New Delhi, Nov. 15 -- Tata Trusts chairman Noel Tata has explained the philosophy underpinning the Tata Group's way of doing business, saying philanthropy must always take precedence over profits and remain central to the conglomerate's identity.

Noel Tata said the group's business model was built around the idea that profits generated by its companies should eventually support social welfare and nation-building initiatives.

"The Tata way, the way I see it, revolves around a single premise: Charity precedes commerce. Charity owns commerce. It's not the other way around. Profits from group companies become tomorrow's hospital, tomorrow's library, tomorrow's flood relief, tomorrow's educational institutions, tomorrow's relief for people i...