Ashok Bhandari was instrumental in renegotiating interest rates for Shree Cement

Shree Cement was buried in debt in 1997 after it commissioned a new plant. The firm's CFO and ED Ashok Bhandari was instrumental in renegotiating interest rates with lenders.

Ajay Modi

Print Edition: 12 Oct, 2014

Ashok Bhandari, CFO and ED, Shree Cement. Photo: Subir Halder

BT-Yes Bank Best CFOs Survey

Leverage Management (Large Companies)

Winner: Ashok Bhandari, CFO and ED, Shree Cement

Ashok Bhandari showed deft leverage management in difficult times for the economy as well as cement companies. Bhandari, who was CFO of Shree Cement from 1990 until August this year, says he was not averse to debt but his focus was on expanding the bottom line.

VIDEO: Realisation of profit into cash is key to sustainable business model: Ashok BhandariThe debt-equity ratio of Shree Cement was 0.3 with total debt of Rs 188 crore and net profit of Rs 1,004 crore in 2012/13. The company was buried in debt in 1997 after it commissioned a new plant. Bhandari was instrumental in renegotiating interest rates with lenders. Under his stewardship, Shree Cement also focused on petcoke as a fuel (instead of costlier coal) and invested in captive power for better profitability.

FULL COVERAGE: Best CFOs 2014