Disrupt and Conquer: How TTK Prestige Became a Billion-Dollar Business

by T.T. Jagannathan, Sandhya Mendonca

The TTK Group was founded in 1928 in Chennai (then Madras) by T.T. Krishnamachari, who later became a Union minister and held the portfolios of finance, industry and commerce for close to fifteen years.In this book, the current chairman T.T. Jagannathan, along with Sandhya Mendonca, takes us through the journey of this extraordinary company which fought off bankruptcy and rose like a phoenix to become a highly profitable, successful entity.What makes this story all the more startling is that T.T. Jagannathan is an accidental and reluctant businessman. He came into the profession very unexpectedly, and without any preparation, with neither an MBA nor having ever worked in the family business before having its very survival entrusted to him.Like a phoenix, the Group and its constituent companies, have risen from the ashes, many times over, to stand tall and proud. This is the story of a journey that began with early success and experienced catastrophic disasters, and set about turning its fortunes around in stunning comebacks, time and again.With invaluable business lessons, decades of experience and innovation distilled in these pages, Disrupt and Conquer is a must-read for aspiring entrepreneurs, executives and business leaders.

Genres: Biography, Business, Buisness, Entrepreneurship, Nonfiction, Autobiography

233 pages, Kindle Edition

Published May 16, 2018

Reviews

[Nilesh · Rating 4 out of 5]

“I have had that policy for my business my entire life. I won’t sell at a loss; I’d rather not sell. Even today, even for orders of huge numbers of pressure cookers, we don’t sell at prices that will not make money for us.”
~ T.T. Jagannathan

New-age companies of these days may find this principle orthodox or too much account-centric but this is how business is done at TTK companies.
My review on this book is from the perspective as stakeholder/potential investor in TTK companies and assessing the management/promoter.
The business house started by TT Krinshnamachari, Grandfather of TTJ, who later joined congress party and became the first minister for Commerce and Industry and also served as finance minister for 2 times. Though this group was started as sales, marketing and distribution agency for imported/foreign brands viz. over 150 products, such as Kraft cheese, Kellogg’s cornflakes, Sheaffer pens, Aqua Velva aftershave lotion, Horlicks, Maclean and Enos.
As TTK moved to politics, his political decisions with then ruling govt. put the Indian businesses under draconian acts to stumped the growth of Indian economy viz. income tax rate of 97%, wealth tax of 5%.
TTK faced many other regulatory headwinds like tax on pressure cookers to 50%, 100% tax on shaving cream and toothpaste, import duties on foreign goods.
TTK as group grew and evolved out of these challenges under the leadership of TTJ. TTJ saved the company from downfall when Prestige cookers were bursting and this was fatal damage to the company as a Brand. TTJ, being a technocrat got involved and realised that was due to spurious parts/valves was the reason. He worked in the lab and invented the GRS (Gasket Release System) which resolved the issue when valves were unable to release excess pressure. TTJ decided not to patent this invention even though this would have given him the edge over the other players in the market. As the bursting issue was hampering Prestige brand irrespective the make of the cooker in the market.
Although, not much talked about TTK prestige has fair share of product innovations which are less talked about, these includes
- Microchef – World’s first microwavable pressure cooker in 2011. Widely popular in other countries like Japan and Europe, though yet to catch up in Indian market.
- First company in India to make stainless steel pressure cookers in mechanical press.
- Tattva, non-electric water purifier which works on the principle of gravity
- Hero- the world’s first electric mop.
Not all of these products are popular or maybe loved by customer right away but this tell the novel ways company is trying to stay relevant even in the industry which is considered as old school/commoditised.
This innovative driven attitude is can be credited mostly to TTJ, his engineering knowledge, the mathematical mind-set to take calculated risks (which probably comes from his love for Blackjack and Bridge playing) and most important his immense passion for cooking and personal involvement in product development. It wouldn’t be far-fetched if we call him intelligent fanatic of the bygone era.
TTJ, has taken many bold decisions, viz, closing down the printing business, buying Prestige brand rights for India in 90s for about 72 crores when turnover was business turnover was meager 10 cores. If we had liberated economy, the company might have aggressive enough to buy the global rights for the brand but Chinese outbid TTK that time for global rights. TTJ, launched Manttra, TTK owned brand for other markets like US, Europe and African continents.
At the same time, TTJ decided to exit businesses which were not doing good or not relevant viz, bulk drugs, printing, paper, hospital disposables, spinning and hosiery.
TTJ, has worked his magic on other group company as well, TTK healthcare, where after losing the Durex condom manufacturing and marketing rights, they launched their own brand Skore, and became 3rd player in the market, TTK Healthcare (then TTK protective devices) is one of the oldest condom manufacturing facility in India.

[Manish · Rating 4 out of 5]

This book by the Chairman of TTK Prestige himself is a beautifully written book. I loved the succinctness with which TTJ describes the situation. Oftentimes, writers go into unnecessary details, mentioning every small aspect of the incident. TTJ keeps the book focused by describing the context, incident, and action with only as much detail as necessary to make the point.

Some of the stories that stood out for me from the book include the following:
1. From not being allowed to enter his own factory to heading the company, TTJ's journey gives an example of how a leader should behave.
2. Why did Prestige not patent the Gasket Release System, an innovation that made any pressure cooker safe from bursting and saved the entire industry from falling flat.
3. The story of how GRS innovation came to be in the first place is worth reading.
4. The story of TTK Group losing the Kohinoor and Durex condom brands to Reckitt Benckiser and TTK Groups come back with the Skore condom brand is very amusing.

I will recommend this book to anyone who has ever wondered: how is that there a 'Prestige in every home'.

[Murali Neelakantan · Rating 4 out of 5]

A story that needed to be told. At its very core is how, thanks to ttk prestige, India took the pressure cooker, a French invention and made it it's own. Another perspective is how an Indian family which has had many firsts and could have been a conglomerate dominant in every aspect of our lives but was constantly a victim of poor government policy. At the heart of it all, a man and his family that stayed true to traditional values while constantly innovating, despite many of those efforts failing. An inspiration to every entrepreneur but also a good reference book for all those in government and administration.

[Akhil Parekh · Rating 5 out of 5]

One of the very good autobiographies ! Gives detailed account of the TTK group from all angles - be it R&D, product ideation, manufacturing & branding.

Unlike most of the Indian biographies this is certainly not an eulogy. Mr Jagannathan gives a very honest account of his trials & trjbula, his successes & failures at TTK.

Something definitely not worth a miss!

[Venkatarangan Thirumalai · Rating 4 out of 5]

Most of the South Indian business houses including TVS Group or The Hindu group or even the Technology giant like Infosys are in my view shy of having detailed biographies written about them. In this context, I was happy to read this book titled “Disrupt and Conquer – How TTK Prestige Became a Billion-Dollar Company” authored by the executive chairman of the company T T Jagannathan (TTJ) with Sandhya Mendonca and published by @Penguin Random House. The book has been a fantastic read.

Overall, the book was a great learning. I wish the author(s) shared more of the challenges faced in the course of his long journey. After going through the initial challenges that led to the invention of GRS, the marketing slogan, financial struggles, the book tends to fast forward the next 3 decades and covering only the successes. I would’ve loved to read about every major milestone of his journey.

Continue reading:
https://venkatarangan.com/blog/2018/0...

[anil · Rating 4 out of 5]

My rating would about 3.75 probably if it were allowed.
This is a typical biography of boasting how one fought against all odds with silver spoon in the back pocket, betting on races while saving the company and making it great.
What I like about the company (and thoughts behind it) was that the management transition to professionals and perfect example of differentiation of the roles of management, board & shareholders.
The line ‘jisko biwi se ….” Is an ever green and hugely popular and has got less credit than it deserves in the book.

[Gurudatt Rao · Rating 4 out of 5]

A good insightful book that encompasses the artificial roadblocks during the license Raj in India which impeded the growth and journey once it was abolished. As an investor into the company, the book gives much more details than a pitchdeck for investors. The company is well diversified and poised well to capitalise on market demand across retail segment. A worthwhile read!!

[Sahil Shah · Rating 4 out of 5]

This book consumed for from my 6am tea to my lunch this Sunday (I am a slow reader). Very engrossing, inspiring and entertaining. For someone who is 35+, the book will take you down memory lane. Thoroughly enjoyed. I recommend this book for anyone interested in Indian entrepreneurs.

[Tirath · Rating 4 out of 5]

Nice quick read on TTJ's life, and TTK group's life
- How debt and losses can cripple a company
- How intelligent management can make foolish mistakes
- S India v N India culture in life and work
- Brand strength - mystical but real

Nice simple book

[Sparsh · Rating 4 out of 5]

I’m surprised how this book has so few of ratings and so few people have read it.
It’s a book full of wisdom from TT Jagannathan. It’s a inspirational book which teaches us to be humble and always know our basics

[Avadhoot Joshi · Rating 5 out of 5]

An exciting journey of TTJ - from reluctant/accidental businessman to making TTK Prestige a well-known brand.
Its a must-read to understand TTK's culture, history of innovations, and ups- downs in the business.

[Sid · Rating 4 out of 5]

Captivating read , enjoyed it .
Kept me engaged , but maybe also because the subject was close to me.

[Dhruv · Rating 3 out of 5]

Started well but became overly preachy towards the end

[Sundar Ganapathy · Rating 3 out of 5]

Decent account of the journey of TTK Prestige. Quick read.

[Balaji Seshan · Rating 5 out of 5]

Great biography, lot of takeaways, experience, thrill & study material on how to handle situations, challenges.. Book Not To Miss !!!

[Dilgrace Kaur · Rating 4 out of 5]

A great insight into expansion of Prestige as a brand we know of today. Business tips by TTJ are both interesting and noteworthy.

[Avishek Agarwal · Rating 4 out of 5]

Inspiring to learn about the journey of such a company which is synonymous with Indian Kitchenware.