"We are evaluating all options to improve the way we run our international business, as our global CEO has also stated. We will communicate this as transparently as we can, as we have done in the past," said Harsha Razdan in a candid conversation with Manifest in our December issue (get the copy here for the full interview). Razdan also chatted with us about the recent consolidations across the industry and the CCI case among other topics.

Talking about the Indian operations, Razdan, stated, "When one looks at the Indian operations and what is under our control, we are ahead of our budget for the year and on track for the next year in terms of top and bottom line. We are growing in double digits and everything remains good."

While the company is growing in double digits and 'everything remains good', it's still a difficult proposition for investors.

"The official answer for the whole industry, and not just dentsu in particular, is that it’s a difficult proposition for anyone. If one talks to a private equity person, valuations for networks are lying low. WPP’s valuation is lower than dentsu’s right now. It’s not an easy business to buy right now, and that is probably the issue the industry needs to solve. While we evaluate a sale, my view is that one needs to stay focused on India, and the news cycle will come and go," he said.

On the topic, he added, "We recently heard news around our competitors, with Havas reportedly looking to buy WPP, and the CEO denied it. It’s not going to be easy for any company to be acquired. Companies that have made acquisitions are facing trouble and cutting jobs. Companies that have not sold are struggling in terms of market capitalisation. So the answer is that one has to be controlled by what is under one’s control.

His two and a half years at Dentsu

Razdan recently completed 30 months at the helm of dentsu moving from KPMG.

Talking about how different the two models are, he said, "The consulting firms talk about clients and people. Those are their two assets, and that’s the same for the advertising world too. Consulting firms build on assets and get into premium differentiation, which our creative and media world has missed over the last few years. We have been trying to optimise our costs and have not been able to differentiate. So the commonality would be people and clients. The 'uncommonality' is that we have forgotten how to differentiate and be valuable to our clients, and hence more players are emerging and disrupting us. Consulting companies brought in talent from outside their space, which the advertising and media world did not. Clearly, differentiation became a problem for us."

To read the full chat with Razdan, get the December issue here.

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