Saurabh Mukherjea on why he exited Relaxo and steers clear of most auto cos

“There are zero competitive advantages in Indian auto. We have got Eicher Motors, Royal Enfield specifically. We think Siddharth Lal and team over the last 15 years have built a business which has pricing power, strong competitive advantages, translating into high ROCEs. But the rest of the Indian auto names have very little pricing power and constantly have to snip away at prices, constantly getting pounded by raw material prices going up.”