010 to
Rs. 22.11 in 2011) without considering the gains from Surplus Property Development. After considering gains from Surplus
Property Development, the EPS during the year was Rs. 35.14.
Since April 2010, your Company is out of Bank Borrowings and the entire capital expenditure has been funded through
Your Company's continued focus on cash generation resulted in a positive cash flow during the year.
Also, an elevated profitability by around 2% during the year over last year without taking into consideration the gains from
Surplus Property Development depicts the improved performance of your company.
RESEARCH & DEVELOPMENT ACTIVITIES AND ENERGY CONSERVATION
Your Company continued its local Research & Development activities during the year in the key areas of product, process,
material development, footwear moulds, leather and tannery technology with emphasis on creating a pollution-free work
environment. Total expenditure incurred on Research & Development was Rs. 56.4 million during the year.
Your Company continues to actively pursue energy conservation measures.
SUPPORT FROM BATA GROUP
Your Company has seamless access to the benefits of technical research and innovative programmes of the Bata group
from Global Footwear Services Pte. Ltd., Singapore, for which it paid a fee of Rs.140 million during the calendar year 2011.
The Company continues to receive guidance and managerial support in its various functions including store layout,
marketing, shoe line, up gradation of factories, training of managers and guidance from senior most managers of the group.
In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of your Company, Mr. J.
Carbajal and Mr. J. Clemons, Directors of the Company are due to retire by rotation at the ensuing Annual General Meeting
of the Company and being eligible, offer themselves for re-election. The Board of Directors of your Company is of the opinion
that their continued association with the Board will be beneficial to the Company and recommends their re-election.
In accordance with the recommendations made by the major shareholders Bata Shoe Organization (BSO) and in
concurrence with your Board, Mr. Marcelo Villagran has been promoted to the position of overall In-charge as Group
Managing Director to look after the business of BSO in the entire Latin American Region. He has, therefore, resigned as the
Managing Director of the Company. Your Board vide a Resolution passed by Circulation on August 29, 2011 has accepted
the resignation of Mr. Marcelo Villagran with effect from September 30, 2011. The Board Members placed on record their
deep appreciation and gratitude to Mr. Marcelo Villagran who, through his exceptional leadership and outstanding direction
over the past seven years, has been a major contributor to the turnaround of Bata India Limited and the creation of a
dynamic, growing and profitable company that Bata India Limited is today. Your Board would miss his unique contribution
and wished him every success in his new role as Group Managing Director within the Bata group.
MULTI BUSINESS UNITS
The ITC Profile
ITC is one of India's foremost private sector companies with a market capitalisation of over US $ 33 billion and a turnover of US $ 7 billion. ITC is rated among the World's Best Big Companies, Asia's 'Fab 50' and the World's Most Reputable Companies by Forbes magazine and among India's Most Valuable Companies by Business Today. ITC ranks among India's '10 Most Valuable (Company) Brands', in a study conducted by Brand Finance and published by the Economic Times. ITC also ranks among Asia's 50 best performing companies compiled by Business Week.
ITC has a diversified presence in FMCG, Hotels, Paperboards & Specialty Papers, Packaging, Agri-Business, and Information Technology. While ITC is an outstanding market leader in its traditional businesses of Cigarettes, Hotels, Paperboards, Packaging and Agri-Exports, it is rapidly gaining market share even in its nascent businesses of Packaged Foods & Confectionery, Branded Apparel, Personal Care and Stationery.
As one of India's most valuable and respected corporations, ITC is widely perceived to be dedicatedly nation-oriented. Chairman Y C Deveshwar calls this source of inspiration "a commitment beyond the market". In his own words: "ITC believes that its aspiration to create enduring value for the nation provides the motive force to sustain growing shareholder value. ITC practices this philosophy by not only driving each of its businesses towards international competitiveness but by also consciously contributing to enhancing the competitiveness of the larger value chain of which it is a part."
ITC's diversified status originates from its corporate strategy aimed at creating multiple drivers of growth anchored on its time-tested core competencies: unmatched distribution reach, superior brand-building capabilities, effective supply chain management and acknowledged service skills in hoteliering. Over time, the strategic forays into new businesses are expected to garner a significant share of these emerging high-growth markets in India.
ITC's Agri-Business is one of India's largest exporters of agricultural products. The ITC group's contribution to foreign exchange earnings over the last ten years amounted to nearly US$ 4.9 billion, of which agri exports constituted 56%. The Company's 'e-Choupal' initiative is enabling Indian agriculture significantly enhance its competitiveness by empowering Indian farmers through the power of the Internet. This transformational strategy, which has already become the subject matter of a case study at Harvard Business School, is expected to progressively create for ITC a huge rural distribution infrastructure, significantly enhancing the Company's marketing reach.
ITC's wholly owned Information Technology subsidiary, ITC Infotech India Ltd, provides IT services and solutions to leading global customers. ITC Infotech has carved a niche for itself by addressing customer challenges through innovative IT solutions.
ITC's production facilities and hotels have won numerous national and international awards for quality, productivity, safety and environment management systems. ITC was the first company in India to voluntarily seek a corporate governance rating.
ITC employs over 26,000 people at more than 60 locations across India. The Company continuously endeavors to enhance its wealth generating capabilities in a globalising environment to consistently reward more than 4,08,000 shareholders, fulfill the aspirations of its stakeholders and meet societal expectations. This over-arching vision of the company is expressively captured in its corporate positioning statement: "Enduring Value. For the Nation. For the Shareholder."
The ITC Vision & Mission
Sustain ITC's position as one of
India's most valuable corporations
through world class performance,
creating growing value for the Indian
economy and the Company’s
To enhance the wealth generating
capability of the enterprise in a
delivering superior and sustainable
ITC's Core Values are aimed at developing a customer-focused, high-performance organisation which creates value for all its stakeholders:
As professional managers, we are conscious that ITC has been given to us in "trust" by all our stakeholders. We will actualise stakeholder value and interest on a long term sustainable basis.
We are always customer focused and will deliver what the customer needs in terms of value, quality and satisfaction.
Respect For People
We are result oriented, setting high performance standards for ourselves as individuals and teams.
We will simultaneously respect and value people and uphold humanness and human dignity.
We acknowledge that every individual brings different perspectives and capabilities to the team and that a strong team is founded on a variety of perspectives.
We want individuals to dream, value differences, create and experiment in pursuit of opportunities and achieve leadership through teamwork.
We do what is right, do it well and win. We will strive for excellence in whatever we do.
We will constantly pursue newer and better processes, products, services and management practices.
We are aware of our responsibility to generate economic value for the Nation. In pursuit of our goals, we will make no compromise in complying with applicable laws and regulations at all levels.
Definition and Purpose | The Governance Structure | Roles | Board Committees
Over the years, ITC has evolved from a single product company to a multi-business corporation. Its businesses are spread over a wide spectrum, ranging from cigarettes and tobacco to hotels, packaging, paper and paperboards and international commodities trading. Each of these businesses is vastly different from the others in its type, the state of its evolution and the basic nature of its activity, all of which influence the choice of the form of governance. The challenge of governance for ITC therefore lies in fashioning a model that addresses the uniqueness of each of its businesses and yet strengthens the unity of purpose of the Company as a whole.
Since the commencement of the liberalisation process, India's economic scenario has begun to alter radically. Globalisation will not only significantly heighten business risks, but will also compel Indian companies to adopt international norms of transparency and good governance. Equally, in the resultant competitive context, freedom of executive management and its ability to respond to the dynamics of a fast changing business environment will be the new success factors. ITC's governance policy recognises the challenge of this new business reality in India.
Definition and Purpose
ITC defines Corporate Governance as a systemic process by which companies are directed and controlled to enhance their wealth generating capacity. Since large corporations employ vast quantum of societal resources, we believe that the governance process should ensure that these companies are managed in a manner that meets stakeholders aspirations and societal expectations.
ITC's Corporate Governance initiative is based on two core principles. These are :
i. Management must have the executive freedom to drive the enterprise forward without undue restraints; and
ii. This freedom of management should be exercised within a framework of effective accountability.
ITC believes that any meaningful policy on Corporate Governance must provide empowerment to the executive management of the Company, and simultaneously create a mechanism of checks and balances which ensures that the decision making powers vested in the executive management is not only not misused, but is used with care and responsibility to meet stakeholder aspirations and societal expectations.
From the above definition and core principles of Corporate Governance emerge the cornerstones of ITC's governance philosophy, namely trusteeship, transparency, empowerment and accountability, control and ethical corporate citizenship. ITC believes that the practice of each of these leads to the creation of the right corporate culture in which the company is managed in a manner that fulfils the purpose of Corporate Governance.
ITC believes that large corporations like itself have both a social and economic purpose. They represent a coalition of interests, namely those of the shareholders, other providers of capital, business associates and employees. This belief therefore casts a responsibility of trusteeship on the Company's Board of Directors. They are to act as trustees to protect and enhance shareholder value, as well as to ensure that the Company fulfils its obligations and responsibilities to its other stakeholders. Inherent in the concept of trusteeship is the responsibility to ensure equity, namely, that the rights of all shareholders, large or small, are protected.
ITC believes that transparency means explaining Company's policies and actions to those to whom it has responsibilities. Therefore transparency must lead to maximum appropriate disclosures without jeopardising the Company's strategic interests. Internally, transparency means openness in Company's relationship with its employees, as well as the conduct of its business in a manner that will bear scrutiny. We believe transparency enhances accountability.
Empowerment and Accountability:
Empowerment is an essential concomitant of ITC's first core principle of governance that management must have the freedom to drive the enterprise forward. ITC believes that empowerment is a process of actualising the potential of its employees. Empowerment unleashes creativity and innovation throughout the organisation by truly vesting decision-making powers at the most appropriate levels in the organisational hierarchy.
ITC believes that the Board of Directors are accountable to the shareholders, and the management is accountable to the Board of Directors. We believe that empowerment, combined with accountability, provides an impetus to performance and improves effectiveness, thereby enhancing shareholder value.
ITC believes that control is a necessary concomitant of its second core principle of governance that the freedom of management should be exercised within a framework of appropriate checks and balances. Control should prevent misuse of power, facilitate timely management response to change, and ensure that business risks are pre-emptively and effectively managed.
Ethical Corporate Citizenship:
ITC believes that corporations like itself have a responsibility to set exemplary standards of ethical behaviour, both internally within the organisation, as well as in their external relationships. We believe that unethical behaviour corrupts organisational culture and undermines stakeholder value.
Code of Conduct
Applicable to all directors, senior management and employees of the Company
ITC’s Code of Conduct was circulated to the employees more than five years back and is posted on the Company’s corporate website. This Code has now been re-drafted for better presentation. This Code is derived from three interlinked fundamental principles, viz. good corporate governance, good corporate citizenship and exemplary personal conduct.
ITC is a professionally managed organisation and the core value underlying our corporate philosophy is "trusteeship". We believe this organisation has been handed to us by the various stakeholders in "trust" and we as professionals are the "trustees" of these stakeholders. It is therefore our responsibility to ensure that the organisation is managed in a manner that protects and furthers the interests of our stakeholders. We recognise society as an important stakeholder in this enterprise and therefore it is part of our responsibility to practise good corporate citizenship.
It is also our belief that in order to serve the interests of our stakeholders in perpetuity, we must build ITC into an institution whose dynamism and vitality are anchored in its core values.
Corporate Governance Policy
The Corporate Governance Policy is the apex level instrument guiding conduct of the affairs of the Company and clearly delineates the roles, responsibilities and authorities of the key entities in the governance structure of the Company. This Code forms an integral part of the Company’s Governance Policy. The directors, senior management and employees must adhere to the Corporate Governance Policy of the Company.
Good Corporate Citizenship
In the conduct of the Company’s business, the practice of good corporate citizenship is a prerequisite and embraces the following:
Dealing with People in the Organisation
In dealing with each other, directors, senior management and employees shall uphold the values which are at the core of our HR Philosophy - trust, teamwork, mutuality and collaboration, meritocracy, objectivity, self respect and human dignity. Indeed, these values form the basis of our HR management systems and processes. In selection and recruitment, while meritocracy will be a prime criterion, managers will scrupulously consider all factors that go towards securing the interests of the Company. ITC will focus on meritocracy, equity and upholding of Company values in all people processes including performance management systems, appraisals, remuneration and rewards.
A Gender Friendly Workplace
As a good corporate citizen, ITC is committed to a gender friendly workplace. It seeks to enhance equal opportunities for men and women, prevent/stop/redress sexual harassment at the workplace and institute good employment practices.
Sexual harassment includes unwelcome sexually determined behaviour such as: unwelcome physical contact; a demand or request for sexual favours; sexually coloured remarks; showing pornography and any other unwelcome physical, verbal or non-verbal conduct of a sexual nature.
ITC maintains an open door for reportees; encourages employees to report any harassment concerns and is responsive to employee complaints about harassment or other unwelcome and offensive conduct. A Grievance Committee on Gender Issues has been constituted to enquire into complaints and to recommend appropriate action, wherever required.
ITC demands, demonstrates and promotes professional behaviour and respectful treatment of all employees.
Relationships with Suppliers and Customers
All directors, senior management and employees shall ensure that in their dealings with suppliers and customers, the Company’s interests are never compromised. Accepting gifts and presents of more than a nominal value, gratuity payments and other payments from suppliers or customers will be viewed as serious breach of discipline as this could lead to compromising the Company’s interests.
It is the Company’s policy to comply fully with all applicable laws and regulations. Ensuring legal and regulatory compliance is the responsibility of the Chief Executives of the Businesses and the Divisional Management Committees. The Company cannot accept practices which are unlawful or may be damaging to its reputation. Divisional Management Committees must satisfy themselves that sound and adequate arrangements exist to ensure that they comply with the legal and regulatory requirements impacting each business and identify and respond to developments in the regulatory environment in which they operate. In the event the implication of any law is not clear, the Company’s Legal Department shall be consulted for advice.
Health and Safety
The Company attaches great importance to a healthy and safe work environment. ITC is committed to provide good physical working conditions and encourages high standards of hygiene and housekeeping. Particular attention should be paid to training of employees to increase safety awareness and adoption of safe working methods, particularly designed to prevent serious or fatal accidents.
The Company believes that commitment to sustainable development is a key component of responsible corporate citizenship and therefore deserves to be accorded the highest priority. Accordingly, the Company is committed to Best Practices in environmental matters arising out of its business activities and expects each business to fully demonstrate this commitment.
In addition to complying with applicable laws and regulations, Businesses must establish procedures for assessing the environmental effects of their present and future activities. They should adopt Best Practices in their environmental policies and procedures.
All directors, senior management and employees have the obligation to conduct themselves in an honest and ethical manner and act in the best interest of the Company at all times. They are expected to demonstrate exemplary personal conduct through adherence to the following:
Avoidance of Conflict of Interest
All directors, senior management and employees must avoid situations in which their personal interest could conflict with the interest of the Company. This is an area in which it is impossible to provide comprehensive guidance but the guiding principle is that conflict, if any, or potential conflict must be disclosed to higher management for guidance and action as appropriate.
Transparency and Auditability
All directors, senior management and employees shall ensure that their actions in the conduct of business are totally transparent except where the needs of business security dictate otherwise. Such transparency shall be brought about through appropriate policies, systems and processes, including as appropriate, segregation of duties, tiered approval mechanism and involvement of more than one manager in key decisions and maintaining supporting records. It shall be necessary to voluntarily ensure that areas of operation are open to audit and the conduct of activities is totally auditable.
Protection of Confidential Information
No director, senior management and employee shall disclose or use any confidential information gained in the course of employment/ association with the Company for personal gain or for the advantage of any other person. No information either formally or informally shall be provided to the press, other publicity media or any other external agency except within approved policies.
No director, senior management and employee shall misuse Company facilities. In the use of Company facilities, care shall be exercised to ensure that costs are reasonable and there is no wastage.
Leading by Example
The organisation’s directors and senior management set the professional tone for the Company. Through both their words and their actions, the organisation’s leadership conveys what is acceptable and unacceptable behaviour. ITC’s directors, senior management and employees must constantly reinforce through their actions and behaviour that ITC’s stated beliefs of responsible corporate citizenship are rooted in individual conviction and personal integrity.
Any waiver of any provision of this Code of Conduct for a director, senior management or employee must be placed for approval before the Company’s Board of Directors/ Corporate Management Committee, as appropriate.
Any instance of non-adherence to the Code of Conduct / any other observed unethical behaviour on the part of those covered under this Code should be brought to the attention of the immediate reporting authority, who shall in turn report the same to the Head of Corporate Human Resources.
* Senior management for the purpose of this Code would mean the following:
- Managers at Grade ‘A’ & its equivalent, and above
- Divisional & SBU Chief Executives
- Corporate HODs
* This Code of Conduct, as adopted by the Board of Directors of the Company on 26th March, 2005,
was amended on 29th March, 2006.
Financial Results for the Quarter ended 30thJune, 2012
Net Profit up 20.2%
Net Revenue : +15.3%
Profit from Operations : +21.3%
Profit Before Tax : +20.6%
Net Profit : +20.2%
• Non - Cigarette FMCG segment registers robust revenue growth of 23% and improved profitability.
• Hotels business continues to be impacted by weak global and domestic economic environment.
• Agri Business profits grow, driven by improved realisations and enriched portfolio.
• Robust performance by Paperboards, Paper and Packaging business driven by product mix enrichment.
• ITC awarded the prestigious 'World Business and Development Award 2012' at the Rio+20 UN summit for its Social and Farm Forestry initiative.
The Company posted yet another strong performance during the quarter with healthy topline growth and high quality earnings. Gross Revenue/Income from Operations at Rs 9457 crores grew by 15.3% driven primarily by Branded Packaged Foods, Education & Stationery and the Cigarettes businesses. Profits from Operations grew by 21.3% to Rs 2174 crores while Profit Before Tax and Net Profit at Rs 2337 crores and Rs 1602 crores registered a growth of 20.6% and 20.2% respectively. Earnings Per Share for the quarter stood at Rs 2.05.
FMCG - Branded Packaged Foods | Personal Care Products
Education & Stationery Products | Cigarettes | Hotels
Paperboards, Paper & Packaging | Agri Business | Contribution to Sustainable Development
FMCG - Branded Packaged Foods
The business enhanced its market standing across categories and posted significant growth in revenues during the quarter. Sales of value-added and premium products grew at a faster pace based on an enriched portfolio mix. Improvement in profitability was further aided by smart commodity sourcing and several strategic cost management initiatives.
'Aashirvaad' atta strengthened its leadership position across markets. With an increasing number of consumers shifting to value-added and premium offerings of Aashirvaad under the 'Multi-grain' and 'Select' brands, the Staples category continued to improve its realisations and margins. 'Sunfeast Yippee!' noodles continued to garner consumer franchise during the quarter. Significant investments in product development and marketing are being pursued to further strengthen market standing in this fast growing category. During the quarter, 'Sunfeast' biscuits sustained its robust growth trajectory, especially at the value-added and premium end, aided by the launch of 'first to market' variants. During the quarter, 'Kaju Badam Cookies' was launched in select markets and initial consumer response has been encouraging. The Bingo! range of potato chips and finger snacks grew at a rapid pace. Recent launches in this category viz., 'Tangles' in an innovative format and 'Mad Angles Masti Chaat' were well received by target consumers and are being extended to more markets.
The business continues to invest in manufacturing and distribution infrastructure to support larger scale in view of the growing demand for its products and maximise the benefits of distributed manufacture for efficient servicing of proximal markets.
\Personal Care Products
The Personal Care Products business made significant strides during the quarter with its carefully crafted portfolio of product offerings under the 'Essenza Di Wills', 'Fiama Di Wills', 'Vivel' and 'Superia' brands, further gaining consumer franchise. Research and product development expertise focused on addressing various consumer benefit segments are being leveraged to launch innovative products and variants in soaps, shampoos and skin care categories. A state of the art Consumer Interaction Centre in Bengaluru called 'Laboratoire Naturel' is adding value to the business by fostering innovation through extensive consumer engagement. During the quarter, the skin care category was fortified with the launch of 'Vivel Summer Fair', a differentiated summer specific offering with Triple Filter SPF 15 and Aloe Vera for fresh, fair skin. Together with 'Vivel Active Fair' and 'Superia Super Fair', the augmented portfolio of fairness creams continues to receive encouraging consumer response and is being rolled out to target markets.
Education & Stationery Products
The Education & Stationery Products business registered impressive growth during the quarter powered by the 'Classmate' brand which continued to consolidate its leadership position in the student notebooks category. In the writing instruments and scholastic products categories, the business introduced a number of new products and variants in pens, pencils and scholastic products under the 'Classmate and 'Paperkraft' brands.
The cigarette industry in India continues to be impacted by a discriminatory taxation and regulatory policy framework. While cigarettes contribute nearly 75% of the tax revenues generated by the tobacco sector, it accounts for less than 15% of tobacco consumption in the country. Steep increases in Excise duty and VAT on cigarettes during the quarter have further exacerbated the situation vis-à-vis lightly taxed or tax evaded tobacco products like Bidi, Khaini, Chewing Tobacco and Gutkha. These lightly taxed or tax evaded tobacco products are the most dominant forms of tobacco consumption in India and constitute as much as 85% of total usage. Further, the high incidence of tax on cigarettes has helped create tax arbitrage opportunities leading to the growth of illegal cigarettes in the country.
Despite this challenging environment, the Company's unwavering focus on providing worldclass products to consumers enabled it to sustain its leadership position in the industry. Consumer centricity and product innovation have enabled the business to deliver superior value through its portfolio of world-class brands, contemporary packaging styles and state-ofthe- art manufacturing technology and processes. Several initiatives were launched during the quarter across the portfolio in terms of pack modernization and introduction of variants and limited edition packs under the Classic', 'Flake', 'Gold Flake Premium Filter' brands further bolstering market standing . The business is also test marketing filter cigarettes of length not exceeding 65 mm. On the manufacturing front, investments continued to be made towards enhancement of quality, productivity and variety.
The Hotels industry continues to be impacted by the weak global and domestic economic environment and significant additions to room supply in key Indian cities. Consequently, Segment Revenue has remained at the same level as the corresponding quarter of the previous year. In line with its investment led growth strategy, given the compelling longer term potential of this sector, the Company, through a newly formed subsidiary, acquired a prime plot of land in Colombo, Sri Lanka on a 99-year lease from the Government of Sri Lanka, for developing a 5- star luxury property. The new super luxury property, ITC Grand Chola at Chennai, is complete and is awaiting statutory clearances prior to commercial launch. The construction activity of the new luxury properties at Kolkata and at Classic Golf Resort near Gurgaon are progressing satisfactorily.
Paperboards, Paper & Packaging
Segment Revenues recorded a growth of 9% while Segment Results grew faster at 17% driven primarily by continuous enhancement in the product mix. The business continues to leverage its state-of-the-art facilities to provide strategic sourcing support to the FMCG businesses, enabling product differentiation and faster speed-to-market. To further expand its scale of operations, the business is investing in a state-of-the-art paperboard machine at Bhadrachalam and a new carton line at Haridwar which are expected to become operational by end FY13.
Segment Revenues were impacted during the quarter given the surplus leaf tobacco inventory and the prevailing adverse commodity price parities. The business recorded significant improvement in profitability during the quarter aided by better realisations and richer mix across the portfolio. The business continues to provide strategic sourcing support to the Company's Cigarettes and Branded Packaged Foods business by ensuring high quality supplies at optimal costs. The new green leaf tobacco threshing facility in Karnataka was fully operationalised during the quarter and will further enhance quality and improve supply chain efficiencies.
Contribution to Sustainable Development
ITC was awarded the prestigious 'World Business and Development award 2012' for its transformational rural initiatives in social and farm forestry programmes in India. It was the only Indian company to receive this honour at the historic Rio+20 UN Summit 2012. The World Business and Development Awards are the first global business awards to recognize the crucial role of the private sector in implementing the millennium goals - eight internationally agreed targets to reduce poverty and environmental degradation and improve education, health conditions and gender equality by 2015.
The Company's Social Investments Programme aims to address the challenges arising out of poverty, environmental degradation and climate change through a range of activities with the overarching objective of creating sustainable sources of livelihood for the stakeholders. The footprint of the Company's Social Investments Programme has spread to 68 districts in the States of Andhra Pradesh, Bihar, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Uttar Pradesh and West Bengal.
The footprint of the Company's Social Investments Programme can be viewed at a glance in the following chart:
Intervention Areas Unit of Measurement Cumulative
Total Districts Covered Number 68
Social Farm Forestry
Soil and Moisture Conservation Programme Hectare
Sustainable Agricultural Practices
Organic Fertiliser Units Number 13,947
Sustainable Livelihoods Initiative
Cattle Development Centres
Animal Husbandry Services
doses (in lakhs)
Economic Empowerment of Women
Self Help Groups Members
Livelihoods created Persons
(in lakhs) 2.72
Health and Sanitation
Low Cost Sanitary Units Number 3,664
The Board of Directors, at its meeting in Kolkata on 26th July 2012, approved the financial results for the quarter ended 30th June 2012, which are enclosed.