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CFO AWARDS.Qxd 5/10/2010 3:22 PM Page 2 CFO AWARDS.qxd 5/10/2010 3:22 PM Page 2 EVENT BALANCING BOOKS & AWARDS Despite it being the middle of the week, India Inc. turned up in full strength to hear the Finance Minister at the BT Best CFOs awards night. MANU KAUSHIK ever call an accountant a credit to his profession; a good accountant is a debit to his profession.” British anthropologist and lawyer Charles Lyell is credited with this observation on the high priests of finance and accounts. Of course, in Lyell’s Ntime, over 150 years ago, there were no chief financial officers (CFOs), neither were there the complex corporations that dominate the globe today. In the aftermath of the global financial crisis, it SHEKHAR GHOSH was apparent that the smart accountants, at least in India, were enormous credits to their profession and to their employers—for steering their ships safely and securely through turbulent times. Last fortnight, the who’s who of India Inc’s finances /www.indiatodayimages.com came together for the 3rd Business Today Best CFO Awards to celebrate these credits. And felicitating them was Finance Minister Pranab Mukherjee, the chief guest at the awards ceremony. The evening began early at around 7 p.m. as the guests started filing in. Most awardees came in early, many of them flying in from Mumbai for the evening and returning home by the night flight. Other than the Beaming: S. Mahalingam of TCS took home two awards SATISH KAUSHIK THE WORLD’S A STAGE FOR THESE CFOs:(L to R, front row) Anil Agarwal of Titagarh Wagons; Govindan Ramaswamy, GM, L&T (on behalf of Y.M. Deosthalee); Ravi Sud of Hero Honda; S.V. Narasimhan of IOC; Rana Kapoor of YES Bank; Finance Minister Pranab Mukherjee; Prabhu Chawla, Editorial Director, India Today Group; B. Mukherjee of HPCL; Kanubhai S. Patel of Voltamp; S. Mahalingam of Tata Consultancy Services and S.K. Sachdeva of ACL. Back row: Gopal Mahadevan of Thermax; P. Ganesh of GCPL; S.K. Joshi of BPCL; V. Balakrishnan of Infosys; Koushik Chatterjee of Tata Steel; Anil Nair of Avavya GlobalConnect and Uday Phadke of Mahindra & Mahindra 00 BUSINESS TODAY May 16 2010 May 16 2010 BUSINESS TODAY 00 CFO AWARDS.qxd 5/10/2010 3:23 PM Page 4 EVENT EVENT SATISH KAUSHIK SATISH KAUSHIK Animated discussion: Hero Honda SHEKHAR GHOSH patriarch B.M. Munjal with the Kapoors Pensive: Mukherjee with Chawla; (top right) Exchanging notes: Former Ambassador to the US Naresh Chandra, former and (R) A full house: With ministers Company Affairs Secretary Vinod Dhall, TCS’ Phiroz Vandrevala and (bottom right) Vijay Kelkar, Chairman, 13th Finance V. Narayanasamy and Subodh Kant Commission, G.N. Bajpai, Chairman, Future Generali India (also a jury member) and others Sahai (right corner) in attendance SHEKHAR GHOSH CFOs, notables present were Brij well in the future also,” Kapoor said, are PepsiCo’s Indra Nooyi, Tata Mukherjee, modesty personified, Enhancing Competitiveness through ing with currency fluctuations via Mohan Munjal, patriarch of Hero adding that in the last couple of years, Capital’s Praveen Kadle and ICICI took the stage but vowed on a lighter M&A in the large company category an aggressive hedging programme. Honda, Vijay Kelkar, Chairman of companies across the board have taken Venture’s Vishakha Mulye. “The CFO note never to come to another and for being adjudged the best overall However, as for as dangers lurk- the 13th Finance Commission, Naresh brilliant steps in tackling adversity. was seen as just a finance controller, function organised by Chawla be- CFO award, mapped his own journey ing in the coming year, most sense in- Chandra, former ambassador to the Net result: Indian companies’ cost keeping the books, and efficiently dis- cause of the embarrassment caused by when he said, “We have grown six flation, higher interest rates and rising US, and Surendra Singh, former structure has come down significantly. tributing the cash that was gener- the praise. However, he was made to times in the last six years. The commodity prices to be key threats to Cabinet secretary. Other members of the jury were ated by the organisation’s key men— rethink soon when Chawla told him company now employs over 1,50,000 a recovery. “Last year the crude oil As the congregation swelled, the G.N. Bajpai, Chairman, Future the CEO, the sales heads, etc. The CFO that next year, at the same function, people with around 10,000 of them was trading at lower levels, but they FM walked in. Keeping him company Generali India and former chairman just managed money, he didn’t bring we could be celebrating 9 per cent- non-Indians.” have climbed up again to $80-85 were his ministerial colleagues Subodh of the Securities & Exchange Board it in,” Chawla recounted. plus GDP growth rate and the CFOS From the Tata stable, Koushik (per barrel) levels. If oil prices continue Kant Sahai, Minister of Food of India, Nilesh Shah, Deputy The recession of 2008-09 changed could be sharing with us mega Chatterjee, now group CFO of Tata to remain high, the under-recovery of Processing Industries and V. Managing Director of ICICI Prudential all that. At a time when liquidity had investment plans and even bigger Steel, said, “The first time when I got oil marketing companies would swell Narayanasamy, Minister of State for AMC, Manish Chokhani, Partner and dried up, managing money wasn’t global acquisitions. the best CFO award was way back in further,” said S.K. Joshi, Director Planning and Parliamentary Affairs. Director of Enam Securities and Abhay the priority. Finding the money was the Mukherjee hinted at a more 2005. We have grown from a $4 bil- (Finance) of BPCL. He said rising rural Rana Kapoor, Chairman and Havaldar, Managing Director of task. And at a time when customers moderate outcome, 8.5 per cent, “with lion (Rs 18,000 crore at current rates) consumption is driving oil demand. Managing Director of awards’ sponsor General Atlantic. had disappeared and sales were down a margin of plus or minus 0.25 per company to a $30-billion (Rs 1,35,000 P. Ganesh, CFO, Godrej Consumer YES Bank, who had also been part of Following Kapoor on the dais was to a trickle, it wasn’t the CEO or the cent in 2010-11.” He added: “The crore) company today.” Products, flagged his concerns. the jury that selected the winners, Prabhu Chawla, Editorial Director, sales guys who called the shots—it credit goes to our outstanding business Infosys Technologies’ CFO, “Currently, the key challenge for the enunciated the thoughts on the minds India Today Group, who pointed out was the CFO. leaders and their financial managers V. Balakrishnan, who credited his FMCG business is high food inflation. As of the jury as it sat through an intense, how the CFO’s role has gained impor- Lavishing praise on the ‘CFO of the who have steered their enterprises performance to each and every Infy the consumer’s purchasing power is four-hour session. tance over the years —many CEOs to- country’, ‘Pranabda’ or the Finance admirably well, amidst adversities employee, pointed out to the hope in coming under pressure, it would have “I believe CFOs who have performed day had come to the corner room via Minister, Chawla called upon him to and uncertainties in the global envi- the hearts of these finance-minded an impact on the demand side.” well in the times of downturn will do the CFO’s chair. Notable among them do the honours for the corporate CFOs. ronment, in the recent past.” people for 2010-11. He said: “With However, his prescription is simple: As Mukherjee handed over the the revival of the global economy, Keep things simple and stay focussed. awards to the winners, some of them Infosys hopes to clock 16-18 per cent Anil Nair of Avaya GlobalConnect, who have been recognised before, revenue growth for the next financial one of the sponsors, noted that CFOs are “Credit goes to our outstanding business leaders and there was a sense of achievement all year with margins getting stabilised. custodians of profitable growth. their financial managers who have steered their round. S. Mahalingam, CFO and In the coming months, demand for IT Malcolm Mistry, Publishing Executive Director, Tata Consultancy services will pick up.” Infosys, one of Director of the India Today Group, enterprises admirably well” Pranab Mukherjee, Finance Minister Services (TCS), who won awards for the largest software exporters, is cop- delivered the vote of thanks. 00 BUSINESS TODAY May 16 2010 May 16 2010 BUSINESS TODAY 00.
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