India's best CFOs

s. mahalingam, cfo/ tcs
overall winner and for enhancing competitiveness through m&a

• background: chartered accountant, has worked with tcs since 1970.
• winning move in 2008-09: steered tcs during tough times, helped the company make its largest ever acquisition (cgsl).
• challenge ahead: mahalingam will have to ensure that tcs holds onto some of the cost efficiencies it has achieved in fy09, even as it grows in a reviving market.
• most likely to be heard saying: "let's mail the appointment letters."

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Best in Wealth Creation (large company)
V. Balakrishnan, CFO/ Infosys

Background: B.Sc. degree from the university of Madras. He also holds ACA, ACS and AICWA degrees. Has spent 19 years in Infosys; was at AMCO batteries earlier
Winning move: Repaying investor confidence with four one-time dividends
Challenge ahead: To put Infosys back on the fast-growth path
Most likely to be heard saying: "Cash isn't king, it's god"

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p. ganesh, cfo/godrej consumer products
best in wealth creation (mid-size company)

• winning move in 2008-09: not taking foot off growth pedal.
• challenge ahead: keeping the impetus in a highly competitive market, with rising input costs.
• most likely to be heard saying: "focus on growing profitably."

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ravi sud, cfo/ hero honda
best in liquidity management (large company)

• background: pgdm from iim ahmedabad, aicwa, fcs. has spent 12 years with hero honda. previously was with eicher motors.
• winning move in 2008-09: raised rs 425 crore in july 2008 which helped dealers sell better-than-usual numbers in the festive season.
• challenges ahead: inflation, interest rates and crude prices.
• most likely to be heard saying: "great companies are not built overnight."

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Best in Liquidity Management (Mid-size company)
Anil K. Agarwal, CFO/ Titagarh Wagons

Winning move during 2008-09: Successful IPO, began work on revival of a sick company.
Challenge ahead: Grabbing share of wagon leasing business.
Most likely to be heard saying: "We don't have any longterm debt."

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Successfully Managing The Global Crisis (Large Company)
Koushik Chatterjee, CFO/ Tata Steel

Background: ICAI fellow; joined Tata Steel in 1995; VP, finance, Tata Steel (2004-2007); Group CFO since 2008.
Winning move in 2008-09: Raising capital ahead of requirement and then managing the crisis through management of liquidity.
Challenge ahead: Managing a multi-speed organisation where different units are moving with different priorities.
Most likely to be heard saying: "Sometimes you need to raise money when you don't need it."

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s.k. sachdeva, executive director/ finance/ahluwalia contracts
successfully managing the global crisis (mid-size company)

• winning move during 2008-09: handling the commonwealth games village project.
• challenge ahead: high inflation which could hit growth.
• most likely to be heard saying: "finish today's task today."

ahluwalia contracts managed to ride the storm on the back of financial discipline, an optimum mix of clients and projects and good old-fashioned conservatism.

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uday phadke president/ finance/ m&m
best transformation agent (large company)

• background: the icai member started out in the internal audit division of m&m in 1973. headed various finance departments.
• winning move in 2008-09: keeping financial balance while meeting funding needs without leveraging.
• challenge ahead: staying abreast of changing external tax policies.
• most likely to be heard saying: "grow a business as much as you want, but first ensure it is financially viable."

cfo mantras

• create a buffer during the good times to pursue your strategic needs in the rough times.
• supply funds to all businesses, but prioritise disbursals. don't hesitate to phase out projects.
• constantly upgrade one's skill-sets to be in step with a complex financial environment.

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kanubhai s. patel, cfo/ voltamp transformers
best transformation agent (mid-size company)

• winning move in 2008-09: to stop taking fresh orders from real estate firms after april 2008.
• challenge ahead: to be selective about customers, and not just increase capacity.
• most likely to be heard saying: "creative destruction is a necessity of life."

voltamp has been able to grow faster than its peers in a tough year thanks largely to a quick decision-making cfo.

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s.k. joshi, director (finance)/ bpcl
best cfo of a psu

• background: c.a., mba. joined bpcl in 1978. in his current job since 2006.
• winning move in 2008-'09: moved the entire dealers network online.
• challenge ahead: sustain the firm even as it adheres to government norms.
• most likely to be heard saying: "to de-risk our business model we are entering upstream energy fields as well as renewable energy"

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s.v. narasimhan, director (finance)/ ioc
best cfo of a psu

• background: c.a., mba. joined ioc in 1975. in his current job since july 2005; also, chairman of lanka ioc.
• winning move in 2008-'09: finding a market for oil bonds and solving dollar requirements.
• challenge ahead: rising global crude oil prices without commensurate increase in retail prices.
• most likely to be heard saying: "we should not only tighten our belt but reduce our weight before we tighten the belt"

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Best CFO of a PSU
B. Mukherjee, Director (finance)/ HPCL

Background: C.A. joined HPCL in 1979. In his current job since 2008.
Winning move in 2008-'09: Creating a profit-focussed culture among SBUs.
Challenge ahead: Maintaining profitability in the organisation and making resources available for executing strategic projects.
Most likely to be heard saying: "Being a PSU we have the assurance that this company cannot go bust".

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Commitment to CSR
Gopal Mahadevan, CFO/ Thermax India

Winning move in 2008-09: Ploughed more funds into social initiatives on a chunky profit.
Challenge ahead: To bag more projects in energy and environmental solutions.
Most likely to be heard saying: "CSR encompasses all stakeholders: customers, employees, suppliers, shareholders and the government."

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Best in Treasury Management
Y.M. Deosthalee, CFO/ L&T

Background: LLB & chartered accountant; rose from GM (finance) in 1990 to sr. VP five years later with a board position. Has been CFO since November 2001.
Winning move in 2008-09: Hedged foreign currency loans well in time, which would otherwise have meant provisioning Rs 1,500 crore at the peak of crisis.
Challenge ahead: to prepare for and manage peaks and troughs in an economy over the lifecycle of a company.
Most likely to be heard saying: "The basic purpose of a treasury is to not just churn out profits but also manage risk effectively and protect margins."

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