T T Jagannathan: Cooking up a legacy of success

On Monday, TTK Prestige informed the bourses that its Non-Executive Chairman and Director on the board TT Jagannathan who had served in various capacities including that of Managing Director and Executive Chairman would be stepping down from all roles. Even as the company board conferred the title of ‘Chariman Emeritus’ and requested him to be a non-executive director, the bland announcement belied the rich 50-year legacy that Jagannathan cooked up at the company he inherited. He leaves behind a company with market capitalization of more than a billion dollars with a healthy balance sheet. Two decades back few would have even bet on the survival of TTK Prestige.

In 2000-01, TTK Prestige, the ubiquitous cooker company was on the verge of knocking on the doors of Board for Industrial and Financial Reconstruction (BIFR) which used to be the last resort for sick companies. A couple of years later the company which had listed in 1994, was in such a perilous financial state that it was rumored to be on the block. TTK Prestige was seen as a one product, one trick pony, which had found success in just the ‘outer lid’ pressure cooker market, that too only in Southern India.

Even as obituaries of the company were being written by competitors, one man was determined to set things right against odds. After all, his family’s not just pride and honour but literally the name on the company’s billboard was a part of his legacy. Tiruvellore Thattai Jagannathan the grandson of TT Krishnamachari who founded the TTK Group in 1928 was at the helm and he would not give up.

From being seen as a mere manufacturer of aluminum cookers, TTK at the time was also plagued by labour troubles. Struggling with ill-health (cancer has left a part of his face paralysed) most people would have thrown in the towel. If the company had to take on competitors like Philips, Kenstar, Bajaj Electricals, LG, Samsung and others, TTK Prestige had to innovate and quickly. Jagannathan stared down the odds and with a bunch of key lieutenants not only upgraded the jaded pressure cooker but also launched numerous kitchen appliances like mixer grinders, wet grinders, induction cooktops, LPG Stoves, Electric kettles, toasters, coffee makers, non-stick cookware, irons, barbecue tables and numerous other products.

A younger avatar

In distribution, apart from traditional channels, the company set up a chain of exclusive stores to showcase the full range of company products. As kitchens increasingly became lifestyle statements rather than a mere place to cook, TTK Prestige an old brand managed to successfully reinvent and don a younger avatar to appeal to a newer generation of audience. What was equally important was how Jagannathan steered the company to ensure it did not overreach. So TTK Prestige stayed away from the white goods sector — refrigerators, washing machines, and dishwashers — where he was clear that ‘there was no innovation they could add in technology, pricing or supply chain.’ It was these judicious choices that have ensured TTK Prestige not only survived but thrives.

A gold medallist from IIT Chennai who holds a doctorate in operations research from Cornell, Jagannathan is also a passionate cook once personally serving up a delectable ‘Rajasthani Bhindi’ to this author. As he dons the role of Chairman Emeritus he will be remembered for rescuing and ensuring the growth of a much-loved brand.