WEBVTT - How Tech is Changing the Farming Industry

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser from Bloomberg Radio.

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<v Speaker 1>Listening to Bloomberg Business Week. So, one of the areas

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<v Speaker 1>that we've talked a lot that we're impacted by that

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<v Speaker 1>was excuse me, impacted by COVID nineteen is one that

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<v Speaker 1>we deemed essential during the health pandemic. We're talking about

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<v Speaker 1>the global agricultural industry. A major player in that industry

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<v Speaker 1>is Mahindra, the global conglomerate based in India. Joining us

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<v Speaker 1>to talk about the agg industry specifically UH and tractors

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<v Speaker 1>is Veran Poperly, President CEO at Mahindra Agriculture in North America,

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<v Speaker 1>joining us on the phone from Houston. Veren So nice

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<v Speaker 1>to have you here with us. How are you very well?

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<v Speaker 1>Thank you? Cole's pleasure being here. And uh, it's a

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<v Speaker 1>great weather down here, so yes, it's always good. Well, well,

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<v Speaker 1>tell me a little bit. I want to get into

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<v Speaker 1>your business, but tell me a little bit about Houston

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<v Speaker 1>right now. Um, and in terms of dealing with the pandemic,

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<v Speaker 1>the impact that you're seeing, Um, how's it going. Yeah,

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<v Speaker 1>we are seeing a pretty large number of cases and

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<v Speaker 1>so everyone's you know, it's pretty much like the rest

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<v Speaker 1>of the country, everyone's kind of bearing masks and kind

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<v Speaker 1>of isolating themselves and living further and further out from

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<v Speaker 1>everyone each other. And so at some level, somehow it

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<v Speaker 1>seems to be working well for the tractor business. Well,

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<v Speaker 1>let's talk about this. I mean, first of all, if

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<v Speaker 1>you could take me back to the spring, what was

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<v Speaker 1>going on for you and your team at the company,

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<v Speaker 1>and I'm curious, then kind of take us forward how

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<v Speaker 1>things have evolved. But what was it like back in

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<v Speaker 1>the spring. Well, back in the spring, I think in

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<v Speaker 1>March when this thing started. I think, like everyone else,

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<v Speaker 1>we were completely panicked, and you know, we really pulled back,

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<v Speaker 1>you know, went down the roads of shutting down the

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<v Speaker 1>plants and manufacturing and the supply chain kind of froze.

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<v Speaker 1>We had our own versions of layoffs and furloughs, but

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<v Speaker 1>you know, you know, we tried to focus on then.

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<v Speaker 1>But what we found was the retail industry suddenly took

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<v Speaker 1>off somewhere towards the end of April. And I guess

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<v Speaker 1>as people were spending more and more time in their

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<v Speaker 1>farms and back in their homes, they were wanting to

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<v Speaker 1>do more home improvement moving out so we saw the

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<v Speaker 1>tractor industry started to pick up pretty quickly, and uh

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<v Speaker 1>so we had to figure a way to come back.

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<v Speaker 1>And you know, we started the same thing, which is

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<v Speaker 1>temperature checks, you know, split shift, slowly bringing people back,

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<v Speaker 1>putting in all the plastic barriers and separate and redesigning

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<v Speaker 1>the production line and production flow through. So Ever since

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<v Speaker 1>that happened has just been momentum has been gaining and

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<v Speaker 1>so far the industryes you know, just the year today,

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<v Speaker 1>I think industries up twenty. That's pretty remarkable. We'll talk

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<v Speaker 1>to me a little bit um. You're about the demographics

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<v Speaker 1>of who was buying because my understanding, my producer Paul

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<v Speaker 1>Brenna was filling me in a little bit earlier that

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<v Speaker 1>I think seven percent of your sales were customers that

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<v Speaker 1>actually never had owned a tractor before. Actually that's the

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<v Speaker 1>people buy tractors. Wow, okay, we we left out of zero.

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<v Speaker 1>That's trumendous. I mean, first of all, what kind of

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<v Speaker 1>tractor are they buying? So basically we generally operate in

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<v Speaker 1>the you know, the small track, the midden compact tractors

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<v Speaker 1>between twenty two horseper and those are largely driven by

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<v Speaker 1>you know, rural lifestyle, small farms in the second tractor,

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<v Speaker 1>a third tractor, and a big farm. So they're not

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<v Speaker 1>the really big road cropping tractors. They're smaller in size

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<v Speaker 1>and they operate more in the whole large homeowners and

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<v Speaker 1>rural lifestylers. A bit of a surprise for you to

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<v Speaker 1>see that market come alive. Yeah, it was, you know,

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<v Speaker 1>I think pretty much the whole industry has been caught

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<v Speaker 1>by surprise. Uh we've seen you know, the industry inventory

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<v Speaker 1>and the dealerships are down significantly obviously because of the

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<v Speaker 1>huge demand, and you know, the supply chain being challenged,

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<v Speaker 1>and you know, our ability to ramp up globally and

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<v Speaker 1>get parts in has been a bit of a challenge.

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<v Speaker 1>But now we're we're back on track and you know,

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<v Speaker 1>being able to supply back in. But it was a

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<v Speaker 1>big surprise. No, no, no, forgive me you have forty

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<v Speaker 1>seconds and then we'll take a break and then we'll

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<v Speaker 1>talk some more. But the supply chain was it problematic

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<v Speaker 1>a little bit in the beginning. Oh yes, it was,

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<v Speaker 1>I think, you know, with shipping shut down, ports, shut

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<v Speaker 1>down factories all over the world, also going through their

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<v Speaker 1>own world. You know, the pandemic is global, so it's

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<v Speaker 1>not just one country that's impacted. Right, So everything was

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<v Speaker 1>shut down, so we had a tough time getting parts made,

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<v Speaker 1>getting them moved, bringing them in. Then you know, the

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<v Speaker 1>whole challenges of the local market of getting the workers in,

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<v Speaker 1>getting them, you know, protecting them and keeping them safe.

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<v Speaker 1>And then even our dealers, you know, many of our

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<v Speaker 1>dealers had to transition to this new environment, so helping

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<v Speaker 1>them on the journey of digital marketing, helping them on

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<v Speaker 1>the journey of safe delivery, cleaning equipment. So there was

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<v Speaker 1>a it was a pretty interesting and a lot of

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<v Speaker 1>work to be done in the last six eight months

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<v Speaker 1>that we've had to go through. I hear and one

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<v Speaker 1>thing I want to ask you, so Charlie Pallatta, our

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<v Speaker 1>news broadcaster, bringing that headline US covered nineteen deaths to

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<v Speaker 1>two thousand. That is according to Johns Hopkins, these are

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<v Speaker 1>really troubling numbers. When you see these numbers, you know,

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<v Speaker 1>and we're starting to see cities and certainly states cantinuing

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<v Speaker 1>to do rollbacks and shutting down parts of their economy.

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<v Speaker 1>What do you think about and how might that impact

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<v Speaker 1>your business? I mean, you guys have seen kind of

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<v Speaker 1>a benefit as more people have been home. Do you

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<v Speaker 1>anticipate then, in an odd way, like we've seen with

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<v Speaker 1>a lot of businesses, whether it was Netflix or some

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<v Speaker 1>others or zoom Um or Peloton, that you will continue

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<v Speaker 1>to benefit as a result. Well, you know it is

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<v Speaker 1>it is a really sad situation and you know, every

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<v Speaker 1>LifeLock is tough to deal with. Since the point is

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<v Speaker 1>that the FED is announced, I think very a benign

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<v Speaker 1>interest rate regime over the next twelve to eighteen months,

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<v Speaker 1>so you know, money availability is there, and I'm hoping

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<v Speaker 1>that you know, there will be one more stimulus announced

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<v Speaker 1>fairly soon and when these two come in, and if

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<v Speaker 1>this trend continues, I guess you know, people are going

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<v Speaker 1>to be stuck at home and you know they need

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<v Speaker 1>things to do. And yeah, I do think that the

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<v Speaker 1>tractor industry will continue to do well, and you know,

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<v Speaker 1>people will want to improve their homes or you know,

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<v Speaker 1>you're also seeing a trend of people, you know, with

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<v Speaker 1>this work from home, the concept of distance distance has vanished, right,

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<v Speaker 1>More people can work from home, and so they're moving

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<v Speaker 1>out of the cities into you know, buying larger plots,

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<v Speaker 1>are moving further out into bigger into a semi rural

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<v Speaker 1>and semi urban areas. So we think that the attractor

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<v Speaker 1>industry should continue to see some momentum continue and over

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<v Speaker 1>the next twelve months at least. Well, that's how it's

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<v Speaker 1>curious about the visibility that you have at this point,

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<v Speaker 1>yere and Um, you know, you do have to your

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<v Speaker 1>running a company. You've got to make decisions. You've got

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<v Speaker 1>to decide where you allocate capital. Are you comfortable to

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<v Speaker 1>spend money at this time or do you feel like

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<v Speaker 1>you've got to be a little bit more conservative. Well,

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<v Speaker 1>we have to be more conservative. We've been very careful

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<v Speaker 1>about you know, how much and where took place and

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<v Speaker 1>what to do. But at the same time, we've got

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<v Speaker 1>you know, I think at least for the next the

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<v Speaker 1>season does slow down through the winter months, so we

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<v Speaker 1>have some time to make big decisions. But come much,

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<v Speaker 1>I guess, come fair, but I think we'll have to

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<v Speaker 1>have placed up beds and start moving forward. Well, and

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<v Speaker 1>it's interesting too, I think about leadership at this time.

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<v Speaker 1>Talk to me about you know, I've had a lot

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<v Speaker 1>of conversations with CEO about having to think about your employees,

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<v Speaker 1>keeping them safe, having to think about your consumers. How

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<v Speaker 1>do you continue to engage with them where they're also

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<v Speaker 1>being stressed or having to engage in a different way.

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<v Speaker 1>You talked about your dealers right, having to engage on

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<v Speaker 1>a digital in a digital way. Yeah, that's it is.

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<v Speaker 1>It's been it's been interesting. It's been a pretty challenging time.

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<v Speaker 1>And I think every every day is a new day.

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<v Speaker 1>You know that these days when you could, you know,

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<v Speaker 1>when you look for consistency and continuity, they look like,

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<v Speaker 1>you sound almost like good old days now. So you're

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<v Speaker 1>basically moving from challenge to challenge fairly quickly. I think

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<v Speaker 1>the primary effort always is to keep people safe, right,

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<v Speaker 1>I think that's the first effort. The second effort is

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<v Speaker 1>to make sure that you know, you're able to keep

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<v Speaker 1>the wheels turning and business profitable and moving forward. So

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<v Speaker 1>it's uh, I don't think it's any more about fighting

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<v Speaker 1>a big fire. It's fighting a series of small fires

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<v Speaker 1>every day and putting them out like smoking the bear,

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<v Speaker 1>right almost. But the challenges, so, you know, we've been

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<v Speaker 1>trying things. We've been working with dealers, Like I said,

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<v Speaker 1>for customers, you know, we've given in payment holidays, we've

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<v Speaker 1>tried to extend you know, more beneficial financial terms to

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<v Speaker 1>them to help them. Some of them have come back,

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<v Speaker 1>A lot of them have come back to our finance

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<v Speaker 1>company to you know, re redo their loans or you know,

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<v Speaker 1>extend them. And so we've been working with some of

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<v Speaker 1>that as well. Because at the end, see, I think

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<v Speaker 1>that the important thing to keep in mind is that

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<v Speaker 1>we're not here for the short term, right here here

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<v Speaker 1>for the next twenty years. So uh, in a sense,

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<v Speaker 1>this too shall pass, and you know, we'll have to

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<v Speaker 1>work our way through this and look beyond, uh, this

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<v Speaker 1>crisis into better times. Based on what you said, I

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<v Speaker 1>thought that was kind of interesting, UM, and we've talked

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<v Speaker 1>about this. I had a UM commercial real estate guest

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<v Speaker 1>on yesterday and talked about how he is. He's a lawyer,

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<v Speaker 1>but works within the commercial real estate space and renegotiating

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<v Speaker 1>and working out deals between landlords and tenants. Because landlords, ultimately,

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<v Speaker 1>especially in kind of New York City, you don't necessarily

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<v Speaker 1>want to lose your you know, client, your restaurant or

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<v Speaker 1>retail client. UM, you'd rather figure out a way to

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<v Speaker 1>keep it going. It's beneficial to the landlord as well

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<v Speaker 1>as beneficial obviously to the tenant. How many of your

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<v Speaker 1>customers have been coming to you to say, listen, you

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<v Speaker 1>know we can do this, but we just need easier terms.

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<v Speaker 1>Has it been a large percentage, Well, it's been it's

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<v Speaker 1>been a it's been a reasonable percentage. I would say

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<v Speaker 1>about ten fift of our customers did come back and

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<v Speaker 1>we've done something enough finance companies working with them on

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<v Speaker 1>a case to case basis basis there you know, past perform,

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<v Speaker 1>possibility to pay, a future, ability to play and you know, uh,

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<v Speaker 1>you know what's the kind of bridging that they're looking for? Right?

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<v Speaker 1>But I guess it's time we have to be flexible

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<v Speaker 1>and you know, cry and see what we can do

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<v Speaker 1>best together, because yes, you're right, at the end of

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<v Speaker 1>the day, we have to you know, I have to

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<v Speaker 1>work together. There's no magic bill that's coming out, hopefully

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<v Speaker 1>the vaccine, but till then it just does I know, right,

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<v Speaker 1>we just gotta figure out a way through. Just got

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<v Speaker 1>a couple of minutes left here. Are you able at

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<v Speaker 1>this point to kind of look beyond um a world

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<v Speaker 1>where we are way down by COVID nineteen And if so,

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<v Speaker 1>I am curious for our audience. I think we think tractors,

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<v Speaker 1>we think of big farms and farming, and you've really

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<v Speaker 1>kind of I think opened our eyes to that there

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<v Speaker 1>are people who are you know, doing something at home

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<v Speaker 1>and needs some kind of tractor. Um, what are the

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<v Speaker 1>kind of the interesting, larger, broader trends that are happening

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<v Speaker 1>in your industry that you'll be able to really kind

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<v Speaker 1>of focus on more once we get on the other

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<v Speaker 1>side of COVID nineteen. So kind of generally speaking, also

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<v Speaker 1>in the US, you know, people who have spent their

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<v Speaker 1>life making their careers in cities after a point in

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<v Speaker 1>time want to go out of the city because you know,

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<v Speaker 1>the city life is kind of makes unonymous. It's you know,

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<v Speaker 1>your your self king out at machines and supermarkets and

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<v Speaker 1>you know you're in a neighborhood where nobody knows you.

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<v Speaker 1>And then you want to go to a place where

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<v Speaker 1>the barbon knows how to cut your hair, or the

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<v Speaker 1>coffee shop knows how to make your coffee and you

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<v Speaker 1>know everyone on the street. So a lot of people

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<v Speaker 1>generally speaking, as they come close to the time and

0:11:16.760 --> 0:11:19.320
<v Speaker 1>tend to move out of the city into you know, uh,

0:11:19.480 --> 0:11:23.320
<v Speaker 1>semi urban and rural America and buy large properties. And

0:11:23.840 --> 0:11:26.720
<v Speaker 1>so you do need tractors at that point. We're also

0:11:26.760 --> 0:11:29.360
<v Speaker 1>seeing you know a lot of people already had second

0:11:29.360 --> 0:11:31.840
<v Speaker 1>homes in the country and now they're spending more time

0:11:31.880 --> 0:11:34.000
<v Speaker 1>in those second homes than they were spending in the

0:11:34.040 --> 0:11:37.839
<v Speaker 1>past because of the pandemic. And the next thing you're

0:11:37.840 --> 0:11:41.360
<v Speaker 1>seeing is interesting, is a younger audience thanks to technology

0:11:41.480 --> 0:11:44.720
<v Speaker 1>and you know, those who are working in the digital space,

0:11:45.160 --> 0:11:47.040
<v Speaker 1>you know, being able to work from home, and so

0:11:47.160 --> 0:11:50.040
<v Speaker 1>they're also moving out and you know, taking their kids

0:11:50.080 --> 0:11:53.360
<v Speaker 1>out as well, into these smaller communities. So I see

0:11:53.360 --> 0:11:56.160
<v Speaker 1>a broad trend that's starting to happen, and I think

0:11:56.160 --> 0:11:58.600
<v Speaker 1>that trend is only going to accelerate. I think, you know,

0:11:59.240 --> 0:12:01.079
<v Speaker 1>the amount of che injur we've made in the last

0:12:01.080 --> 0:12:04.960
<v Speaker 1>six months on work from home and Zoom or you know,

0:12:05.120 --> 0:12:07.920
<v Speaker 1>tour or teams or whatever. I think it changed the

0:12:07.920 --> 0:12:13.400
<v Speaker 1>way you live, right, Yeah, it's yeah, it certainly feels

0:12:13.440 --> 0:12:15.760
<v Speaker 1>that way. Vin, thank you so much. Really enjoyed this

0:12:15.880 --> 0:12:19.600
<v Speaker 1>Vian properly presidency at Mahindra Agriculture North America. Joining us

0:12:19.600 --> 0:12:21.079
<v Speaker 1>on the phone from Houston,