Roll of Honour Of CFO

Roll of Honour

Best CFO - with best returns

Sandeep Jain
CFO, Bajaj Finance  
Best Returns (Large Cap) category

DSIJ’s 2019 CFO Award in Best Returns (Large Cap) category goes to Sandeep Jain, CFO of Bajaj Finance 
✓ Profit after tax increased by 60% in FY19 
✓ Assets under management (AUM) on a consolidated basis grew by 41% 
✓ The stock grew at a CAGR of 50% over the last three years 

Narendra Kumar Jain 

CFO, Uniply Industry 
Best Returns (Mid Cap) category

DSIJ’s 2019 CFO Award in Best Returns (Mid Cap) category goes to Narendra Kumar Jain, CFO of Uniply Industries 
✓ ROE rose significantly for the last year 
✓ Compounded profit growth on TTM basis was 20.02% 
✓ The company’s net sales increased by 28.18% even during economic slowdown 
✓ Total asset value remained stable and increasing 

Pratap Rawat 

CFO , Medicamen Biotech 
Best Returns (Small Cap) category

DSIJ’s 2019 CFO Award in Best Returns (Small Cap) category goes to Pratap Rawat, CFO of Medicamen Biotech
✓ The company has reduced debt 
✓ Profit growth on TTM basis was at 21.54% 
✓ The stock grew at a CAGR of 46% over the last three years 
✓ ROE for the last three years was 17.57% 

Best CFO - Auto

Soumen Ray 
CFO Bajaj Auto 

Auto (Large Cap) category

DSIJ’s 2019 CFO Award in Auto (Large Cap) category goes to Soumen Ray, CFO of Bajaj Auto 
✓ Company has a good return on equity (ROE) track record: 3 Years, ROE 22.80% 
✓ In FY19 the company witnessed a PAT growth of ~16% 
✓ Company is virtually debt free with strong balance sheet 
✓ The net profit and net sales have grown substantially in FY19 

Rajiv Batra 
CFO , Cummins India 

Auto (Mid Cap) category

DSIJ’s 2019 CFO Award in Auto (Mid Cap) category goes to Rajiv Batra, CFO of Cummins India 
✓ Company has been sustaining a healthy dividend payout of 58.91% 
✓ Sales growth on TTM basis stood at 11.92 % 
✓ Core EBIDTA growth stood at 20.39% 
✓ A healthy D/E ratio of 0.07% in FY19 

R S Srivatsan 

CFO , Kirloskar Ferrous Industries
Auto (Small Cap) category

DSIJ’s 2019 CFO Award in Auto (Small Cap) category goes to R S Srivatsan, CFO of Kirloskar Ferrous Industries 
✓ The profit growth on TTM basis was at 124.52% 
✓ Company’s ROCE jumped 12 per cent in FY19. 
✓ Interest coverage ratio has grown to 9x in FY19 from 5x in FY18. 
✓ ROE has grown substantially over the year to 15.97% 

Best CFO - Infrastructure

R. Shankar Raman 
CFO Larsen & Toubro 

Infrastructure (Large Cap) category

DSIJ’s 2019 CFO Award in Infrastructure (Large Cap) category goes to R. Shankar Raman, CFO of Larsen & Toubro 
✓ Compounded profit growth stood at 27.87% in 3 years 
✓ ROE and ROCE have expanded in FY19 
✓ Shareholder’s money is steadily increasing amidst the troubled economy 
✓ Operationally company has been performing well as its working capital cycle declined in FY19 

Rajendra Khetawat
CFO , Godrej Properties

Infrastructure (Mid Cap) category

DSIJ’s 2019 CFO Award in Infrastructure (Mid Cap) category goes to Rajendra Khetawat, CFO of Godrej Properties
✓ Total debt to equity ratio has come down in FY19 to 1.33x from 2.57x in FY18
✓ ROE has jumped to 10% in FY19 showing a significant growth
✓ Company’s EV/EBITDA for FY19 stood at 39x vs 51x in FY18
✓ On the exchanges, the stock of the company has delivered 27% in 1 year 

Ram Patodia
CFO , Kalpataru Power Transmission

Infrastructure (Small Cap) category

DSIJ’s 2019 CFO Award in Infrastructure (Small Cap) category goes to Ram Patodia, CFO of Kalpataru Power Transmissions
✓ Company showed strong operating performance as EV/ EBITDA went down to 6x in FY19 from 9x in FY18
✓ Cash conversion cycle stood at 168 days in FY19 improved from 191 days
✓ RoCE and ROE have grown in FY19
✓ Shareholder’s money grew around 30 per cent in last one year 

Best CFO - IT

IT (Large Cap) category

DSIJ’s 2019 CFO Award in IT (Large Cap) category goes to V. Ramakrishnan ,CFO of Tata Consultancy Services
✓ The company is virtually debt free thus allowing it the flexibility to consider large deals.
✓ It has a ROE of 33.13% for last three years
✓ Dividend payout stands at 35.98%
✓ Cash conversion cycle of TCS stands at around 46 days

V Suryanarayanan 
CFO  Mphasis Ltd

IT (Mid Cap) category

DSIJ’s 2019 CFO Award in IT (Mid Cap) category goes to V Suryanarayanan, CFO of Mphasis
✓ Mphasis has paid 46.06% of its net income to shareholders in the form of dividend
✓ Shareholder eturns grew at a CAGR of 21.56% over the last three years
✓ Company’s EV/EBITDA for FY19 stood at 18.18x vs 16.55x in FY18, thus showing an improvement in company’s operating performance.
✓ It has a high interest coverage ratio of 146.74x 

Venkateswarlu Saranu
CFO Intellect Design Arena

IT (Small Cap) category

DSIJ’s 2019 CFO Award in IT (Small Cap) category goes to Venkateswarlu Saranu, CFO of Intellect Design Arena
✓ Sales growth on the basis of TTM was 30.44%
✓ Strengthening sales partnerships
✓ For FY19, growth in net profit was 148% YoY
✓ The company has a D/E ratio of 0.11x 

Best CFO - MNC

MNC (Large Cap) category

DSIJ’s 2019 CFO Award in MNC (Large Cap) category goes to Shobinder Duggal, CFO of Nestle India
✓ Company is maintaining a healthy D/E ratio of 0.01 for over 5 years now.
✓ Company has a good return on equity (ROE) track record: 3 Years ROE 38.60%
✓ Compounded Profit Growth for 3 years stood at 22%
✓ Virtually debt free company

Ram Kumar Gupta
CFO Bata India 

MNC (Mid Cap) category

DSIJ’s 2019 CFO Award in MNC (Mid Cap) category goes to Ram Kumar Gupta, CFO of Bata India
✓ Robust growth in RoCE And ROE in a year
✓ Cash conversion cycle stood at 9 days in FY19
✓ Company is virtually debt free with D/E ratio at 0
✓ Returns grew at a CAGR of 38% for 3 years 

Subhash Mohan Bhat
CFO , Sobha Ltd 

MNC (Small Cap) category

DSIJ’s 2019 CFO Award in MNC (Small Cap) category goes to Subhash Mohan Bhat, CFO of Sobha Ltd..
✓ Improved operating performance as company’s EV/ EBITDA ratio for FY19 was at 9.67x vs 12.35x in FY18
✓ Profits and revenues have witnessed considerable growth over the year
✓ Delivered positive return to shareholders in a turbulent stock market 

Best CFO - Pharma

Pharma (Large Cap) category

DSIJ’s 2019 CFO Award in Pharma (Large Cap) category goes to Saumen Chakraborty, CFO of Dr. Reddys Laboratories Ltd.
✓ The company’s ROE and ROCE increased significantly
✓ Profit expanded by 109% in the last year
✓ Company has a healthy dividend payout of 25.92%
✓ Interest coverage ratio stood at 31x with D/E ratio being 0.08x

Krishnan Akhileswaran
CFO Apollo Hospitals Enterprise 

Pharma (Mid Cap) category

DSIJ’s 2019 CFO Award in Pharma (Mid Cap) category goes to Krishnan Akhileswaran, CFO of Apollo Hospitals Enterprise Ltd.
✓ Leading private sector healthcare service provider
✓ RoCE and ROE jumped significantly in last one year
✓ Net profit posted a significant increase of 67%
✓ Shareholders were entitled to a whopping return of 36% in one year 

Amit Gupta
CFO , Procter & Gamble Health

Pharma (Small Cap) category  

DSIJ’s 2019 CFO Award in Pharma (Small Cap) category goes to Amit Gupta, CFO of Procter & Gamble Health Ltd.
✓ Company has strong balance sheet with no debt in its books
✓ Profit grew at a CAGR of 67% in last three years
✓ RoCE and ROE jumped significantly in last one year
✓ Shareholder’s money doubled in last one year when overall market is in doldrums 

Best CFO - ALL Sector

All Sector (Large Cap) category

DSIJ’s 2019 CFO Award in All Sector (Large Cap) category goes to Alok Agarwal, CFO of Reliance Industries Ltd.
✓ Company’s net sales growth is commendable for FY19 as well as on TTM basis
✓ Company is maintaining a healthy D/E ratio of 0.74 over 5 years
✓ It is one of the companies to have managed its heavy asset size very effectively and productively

Rahul Jain
CFO, SRF Ltd 

All Sector (Mid Cap) category

DSIJ’s 2019 CFO Award in All Sector (Mid Cap) category goes to Rahul Jain, CFO of SRF Ltd.
✓ Company has witnessed strong financials over FY19
✓ On TTM basis, company’s profit growth is at 41.75%
✓ EV/EBITDA has narrowed marginally in over a year
✓ Shareholder’s money has gained over 50 per cent in a period of 1 year

Amit Gupta
CFO, of Procter & Gamble Health

All Sector (Small Cap) category

DSIJ’s 2019 CFO Award in All Sector (Small Cap) category goes to Amit Gupta, CFO of Procter & Gamble Health
✓ Company has strong balance sheet with no debt in its books
✓ Profit grew at a CAGR of 67% in last three years
✓ RoCE and ROE jumped significantly in last one year
✓ Shareholder’s money double in last one year when overall market is in doldrums

Best Women CFO
M. Sashikala 

CFO, General Insurance Corporation of India
Best Women CFO category

DSIJ’s 2019 CFO Award in Best Women CFO category goes to M. Sashikala, CFO of General Insurance Corporation of India
✓ It has good dividend payout of 40.63%
✓ The company has been virtually debt free
✓ Stock has a dividend yield of 3.41%
✓ Company has managed to improve its returns ratios 

Methodology 

To compile the CFO rankings, DSIJ examined the performances of companies listed on the BSE and the NSE across market capitalisation. The financial performance was examined over 36 months ended March, 2019. DSIJ evaluated the financial chiefs on nine financial metrics. Greatest weightage was given to the increase in market capitalisation, followed by growth in sales, operating profit and net profit. Return ratios were considered for the ranking purpose as well. The segregation of companies into large-caps, mid-caps and small-caps was made based on SEBI categorisation. For the purpose of ranking, the best performing CFOs in seven major sectors were considered, along with creating one special category for women CFOs.