COVID-19 response for automotive companies...02 COVID-19 response for automotive companies The...

COVID-19 response for automotive companiesA scenario-based approach to assess and minimise the impact of COVID-19April 2020

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COVID-19 response for automotive companies

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ContentsThe situation and the challenge 02

The unknowns 03

Why scenarios 04

Scenario framework for the COVID-19 situation 05

Possible consequences of COVID-19 scenarios on India’s overall outlook 07

Impact of COVID-19 on the Indian automotive ecosystem 09

Potential implications for the Indian automotive ecosystem 11

References 14

Contact Us 15

Acknowledgements 15

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The situation and the challenge

The COVID-19 pandemic has pushed humanity and the global economy into a crisis not seen since The Great Depression. Due to its high infection rate and impact on the public health system, governments have begun to enforce nationwide lockdowns, thereby significantly affecting production, supply chain, travel, trade, and how people work. This development is disrupting value chains, communication, and co-operation amongst business environments. Moreover, it is difficult to

estimate when these lockdown norms, presently applicable to about half of the world’s population1, will be relaxed completely, resulting in even more uncertainty about the future of many of these affected businesses. In these uncertain times, companies seek clarity on, and a robust strategy for, short- to medium-term implications (6-24 months) stemming from COVID-19. Some of the key hindrance faced by the companies are in the form of the following:

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Increasing volatility of business environments

Interconnectedness and unpredictability of influencing factors

Excess information, untrustworthiness of sources, unpredictable political development

Ambiguous interpretations of information leading to possibly wrong assumptions

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How good will policymakers be at keeping the ‘lights-on’?

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The unknowns

The first step towards identifying the short- and medium-term outcomes of COVID-19 for business environments, and building out strategies to prepare for them, is to identify the unknowns that can influence these outcomes.

The unknowns may range from the changes in the structure and integrity of technological systems (i.e., the ability to digitalise work processes, while ensuring data security) to changes in the society, like values, ethics and ways of

Figure 1. Key unknowns in the future of COVID-19 business environments2

How long will the pandemic last? Will a vaccine arise?

For how long will shutdowns persist?

How vast will the knock-on effects be?

working (e.g., need for social distancing, role of altruism). Uncertainty may also exist in the way future governments will function as well as how the corporate landscape will shape out, including permanent shifts in customer demand, flexible employment models, etc. Figure 1 illustrates the unknowns across key dimensions that are sector-agnostic, and are likely to play a crucial role in shaping how the next 12 months will look like. Of these, the four ‘biggest’ unknowns in our opinion are as follows:

Systemic breakdown

Shortage

Sustained isolation

Everybody for themselves

Shattered forever

CompleteConfusion

UncontrolledSpread

Mistrust

Cautious

Inferior Efficiency

Destruction

Not perceivable

Reactive; Limited

Financial Crisis

Painful but Resilient

Abundance

Temporary Interruption

Reemergence of the Tribe

Back to Normalcy

Plannable

Sustained Containment

Cooperation

Now morethan ever

Superior Efficiency

Limited Impact

Immediate

Proactive; Significant

Stabilization

Resilience of Supply Chains

Supply of Workforce

Mobility of People and Goods

Cohesion of the Society

Global Trade Flows

Information Transparency

Efficacy of Healthcare Response

Cooperation among Governments

Enforcement of COVID-19Business Regulations

Global CorporateInvestment Appetite

Efficiency of Company Digitalization

Robustness of Ecosystems

Rebound of Consumption

Extent of Government Policy Support and Stimuli

Financial Market Volatility

With Force With Measure

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Why scenarios

Decision-makers face formidable challenges, as taking the long view has never been harder. They have to make the best possible judgement calls every day while the world around continues to be uncertain, volatile, and ambiguous. One way to do so is to develop robust and strategically relevant scenarios that can respond to, and can take advantage of, the many plausible outcomes for the future.

While predicting the future is impossible, anticipating plausible scenarios in these circumstances is more robust than predicting traditional forecasts for the most optimal

future – preparing for a reasonable ‘worse’ case scenario rather than a simple extrapolation exercise. In contrast to forecasting, scenarios examine what is most uncertain and surprising, as a mechanism to generate insight and provoke action regarding future-focused risks and opportunities. Scenarios are a tool to uncover blind spots and broaden perspectives about alternative future environments in which today’s decisions might play out.

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Scenario framework for the COVID-19 situation

Monitor Deloitte’s proprietary scenario planning process begins with defining the focal question that captures the core issue to be explored through the scenarios. In the current circumstances, we identify the focal question to be – “How will the future of COVID-19-affected business environments shape out? What will be the impact on the automotive sector?”

Having identified the major unknowns that may impact the future business environments, we proceed to singling out the two most critical uncertainties – the unknowns that are

most relevant and have the most potential to define future scenarios. Based on our analysis and findings, the ‘Extent of Government Policy Support and Stimuli’ and the ‘Efficacy of Healthcare Response’ are the two most critical uncertainties in the present situation (Figure 2). The uncertainties, along with their two extreme end-points, when superimposed, give rise to four plausible scenarios of the future (Figure 3).

These scenarios can be mapped directly to Deloitte’s proprietary COVID-19 scenarios being short-term, medium-term, and long-term disruption.

Figure 2. Critical uncertainties and their endpoints3

Uncontrolled Spread

• Slow technological progress to develop a quick, accurately and cheap medical test to detect the presence of the virus

• Lack of support by the administration to ensure adherence to social distancing norms

• Inability to mobilise adequate healthcare professionals and infrastructure to isolate/ quarantine those infected

Reactive and Limited

• Lack of decisive measures to stabilise the economy with a significant infusion of funds into the banking system

• Inefficient transmission of financial aid to small businesses, MSMEs and daily-wage workers dependent on regular cash-flow

• Inefficient management of efforts to drive consumption and turn-around businesses most severely affected by this pandemic


• Breakthrough in testing speed and accuracy; governments capable of carrying out widespread testing at much lower costs

• Strict enforcement of social distancing and quarantine measures to ‘flatten the curve’ and prevent any recurrence of the infection

• Availability of adequate infrastructure and professionals to tackle possibility of massive outbreaks

Proactive and Significant

• Measured and timely intervention by the central bank to infuse adequate liquidity to drive consumption

• Government-funded bail-out of industries disrupted by the pandemic; short-term working capital support to keep them afloat

• Reforms in the unorganised sector; timely and adequate downturn compensation for MSMEs and daily-wage workers

Extent of Government Policy Support and Stimuli

Efficacy of Healthcare Response

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Scenario - 2

The U-Curve (Medium-term disruption) The virus’s spread is contained but not supported by adequate/timely economic stimulus to support failing businesses; structural damage to the economy impacts the fundamental dynamics of many industries, resulting in long-lasting effects followed by a slow and muted recovery.

Scenario - 3

The L-Curve (Long-term disruption) The virus continues to spread and causes disruption globally; inadequate economic stimuli leads to major structural damage to the economy and long-term recession; there is permanent loss of output as firms go bankrupt and employment and production levels take a long time to revive.

Scenario - 4

The W-Curve (Medium-term disruption) The virus continues to spread, but strong policy response keeps economic growth afloat; recurrences of the pandemic are seen, but businesses adapt through mini-recoveries, and head towards a slow, near-complete recovery.

Scenario 2: The U-Curve

Medium-term disruption; significant, contained loss

Long-term disruption; severe, permanent loss

Short-term disruption; moderate, contained loss

Medium-term disruption; significant, recurrent loss

Scenario 3: The L-Curve

Scenario 1: The V-Curve

Proactive and Significant

Reactive and Limited


Uncontrolled Spread

Scenario 4: The W-Curve

Figure 3. The four plausible scenarios of the future3

Scenario - 1

The V-Curve (Short-term disruption) Successful containment of the virus, supported by strong policy response prevents permanent structural damage; the agile response by businesses after removal of restrictions results in sharp recovery.

Effica

cy o

f Hea

lthc

are

Resp

onse

Extent of Govt. Policy Support and Stimuli

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Possible consequences of COVID-19 scenarios on India’s overall outlook

Of the four scenarios discussed in the previous section, we believe that one of Scenarios 2 or 4 – The ‘U-Curve’ and the ‘W-Curve’ are most probable to materialise in the overall Indian context. In other words, the government may look to boost the measures it has taken to support the economy through appropriate policy interventions and adequate stimuli, if the contagion continues to spread and affect larger sections of the society relentlessly. This section narrates the ‘scenario stories’ that are likely to emerge.

The U-Curve: The pandemic continues to spread globally, but robust healthcare systems are able to ‘flatten the curve’ in several countries. Movement restrictions remain stringent until the end of 2020, with varying degrees of relaxation introduced for different businesses, with strict directives to maintain hygiene and social distancing norms. The impact of the pandemic will remain for over two years, with tenuous recovery beginning only in FY2022, and remaining modest for the next four quarters. Across the globe, the recovery is unsynchronised with the Asian economies recovering faster.

Global supply chain disruptions cause stress on several industries that depend on imported raw materials, with some shortages lasting for over six quarters before seeing any signs of recovery. The most affected industries are likely to see prolonged liquidity crunch, restricted working capital, and reduction in production capacity due to withdrawal by investors. This may result in several businesses filing for bankruptcy, necessitating intervention by the government in the form of additional stimulus.

On the demand side, high unemployment, increased household debt, and lengthier lockdowns continue to impact consumer demand for goods and services, with most consumers putting off big-ticket purchases such as automobiles and home renovations for the long term. Even after the pandemic dissipates, consumers are wary of major expenses and instead opt to increase their savings, a reversal

from the trend observed in India during 2018-2019. Pent-up demand is likely to break-through eventually, reviving well after mid-FY2022.

In the financial services sector, MSMEs default in large numbers and big firms delay debt payments leading to an extreme financial crisis. As a result, capital markets shed off over a decade’s gains, and liquidity dries up in short-term money market. Several small banks liquidate as the money market goes dry and margins fall, while a few choose to consolidate with larger banks. Reduction in policy rates to maintain liquidity leads to inflationary pressures coinciding with a rise in pent-up demand. Overall, the country sees tepid growth for the next 5-6 quarters, after which it slowly heads towards the pre-COVID growth trajectory.

The W-Curve: The pandemic continues to spread globally for a prolonged period with recurrent waves of infection observed in many countries. Movement restrictions continue to remain stringent, with major ‘hotspots’ locked down for over two quarters with varying degrees of restriction. Businesses gradually resume operations in a phased manner, with continued emphasis on ensuring high standards of hygiene at workplaces. The impact of the ongoing slowdown is felt for the next three to four quarters, with recovery observed from FY2022. There is a high likelihood of the pandemic recurring after a short period of remission. However, its impact is largely mitigated by better preparation and robust contingency plans by all stakeholders – the government, the businesses, and the public. Full-fledged and synchronised global recovery is seen from Q3 FY2022, as governments across the world enforce decisive policies to effectively ‘flatten the curve’ and minimise the impact on the economy.

As China takes time to revive production, supply chain disruptions cause stress on several industries that are dependent on Chinese imports. This results in an opportunity for others, who look to build capabilities to indigenise

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production, reduce import dependence, and in fact present the world with an alternative source for products. For this to materialise, however, industries and the government need to collaborate to set up the required infrastructure. Several industries endure severe slowdown and liquidity crunch for about three to four quarters. However, the government, which plays a proactive role in enabling smooth running of the economy, bails out/ supports these industries through timely macro- and micro-interventions.

On the demand side, high unemployment, piling household debt and lengthy lockdowns affect consumer spending until the end of 2020. There is a lag of three to four months in demand recovery after the removal of restrictions as people

remain in fear of falling sick. As a result, spending picks up in early FY 2022, largely driven by pent-up demand, and recovers to near-2019 levels by mid-FY2022

In the financial services sector, poor credit demand and collections results in worsening of Indian banks’ balance sheet, with non-performing assets jumping up to double digits. However, stress on the sector starts reducing after policy interventions and financial stimulus help augment demand and aid recovery of manufacturing industries. As a result, the first wave of economic recovery begins in three to four quarters, potentially followed by a longer, but less painful period of recurrent bouts of slowdown.

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Impact of COVID-19 on the Indian automotive ecosystem

Having visualised the likely scenarios that the broader Indian economy may head towards, we now discuss the implications that the COVID-19 pandemic is likely to have on the Indian automotive ecosystem, i.e., auto original equipment manufacturers (OEMs), auto component manufacturers (ACMs), dealers, auto finance companies, etc.

The auto sector had already undergone considerable slowdown over the last 12-18 months due to structural changes beginning with Goods and Services Tax, shift to Shared Mobility, Axle-load reforms, the Bharat Stage-IV (BS-IV) to Bharat Stage-VI (BS-VI) transition, Liquidity Crunch and so on. The COVID-19 lockdown has had a multiplier effect – the industry has almost been at a complete standstill since 24 March4. A prolonged truncation of demand due to the lockdown may further dampen consumer sentiments and significantly affect auto OEM revenues and cash flows. In response, companies may resort to starving their R&D funding

in order to sustain core operations, and potentially set back the progress made on alternate fuel and mobility technologies by two to four quarters. Eventually, some companies may even choose to take a strategic call to exit unprofitable markets and vehicle segments. Based on our understanding of the industry, and supplemented by discussions with leading auto OEMs and ACMs, we believe that the Indian automotive industry is likely to witness a prolonged U-shaped recovery (Scenario 2), with a best-case recovery to FY19 sales volumes expected by FY22.

Auto dealers have been unable to deliver vehicles during lockdown, and have reported 20-30 days of finished goods inventory5, likely to be heavily discounted post lockdown. Further, with BS-VI sales mandated from 10 days after lockdown ends (and sale of only 10% of the existing BS-IV inventory in those 10 days)6, dealers face significant burden to liquidate unsold BS-IV inventory, estimated to be worth ~INR

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6,300 Crore7. In this scenario, OEMs will need to support dealer groups, both financially and otherwise, further stressing their own balance sheets.

Auto-suppliers have a high dependence on migrant labour, whose absenteeism is expected to further delay revival post lockdown, resulting in a domino effect on the entire value chain. Suppliers facing liquidity issues may succumb to deteriorating market conditions, causing widespread disruption across the entire manufacturing ecosystem. Larger players may look to acquire these struggling suppliers in order to realise operational synergies.

Captive finance companies of OEMs are also expected to face the brunt, as the number of loan defaults are likely to go up, leading to high non-performing assets (NPAs). On the other

hand, new customer loan disbursement is expected to go down significantly, as determining the credit worthiness of potential customers is likely to be a challenge. Both of these outcomes will hit the firms’ profitability and question the feasibility of continuing operations in these market conditions.

Lastly, the prolonged lockdown will put tremendous strain on the operations of other smaller players (mobility solution providers, used-car players, and after-market service providers) whose funding depends heavily on aggressive revenue growth projections. Shared mobility players (ride sharing, car sharing, ride hailing) may have to rethink their offerings, as it is very likely that customers may end up preferring private modes of transportation that guarantee ‘social distancing’, at least in the short term.

Figure 4. The 3-phase action plan for companies3

Respond

Immediate (during the lockdown)

1-2 months*

* May vary depending on lockdown duration

Recover

Mid-term (just post the lockdown)

3-8 months

Reinvent

Long-term (permanent changes)

9 months +

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Figure 5. Potential actions for auto companies3

Potential implications for the Indian automotive ecosystem

It is apparent that stakeholders across the automotive ecosystem need to prepare and plan to rebound in a phased manner, while bracing for a long-term impact. While they may respond by taking some actions immediately, they must also consider preparing in advance to launch initiatives just after lockdown ends, and recover by capturing maximum value. In addition to these short-term actions, players also need to respond to permanent disruptions that this pandemic may have brought about (e.g. consumer behaviour, dependence on global networks), and prepare to reinvent their businesses with long-term interventions (Figure 4).

We discuss some themes around which players need to act to enable themselves to be ‘battle-ready’ for their quest to revive the industry and their respective businesses (Figure 5). These themes are relevant to the prolonged U-shaped recovery that the auto industry is likely to undergo.

RespondEngage with customers and the dealer network: Reduced engagement due to lockdown could affect both customer loyalty and the OEM-dealer connect

• Help dealership teams upskill through refresher virtual trainings, online certifications and gamified solutions

• Share relevant do-it-yourself videos on social media to engage with customers

Manage the liquidity crunch in the system: Crunch of working capital due to tepid sales is likely to cripple the smooth functioning of the network

• Provide financial support to dealers and suppliers (e.g., provide longer credit period, expedite incentives disbursal, fund capex, relieve interest burden for few weeks)

• Introduce cost-cutting measures for non-essential activities/suspend discretionary spends to maintain liquidity

Actively contribute to fighting the pandemic: OEMs will be expected to do whatever within their means to help raise awareness, provide infrastructure

• Side-pocket existing production lines into producing products for healthcare (e.g., sanitizers, personal protective equipment)

Respond

Respond

Reinvent

Engage with customers and the dealer network

Plan for spike in demand of personal mobility solutions

Adopt hygiene-centric process and design changes

Assess and de-risk supply chain dependencies

Prioritize focus on employee safety and care

Plan for shifting mobility preferences of the consumer

Manage the liquidity crunch in the system

Re-assess upcoming launches and financing offerings

Capture opportunity to consolidate opportunity

Prepare for an omnichannel sales experience

Explore alternate revenue options

Adopt digitalization of consumer touchpoints

Actively contribute to fighting the pandemic

Explore offerings around hyper-local delivery model

Plan well for the post-COVID-19 situation

Redesign manufacturing architecture and supply chain processes

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• Take initiative to support the affected – e.g., support for all unorganized/ contract workers in the automotive ecosystem

Plan well for the post-COVID-19 situation: Opportunity for players to rethink their way ahead and develop appropriate strategies to navigate the post-crisis situation

• Plan to efficiently manage the warranty and dealer claims, which are expected to surge, once lockdown ends

• Design trigger-based contingency plans including, and in alignment with the entire network to manage working capital needs

RecoverPlan for spike in demand of personal mobility solutions (vis-à-vis shared solutions): Increased aversion to use shared mobility and public transport may result in a spike in demand for 2-wheelers, entry-level 4-wheelers and pre-owned vehicles immediately after lockdown

• Increase focus on “Push” (targeted marketing) to identify prospects rather than relying on traditional “Pull” sources

• Design special financing schemes for purchase of vehicles to help customers tide over liquidity crunch

Assess and de-risk supply chain dependencies: High dependency on global auto parts (esp. from China) led to bottlenecks in the supply chain long before the pandemic actually hit India

• Plan for short-term demand skew for spare parts; undertake risk assessment of supply chain (suppliers, logistics etc.)

• Use analytics to better monitor the supply-demand gap and design short-term response strategies accordingly

Re-assess upcoming launches and financing offerings: Reduced discretionary spends may push customers to shift to lower-priced segments and variants

• Re-assess launch timelines to prioritize products in the lower-price segments to avoid loss of market share

• Redesign loyalty programs to demonstrate and retain lifetime value, and overcome the drop in premium purchases

Prepare for an omnichannel sales experience: Even after the lockdown, customers may not want to visit crowded dealerships or interact with the sales staff in person

• Explore the concept of virtual sales consultants, and remote demonstration of vehicles

• Explore the feasibility, capabilities and partnerships required in setting up an integrated online-offline sales channel

Adopt hygiene-centric process and design changes: The consumer expectation of hygiene, sanitization standards are expected to be more than the current standards maintained by dealers

• Include sanitization/fumigation as part of workshop services, test-drive, etc.

• Identify innovative solutions to design “No-Contact” customer journeys and transactions

Prioritize focus on employee safety and care: Healthy, engaged and committed employees are likely to be the most essential resource for any player looking to stage a swift recovery

• Redesign safety norms in offices and plants to ensure robust medical security systems and adequate health training for all

• Deploy flexible employment systems to ensure a healthy working environment – both medically and mentally

Capture opportunity to consolidate operations: High financial strain on smaller players to operate in low-sales period may force them to close/ sell the business

• Evaluate synergies and look at potential alliances/partnerships/acquisitions

• Explore new sources of funding such as private equity for highly stressed dealers and service providers

Explore alternate revenue options: Financial pressures due to loss of business and high fixed costs will require new sources of income to recover the losses incurred

• Focus on allied product and services like accessories, value added services in workshop, concierge services, etc.

• Re-prioritize existing strategic projects and advance their timelines

ReinventPlan for shifting mobility preferences of the consumer: Long-term impact on the growing trends for premiumisation, shared mobility, OEM-fleet partnerships; growing preference for low-touch sales and service experiences, new ownership models that are cash-flow friendly

• Review current alliances with cab service providers; focus on new alliances that are expected to gain importance in future such as leased vehicles, corporate tie-ups etc.

Adopt digitalisation of consumer touchpoints to supplement physical sales: The trend of e-commerce platforms for end-to-end online car purchase is likely to find more acceptance among Indian customers, given higher convenience

• Set up partnerships with dealerships, financial service and e-commerce players to design a completely digitalised

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customer journey for sales and service; helps decongests physical outlets and allows seamless delivery in areas with low dealership penetration

Explore offerings around hyper-local delivery model: Increased preference of customers to avoid crowded marketplaces, and prefer no-contact transactions

• Align product and customer strategies (e.g. e-bikes for last mile delivery) with the upcoming trends in home delivery

• Offer alternate asset ownership models to e-commerce players to reduce the financial burden of high upfront capex

Redesign manufacturing architecture and supply chain processes: The financial impact of a high fixed-cost model and an import-reliant supply chain has been severely felt by all players

• Accelerate the indigenisation of auto components to increase self-sufficiency and minimize risk of supply chain breakdowns

• Adopt new business models that shift costs from fixed to variable nature, thereby reducing the breakeven volume

• Invest in developing early warning systems/ downturn planning to be able to respond faster in similar future scenarios – agility-driven forecasting

The themes and the illustrative responses mentioned are expected to help auto companies prepare for an expected U-shaped recovery. It is essential to note that this expectation is built on the prevailing condition of the auto industry, and the understanding of the pandemic’s likely spread, the time it takes for containment, and the impact of these events specifically on the auto industry. However, the behaviour of the virus in reality

(development of more robust strains vs. development of a vaccine) and the time it takes to contain the spread (2 quarters vs. 4+ quarters) are factors that are difficult to predict with certainty.

It is therefore likely, that the auto sector may head towards an even more prolonged W-shaped recovery instead, wherein a second bout of the pandemic follows the initial remission. Companies must look to identify the onset of such a scenario by tracking and observing certain indicators, so that they are well prepared to respond to the second wave and minimize both, financial losses and the ensuing structural damage to the value chain.

Some of the indicators that may point towards such a possibility are

• Reversal in the decreasing trend or a continuous increase in the number of infected cases

• Increase in number of infection ‘hotspots’

• Reinforcement/ continuation of lockdown norms, especially in large cities, etc.

• Reports of recurrent waves in other economies

• Delay in the development of a vaccine

• Discovery of alternate strains of the virus

Persistence of these indicators can be a clear sign for auto companies to prepare themselves. While the initiatives discussed across respond, recover and reinvent for the U-shaped recovery remain valid even in this scenario, companies should prioritize to secure their supply chains and develop trigger-based micro work-plans in partnership with the network to ensure adequate working capital to weather the next storm.

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References

1. ‘Coronavirus: Half of humanity now on lockdown as 90 countries call for confinement’, Euronews, 3rd April, 2020, https://www.euronews.com/2020/04/02/coronavirus-in-europe-spain-s-death-toll-hits-10-000-after-record-950-new-deaths-in-24-hou

2. COVID-19 Strategic Response Lab, Centre for the long view, Monitor Deloitte3. Deloitte India analysis4,5. ’Auto dealers fear they will not be able to liquidate BS-IV stock before March 31 deadline: FADA’, The Economic Times, 9th

March, 2020, https://economictimes.indiatimes.com/industry/auto/auto-news/auto-dealers-fear-they-will-not-be-able-to-liquidate-bs-iv-stock-before-march-31-deadline-fada/articleshow/74552112.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

6. ’Two-wheeler makers’ huge BS-IV inventory will not go away post lockdown’, The Hindu Business Line, 3rd April, 2020, https://www.thehindubusinessline.com/news/two-wheeler-makers-huge-bs-iv-inventory-will-not-go-away-post-lockdown/article31246258.ece

7. ‘Lockdown leaves India's car dealers with the battle of their lives’, Economic Times, 26th March, 2020, https://m.economictimes.com/industry/auto/auto-news/lockdown-leaves-indias-car-dealers-with-the-battle-of-their-lives/articleshow/74810838.cms

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Contact Us

Acknowledgements

Rajeev SinghPartner, Consulting and Deloitte India Automotive Sector LeadDeloitte Touche Tohmatsu India LLPPhone +91 124 679 2927E-mail: [email protected]

Harsh KapoorPartner, ConsultingDeloitte Touche Tohmatsu India LLPPhone +91 124 679 2876E-mail: [email protected]

Atul JairajAssociate Director, ConsultingDeloitte Touche Tohmatsu India LLPPhone +91 22 6122 8000E-mail: [email protected]

Suhen SinghalManager, Consulting

Ronak NagoriSenior Consultant, Consulting

Rajat MahajanPartner, ConsultingDeloitte Touche Tohmatsu India LLPPhone +91 22 6245 1270E-mail: [email protected]

Sheekher SaranAssociate Director, ConsultingDeloitte Touche Tohmatsu India LLPPhone +91 22 6122 8497E-mail: [email protected]

Anand PareekManager, Consulting

Vignesh IyerSenior Consultant, Consulting

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