‘Time’ Through the Eyes of the Innovator Himself
Would you like to say something about Time Technoplast?
Time Tech incorporated in 1992 has been in existence for little over 25 years. Over this short span we have grown to be an Indian multinational company having manufacturing units in 12 countries including India. Our sales revenue would exceed USD 500 million this financial year with business interests in industrial packaging, lifestyle, auto components, infrastructure, material handling and composite products. We plan to be a USD 1 billion conglomerate in the next 5 years’ time.
What is your opinion about the current plastics industry and its growth in the upcoming years?
The Plastic industry in India at present is extremely fragmented and largely unorganized. With new technologies and innovation coming in, the process of consolidation and emergence of large corporates in plastic industries is a new trend one would see in the coming years.
How much investment do you regularly do in research and development and in raw materials as well?
We take pride in allocating 1% of our sales revenue in research and development. Every year the allocated funds are judiciously used for development of new products and processes. About 30 qualified specialists in plastics work relentlessly towards the innovation and technology.
You have worked a while in companies like BHEL, VOLTAS and so on but your established business lies in polymers. So what exposure does one require to start a business or is work exposure even necessary?
To be honest, not inheriting family business has been one of my biggest learning experiences. Working as a professional both with public sector and private sector corporates has helped me to learn the best and worst of both worlds. Surely my initial work exposure has helped me to run the business as a professional and also explore international markets independently.
What was the first thought that stuck in your mind when 19 of your colleagues handed their resignation after you?
Quite frankly I did not know from where my next meal would come for the family; that is when all of these 19 colleagues landed up at my house. Despite my persuasion for them to return to work they were adamant to stick with me. This was a huge responsibility which propelled me into the next orbit for doing business. I take pride in saying that out of the 19 colleagues, 14 still continue to work with me even today.
As I understand, the company has grown from 2.5 crores in 1992 to more than 3000 crores in 2017 according to a report by Money Control, what has been the key mantra for this success?
We do believe that if you aim for excellence, success has to follow. We have approached our business with aggression. In many of the products introduced by us we have been the pioneers. Even when we have entered the established markets, we have worked relentlessly to achieve market leadership in most of our geographies. Most importantly such enormous growth in a period of two and a half decades can only be achieved with the help of a dynamic and young team.
Time Technoplast has already established themselves in the whole of south east Asia and some parts of Africa as well So, are there any other specific regions which you target in the years to come?
By 2017 we have established ourselves in most Asian countries. Apart from that, Philippines and Russia are very much pending projects on our radar. We see ourselves penetrating in Europe and Americas in the coming years. Of course with our presence in Egypt (North Africa), we do see ourselves having footprints in strategic countries of African continent.
The drums and containers are responsible for 71% of the company’s growth and the other four sectors account just 29% so are you implementing any strategies to increase the turn over from the other sectors as well?
There is a valid explanation to the 71:29 ratio. Most of our expansion overseas has been in the industrial packaging segments. Obviously the revenue generated from them creates a larger consolidated revenue in the packaging business of Time Group. We, of course are exploring marketing the other established products like MOX film, composite cylinders, PE pipes etc. to overseas markets which would help gradually reduce the share of packaging business in the repertoire of our business.
What do you feel is the value or importance of composites in the current Indian market?
Composite is the future. It shall replace steel at high performance areas which not only would bring down cost but also improve performance and longevity. We ourselves are developing few innovative composite products to replace steel in various industries.
Sir you have invested in ventures such as TPL, what is the due diligence one should do before investing in any venture?
Our business is technically complex involving plenty of machines, molds, processing parameters. Associated due diligence for us is equally important before going into any new process/venture. At times if the assets are terribly depreciated then it makes sense for us to independently start the business from the ground up with far less investment then acquiring the company. Perhaps, this is one of the entry barriers in our business which allows only technical competent companies to survive and sustain.
What is the message you would like to give your current shareholders?
Our shareholders and stake holders have always believed in our ability to do things differently and create a space for ourselves. We have time and again proved this point which puts immense pressure on us to continue our perseverance towards excellence in whatever we do. I always request our shareholders to trust in Time Tech’s abilities and keep invested for long term dividends.
What message would you like to give to a young turk or an aspiring entrepreneur?
My only advise to start up entrepreneurs:
- There is no substitute for hard work and nothing comes easy.
- The devil is in the details. More questions you ask the better you would learn in business.
- Create a dynamic team. No business can succeed without a team of talented work force.
- Always think big.