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Braithwaite & Co. Limited: A Strategic Turnaround and Growth Story

Rajeev Kumra, Deepika Dhingra, Anjali Malik, Utkarsh Kumar

Product #:W34181
Supplier:Ivey
Discipline:Finance, General Management
Setting:India, 2022
Details:Case (PDF) • 13 pages • 2024-02-05

Subjects:

StrategyTurnaroundsDigital transformationOrganizational transformationBusiness managementFinance and investing

Industries:

Transportation and distribution

Geography:

AsiaIndia
Your Price:$9.71

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Braithwaite & Co. Limited (BCL) was a leading railway-engineering public sector company in India. The company was incorporated in 1930 as the first wagon manufacturing company in India. In 1976, the Government of India (GoI) nationalized the company, registering and incorporating it as a fully owned GoI undertaking to support Indian Railways by supplying railway wagons. However, following nationalization, BCL faced growth challenges and gradually accumulated significant losses during the 1990s; eventually, it was declared legally sick and referred to the Board for Industrial and Financial Reconstruction (BIFR). The reasons identified for its sickness were failure to technologically upgrade and adapt to changing market scenarios, dependence on a single customer (Indian Railways), and operational-level issues within the organization. Yatish Kumar joined BCL in 2018 and took a series of strategic and operational measures to turn the company around. These measures resulted in BCL’s improved financial performance, profitability, and a quick turnaround, and the company was awarded Miniratna Category-I status in 2021. Although BCL had been growing at a good rate, Kumar was concerned about how to sustain the turnaround and maintain that growth rate in the future.

Learning Objectives

This case is suitable for use in undergraduate- and graduate-level courses on strategy, finance, management, and entrepreneurship.

This case is designed to help students understand BCL’s unique strategic turnaround model in the context of a large public sector in a country like India. The case aims to identify issues particular to turnaround in the public sector, revisiting conventional turnaround business models developed for established private companies of all sizes, and recommending a course of strategic action. The case is designed to enhance students’ transformational leadership and analytical skills, and allow them to take a multidisciplinary approach and use strategic decision-making skills. After working through the case and assignment questions, students will be able to
  • recognize the intricacies of a large public sector in democratic countries, particularly issues around the management of stakeholders including government, board members, union members, lenders, and suppliers;
  • identify distinctive financial and strategic issues; and
  • identify transformation leadership strategies for public sector companies experiencing losses.
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Case Study: Braithwaite & Co. Limited: A Strategic Turnaround and Growth Story (English version) | Ivey Publishing