17 JUNE 2023 E BOOK

17 June 2023 | B W BUSINESSWORLD | 51 Outgoing HUL CEO & MD Sanjiv Mehta explains to BW Businessworld why “his best is yet to come” HOW ‘DESI’ MNC WON IN MANY INDIAS F SANJIV MEHTA were to be given back his last 31 years, “he would do exactly what he did in his stellar innings at Hindustan Unilever, and Unilever, in the last three decades”. As Mehta passes on the baton to a highly accomplished Rohit Jawa, Mehta’s heart is filled with gratitude. He credits his team, starting from the management committee, for the outstanding run as CEO of HUL in the last ten years. Numbers speak for themselves: In 2013, when Mehta took over as HUL CEO, it was a Rs 25,000-crore company. As he prepares for his next innings – Mehta is clear, his best is yet to come – HUL is almost a Rs 60,000 crore company. HUL saw a 16 per cent growth in turnover to Rs 58,154 crore in 2022-23. Among many landmarks, the company is credited with expanding the FMCG pie, “by creating created new segments worth nearly Rs 10,000 crore”. For the CA-turned-CEO, Unilever was part of everyday folklore. Mehta, in fact, looked up to iconic HUL leaders like Ashok Ganguly and T. Thomas. Students of Indian business history and India Inc. would now perhaps be tempted to bracket Mehta along with these greats. Mehta’s stint at HUL is not about numbers alone. He led from the front while “reimagining HUL” and also devising newer strategies to expand far and wide, in India. Clearly, “Winning in Many Indias (WIMI)” would be one By SUMAN K. JHA I

52 | B W BUSINESSWORLD | 17 June 2023 case study that will be a staple for business leaders and management students for long. “When I was running North Africa and the Middle East for Unilever, I was looking after businesses in 20 countries. And, in these 20 countries, it was predominantly Arabic language and Islamic Arabic culture. When I came to India, and travelled around after I took over as the CEO, one realised, in a much more profound way, how heterogeneous our country is,” Mehta recounted. The learning was that a company of HUL’s size and scale could not treat India as a homogenous entity. Mehta, in 2014, then led HUL in having different and distinctive strategies for Tamil Nadu, Andhra Pradesh, Karnataka and Kerala. Within six months, it was evident that “Winning in Many Indias”, as an idea, was a winner. The India Strategy The strategy was rolled out in 2015. India was then divided into 15 clusters. Today, HUL treats India as a 16-cluster geography. “It’s a very distinctive strategy, which is not easy to replicate, because we add complexity. But like I always say, it’s like the good cholesterol. If you can manage this complexity well, it gives you huge dividend,” says Mehta. Brands like Surf Excel, for instance, have different formulations across regions, depending on the hardness of the water. Similarly, for the Brooke Bond Red Label tea brand, there are different blends. A 2018 paper by Keerthan Raj and P.S. Aithal titled “A ‘Desi’ Multinational – A Case Study of Hindustan Unilever Limited” concluded: “…HUL has achieved all this by careful planning and strategising with the realisation that global knowledge alone is not enough. In a much diversified market such as India, the most critical path to success would be only by partnering locally, reaching out to the grassroots consumers and localising products and sales “Winning In Many Indias (WIMI) is a very distinctive strategy, which is not easy to replicate, because we add complexity. But like I always say, it's like the good cholesterol. If you can manage this complexity well, it gives you huge dividend” IN DEPTH CORPORATE

17 June 2023 | B W BUSINESSWORLD | 53 It’s about how that increase in the income is dispersed over a large section of the population. We must accept that for an FMCG company, what is important is more income in the hands of more people,” says Mehta. HUL has always been an employer of choice among graduates and B-school graduates. A 2022 all-India survey said HUL was at third spot in the category of “Dream Companies to work for”, among B-school and engineering graduates. His advice to younger business leaders, especially budding entrepreneurs? “One of the things that we have seen people getting obsessed with is valuation. I think youngsters, or budding entrepreneurs, should focus on creating value. Once you focus on creating value, valuations do happen,” says Mehta by way of a parting shot. . [email protected] techniques.” Data and tech, too, played a huge role in HUL’s transformation. With the country divided into 15 clusters, disparate data for brand managers and marketing teams became important. Thus was born the idea of the digital council in 2015-16. Data and technology were at the centrestage. Diversified Portfolio HUL’s portfolio includes homecare, beauty and well-being and personal care, and foods and refreshments. Asked about big growth opportunities in different segments, while Mehta is upbeat about the entire portfolio, beauty and well-being come in for a special mention as new frontiers of growth. A firm believer in the India story, Mehta believes that the unfolding consumption story in today’s India would be somewhat akin to China’s consumption story in the first two decades of the millennium. When asked what his advice to Jawa would be, Mehta says: “Mr Jawa is a seasoned player. He’s been working in the company for nearly 35 years. He led businesses in the Philippines and China. My job is to give him insights of what I’ve seen in the last 10 years, explain to him the context, and answer the questions that he may have in the mind.” Jawa takes over from June 27. Mehta’s belief in the potential of India is not new. He once said that “the world is conspiring to make India win”. He says that India@100 document brought out by FICCI during his presidentship was an important policy work. “From a long-term perspective, we have to increase the farmers’ income. We have to create 10 million jobs per annum over the next 25 years. Very importantly, it is not just about GDP growth. It is about per capita income. “One of the things that we have seen people getting obsessed with is valuation. I think youngsters, or budding entrepreneurs, should focus on creating value. Once you focus on creating value, valuations do happen” Rohit Jawa, New CEO & MD, HUL Photograph courtesy: Hindustan Unilever

54 | B W BUSINESSWORLD | 17 June 2023 ‘WE ARE LOOKING AT BIG GROWTH PUSH FOR INDIA’ C argill India, a subsidiary of the US-based food and agri multinational Cargill, crossed $3 billion in revenue in FY23 riding on robust growth over the past two years. SIMON GEORGE, Managing Director – Cargill Food Ingredients and Bio-Industrials, South Asia and President, Cargill India talks to ASHISH SINHA about the next big growth phase for India, innovations and more. Excerpts IN CONVERSATION You have completed 35 years of India operations. Take us through the journey? We have grown from being a commodity focused company to one today with multiple food and feed enterprises operating in India. We have 13 manufacturing plants, six consumer brands, four animal nutrition brand, 5,000- plus people employed and a thriving animal nutrition business. India also has the largest Global Capability Center catering to Cargill worldwide. Take us through the financial performance of Cargill India and its contribution to the global business? Our global revenue stood at $165 billion in 2022. India should be around 2 per cent of that. India is a critical growth market for Cargill in Asia-Pa- “India is a critical growth market for Cargill in Asia-Pacific region. It is a must-win market for us. We are looking at a big push in terms of growth. We had committed investments of $240 million in India five years back”

17 June 2023 | B W BUSINESSWORLD | 55 free from iTFAs (industrially produced trans fats), are low in sugar and sodium but deliver similar mouthfeel, aroma and texture. And we are using our technical knowledge to bring this innovation in a cost-effective manner to achieve scale. The WHO has recognised Cargill for its “pioneering effort” to eliminate iTFAs in its recent report on global trans-fat elimination. What are some of the insight-based growth areas for you in India? Cargill is moving into new areas of expansion based on our proprietary research and consumer trends tracker. Health and nutrition is one such area. We want to bring in specialty ingredients that can go in infant food, that can go into human diet for different applications that we do globally. The second trend is indulgence, where we are expanding our range or products and solutions. The third area of growth will be across our food services. Can you explain with specific products and their potential usage? We have ingredients that will help the dairy industry succeed even more. For example, we have a kind of pectin that can be put into lassi, which can give consumers an enhanced mouth-feel and superior flavor. Then there is epicor, which is a post-biotic for gut health and an immunity booster. We are looking at product applications for that. Specialised starches that can go for a curd setting is another example. Radipure is a pea protein which is a global innovation by Cargill and now it has been brought to India. We have tailored this product basis local experience and expertise to give higher functionality. We will now be taking it to global markets basis regulatory approvals. Some of our leading B2B customers include Unilever, Nestle, Mondelez, Parle, ITC, Britannia, among others. [email protected]; @Ashish_BW cific region. It is a must-win market for us. We are looking at a big push in terms of growth. We had committed investments of $240 million in India five years back. We have completed that and are now forging ahead with strong push to further expand our presence, reach and offerings for the Indian market. We are looking at exponential growth in the country. All our businesses here are in different stages of maturity and are all doing well. The contribution of our edible oil business to Cargill India is the highest, followed by other enterprises including starches and sweeteners, animal nutrition and the commodity trading business. Please expand on the performance of your edible oil business? We are very strong in sunflower oil amongst the edible oil categories especially in western and southern India. We are looking at becoming a national player in edible oils and will expand with categories like mustard etc. We are increasing focus on the north and east markets as we continue to retain market leader position in western India. Entering new and underserved markets in the southern region (all four states) has also helped us get closer to consumers. In olive oils, we play an important role. In the backdrop of multiple challenges faced by the global agriculture and food industry, how has the India business performed? Yes, the global food and agriculture industry has gone through multiple challenges over the past few years but market sentiment has picked up. We are seeing all our business do better than pre-pandemic levels. We have grown our starches and sweetener business, our edible oils business volumes are up with the launch in South India and we are also expanding our manufacturing presence in Punjab for our animal feed business. We recently brought three of our businesses under one umbrella – becoming a single window integrated food solution partner to our F&B customers in India. What is the big growth strategy for India? The customer is looking at us to become a complete solution provider not to sell just ingredients. More than a leading ingredient supplier, we want to become our customers’ main source of inspiration and growth, while setting new standards for innovation and collaboration. This is the shift taking place in our strategy and, in fact, we recently invested in a Food Innovation Lab in Gurgaon. Please elaborate with examples? We are partnering with customers to bring healthier alternatives that are

Foreign coffee retail chains like the UK’s Pret A Manger and Canada’s Tim Hortons have forayed into India with big expansion plans. Should the likes of Tata-Starbucks, Cafe Coffee Day and Barista worry? By Ashish Sinha BATTLE OF BREWS IN DEPTH FOOD & BEVERAGES

WHEN A THIRD OF the disposable income is generated and spent in the top-60 cities of the country, it is only natural for businesses like coffee retail chains to set shop in these places. So it did not come as a surprise when UK-based international food and coffee chain Pret A Manger (French for “ready to eat”) opened two stores in Mumbai’s prime locations. Quite predictably, their next destination is Delhi. Pret A Manger, best known for its freshly made food and organic coffee, has tied up with Mukesh Ambani-owned Reliance Brands (RBL). Similarly, popular Canadian fast-food restaurant chain Tim Hortons, best known for its coffee and doughnuts, first opened in Delhi NCR in August last year. At last count, it had 16 stores in India, mostly spread across Delhi NCR, Chandigarh, Ludhiana, and Bhatinda (as Punjabi NRIs and their relatives are well-versed with Timmy’s, as its popularly known). It recently entered Mumbai opening two stores there. It plans to enter Pune and other major cities soon. Meanwhile, the incumbents in this business, Tata-Starbucks (more than 333 stores), Cafe Coffee Day (1,380-plus stores) and Barista (350-plus stores), continue to enjoy their respective dominant positioning offering coffee, food and beverages. They too have drawn up their respective expansion plans. The coffee retail chain business is expected to expand fast in India. From the existing around 2,200 stores, the count is likely to shoot up 25-30 per cent in the next 36 months Here Finally: One of the two outlets of Pret A Manger in Mumbai’s Maker Maxity occupying more than 6 lakh sq. ft of prime retail space and attracting investments worth Rs 1,200 crore or more. Why This Coffee Rush? With people returning to work in bigger cities and metros post-pandemic, there is a sudden rush among brands with deeper pockets to launch stores and outlets. The coffee retail business in India is estimated to be around Rs 4,500 crore in size. This also includes sales of local/speciality coffee brands Photograph by Aukidphumsirichat / CANVA

58 | B W BUSINESSWORLD | 17 June 2023 that have emerged in the past 3-4 years. “A major reason for this is the unprecedented increase in the number of coffee lovers as well as in disposable incomes. Globally travelled Indians are quick to adopt tastes and rituals from the West and hence the culture of coffee has become a mainstay among the millennial and Gen Z audience who constitute a major part of the target market,” explains Rutu Mody-Kamdar, Founder, Jigsaw Brand Consultants. Between the new entrants and the existing established coffee retail chains, at least 400 new stores are expected to be launched over the next 40 months with estimated investments of nearly Rs 1,000 crore, say industry insiders. Add to this another 50-80 local stores and outlets. Among the newbies, Pret A Manger plans to open at least 10-12 stores in the first year followed by 100 stores in the next four years. Tim Hortons is aiming at 120 operational stores by 2026. Which means it will add over 100 stores in the next 40 months pumping in around Rs 250-300 crore. Tata Starbucks, which added 71 new stores in FY23, may open similar or higher number of new stores in FY24 taking its overall store count to 400 or thereabouts. Barista has already said it wants to add another 150 stores to cross the 500 mark before 2024 ends. Strategy Matters The inaugural Mumbai shop of Pret A Manger, for example, recreated Pret’s iconic London shops with a large dining space spread across 2,567 sq ft. It’s positioning itself in fresh food. Pret offers customers a wide range of freshly made sandwiches, baguettes, salads, soups, as well as a variety of organic coffee, tea, shakes and smoothie options. “All freshly made food will be hand prepared in Pret’s onsite kitchen daily and never held over to the next day,” the company says. “With a commitment to provide fresh, clean and sustainable offerings, customers in India can now enjoy the same exceptional food that has made Pret A Manger a beloved and successful chain around the world,” says Darshan Mehta, MD, Reliance Brands. Tim Hortons was launched in India as part of an exclusive agreement with a joint venture entity owned by Apparel Group and Gateway Partners called Apparel Gateway Café India, the master franchisee of the Tim Hortons brand in India. Says Tarun Jain, CEO of Tim Hortons franchise in India: “Bringing the brand experience to Mumbai is part of our commitment to expanding Tim Hortons to other regions while penetrating deeper in our chosen geographies.” Will Tim Horton or Pre A Manger be able to pose any challenge to the likes of Starbucks? “Tim Hortons and Pret A Manger should offer competitive pricing that appeals to the costconscious consumer. By strategically setting their prices lower than Starbucks, they could possibly address an altogether new target audience,” says Mody-Kamdar of Jigsaw Brand Consultants. Agrees Niraj Bora, Co-founder of Cheesiano Pizza and Founder, Surmount Business Advisors. “Tim Hortons and Pret A Manger would need to create a niche for themselves in a market with options. Also, even with price inelastic consumers, a pull needs to be created in order for them to try new brands. Unless you create that pull, the road to growth and profits are far off,” Bora adds. For now, Starbucks in India is the lead revenue generator from its expanding coffee chain business. Tata Starbucks, the 50:50 JV added 71 new stores during FY23, taking the total to 333 stores across 41 cities and the business was EBITDA positive, the company said. It clocked Rs 1,087 core in net sales during FY23 and grew 71 per cent driven by improved performance of existing stores and the opening of new ones. Perhaps, in order to take on the growing competition from other international chains, it is opening its first Starbucks Reserve Store in Mumbai. It also launched Picco, a new small-size outlet for hot beverages in select stores. It also expanded the health-forward portfolio with a vegan menu, salads, and protein boxes. Barista, the second-largest coffee retailer in terms of store count, aims to cross Rs 250-crore revenue IN DEPTH FOOD & BEVERAGES

17 June 2023 | B W BUSINESSWORLD | 59 The presence of local coffee brands, such as Blue Tokai, Sleepy Owl, SLAY Coffee, Rage Coffee, Third Wave Coffee, Beanly, and Country Bean, among others, provide consumers with more choice and alternatives to the bigger brands. “This increased competition compels larger brands to continually innovate and differentiate themselves to maintain their market share and relevance,” says Mody-Kamdar. The entry of foreign coffee retail chains may unleash competition that may result in the market offering diverse choices at competitive price points. This, in turn, may push the overall coffee consumption from 90 grams (per capita) to a more respectable level as the globe-trotting Indian consumer expectedly acquires the habit of drinking coffee every day. [email protected]; @Ashish_BW mark in FY24 besides aiming to add another 150 stores, says Rajat Agrawal, CEO, Barista. Agarwal was recently felicitated at the BW Retail World 40 under 40 event organised by BW Businessworld. He sees an all-round expansion strategy that will entail adding more stores, expanding the vending business, tier-based pricing and a lot more to counter any competition. Challenges Galore Apart from high rentals, a major challenge is that picking up coffee in the morning is not a habit here like it is in the west. Bora sees competition in a positive light. “Entry of global brands would ensure better quality across the segment. Also, any brand that is looking to grow aggressively would need to maintain a bit of a lower price point unless they have some very differentiated product with them,” he adds. RUTU MODY-KAMDAR, Founder, Jigsaw Brand Consultants “Tim Hortons and Pret A Manger should offer competitive pricing that appeals to the cost-conscious consumer” NIRAJ BORA, Co-founder, Cheesiano Pizza “Any brand that is looking to grow aggressively would need to maintain a bit of a lower price point unless they have some very differentiated product” Photographs by Ffgimages / CANVA

60 | B W BUSINESSWORLD | 17 June 2023 t has been long established that data is the most important commodity in today’s world. While individual packets of data aren’t of much value, aggregated, their value exponentially grows. It pretty much runs the world and data centres act like the quintessential nuclei facilitating their movement. According to credit rating agency ICRA, 4,900-5,000 MW of data centre capacity involving investments of about Rs 1.50 lakh crore is likely to be added in the next six years in India. The increasing demand has driven Indian entities such as the “NTT DATA VERY KEEN ON INDIA” NTT DATA Services CDO Tanvir Khan speaks with BW Businessworld on India’s heightened relevance in tough market conditions, quantum computing and AI By ROHIT CHINTAPALI I Hiranandani Group, the Adani Group, to enter JVs with EdgeConnex, the Reliance Group. Even captive consumers such as Amazon and Microsoft have begun investing heavily in Indian data centres. Meanwhile, Japan-based NTT DATA has been present in the country for a while and continues to expand. “We have a very large data centre presence in India and NTT DATA is very interested and bullish on India,” said Tanvir Khan, Chief Digital Officer (CDO) at NTT DATA Services. This is reflected in the presence of NTT DATA’s employee base in India as well, which is second only to its home base, Japan. Given the growing business proposition of India, the company continues to add to its headcount in the country. Khan added that the company views India to be a huge data centre and IT services market. “Compute needs of India is going to be huge and as this evolves, it’s one of our single largest delivery locations,” he said. “While we are servicing APAC, Europe and North America, India still continues to be a preferred location for talent, availability, scalability and cost advantage,” he said. India reached the landmark of highest wireless data consumption per user in the world in 2019, with the average monthly wireless data consumption per user reaching 16.4 GB in 2022. A Deloitte report suggests that this figure is projected to triple to about 54 GB per month by 2028, even as 5G rollouts continue and internet penetration grows. This is only going to drive up the relevance of data centres in the country. “The key triggers for digital explosion in India are the increasing internet and mobile penetration, the government’s thrust on e-governance/digital India, adoption of new technologies (cloud computing, IoT, 5G, etc.), growing user base for social media, gaming, e-commerce and OTT platforms,” said Anupama Reddy, Vice President and Co-Group Head, Corporate Ratings, ICRA. ICRA expects the sector to see a six-fold increase in capacities in the next six years, with Mumbai, Hyderabad and NCR accounting for 70-75 per cent of the SPOTLIGHT:TECHNOLOGY

17 June 2023 | B W BUSINESSWORLD | 61 installed data centre capacity. But beyond data centre-based offerings, NTT DATA’s Khan said India leads the company’s software efforts. “We are seeing a lot of innovation coming out of teams in India. I think the Indian mindset of innovation is showing leadership in that space,” he added. Khan explained while the company is largely organised outside Japan in three regions including Asia-Pacific, Europe and North America, North America has been very reliant on India in terms of ‘development’. “Asia-Pacific and Europe’s businesses are realising that the advantage North America has had in the past is basically because of access to the large talent pool in India. So, Asia-Pacific and Europe are also focusing more and more on India.” India Market More Relevant Rising interest rates, inflation, pressures on the banking sector and geopolitical scenarios have made it evident that the world is on the cusp of a possible recession and the West is at the heart of it. But many reports suggest that recessionary pressures could affect India the least. Bloomberg’s Recession Metre in April mentioned that India will not experience any recession while countries such as the UK will have a recession probability of 75 per cent and the US 65 per cent. Meanwhile, China had a recession probability to the tune of 12 per cent. “China has had its years of growth. As a market, India is very attractive for international companies and the country is entering into a hypergrowth phase now,” said Khan. He added that India has become more attractive as a market against the backdrop of global economic uncertainties. “Global economy is either in or heading into a recession in most of the western world. So, cost considerations have once again become supreme. And when you look at cost today, there are only two major levers: automation and offshoring,” the NTT DATA Services CDO said. Khan emphasised that there was no better destination for offshoring than India. “In the next year or so, the dependence of international players like us is only going to increase on India.” “While we are servicing APAC, Europe and North America, India still continues to be a preferred location for talent, availability, scalability and cost advantage” Tanvir Khan, CDO, NTT DATA Services

62 | B W BUSINESSWORLD | 17 June 2023 R&D Investment The Japan-based conglomerate had a market capitalisation of over USD 20 billion in May 2023 and has grown its international business by more than 20 per cent CAGR since 2007 by delivering a whole gamut of services and consulting. But NTT DATA also focuses heavily on emerging technologies and invests USD 3.6 billion in annual R&D investment. “We spent USD 3.6 billion in R&D, working on four to five technologies. Since a third of the world’s internet traffic travels through our data centres and submarine cables and we provide a lot of compute, quantum computing is clearly one of the technologies we invest in,” Khan revealed. Quantum Technology According to a McKinsey report, the size of quantum technology market will be USD 106 billion by 2040. Khan said quantum technology will bring to the fore two things: raw processing power and compute-intensive use cases. “Today, there are a lot of use cases but you need a supercomputer and there are very few organisations with access to those. Quantum technology will open avenues, especially, for healthcare and biotechnology, where you have to run complex, large and deep simulations.” But how close are we to the era of quantum computers? “Before quantum computing, there is pseudo-quantum computing, which simulates quantum computing. We will have to go through this phase to get to the order of higher magnitude – to true quantum computing. Moreover, supercooling is needed for quantum computers and that is going to be a long pole in the tent,” Khan explained. He said within a decade humanity could see instances of pseudo-quantum computing which will bring large computing power to use cases like biotechnology before anything substantial comes along on the quantum front. “Asia-Pacific and Europe’s businesses are realising that the advantage North America has had in the past is basically because of access to the large talent pool in India. So, Asia-Pacific and Europe are also focusing more and more on India” SPOTLIGHT:TECHNOLOGY Photograph by 4X Image / Canva

17 June 2023 | B W BUSINESSWORLD | 63 Artificial Intelligence It would be fair to say that artificial intelligence (AI) had largely captured human imagination only in fiction until November 2022. The public rollout of OpenAI’s ChatGPT was the biggest turning point that brought AI to everybody. Having dabbled in AI for several years and with at least five patents to his name in the space, Khan knows a thing or two about the technology. “Right now, the concerns are real because people do not know what shape it is (AI) going to take. But eventually, all technologies have pluses and minuses,” he commented on the current paranoia engulfing AI. “When the photocopier came, people thought every kid was going to be printing money and going to the store. While innovations like that did lead to some piracy, good and bad tend to balance themselves over time,” Khan added. He opined that humanity was currently in a hype cycle and the future was unknown. “Nobody knows what is the power of Generative AI and maybe the expectations are higher than what it’s going to be,” he surmised. BW Businessworld asked Khan if AI skills will have a premium on them at organisations across the globe from 2023 onwards. “AI is used as a catch-all term. But there are three parts to it: cognitive or deep learning, machine learning (ML) and natural language processing (NLP).” Khan explained due to the complexities involved with deep learning and fewer use cases, not many would dabble in it. “But machine learning has become all-pervasive, and every kid that’s doing any programming has got aspects of machine learning tools that they use. And NLP has got so much into the mainstream that people have stopped even referring to that as a new technology category,” he said. He added that as humanity progresses with generative AI and training large language models,people will have to acquire these skills or organisations will have to step up to train people. “So, constant re-skilling is something that we always have to do,” Khan concluded. [email protected] “Right now, the concerns are real because people do not know what shape is AI going to take. But eventually, all technologies have pluses and minuses” Photograph by Metamorworks / Canva

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66 | B W BUSINESSWORLD | 17 June 2023 Various sops and incentives notwithstanding, the adoption of EVs in the country has remained short of the mark. Now, subsidy cuts and sluggish growth in EV infrastructure threaten to further impede the progess By Ashish Sinha & Utkarsh Agarwal COVER STORY EV CHALLENGE BREAKERS ON THE EV ROAD

17 June 2023 | B W BUSINESSWORLD | 67 T HERE IS GOOD NEWS AND bad news on the electric vehicles (EV) front in India. First, the good news. More than a million EVs were sold in the country in the fiscal year ended March 31, 2023. To be precise, a total of 1,152,021 EVs were sold during the fiscal, as per data shared by the Society of Manufacturers of Electric Vehicles (SMEV), an Indian electric vehicle industry lobby. The figure did not include low-speed electric two-and three-wheelers (E2W & E3W), though. In fact, in the E2W segment alone, 7,26,976 units were sold across manufacturers during the fiscal. While the million-plus figure is certainly a landmark that calls for cheer, things have slid back in terms of EV adoption and its growth projections. The adoption of EVs actually fell on a month-on-month basis over the annual minimum targets set by NITI Aayog and other research organisations. As per NITI Aayog’s target for FAME-II (from April 20 to March 23), the E2W adoption should have reached 1.93 million units. The actual E2W adoption has been 1.02 million. And that is a cause for worry for the industry for now. We will circle back to the reasons, challenges and the way forward in just a bit. First, let’s soak in the good news. According to Tanvi Shah, Director, CareEdge Advisory & Research, the E2W segment has witnessed significant growth over the years and today accounts for around 62 per cent of overall EV sales in FY23. E2W sales BREAKERS ON THE EV ROAD R.C. BHARGAVA, Chairman, Maruti Suzuki “We get into the EVs from 2024-25. I’m sure these models will be very well accepted, and will give us a leadership position in the EV segment also” Photograph by Val-th Photograph by Ritesh Sharma

68 | B W BUSINESSWORLD | 17 June 2023 grew 188 per cent in FY23 compared to the previous year, whereas for the FY19 to FY23 period, the category clocked a CAGR of 92 per cent. “Favourable state government policies coupled with central schemes have aided the increasing penetration of EVs in states like Delhi and Maharashtra. These states are also relatively better placed in terms of the availability of charging stations, though they are still far behind actual requirements. Delhi, Maharashtra, Haryana, UP and Punjab have the most holistic EV policies while Arunachal Pradesh, Manipur, Himachal Pradesh, Ladakh, Kerala, and Uttarakhand’s policies are the least comprehensive,” says Shah. Sales of low-speed E2W are higher as compared to high-speed E2W. Another critical growth driver is the rise of numerous brands in the E2W space, such as Ather, Ola, Hero Electric, Bajaj, TVS, Okinawa, Pure EV, and Revolt. Also, E2Ws have been more popular than E4Ws. And this trend is likely to continue in the near future as numerous launches are expected in the high-speed electric motorbike market, especially from the established players which will provide impetus to this segment. Charging stations do play a key role in the faster adoption of EVs. Says Jeetender Sharma, Founder & MD, Okinawa Autotech: “The growth trajectory of the EV industry heavily relies on the availability of a robust charging infrastructure. In the next 6-7 months, it is likely that the number of charging stations will witness a surge across cities and major highways, aimed at facilitating convenient and accessible charging options for EV users.” Growth, Hurdles & Worries Over the last five years or so, the incentives granted by the government under the FAME-II scheme have been the key demand driver for E2Ws. Under FAME-II, the incentive for E2Ws was raised from Rs 10,000/kWh to Rs 15,000/kWh, while the cap on maximum incentive was extended to 40 per cent from 20 per cent earlier. Besides, COVER STORY EV CHALLENGE many states topped these sops with their own subsidies and incentives such as registration fee and road tax waiver for electric vehicles. Recently, in a move that surprised one and all, the Ministry of Heavy Industries reversed the subsidy for E2Ws to Rs 10,000 per kilowatt-hour of battery fitted from Rs 15,000/kWh earlier; it also capped the incentives at 15 per cent of the value of the vehicle instead of 40 per cent earlier. Again, during FY23. the government withheld subsidies under FAME-II for As per NITI Aayog’s target for FAME-II (April 20 to March Photograph by Tomwang 23), the E2W adoption should have reached 1.93 million

17 June 2023 | B W BUSINESSWORLD | 69 on the sales, the SMEV thinks the decision will slow down EV adoption in the country further. Sohinder Singh Gill, Director General, SMEV says that this sudden subsidy cut might lead to a major decline in EV sales, impacting the entire industry for a considerable period of time. “The EV two-wheeler segment is still highly price sensitive, and the increasing gap in prices of ICE models and EV models will eventually hit sales,” he says. Agrees Sanjay Behl, CEO & Executive Director, Greaves Electric Mobility. “The reduction in FAME-II subsidy does pose a momentary challenge to sustain the rate of accelerated adoption of electric scooters for the industry,” he non-compliance with the Phased Manufacturing Programme (PMP) guidelines under the scheme, impacting the sales of E2Ws in FY23. The upshot: from June 1, 2023, the price of E2Ws that were earlier eligible for subsidy under FAME-II will go up as a result of these recent actions. Reacting to the cut, Ayush Lohia, CEO, Lohia Auto, says, “While the government aims to create more room for two-wheelers in the market, this substantial reduction in subsidies poses a significant challenge for the nascent EV industry. It could potentially dent the sales of electric two-wheelers, hindering their growth and adoption in the country.” RAJEEV CHABA, CEO Emeritus, MG Motor India “The first step is to get Indian shareholders on board as majority shareholders, it could be HNIs, domestic financial institutions, dealer network and employees” Lohia’s fears are not entirely misplaced. With the subsidy getting slashed significantly, manufacturers will likely hike prices by as much as Rs 30,000 for popular high-powered scooters. Experts say the price of popular highselling Ola S1 Pro and Ather 450X may shoot up beyond Rs 1.5 lakh. Which simply means that buying such E2Ws will cost more to the end consumer compared to a 125cc petrol-engine scooter with similar performance, such as the best-selling Honda Activa 5G, the on-road cost of which in Delhi stands at around Rs 92,000. While major E2W players are geared up for a price increase and are putting a brave front stating ‘no major impact’ SHENU AGARWAL, MD & CEO, Ashok Leyland “We have lined up our EV-CV roadmap, setting a target of becoming one of the world’s top 10 CV brands. We will roll out electric LCVs very shortly” SOHINDER S. GILL, CEO, Hero Electric India & D-G, SMEV “...with reduced subsidies, we expect E2W adoption in FY24 to close at a maximum of 1.2 million. And if that happens, it will be against the FY24 NITI Aayog target of 2.3 million”

70 | B W BUSINESSWORLD | 17 June 2023 says, adding that it is imp to consider the larger picture and the government’s perspective. “While the increased EV prices might temporarily slow the adoption, we believe that the industry’s overall growth trajectory remains intact,” says Behl. Gill, who also heads Hero Electric, sounds worried about the prospects of EVs. “In the first five months of 2023 the E2W adoption was 3.4 lakh units, at 65,000 per month,” says Gill, adding, “At this rate, and with reduced subsidies, we expect E2W adoption in the year FY24 to close at a maximum of 1.2 million. And if that happens, it will be against the FY24 NITI Aayog target of 2.3 million.” He concedes that in the past E2Ws have seen higher sales and faster adoption. Yet challenges remain. “Mass adoption of EVs is hindered by inadequate infrastructure, limited high-performance EVs, and high upfront costs that are perceived as high cost of ownership,” he says. What’s with eCars, eCVs? While major carmakers such as Tata Motors, Hyundai, Mahindra & Mahindra, Honda, Nissan and others have launched electric/hybrid cars, market leader Maruti Suzuki believes that EVs are not the only solution to lower carbon emissions. Maruti is yet to launch an electric car in the India market even as its competitors including Hyundai India, Mahindra & Mahindra, MG Motors, Tata Motors and others have launched electric variant options for the customers. In a recent interaction with this magazine, R.C. Bhargava, Chairman, Maruti Suzuki predicts that the Indian car industry will become the third-largest in the world in the next three years. With a market share of 41 per cent Maruti has been the dominant auto player in India over the years. It has publicly expressed its ambitions to increase its market share to 50 per cent. “We get into the EVs from 2024-25 (with the launch of six EVs in six years – there would be one new model a year, broadly speaking). I’m sure these models will be very well accepted, and will AYUSH LOHIA, CEO, Lohia Auto “While the government aims to create more room for two-wheelers in the market, this substantial reduction in subsidies poses a significant challenge for the nascent EV industry” JEETENDER SHARMA, Founder & MD, Okinawa Autotech “In the next 6-7 months, it is likely that the number of charging stations will witness a surge across cities and major highways” SANJAY BEHL, CEO & Executive Director, Greaves Electric Mobility “The reduction in FAMEII subsidy does pose a momentary challenge to sustain the rate of accelerated adoption of electric scooters” COVER STORY EV CHALLENGE

17 June 2023 | B W BUSINESSWORLD | 71 It plans to spend around Rs 500 crore every year towards the development of alternate and clean solutions for the CV segment, says Shenu Agarwal, MD & CEO, Ashok Leyland. “We have lined up our EV-CV roadmap, setting a target of becoming one of the world’s top-10 CV brands. We will roll out electric LCVs very shortly. We remain very optimistic about the future of the CV industry in India,” says Agarwal. Ashok Leyland recently launched its Switch EiV12 electric bus platform for the Indian market. Currently, the company has firm orders for 600 electric buses and around 50 of these are in production for the Karnataka State Road Transport Corporation. Roadblocks & Challenges Limited range, and poor charging infrastructure have been the bane of India’s E2W market. Experts as well as the industry players are in agreement over this point. Despite strong market tailwinds, challenges remain for faster adoption of E2W, from both the demand and supply side, says Shah of CareEdge Advisory. The primary challenges faced by electric two-wheeler users in India are poor battery charging infrastructure, limited top speed, unavailability of prompt support network, less range and poor build quality. As of January 2023, India had 5,254 public electric vehicles (EVs) charging stations, to cater to a total of 20.65 lakh EVs. Till date, the FAME-II subsidies have helped develop almost 2,900 charging stations across 25 states with Delhi reporting the maximum number of vehicles per charging stations, followed by Goa and Karnataka. The gaps need to be addressed through better regulation, improved monitoring, mechanisms, and capacity building across the policy value chain. [email protected]; @Ashish_BW; [email protected] give us a leadership position in the EV segment also,” Bhargava told BW Businessworld. He has been making a point that for a country like India, where coal is the major source of enery, there could be better options for reducing carbon emissions in addition to EVs. Bhargava has been talking about hybrid, compressed natural gas (CNG), bio-CNG, ethanol, hydrogen and other technology options as the potential options. The Indian arm of Chinese owned MG Motor India, a SAIC Motor Corp subsidiary, has laid down the roadmap for expansion and indigenisation of its Indian operations over the next 4-5 years. Rajeev Chaba, MG Motor India CEO Emeritus says: The first step is to get Indian shareholders on board as majority shareholders, it could be HNIs, domestic financial institutions, dealer network and employees. Next step will be listing.” Chaba said the company aims to launch 4-5 new cars with focus on EVs. The company expects its EV portfolio to contribute up to 65-75 per cent of total sales in India. It is exploring setting up of cell manufacturing and hydrogen fuel-cell technology through joint ventures or third-party manufacturing. On the commercial vehicle (CV) front, Ashok Leyland says it was first to align itself with the government’s decision to turn to cleaner fuel technology as well as EV fleet in CV category. LATEST AFFORDABLE EVs LAUNCHED Hero Electric’s Optima-CX-ER Mahindra’s XUV 400 EV MG Motor India’s Comet Okinawa-lite from Okinawa Autotech Internationall Photographs courtesy: Mahindra & Mahindra, Okinawa Autotech International, Hero Electric, MG Motor India

72 | B W BUSINESSWORLD | 17 June 2023 T he June launch of the Jimny, the much-awaited SUV from the Maruti Suzuki stable, promises to be a keenly watched affair. Till last week of May, it had got pre-bookings of around 30,000 units. With this, the SUV segment, currently led by Mahindra’s Thar, is set to witness intense competition. There are as many as 46 brands in the SUV space. Maruti’s SUVs include Brezza and Grand Vitara. There is a historical reason why Maruti Suzuki didn’t venture into SUVs in early years. In a recent interview with BW Businessworld, Maruti Chairman R.C. Bhargava explained the reasons. He said: “We were a little slow in getting into SUVs. One of the reasons was that Suzuki, and therefore, Maruti, was never very strong in diesel engines. Suzuki was actually originally a petrol-only car manufacturer,” he adds. Now, however, Maruti is eyeing “at least 25 per cent market share of SUVs this year”. The Jimny launch is thus important Photograph by Ritesh Sharma BETTING BIG ON SUVs, EVs Market leader in passenger cars, Maruti is getting ready to extend its dominance in the SUV and EV segments By SUMAN K. JHA “We get into EVs from 2024-25 with the launch of six EVs in six years. I'm sure these models will give us a leadership position in the EV segment also” and much-anticipated for the auto major. It’s just not the SUVs, Maruti has made its intention clear to make a big splash in the EV category as well. “We get into the EVs from 2024-25 (with the launch of six EVs in six years – there would be one new model a year, broadly speaking). I’m sure these models will be very well accepted, and will give us a leadership position in the EV segment also,” says Bhargava. After the Indian auto industry grew in 2022-23 above the 2018-19 levels, and experts now hoping that the record sales in FY23 would mark a new phase of expansion, Bhargava feels that the Indian car industry is slated to grow to become the third-largest in the world, “probably in three years from now”, and that Maruti will have “a very significant role in that”. INDEPTH AUTO

17 June 2023 | B W BUSINESSWORLD | 73 Market Leadership With a market share of 41 per cent Maruti has been the dominant auto player in India, over the years. It has publicly expressed its ambitions to increase its market share to 50 per cent. With a car penetration rate in India at around 32 per 1,000 (and most other parts of the world having reached saturation points – US at 900 per 1,000, China at over 200 per 1,000), the Indian market, however, holds huge potential for growth in auto. In his recent interaction with BW Businessworld, Bhargava also spoke about the Maruti story and his own experience in leading the company. The success of Maruti in India is a tribute to its workforce, says Bhargava. “The success of Maruti in India is also because we could get workers to participate in that. They understood that if they did that the company would grow. (And) they would also grow along with the company”. Bhargava feels that the auto industry could do with more attention and encouragement from policymakers. “Of these 70 odd years, I don’t think that we have yet accepted that the car industry has been a major driver of manufacturing growth in many countries. And that the car industry has several linkages to different types of industries… If you look at the policy statements over the last even 20 years, I’m not sure if you’ll find any policy statement which talks of cars being a high-priority industry,” he adds. A former IAS officer (he topped the Civil Services examination), and an iconic leader, Bhargava says that in his personal life, he benefitted a great deal because he always had an open mind. “I was willing to learn from anybody,” he says. “Amongst the important things that I learned was that even if a person is not highly educated, for instance, the workman who may only be a high school passout, s/he has a lot of capability and the ability to contribute towards achieving excellence,” he concludes. [email protected] Photograph courtesy: Maruti Suzuki India “We were a little slow in getting into SUVs. One of the reasons was that Suzuki, and therefore, Maruti, was never very strong in diesel engines. Suzuki was actually originally a petrol-only car manufacturer”

74 | B W BUSINESSWORLD | 17 June 2023 I N LINE WITH its ambition to be planet positive by 2040, the Mahindra Group has upped its focus in the electric vehicles (EV) space. While it has a strong play in the electric three-wheeler space, with two new brands in the electric SUV market, including the recently launched XUV400, Mahindra is eyeing a large share in this segment as well. Mahindra’s electric strategy focuses only on the four-wheeler and threewheeler segments, which it has now spun off into two wholly-owned subsidiaries, Mahindra Electric Automobile (MEAL) and Mahindra Last Mile Mobility (LMM), respectively. Eyeing eSUV Leadership Mahindra’s EV aspiration is reflected in its Born Electric Vehicles (BEV) range of eSUVs under the two EV brands –– XUV with the Twin Peak logo in copper and the all-new electriconly brand, BE. Rajesh Jejurikar, Executive Director & CEO, Auto and Farm Sector, Mahindra & Mahindra is optimistic about the EV space in India for both its last-mile mobility and SUV electric portfolios, where the auto major continues to make big moves COVER STORY EV CHALLENGE “SUV ELECTRIFICATION WILL REACH AN INFLEXION POINT IN TWO YEARS” “Our vision of Born Electric is underpinned by the future-ready INGLO platform, two new brands and the Heartcore design philosophy. This provides a powerful glimpse of our strategic direction and hews to the Mahindra attitude of a racing spirit and the attitude of adventure,” says Rajesh Jejurikar, Executive Director & CEO, Auto and Farm Sector, Mahindra & Mahindra. The company has roped in British International Investment to invest up to Rs 1,925 crore into MEAL at a valuation of up to Rs 70,070 crore. A Slew of Investments To scale up electric three-wheelers and affordable small commercial vehicles, Mahindra has also tied up with International Finance Corporation, wherein the latter will invest Rs 600 crore in Mahindra LMM. “Being market leaders in the last-mile mobility segment, we have an opportunity to drive higher EV penetration and provide a more sustainable as well as profitable option to microentrepreneurs,” explains Jejurikar. Mahindra’s EV journey is at full throttle as it remains bullish on India’s EV future. The company is also tying up with state governments for subsidies and other stakeholders to create a wider network that can together realise its electric future vision. By Noor Fathima Warsia 67.6% #1 Player: Market Share 1 Lakh Units EV 3W Sales of Source: Mahindra Group Mahindra’s Electric 3W Dominance Infographics by Shiv Kumar

17 June 2023 | B W BUSINESSWORLD | 75 “We believe that about 20-30 per cent of our SUV portfolio will be electric by 2027” RAJESH JEJURIKAR, Executive Director & CEO, Auto Farm Sector, Mahindra & Mahindra You launched Mahindra XUV400 earlier this year. What is the market feedback? We launched the XUV400 in March effectively. The overall feedback is very positive both from the vehicle standpoint and the initial numbers. We have more than 3,000 vehicles on the road already. The EV segment in India is in the very early stages of penetration. Pegged at less than two per cent, it has a huge upside opportunity. SUV electrification will take another two years to reach its inflexion point. We are amid a category-creation exercise, where customers have several queries. They want to understand the data, know about charging infrastructure or whether societies will permit it or how to get permissions and so on. You can expect to see real growth by 2025-27, given the pace at which the charging infrastructure is coming up and how customer awareness is increasing. How does this translate to your overall portfolio? We believe that about 20 to 30 per cent of our SUV portfolio will be electric by 2027. This is why we are investing significantly in preparing for the electric transition. Not only did we spin off our electric three-wheeler and SUV electric into separate businesses, where we have partnered with like-minded investors such as British International Investment and International Finance Corporation who believe in prioritising sustainability and are in it for the long term, but we are also working with state governments like Maharashtra and Telangana for wider impact. How do you see these independent entities grow in the time ahead? We are very bullish on the EV space in India. We spun off into the two companies because this is an important business. In a way, we are creating two beachheads on which to build the business and in both, we have investors and very good valuations. [email protected]

EMPOWERING WOMEN The Beti Bachao Beti Padhao programme is a winner. The MUDRA loan scheme empowers 408 million women. The Ujjwala Yojana gives access to subsidised LPG for 96 million underprivileged women. REACHING OUT TO THE UNBANKED The number of branches per lakh adult citizens in India is higher than in countries like Germany, China and South Africa. Jan Dhan Bank accounts provide insurance to the vulnerable. $5 TRILLION GAMBIT Initiatives like Digital India, Make in India and the Goods and Services Tax (GST) have incentivised investments and manufacturing and simplified the tax structure. SPURRING ENTREPRENEURSHIP A pro-business stance has seen the number of startups in India catapult from just around 350 before 2014 to more than 90,000 in 2023 with over 100 unicorns. FDI inffows in FY 2022 was $84.8 billion. GLOBAL POWERHOUSE OR VISHWAGURU India has overtaken the United Kingdom to become the fifth-largest economy in the world. India now aspires to be a developed nation by 2047 through a “Panch Pran" (five vows) initiative. BOLSTERING INFRASTRUCTURE Business-friendly changes in the country’s laws and regulations and projects like Vande Bharat (railways), Bharatmala project (roadways) and Ude Desh Ke Nagrik (aviation) have upgraded infrastructure and helped India move forward. SALUTE OF THE EQUITY MARKETS The equity market benchmarks Sensex and Nifty, have shot up by more than 150 per cent and the overall market capitalisation of BSE-listed firms have tripled to Rs 195 lakh crore. TRANSFORMING EDUCATION From the New Education Policy (NEP) 2020 to CUET, the education ecosystem has witnessed many reforms over the last nine years that make learning more meaningful for students. Man of Mettle Prime Minister Narendra Modi and the coalition he leads, will go down in history for having steered India through “interesting times”. From overcoming a pandemic through a massive vaccination drive to astute diplomatic stances in a war-ravaged world, it kept the Indian tricolour fiying high. The ‘Reform, Perform, Transform’ mantra today attracts foreign investors to India and creates opportunities for home-grown entrepreneurs TRANSFORMING HEALTHCARE Digital platforms now make healthcare accessible to all. Overcoming the pandemic was a historic achievement as the coronavirus vaccination drive surpassed the 200-crore milestone in July 2022. By Abhishek Sharma Visualisation by Shiv Kumar Photos: PIB & Freepik SPOTLIGHT NINE YEARS OF MODI 76 | B W BUSINESSWORLD | 17 June 2023

EMPOWERING WOMEN The Beti Bachao Beti Padhao programme is a winner. The MUDRA loan scheme empowers 408 million women. The Ujjwala Yojana gives access to subsidised LPG for 96 million underprivileged women. REACHING OUT TO THE UNBANKED The number of branches per lakh adult citizens in India is higher than in countries like Germany, China and South Africa. Jan Dhan Bank accounts provide insurance to the vulnerable. $5 TRILLION GAMBIT Initiatives like Digital India, Make in India and the Goods and Services Tax (GST) have incentivised investments and manufacturing and simplified the tax structure. SPURRING ENTREPRENEURSHIP A pro-business stance has seen the number of startups in India catapult from just around 350 before 2014 to more than 90,000 in 2023 with over 100 unicorns. FDI inffows in FY 2022 was $84.8 billion. GLOBAL POWERHOUSE OR VISHWAGURU India has overtaken the United Kingdom to become the fifth-largest economy in the world. India now aspires to be a developed nation by 2047 through a “Panch Pran" (five vows) initiative. BOLSTERING INFRASTRUCTURE Business-friendly changes in the country’s laws and regulations and projects like Vande Bharat (railways), Bharatmala project (roadways) and Ude Desh Ke Nagrik (aviation) have upgraded infrastructure and helped India move forward. SALUTE OF THE EQUITY MARKETS The equity market benchmarks Sensex and Nifty, have shot up by more than 150 per cent and the overall market capitalisation of BSE-listed firms have tripled to Rs 195 lakh crore. TRANSFORMING EDUCATION From the New Education Policy (NEP) 2020 to CUET, the education ecosystem has witnessed many reforms over the last nine years that make learning more meaningful for students. Man of Mettle Prime Minister Narendra Modi and the coalition he leads, will go down in history for having steered India through “interesting times”. From overcoming a pandemic through a massive vaccination drive to astute diplomatic stances in a war-ravaged world, it kept the Indian tricolour fiying high. The ‘Reform, Perform, Transform’ mantra today attracts foreign investors to India and creates opportunities for home-grown entrepreneurs TRANSFORMING HEALTHCARE Digital platforms now make healthcare accessible to all. Overcoming the pandemic was a historic achievement as the coronavirus vaccination drive surpassed the 200-crore milestone in July 2022. By Abhishek Sharma Visualisation by Shiv Kumar Photos: PIB & Freepik 17 June 2023 | B W BUSINESSWORLD | 77

78 | B W BUSINESSWORLD | 17 June 2023 NINE YEARS OF MODI I T IS TIME FOR US to realise that we’re too great a nation to limit ourselves to small dreams. We’re not, as some would have us believe, doomed to an inevitable decline. I do not believe in a fate that will fall on us no matter what we do. I do believe in a fate that will fall on us if we do nothing. So, with all the creative energy at our command, let us begin an era of national renewal. Let us renew our determination, our courage, and our strength. And let us renew our faith and our hope. We have every right to dream heroic dreams.” The above quote from former U.S. President Ronald Reagan resonates with how it is India’s time to dream big. When Narendra Modi took the Prime Minister’s office nine years ago, India’s slow economic growth, high unemployment and high fiscal deficit were similar to those of the US in the 1980s. Under PM Modi, the government implemented several transCOLUMN In the last nine years, the Modi government has built a digital platform for healthcare that aims to deliver healthcare to all. eSanjeevani, the government’s innovative telemedicine service, helps people reach specialist doctors in major cities without leaving their homes. This is a great help for the elderly and those living in remote areas. Over 120 million patients have accessed quality health services remotely via eSanjeevani till date. When the whole world was struggling to cope the Covid-19 pandemic in 2020, India was able to effectively tackle the deadly virus through decisive leadership, proactive planning, and innovations such as the AarogyaSetu and Co-Win apps. As a result, India not only successfully administered over 200 million vaccines to over 90 per cent of its population, but also reached out to various other countries, sending vaccines as part of the Vaccine Maitri initiative. India Transformed formative initiatives that have impacted the lives of all sections of Indian society to take our great nation to greater heights. Transforming Healthcare As someone involved in the healthcare, pharmaceutical and biopharmaceutical industries, and as an entrepreneur, I believe one of the standout areas of this regime is its commitment to building a better and more resilient national healthcare system.

17 June 2023 | B W BUSINESSWORLD | 79 Under the Janaushadhi Pariyojana, the government is providing high quality, generic medicines that are equivalent in quality and efficacy to expensive branded drugs to the masses at affordable prices through dedicated stores. India sold generic medicines worth over $160 million in the fiscal year 2023. The Ayushman Bharat Yojana is playing a crucial role in creating a healthy and productive new India through its network of over 154,000 health and wellness centres, as well as providing insurance cover to the economically weaker sections of the society. Nearly 220 million citizens of India have benefited from this mega health insurance scheme. Spurring Entrepreneurship Another great change that I’ve noticed as a businesswoman is the evolution of the country’s entrepreneurship landscape over the past nine years. Today, so many dynamic young people are finding innovative solutions to our everyday problems. This is only possible thanks to highly targeted government initiatives such as Make in India and Startup India. Political leadership has played an important role in India’s transition to a pro-business nation. The number of startups has grown from just around 350 before 2014 to more than 90,000 in 2023 with over 100 unicorns, according to latest government data. It’s great to see the PM himself applauding the nation’s youth, their ideas, and their achievements, which has been a great source of inspiration for many others who want to make a difference to society but are afraid of the risks involved. Today, the youth of our country are no longer afraid to plunge into nation-building and are transforming India as a hub of innoebrated, and women are making India proud in each and every field, be it sports, science, entertainment, defence or aviation. I believe, this is a big achievement for this government, and for each and every Indian woman. Over 408 million women have become self-reliant thanks to the MUDRA loan project for small and micro enterprises. The Ujjwala Yojana has helped as many as 96 million women from the most underprivileged sections of society get access to LPG at subsidised rates. This scheme is saving millions from acute respiratory illness resulting from indoor air pollution caused by unclean cooking fuel. Conclusion In these nine years, PM Modi’s policies have boosted India’s global standing, attracted substantial FDI, strengthened infrastructure, spurred investment in technology, and created huge opportunities for entrepreneurs. Today, India is the fifth-largest economy which is growing twice as fast as the world economy. Under his visionary leadership, India has transformed into a more confident and self-reliant nation that is in tune with its rich cultural heritage and historic legacy. vation. In fact, the business-friendly changes in the country’s laws and regulations have improved infrastructure such as roads, air connectivity etc. which have helped India Inc. Today, many multinational corporations are looking to India as a promising destination for manufacturing. Both foreign direct investment (FDI) and exports have increased tremendously in the last nine years. India has been ranked among the world’s top 10 largest recipients of FDI and received highest-ever inflows worth $84.8 billion in FY22. Championing Social Reforms Another important achievement, I believe, lies in women’s empowerment. The Beti Bachao Beti Padhao programme has changed the whole perception of Indian society towards their daughters. Today, the birth of daughters is celAS SOMEONE INVOLVED IN THE HEALTHCARE, PHARMACEUTICAL AND BIOPHARMACEUTICAL INDUSTRIES, AND AS AN ENTREPRENEUR MYSELF, I BELIEVE ONE OF THE STANDOUT AREAS OF THIS ADMINISTRATION IS ITS COMMITMENT TO BUILDING A BETTER AND MORE RESILIENT NATIONAL HEALTHCARE SYSTEM Kiran Mazumdar Shaw: Executive Chairperson, Biocon & Biocon Biologics Photograph by Tribhuwan Sharma

80 | B W BUSINESSWORLD | 17 June 2023 NINE YEARS OF MODI T ODAY, INDIA IS THE world’s fifth-largest economy by GDP, at $3.34 trillion, up from tenth place in 2014. It grew at a phenomenal 16 per cent in FY23 (18.4 per cent in FY22) in nominal terms, belying forecasts that growth would slow down after the pandemic. India remains the only large economy to continue its economic pace. The April 2023 update of the World Economic Outlook predicts India to be the fastest-growing economy in FY24. Increased stability in several macroeconomic variables lends to this positive outlook. The post-pandemic tax buoyancy continues at the Central level and in many states, growing at more than 20 per cent YoY. Average monthly GST collections in FY23 was Rs 1.51 lakh crore. India also continues to strengthen its financial and banking governance. The manufacturing and construction sectors, which have strong feedforward effects into other economic sectors like materials consumption, employment and tax generation, are expanding with multiple population-scale projects. Fiscal deficit targets are also returning to the lower pre-pandemic levels. The nation continues to be a favoured destination for global investment and a significant component of most foreign investors’ Asia allocations. Driving Capex & Inclusive Growth The Central government continues COLUMN By Mohandas Pai & Nisha Holla Indians, especially in the rural areas, had probably not witnessed infrastructural development in their lifetimes before the NDA government’s slew of projects. India leads the world in the pace of digital and financial inclusion. The government continues to foster growth and innovation in the development of population-scale Digital Public Goods (DPG). Forty-nine crore previously “unbanked” citizens could open Jan Dhan bank accounts to drive significant capex, building on quantity and quality, as they have in successive Budgets for nearly a decade. The pace of highway construction has grown almost 300 per cent in the last seven years – total length has increased from 1,289 km in FY16 to 3,963 km in FY22. Rural road connectivity and coverage are now at 99 per cent. A total of 400 high-speed Vande Bharat trains have been commissioned, of which 16 are already operational. Most An 8-on-10 Performance T.V. Mohandas Pai & Nisha Holla

17 June 2023 | B W BUSINESSWORLD | 81 with multiple benefits; 1.74 crore farmers are now registered on e-NAM, allowing for greater inclusion of the agricultural class in the markets. The Direct Benefit Transfer network has disbursed Rs 29.4 lakh crore worth of benefits to disadvantaged groups. The NPCI and RBI recently launched innovations like UPI Lite, which simultaneously drives greater digital payments activity while promoting cost-efficiency for banks, and UPI 123Pay, which allows feature phone users to transact on the UPI platform using voice or proximity-based sound systems. Economic inclusion is an ongoing priority for the Modi government. Almost every one of India’s massive 140-crore population now has a roof over their head, water in the tap, a working toilet, power in the switch, food on the table, a gas stove, a mobile connection, a bank account with money, a road to their village, internet connection, education for their children, and health insurance. No PM in India’s history has done as much for the poor as PM Modi has done in 9 years. Areas That Need Swift Action While the Modi government has overseen and led some of the largest step-function developments in Independent India in its 9-year governance mandate, there are still some areas where swift action is required. Tax terrorism continues despite several initiatives taken to reduce tax disputes. The quantum of tax disputes has increased from Rs 4.5 lakh crore in 2014 to around Rs 12 lakh crore in 2023. Despite the PM thanking taxpayers in Parliament, it is clear key to upholding India’s democratic values, and implementing them swiftly will hold the country in good stead as it rises through the global economic order. Commanding Respect Globally On the international affairs front, India’s standing is at an all-time high. The Modi government has strategically adopted a diplomatic and collaborative attitude, as seen with the Quad, during the Covid-19- pandemic, and in the Middle East, while simultaneously standing firm on the nation’s sovereign interests, as seen with the border conflicts with Pakistan and China, and the Ukraine war. On all fronts, there is strong momentum behind India’s growth and influence over the next 25 years as we approach a century of Indian Independence. Overall, the NDA government under PM Modi has done exceptionally well in multiple vital areas. Addressing the remaining areas will balance out India’s socio-economic development and lend momentum in the run-up to the 2024 Lok Sabha elections. We rate the efforts of the NDA government over the last nine years a robust 8 on a scale of 10. the Finance Ministry doesn’t respect honest taxpaying citizens, instead treating them as government captives. The attitude, policies and laws all need remedy. The justice system needs to be fixed. There are hardly 21 judges/million population against the optimum 50. Prisons are full of under-trials waiting for their moment in court. Judicial capacity must be quickly built up, particularly in the lower judiciary. Several beneficial measures have been passed but are yet to be implemented. For example, the labour laws were amended years ago but still need to be implemented. This is key to unlocking the potential of India’s demographic dividend and becoming a global manufacturing power. Police reforms are long overdue. The force is still rooted in its colonial and feudal origins, which has proved dangerous for the very citizens they are supposed to protect. All the above-mentioned points are MOST INDIANS, ESPECIALLY IN THE RURAL AREAS, HAD PROBABLY NOT WITNESSED INFRASTRUCTURAL DEVELOPMENT IN THEIR LIFETIMES BEFORE THE NDA GOVERNMENT’S SLEW OF PROJECTS Pai isChairman, Aarin Capital & Holla is Technology Fellow at C-CAMP Photograph courtesy: NHAI

84 | B W BUSINESSWORLD | 17 June 2023 H E Y E A R 2 0 2 2 P ROV E D TO B E A period of uncertainties for the global economy. This year too the economic outlook remains bleak, and inflation globally remains sticky, triggering fears of sustained monetary tightening by central banks. However, despite the economic downturn, India Inc. has, by and large, remained resilient. The resilience shows how finance leaders continue adapting to the ever-changing macroeconomic environment. The line between the CFO and CEO offices today is diminishing, and the CFO is playing an active role in realising the CEO’s vision and driving the business. Hence, when referred to as the Chief Future Officers, it implies they have the vision and agility to prepare the company to tackle unforeseen macroeconomic challenges. BW CFO World, at its sixth edition of the Best CFO & Finance Strategy Awards, acknowledged CFOs and financial teams of firms who successfully managed to steer their organisations in these challenging times and demonstrated outstanding capabilities and achievements in the finance function. BW CFO World, at its sixth edition of the Best CFO & Finance Strategy Awards, acknowledged CFOs and financial teams of firms who successfully managed to steer their organisations in these challenging times BEST CFO AWARD WINNERS T The Methodology and Process Over 700 CFOs and organisations were reached out, and over 150 nominations were received. Among these, 82 nominations were shortlisted by the BW Businessworld’s Editorial Team and were then presented to a jury. The jury members decided on the final winners. Participants were judged on various parameters such as the revenue/ turnover generated, capital generated, and key financial growth parameters. The Jury The Jury was chaired by Sethurathnam Ravi, Managing Partner, Ravi Rajan & Company, Chairman, TFCI, Former Chairman, Bombay Stock Exchange. Other esteemed jury members included Annurag Batra, Chairman & Editor-in-Chief, BW Businessworld, Founder, exchange4media; Rajnish Kumar, Chairman, BharatPe, Former Chairman, SBI; Vinod Gupta, Managing Director, VG Learning Destination India; CMA P. Raju Iyer, President, The Institute of Cost Accountants of India; Anirban Chakraborty, Co-founder, Cadmus Capital; Deena Mehta, Group Managing Director, Asit C. Mehta Financial Services; Amit Malik, President Japan, Asia, Pacific & Australia, WadzPay Worldwide; and Talees Rizvi, Director, BW People & BW CFO World. Winners of the Best CFO & Finance Strategy Awards [ Opening Essay ] THE CHIEF FUTURE OFFICERS

17 June 2023 | B W BUSINESSWORLD | 85 Category Sr. No. Company Name Designation Award Sustained Wealth Creation 1 Make My Trip Mohit Kabra CFO Special Mention 2 Astral Hiranand Savlani CFO Gold M & A Project of the Year 3 Zydus Lifesciences Nitinkumar Dalsukhray Parekh CFO Gold Investor Management and Relations 4 Astral Hiranand Savlani CFO Gold Healthy Balance Sheet Management 5 Garware Technical Fibres Mukesh Surana CFO Silver 6 Bajaj Electricals EC Prasad CFO Gold Finance Innovation of the Year 7 Property Solutions (India) Vimal Kumar Ladha CFO & Head Procurement Silver 8 Bajaj Electricals EC Prasad CFO Gold Enhancing Competitiveness through M&As 9 Pine Labs Marc Mathenz CFO Silver 10 Xebia Arvind Kumar Sharma CFO Gold Digital Transformation Project of the Year 11 Wakefit Innovations Sharad Sodhani CFO Gold Best Use of Data and Analytics in Finance 12 Pepperfry Kushal Budhia Head Corporte Strategy Gold Young CFO (Under 40) 13 Motorola Mobility (A Lenovo Company) Dinesh Bansal CFO-Asia Pacific (Mobile Business Group) & Board Member Silver 14 GHV Advanced Care (Pristyn Care) Prabhat Agarwal CFO Gold Most Promising CFO 15 Fincare Small Finance Bank Keyur Doshi CFO Silver 16 OYO Abhishek Gupta Group CFO Gold Best CFO Large Start-Up 17 Dream Sports Navin Agarwal CFO Gold Best CFO Start-Up (Under 5 years) 18 StockGro Piyush Makharia CFO Gold Best CFO of an MNC 19 OYO Abhishek Gupta Group CFO Gold Best CFO of a PSU 20 Security Printing and Minting Corporation of India Ajay Agarwal Director (Finance) Gold Best CFO for Small Enterprise 21 Applied Solar Technologies (India) Rajiv Kumar Goyal CFO (AST Telecom) Silver 22 Tredence Analytics Solutions Pratap Daruka CFO Gold Best CFO for Medium Enterprise 23 NIXI (National Internet Exchange of India) Santanu Acharya GM-Finance Special Mention 24 NEC Corporation India Mayank Khandelwal CFO Silver 25 MedGenome Labs Surajit Chakrabartty CFO Silver 26 PVR Nitin Sood Group CFO Gold Best Financial Team 27 SBI General Insurance Company Rikhil Shah CFO Special Mention 28 HCL Technologies Prateek Agarwal/Goutam Rungta CFO/Corporate VP Finance Gold Best Woman CFO 29 Reliance Nippon Life Insurance Poornima Subramanian CFO Gold Best CFO for Large Enterprise 30 Jindal Stainless Anurag Mantri Executive Director & Group CFO Special Mention 31 SBI Life Insurance Company Sangramjit Sarangi President & CFO Special Mention 32 Deepak Nitrite Sanjay Bakulchandra Upadhyay Director-Finance & Group CFO Silver 33 Tata Communications Kabir Ahmed Shakir CFO Silver 34 Petronet LNG Vinod Kumar Mishra Director (Finance) Gold THE WINNERS

86 | B W BUSINESSWORLD | 17 June 2023 BEST CFO AWARD WINNERS duction of GST from 18 per cent to 12 per cent on such services. It helped the company in offering services at more competitive rates with huge tax savings and the entire industry also benefited. Benefits of 80-IA under the Income Tax Act, resulted in tax savings of more than Rs 50 crore.” In the past, Mishra also ensured complete coverage of the operations against physical damage of property and business interruption losses and achieved the lowest insurance rate in the hydrocarbon industry of approximately 0.07 per cent through excellent planning and structuring in international re-insurance markets. Under his watch, the cost optimisation and value creation through trading of LNG, saved in operations (power generation and as fuel for ships), in the spot market yielded the highest ever profit before tax (PBT) and profit after tax (PAT) during FY 2021-22 of Rs 4,474 crore and Rs 3,352 crore, despite the reduction in throughput by over 20 per cent due to significantly higher spot LNG prices. Apart from his work as a CFO, Mishra also believes in team effor t so that the company can grow. By collaborating with operations, marketing and finance teams to achieve cost optimisation and value creation by the trading of LNG, it witnessed the highest ever PBT of Rs 4,474 crore in FY 2021-22. “The financial growth of the company ensures the economic growth of the employees in the form of performance-linked incentives,” he adds. INOD KUMAR MISHRA, DIRECTOR (FINANCE), Petronet LNG strongly believes that the growth of a company entirely depends upon the CEO and the person assisting him financially (CFO) as these two are extremely critical for a firm. He pitches for collaboration between the CEO and CFO so that both of them can ensure growth and financial viability. “The best thing is that nowadays if we see any company which is growing it is not possible that the CEO and CFO are not working together. So it’s imperative for the success and growth of an organisation that both have synergy and should do better in the interest of the company,” he says. At Petronet LNG, Mishra’s financial strategies have been evolving with the changing business needs. He augments business de- “If we see any company which is growing it is not possible that the CEO and CFO are not working together” Mishra pitches for collaboration between the CEO and CFO for ensuring growth By Abhishek Sharma DOUBLING SUCCESS TOGETHER V velopment and projects through f inancial due d i l igenc e v ia wel l- de f i ne d financial parameters under the policy on project appraisal and investment decisions. Talking further about how his financial strategies have made an organisation-wide impact, Mishra says, “We achieved pathbreaking advance ruling from AAR, Gujarat, classifying regasification of LNG as job work, achieving a reVINOD KUMAR MISHRA Director (Finance), Petronet LNG Category: Best CFO for Large Enterprise Award: Gold Photograph by Suresh Gola

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88 | B W BUSINESSWORLD | 17 June 2023 BEST CFO AWARD WINNERS philosophy, Upadhyay oversaw a mega project for manufacturing 200,000 MTPA Phenol and 120,000 MTPA co-product Acetone along with 260,000 MT Cumene, a feedstock for manufacturing Phenol and Acetone. The funds raised were efficiently utilised, demonstrated in a significant increase in the firm’s market cap from around Rs 2,000 to Rs 28,000 crore over five years. “Consistent financial performance, quality management, and strong technical momentum increased the investor enthusiasm,” Upadhyay states. Complementary role Upadhyay says that CFOs and CEOs bring complementary strength to an organisation. “CEOs will certainly have to think and dream big, and CFOs will have to ensure checks and balances and bring the necessary resources to convert those dreams into a reality,” Upadhyay says. He emphasises people’s strengths and says that the employees are their most valuable asset; their domain knowledge and experience give the organisation a significant competitive advantage. “Our experienced professionals are crucial to our ambition to become a global leader in our business,” states Upadhyay. He advises young professionals that agility is the key to tackling unforeseen macroeconomic challenges for which they must stay nimble-footed and alert. ESPITE A CHALLENGING OPERATING environment marked by rising prices of critical raw materials in the chemicals sector and other logistics and material movement constraints, Deepak Nitrite reported its highest-ever revenue, EBITDA and PAT in FY22. Led by Sanjay Upadhyay’s financial acumen, the company effectively used its cash flows to finance expansion projects and repay its debts. “We always ensure adequate liquidity and maintain healthy gearing levels through our prudent treasury and cash flow management capabilities. All investments are made after deep research and by adopting a calibrated approach,” says Upadhyay. Upadhyay also ensured continued process optimisation, productivity improvements and energy conservation by converting byproducts into value-added products, reducing packing waste using efficient packing materials, and “All investments are made after deep research and by adopting a calibrated approach” Between 2017 and 2022, Upadhyay led one of the highest capex projects in the chemical manufacturing industry worth Rs 1,400 crore By Team BW AGILE FINANCE MANAGEMENT D developing products from waste to reduce costs and enhance margins. Capex boost Between 2017 and 2022, Upadhyay led one of the highest capital expenditure (capex) projects in the chemical manufacturing industry worth Rs 1,400 crore. Under his leadership, Deepak Nitrite also successfully raised funds to the tune of Rs 400 crore from QIPs for three consecutive years. Aligned with the ‘Make in India’ SANJAY UPADHYAY Director (Finance) & Group CFO, Deepak Nitrite Category: Best CFO for Large Enterprise Award: Silver Photograph by Suresh Gola

17 June 2023 | B W BUSINESSWORLD | 89 BEST CFO AWARD WINNERS These numbers demonstrate the significant progress and financial success achieved by Tata Communications under the leadership of Kabir Ahmed Shakir. The company has shown substantial improvement in financial metrics, profitability, cash flow and market capitalisation, positioning itself for future growth and success. Shakir’s financial strategies have also facilitated Tata Communications’ growth plans and positioned the company for future success. The finance function has focused on dynamic pricing frameworks, robust capex frameworks, working capital efficiency improvements, and actionable reporting and analytics. These initiatives have supported the organisation’s competitive positioning, accelerated growth, and provided the necessary financial resources for future ambitions. He has effectively cascaded the financial strategies throughout the organisation, creating alignment and driving employee engagement. Through extensive communications, goal alignment, rewards and recognition programmes, and cross-functional discussions, the finance strategy has become ingrained in the decision-making process across all levels and functions. This alignment has resulted in a shared language and vision across the organisation, motivating employees to excel in their goals and contribute to Tata Communications’ financial success. ABIR AHMED SHAKIR HAS PLAYED a significant role in charting Tata Communications’ finance trajectory through his strategic vision, leadership and expertise since joining the company in 2020. He has been instrumental in aligning financial strategies with the organisation’s vision and business strategies, resulting in remarkable financial success and growth. “The finance strategy has become ingrained in the decisionmaking process across all levels and functions” Shakir’s alignment has resulted in a shared language and vision across the organisation, motivating employees to excel in their goals and contribute to Tata Communications’ financial success By Rohit Chintapali K investor confidence and the market’s recognition of the company’s financial performance under Shakir’s leadership. Furthermore, the company announced a dividend distribution policy for the first time ever, with a significant increase in dividend payouts, providing attractive returns to shareholders. Moreover, the net debt to EBITDA ratio improved to 1.6x in FY22, compared to the three-year average of 3x. This represents a healthier financial position with reduced debt relative to EBITDA. Under his leadership, Tata Communications’ free cash flow grew by approximately six times, reaching Rs 2,189 crore in FY22. This represents a substantial increase compared to the three-year average (FY18 to FY20) of Rs 340 crore, indicating a strong cash position and improved liquidity. Tata Communications’ market capitalisation has doubled in the last three years, reaching approximately Rs 35,000 crore, with the stock price touching a lifetime high in FY22. This growth reflects KABIR AHMED SHAKIR CFO, Tata Communications Category: Best CFO for Large Enterprise Award: Silver CHARTING GROWTH Photograph by Suresh Gola

90 | B W BUSINESSWORLD | 17 June 2023 BEST CFO AWARD WINNERS Corporate strategies Mantri says that as a CFO, his strategies have evolved to be all-encompassing with his attempt to focus on and consider all business segments during decision-making. He recalls Maureen O’Connell, former CFO of Scholastic and believes that a CFO needs to go beyond being ‘the finance operations expert’ to become a corporate strategist who can enhance the firm’s valuation and brand and win over stakeholders’ trust and goodwill. He also oversaw the merger of Jindal Stainless (Hisar) Limited with Jindal Stainless Limited, completed in FY23. The merger of JSL and JSHL will create one of the largest stainlesssteel entities, with a total capacity of 1.90 MTPA. Post-merger, the combined entity is expected to have more diversified operations; a wider presence both domestically as well as globally; higher bargaining power with the suppliers; and will become one of the top 10 global stainless-steel manufacturers. In line with its commitment to its ESG goals, Jindal Stainless, under Mantri’s leadership, has successfully deployed CO2 emission reduction processes. An organisational target to reduce carbon emissions by 8-10 per cent by 2025 has also been set. “A CFO needs to go beyond being ‘the finance operations expert’ to become a corporate strategist ” Mantri has focused on scaling up the operations, leading active business partnerships and processes to deliver exponential growth By Team BW w HEN ANURAG MANTRI JOINED Jindal Stainless in 2016, it was fighting a hard battle to save itself from drowning. Within seven years of him being the CFO, the conglomerate today is ranked among the top 10 stainless steel companies globally and got ratings upgraded by Crisil and India Ratings in FY22 owing to strong operations and financial performance. The company registered a three-year CAGR of 17.3 per cent in new sales and 129.2 per cent profit after tax. The three-year average total shareholder return stood at 107.9 per cent, while the average return on capital employed was 19.8 per cent. Mantri stresses enterprise value creation. He used his financial acumen gained over the years through experience as a finance leader in various sectors to drive the stainless-steel giant’s business restructuring. He led the triumphant CDR/NCLT/ Insolvency exit of JSL Group by reorganising the group into four companies. Additionally, a sustainable business turnaround was witnessed through a continuous focus on working capital, cost optimisation, sales/sourcing rationalisation, and process automation. Scaling up operations While managing the company’s expansion, Mantri has focused on scaling up the operations, leading active business partnerships and processes to deCREATING VALUABLE ENTERPRISE ANURAG MANTRI Executive Director & Group CFO, Jindal Stainless Category: Best CFO for Large Enterprise Award: Special Mention liver transformation and exponential growth. During FY23, JSL’s consolidated Net Revenue, EBITDA and PAT stood at Rs 35,697 crore, Rs 3,586 crore and Rs 2,084 crore, respectively. Photograph by Suresh Gola

17 June 2023 | B W BUSINESSWORLD | 91 BEST CFO AWARD WINNERS the private sector, capturing a substantial market share and driving revenue growth. Tech-ing Off Recognising the transformative power of technology, Sarangi has been at the forefront of adopting cutting-edge solutions to streamline processes and enhance operational effectiveness. By embracing the latest technologies, such as advanced data analytics and automation, he has reduced manual intervention, minimised processing time, and improved overall efficiency. This strategic implementation of technology has not only increased productivity but has also enabled SBI Life Insurance to stay ahead of the competition in a rapidly evolving digital landscape. Sarangi’s visionary financial strategies, coupled with his unwavering commitment to operational excellence, have positioned him as a trusted leader in the insurance industry. Through his exceptional financial acumen, strategic initiatives, and customer-centric approach, Sarangi continues to drive sustainable growth, foster financial stability and maximise value for stakeholders at SBI Life Insurance. “The operating expenses ratio has witnessed a significant drop from 7.8 per cent in FY17 to 5.1 per cent in FY22” Sarangi continues to drive sustainable growth, foster financial stability and maximise value for stakeholders at SBI Life Insurance By Rohit Chintapali ITH OVER 23 YEARS OF EXPERI W - ENCE, Sangramjit Sarangi has consistently demonstrated his expertise in financial management, enabling organisations to achieve sustainable growth and maximise shareholder value. As the Chief Financial Officer (CFO) of SBI Life Insurance, he has played a pivotal role in positioning the company as a leader in the industry. Under Sarangi’s stewardship, SBI Life Insurance has consistently achieved impressive financial metrics. The company’s operating expenses ratio has witnessed a significant drop from 7.8 per cent in FY17 to 5.1 per cent in FY22, indicating enhanced efficiency and cost management. Moreover, the company’s Assets Under Management (AUM) have reached a remarkable figure of Rs 2,67,409 FINESSE IN FINANCE crore in FY22, firmly establishing SBI Life Insurance as a leader in the private sector. His financial acumen and strategic foresight have fuelled several key initiatives that have had a significant impact on SBI Life Insurance’s financial performance. Through the integration of premium, channel and expense management systems with accounting, he has enhanced operational efficiency, resulting in improved cost control and resource allocation. Additionally, the implementation of new investment management systems has streamlined operations, leading to better integration and optimised investment performance. These initiatives have contributed to SBI Life Insurance achieving the first rank in terms of new business premium in SANGRAMJIT SARANGI President & CFO, SBI Life Insurance Category: Best CFO for Large Enterprise Award: Special Mention

92 | B W BUSINESSWORLD | 17 June 2023 BEST CFO AWARD WINNERS Following demonetisation by PM Narendra Modi and the pandemic, India is going through a major digital revolution where businesses are shifting to online mode to utilise this stunning wave. Subramanian is all up for the appropriate utilisation of technology. She mentions that the company has launched path-breaking digital innovations to automate mundane processes and transform some of its business practices forever. “We re-looked at the payables/ transactional process to first identify what are the parts of the process that are risky when done manually. We then automated manual processes (75 per cent), involved tech startups/ consultants to help understand and list down processes that we could automate, did RPAs, created Voice bots for customer query resolutions etc,” she adds. Subramanian also pitches for alignment b e t w e e n t h e Chief Executive Officer (CEO) and CFO of any firm so that it can grow and pr o s p er. S he says, “Any company can succeed only with proper synergy between a CEO and CFO. I think gone are the days when a CFO is supposed to just do accounting or not like a bean counter. Now a CFO must be able to give a financial view of the actions the CEO is taking in the business. Until a CFO understands the business and is able to walk hand-in-hand with the CEO, a company cannot succeed or prosper.” OORNIMA SUBRAMANIAN, CFO, Reliance Nippon Life Insurance, says, “As a Chief Financial Officer it’s important to determine how the various financial strategies fit into the company’s business plan and its strategies”. Subramanian who has about 25 years of experience in the industry strongly believes that it is critical for a company to know what changes are needed to ensure it stays relevant to retain a competitive edge. After joining the company as CFO in late 2017, she initiated several financial strategies that have made an organisation-wide impact and led to an improvement in growth and profitability. Notably, the interest rates have been steadily rising in India and this has been making products with low guarantees unviable. As a result, business registered a decline in profits. “We moved the company towards a balanced product mix. This meant aligning the sales and distribution teams with- “It’s important to determine how the various financial strategies fit into the company’s business plan and its strategies” Subramanian takes on every challenge with great enthusiasm and never lets the ball out of sight By Abhishek Sharma P in the company as well as aligning shareholders. We focused on selling more participating products which helped to not only improve profitability but also reduce the reinvestment risk due to the increasing interest rates,” she states. Interestingly, Subramanian’s approach has helped the company to grow 16 per cent in the first half of the year with a growth in profitability from Rs 28 crore loss to Rs 55 crore profit in the first half of the year. Photograph by Suresh Gola POORNIMA SUBRAMANIAN CFO, Reliance Nippon Life Insurance Category: Best Woman CFO Award: Gold ON THE GROWTH PATH

17 June 2023 | B W BUSINESSWORLD | 93 BEST CFO AWARD WINNERS their working capital more efficient and preserve liquidity. With Sood at the helm of affairs at the height of the pandemic, PVR raised Rs 300 crore from existing shareholders through a Rights Issue. It then went on to raise Rs 800 crore from investors through QIP in January 2021. To meet its financial commitments during the two years of the pandemic, the company raised more than Rs 1000 crore through longterm facilities/NCDs/ working capital loans. Sood also led the PVR-Inox merger, which puts the combined entity at par with global giants in terms of the number of screens and annual admissions. Sood believes that the line between a CFO and CEO’s office is fast diminishing, as they are playing a very active role in supporting the CEO in driving the business. “They are evolving into strategic leaders who help to translate some of the visions into numbers and allow the board and the CEO office to think through the impact of some of their decisions and how to think about capital budgeting, apart from just being a traditional accounting and compliance role,” says Sood. Sood says the government increasing its allocation to capital expenditure in this year’s budget is a big positive which would drive up private consumption. “While there may be a bit of slowdown in the near term, a lot of consumption sectors like ours will see a strong revival,” he reckons. Sood says that they are aggressively adding capacity and believes that private investment revival in India is going to happen and will take off on the back of government spending. ANOEUVRING PVR THROUGH THE most difficult two years faced by the cinema exhibition industry was perhaps Nitin Sood’s most challenging assignment in his 21 years long association with the multiplex giant. At a time when this industry was at almost zero revenue, and the business had high fixed costs, Sood went to the drawing board and reworked all aspects of costs. PVR’s fixed costs which stood at Rs 1,714 crore in FY20, were brought down to Rs 636 crore in “While there may be a bit of slowdown in the near term, a lot of consumption sectors like ours will see a strong revival” Sood led the PVR-Inox merger, which puts the combined entity at par with global giants By Team BW KEEPING SILVER SCREEN ALIVE M FY21. In FY22, the company saved 37 per cent in fixed costs, standing at Rs 1,078 crore. Among the key areas through which this reduction was achieved included negotiating discounts on rental and common area maintenance, temporary compensation reduction at various company levels, downsizing the workforce to preserve liquidity and renegotiating housekeeping and security contracts. Under Sood’s leadership, the company also worked closely with their suppliers and vendors to negotiate alternative payment schedules for their creditors’ outstanding amounts. They also went down aggressively on their debtors to make NITIN SOOD Group CFO, PVR Category: Best CFO for Medium Enterprise Award: Gold Photograph by Suresh Gola

94 | B W BUSINESSWORLD | 17 June 2023 BEST CFO AWARD WINNERS sources, streamlined logistics, optimised sample runs, and online initiatives were implemented to adapt to the uncertainties of the pandemic. Chakrabartty believes in aligning all business units with enterprise-level goals and strategies. Rather than cascading goals downwards, he fosters an ownership culture where employees are aware of their respective business unit goals. As this approach enhances formulation, implementation, and overall alignment of processes and controls. Under his supervision, MedGenome Labs has improved its gross margins by making procurement logistics more efficient and optimising bulk processing (sample run) and commenced several online initiatives for various touchpoints (including clinical report delivery). Efficient working capital management, including inventory reduction, improved vendor payment terms, and tighter collections policies, has remarkably enhanced free cash flow. As a CFO, he recognises the crucial role of technology in ensuring seamless business operations. Understanding the significance of biological data and its potential for creating added value, MedGenome Labs under his guidance has made investments in state-of-the-art AI/ML-enabled bioinformatics platforms and databases. These technological advancements have successfully eliminated process inefficiencies, resulting in improved EBITDA margins. “Efficient working capital management has remarkably enhanced free cash flow” Surajit Chakrabartty fosters an ownership culture where employees are aware of their respective business unit goals By Poonam Singh SURPASSING LIMITS TO ACHIEVE SUCCESS A allocation. During the pandemic, as a n essent ia l services sector that had to operate 24x7, Chakrabartty and his team took on increased responsibility for maintaining operations. They successfully managed the transition to a work-from-home model, addressed logistics challenges amid frequent lockdowns, and prioritised sample mobilisation. His support as a leader and business continuity processes during the crisis ensured minimal disruptions and adverse impacts on growth. Additional revenue SURAJIT CHAKRABARTTY CFO, MedGenome Labs Category: Best CFO for Medium Enterprise Award: Silver LEADER’S ROLE IS NEVER LIMITED to his position, in fact, a leader always exceeds his limits to achieve success. Surajit Chakrabartty, Chief Financial Officer, MedGenome Labs, is one of that kind who continually strives to exceed limits. Playing a pivotal role in ensuring sufficient funds for the smooth functioning of the business, Chakrabartty optimises resource utilisation and efficiently manages financial resources. This effective utilisation has significantly contributed to investor confidence, making MedGenome Labs the most heavily funded player in the genetic testing space. The company’s undisputed market leadership in genetic testing serves as evidence of their efficient resource Photograph by Suresh Gola

17 June 2023 | B W BUSINESSWORLD | 95 BEST CFO AWARD WINNERS control has led to an impressive 109 per cent year-on-year growth in cash flow and a 45 per cent increase in cash balance, positively impacting the company’s overall balance sheet. K handelwal is well aware that working in silos can create barriers and hinder the flow of information and ideas. Thus, developing regular communication around financial key performance indicators (KPIs) and providing realtime visibility into critical business metrics is part of his finance strategies. Being digitally proficient is the need of the hour. By keeping digital in mind, Khandelwal led important initiatives to drive digital transformation within the company. By democratising data through the creation of real-time dashboards and trending indicators, cross-functional teams are aligned on key KPIs, enabling datadriven decision-making. Furthermore, a robust risk assessment framework has been established, enhancing compliance and governance practices across the organisation. This proactive approach to risk management has resulted in zero audit observations during multiple audits. Under his guidance, the company has achieved operational excellence through a robust operating rhythm, resulting in a resilient balance sheet and enhanced returns for shareholders. His primary focus is on developing a strong finance team, which can be accomplished by providing timely training to foster the development of new skills. “Providing real-time visibility into critical business metrics is part of the finance strategies” Mayank Khandelwal’s mantra is to empower financial excellence through teamwork and expertise By Poonam Singh DRIVING FINANCIAL EXCELLENCE TOGETHER O Khandelwal’s introduction of a new commercial finance capability has proven instrumental in implementing effective pricing strategies, conducting risk assessments and establishing an efficient execution framework, all of which have significantly contributed to the overall success of the company. Additionally, he has implemented several initiatives to enhance financial management and operational efficiency. By improving pricing processes, implementing cost control measures, and enforcing execution rigour, the company has witnessed a significant 60 per cent increase in operating profit. The focus on cash flow management, payment term improvement, collection rigour, and cost MAYANK KHANDELWAL CFO, NEC Corporation India Category: Best CFO for Medium Enterprise Award: Silver NE CAN ACCOMPLISH OBJECTIVES alone, but combined efforts have the power to escalate business to achieve new goals. Mayank Khandelwal, Chief Financial Officer, NEC Corporation India, understands the importance of teamwork and follows the same in achieving objectives. As the leader of the finance team, he has worked closely with the business team to develop a mid-term business plan. Under his leadership and collaborative efforts, the company has achieved a notable 45 per cent year-on-year growth in orders.

96 | B W BUSINESSWORLD | 17 June 2023 BEST CFO AWARD WINNERS that financial management initiatives are focused on elements such as financial resources, cost structure analysis, profit potential estimation, accounting functions, and so on. The finance strategy modifies itself with the identification of sources, usages, and management of funds. It deals with the alignment of strategic financial decisions with the corporate and business objectives in the organisation to gain a market advantage. Moreover, financial management is not focused on the short-term; instead, it is a forwardthinking approach wherein long-term growth is prioritised to secure a sustainable financial future. Financial strategies help to check whether the goals are realistic, tackle unexpected challenges and it also helps to understand how the fund is utilised. Besides these, other aspects of business strategies that financial strategies help, include -- current financial position; identifying any risks to your company’s current financial situation; identifying the need for financing to fund expansions or operations; identifying and setting income goals for the foreseeable future; identifying sources to look into in order to increase income; highlighting the need for new relationships or partnerships needed to achieve financial objectives; establishing the need to hire particular skills needed to attain the financial objectives set; and finding the best balance between spending versus saving. “A successful business plan always comes with comprehensive, yet ever-evolving, financial management strategies” Acharya elucidates on how a finance strategy ensures an adequate and regular supply of funds By Tarannum Manjul “IT IS VITAL TO HAVE A FINANCE STRATEGY” S the more we will be able to maximise the revenue generation and utilisation”, he says. He adds that for a financial management machine to work at its fullest potential, it needs to be well organised. There are a number of steps which have been taken to ensure that financial strategy is as effective as it can be. The main goal driving financial management strategies is the maximisation of the financial value of an organisation. These strategies evaluate financial performance, forecast future financial performance, plan capital structure and manage any other financial activities and decisions that could i mpa c t st rat eg ic f i na ncia l decisions. Adding to this, he says ANTANU ACHARYA, GM (FINANCE), National Internet Exchange of India (NIXI), says that a successful business plan always comes with comprehensive, yet ever-evolving, financial management strategies. How you manage procurement, allocation and the subsequent utilisation of funds and finances will determine how smooth is your cash flow, as well as workflow. Acharya stresses on the importance of having a finance strategy. He says that the purpose behind having a finance strategy is to ensure the presence of an adequate and regular supply of funds towards fulfilling the present and future requirements of an organisation. “The more effective financial management is in my company SANTANU ACHARYA GM (Finance), NIXI Category: Best CFO for Medium Enterprise Award: Special Mention Photograph by Suresh Gola

17 June 2023 | B W BUSINESSWORLD | 97 BEST CFO AWARD WINNERS difficult yet he led the company to a 100 per cent increase in topline while improving the bottom line by 19 per cent within a year. Considering the economic challenges faced by companies in recent times, raising funds is no easy feat, especially in today’s market, where the private equity market is slowing down. “Despite these challenges, I was able to secure $175 million in funding from a global fund like Advent without the involvement of a banker. This achievement demonstrates the depth and breadth of my strengths as a CFO,” Daruka mentions proudly. Meanwhile, despite having a lean and small finance team, the company has achieved impressive financial results without incurring unnecessary costs, such as investment banker fees, even for a large $175m fundraising round. “We have shown great proficiency in managing and utilising our capital to meet our business objectives” I sustained the company’s growth trajectory for a hyper-growth company growing at 70 per cent CAGR capital paramount. “These successful fundraising efforts have positioned us to make the most of the booming data and analytics industry, as we now have the means to make strategic investments at the right time,” he asserts. With this capital infusion, a hopeful Daruka and his team are aiming to make Tredence Analytics Solutions a multi-billion-dollar company within the next four to five years. Fixing across lines As a seasoned CFO, Daruka has a proven track record of driving financial success through strategic decision-making, effective leadership, and innovative solutions. Although, he believes that balancing growth and profitability is N THE MIDDLE OF THE GEOPOLITICAL CRISIS in Europe and the pandemic across the globe, Tredence Analytics Solutions as a small enterprise also faced its fair share of hurdles and uncertainties related to demand and supply chain along with cost and working capital pressures. However, all these difficulties in the past motivated Pratap Daruka, CFO, Tredence Analytics Solutions to deliver even more so his company can grow by leaps and bounds. Talking about capital management, he says, “We have shown great proficiency in managing and utilising our capital to meet our business objectives and support our growth. Our successful completion of $30 million of Series A in November 2020 and $175 million of Series B funding round in December 2022, without the aid of investment bankers, showcases our ability to effectively raise equity capital.” Furthermore, short-term debt capital raise of $10 million has significantly supported its working capital requirements and Daruka and his team are aiming to make Tredence Analytics Solutions a multi-billiondollar company within the next four to five years By Abhishek Sharma PRATAP DARUKA CFO, Tredence Analytics Solutions Category: Best CFO for Small Enterprise Award: Gold Photograph by Suresh Gola RISING BEYOND THE CLOUD

98 | B W BUSINESSWORLD | 17 June 2023 BEST CFO AWARD WINNERS organisation’s vision, Goyal says that the organisation’s vision is to be a top player in providing cost efficient, and sustainable distributed energy solutions across the world. Financial strategies His financial strategies have helped to achieve the organisation’s vision by providing: a) Adequate and sustainable liquidity: low-cost funds for working capital and incurring capex on energy equipment b) Efficient fund utilisation: through budgeting and constant monitoring/course correction c) Financial and compliance risk management: regular assessment and mitigation to avoid off-theguard situations like bad debts, cash flow mismatch and regulatory repercussions etc. Making an impact Talking about his strategies which have made an impact, he revealed that creation and implementation of financial control processes including annual operating plan, led to better liquidity for the company, resulting in timely vendor payments, availability of input services at lower prices and better brand reputation of the company. He added that availability of low-cost funds from the US-based DFC institution led to an increase in business size of the company to more than 10 times and implementation of financial ERP system and creation/monitoring of various budgets like cash budget, project budgets, manpower cost budgets, special initiatives budget etc., bred the culture of thrift and prudence across the organisation. “The implementation of financial control processes including annual operating plan, led to better liquidity for the company” R In his own words, he has demonstrated collaboration with the business team and helped to acquire two large clients contributing more than 50 per cent of current top-line. Goyal calls himself a learner and says that he will continue to be one throughout his professional life. Talking about his AJIV KUMAR GOYAL IS THE CFO (AST Telecom) of Applied Solar Technologies (India). With over 14 years of experience, his core skills include Business Growth, Finance & Accounts, VC/PE, Business Structuring, Statutory Compliances, Processes, HighValue Structured Debt, ECB, Business Valuation, Financial Modelling, Capital Budgeting, Financial Planning, Analysis & Reporting and Relationship Management. Goyal says that the organisation’s vision is to be a top player in providing cost efficient, and sustainable distributed energy solutions By Tarannum Manjul RAJIV KUMAR GOYAL CFO (AST Telecom) , Applied Solar Technologies (India) Category: Best CFO for Small Enterprise Award: Silver “ONCE A LEARNER, ALWAYS A LEARNER” Photograph by Suresh Gola

17 June 2023 | B W BUSINESSWORLD | 99 BEST CFO AWARD WINNERS & driving key strategic projects including long-term (five year) and short-term (two year) business plans and strategies along with executing critical strategic investments decisions such as purchase of stake, conversion of general reserve, etc. 3. Digitalising Finance – Improvement of internal controls through automation across the group, tax digitalisation, treasury automation etc. All three parts make up a co-dependent system in which all parts are equally important in developing a strong financial framework. Agarwal has also been able to bring everyone in the company together for the common good, aligning all employees with the vision of the Board and Management Committee, reinforcing communication through circulating commandments of finance, rule books, etc. And tracking individual key performance indicators (KPIs) to see how each of these are performing, seeing if any changes need to be made, and making a course correction if needed. The outcome All of Agarwal’s steps have shown to work, as he states, some of the outcomes of his efforts include saving interest cost and improving inventory management, allocating financial resources to different areas of business to increase efficiency and maximising profits, and seamless data flow and effective decision making from all the teams and individuals of the organisation. Overall, Agarwal has been instrumental in steering the ship at SPMCIL, and with a portfolio of over Rs 4000 crore revenue, it shows. “The company’s strategy is based on right deployment of capital, effective business planning and digitalising finance” I F YOU’VE EVER WITHDRAWN CASH from an ATM or purchased something using cash, you can thank the Director of Finance and CFO of the Security Printing and Minting Corporation of India (SPMCIL), Ajay Agarwal for that. Managing the finances of a company is never easy, let alone a government affiliated company like SPMCIL. Every turn, every decision comes with a myriad of paperwork and hoops to jump through, but Agarwal makes it look easy. Prioritising things Arguably Agarwal’s strongest suit is his intuition on knowing what things to prioritise, and this only comes from a lot of time spent getFor a company to function at its optimal level, a CFO with strong intuition is needed, and Ajay Agarwal is a prime example By Kanishka Biswas INTUITION IS KEY AJAY AGARWAL Director - Finance, SPMCIL Category: Best CFO of a PSU Award: Gold ting to know the ins and outs of one’s company and planning out every step of the way. Speaking on the financial strategy of SPMCIL, Agarwal states that the company’s strategy is based on three focal areas: 1. Right deployment of capital for effective returns on capital employed. 2. Effective business planning

100 | B W BUSINESSWORLD | 17 June 2023 BEST CFO AWARD WINNERS is done behind closed doors. This is taken a step further as Makharia states that all employees are encouraged to contribute to decision-making of the company, everyone’s voice is heard. “We make employees aware of key financial progress and reasoning for all financial decisions,” he adds. All of Makharia’s efforts have paid off in the end. Not only has StockGro been able to raise USD 40 million, but the organisation also encourages employees to be an active part of the decision making process. Not only has the company become successful in its short span of existence, it has also done so in an inclusive and transparent way. “StockGro is a novel idea that rose from the lack of any off-the-shelf products for risk-free financial education” O BE ABLE TO RAISE USD 40 T MILLION for a company that is less than five years in age sounds almost impossible, but that is exactly what Piyush Makharia, CFO of StockGro, has done. A novel idea Founded in 2020, StockGro is a startup which aims to educate people about trading and investments, “StockGro is a novel idea that rose from the lack of any offthe-shelf products for risk-free financial education. Our core product is built on two important aspects of building a trusted and reliable social platform for all our users in a trust deficit market,” says Makharia. Transparency Makharia’s USP is his transparency and consistency. “All the financial and business strategies designed were kept in mind to Makharia emphasises on how StockGro empowers all its employees to contribute effectively to decision-making By Kanishka Biswas EVERYONE IS EQUAL bring in trust, transparency and the highest governance standards for all our stakeholders,” he says. The only reason StockGro has been able to raise as much capital as it has is thanks to Makharia’s regular and timely preparation of all accounting records, which, he states, has allowed for timely investor reporting and boosting overall investor confidence. Inclusivity Makharia also stresses on the importance of inclusivity; telling all the employees what the company is up to and educating them regularly is a key differentiator as it allows for transparency among the entire organisation, nothing PIYUSH MAKHARIA CFO, StockGro Category: Best CFO Startup (Under 5 years) Award: Gold Photograph by Suresh Gola