For the second year now, Business Today
and YES Bank have got together to pick the best CFOs in the country
- the ones who best succeeded in finding the balance between company growth and meeting shareholder expectations, while keeping input costs down during the difficult financial year of 2009/10. The winners
were announced at an event held on Tuesday at ITC Maurya in New Delhi. Finance Minister Pranab Mukherjee was the chief guest of the function and Planning Commission Deputy Chairman Montek Singh Ahluwalia was the guest of honour.
Speaking at the event, Union Finance Minister Pranab Mukherjee on Tuesday called for systemic reforms to curb corruption and assured that the government was committed to rooting out the malaise.
"Systemic reforms are a lasting solution to the malaise of corruption," Pranab said at the Business Today
Best CFO Awards function where Y.M.Deosthalee, CFO of behemoth Larsen & Toubro, was adjudged the overall winner for the Best CFO category.
"The acceptance of corruption as way of life has to change. A GoM has been set up to address issues in a time-bound manner," Pranab said, adding that corruption was not confined to public sector.
Pranab expressed confidence about the prospects of the Indian economy.
"There is no reason why we can't keep up the momentum of the last few years in 2011. The current growth potential of India is close to 9 per cent. Several forecasts say that India's growth will overshadow China's," he said.
The minister highlighted inflation as a major "challenge in the short-term" and said that measures had been taken to tackle the problem.Winners of Business Today Best CFO Awards
1. Best CFO: Larsen & Toubro's YM Deosthalee
2. Sustained Wealth Creation (large companies): Hero Honda Motors' Ravi Sud
3. Sustained Wealth Creation (mid size): Educomp Solutions' Sangeeta Gulati
4. Remarkable Leverage Management (large companies): Bharti Airtel's Akhil Gupta
5. Remarkable Leverage Management (mid size): Opto Circuits (India)'s M Srinivas
6. Consistent Liquidity Management (large companies): Maruti Suzuki's Ajay Seth
7. Consistent Liquidity Management (mid size): Lakshmi Machine Works' R. Rajendran
8. Best Transformation Agent (large companies): Larsen & Toubro's YM Deosthalee
9. Best Transformation Agent (mid size): GlaxoSmithKline Pharma's M Kapadia
10. Enhancing Competitiveness Through M&As: Mahindra Group's Uday Phadke
11. Glocal CFO (Managing Financial Complexity): Infosys' V Balakrishnan
12. Best CFO of a PSU: ONGC's DK Sarraf
13. Best Treasurer: Cairn India's Indrajit Banerjee
14. Commitment to Triple Bottom Line: Ambuja Cements
For the awards, Business Today
and YES Bank got together for the second year in a row and picked CFOs who best succeeded in finding the balance between company growth and meeting shareholder expectations while keeping input costs down during the difficult financial year of 2009-10.
The financial year of 2009-10 was a tough one for CFOs, with companies slowly recovering from the downturn amid fears of a relapse. This made choosing award winners a challenging task as well.BT
-YES Bank used the tested BT 500
companies - ranked by market capitalisation - as the basis for analysis. The list was sorted into three: large companies, or those with revenues of more than Rs 2,000 crore, mid-sized companies, whose revenues were lower, and public sector units or PSUs.
After the first round of eliminations, 37 large companies, 34 midsized ones and 13 PSUs remained. Another 20 were listed separately for their success at mergers and acquisitions or M&As.