Group CFO
Spicejet Limited
Total des années d'expérience :33 years, 10 Mois
Group CFO with Spicejet and its 10 Subsidiary Companies
Mumbai International Airport is the second Busiest Airport in India and is currently given to GVK led consortium on PPP model. We handled 45.6 million passengers in FY 16~17 and our current capacity is approx. 55 million passengers.
Responsibilities include:
Project Financing (Refinancing the current long term Debt of USD 1.5 Billion) from consortium of Indian banks with 195 basis points reduction in interest rate, financial closure of Navi Mumbai for USD 2.5 Billion (underway).
Strategically supporting the Management in increasing AERO Revenue (amidst severe capacity constraint), Cargo Revenue and Non-Aero Revenue from various concessionaires. Monetization of 200 acres of Real Estate within permissible end uses.
Bidding for Navi Mumbai Airport which is now awarded to us.
Monitoring and control of Project Cost for expansion Projects.
Bringing on Investors for GVK (Major shareholder) stake sale in Mumbai International Airport.
Regulatory: Mumbai Airport is concessioned by Airport Authority of India to Mumbai Airport for 60 years starting 2006. Airport Economic Regulatory Authority is the regulator for all Airport in India which fixes Aeronautical Tariffs. One Important Job is to get the favorable Tariff order for control period of 5 years.
Financial Accounting in Ind AS in SAP.
Company Secretarial Work.
Direct & Indirect Taxation work.
HR
Group CFO for 4 ports of Essar.
Responsibilities include / Project Cost Control/ Planning for On-time delivery etc), restarting sticky real estate projects (put on hold during recession), Funding, Budgeting & MIS, Establishing Corporate Governance & Internal control mechanism, contractors claims settlement etc.
Key Responsibilities:
Strategic planning (Future Growth Drivers - Opportunities in Domestic Market/ Expansion/ Target Market Segment).
Capital Structuring & Fund raising from Banks (currently USD 850 million), IPO (NASDAQ Dubai & Luxembourg Stock Exchange) & Private Equity for entire Group.
Mergers and acquisitions starting from Identification phase; Synergy assessment; negotiations; Due Diligence; valuation; legal drafting taking it towards the integration within the group.
Complex Project Evaluation through Financial Modeling.
Financial Consolidation & Reporting of Group-worldwide involving complex consolidation meeting US GAAP & IFRS standards using a wide range of platforms including SAP & Oracle.
Develop and monitor expenditures on the Group’s budget, according to budget allocations and initiate cost saving measures as applicable. This includes all subsidiaries within the group in addition to associates’ income of around 36 companies in 7 countries.
Develop and oversee implementation of Investment & Tax strategies.
Design, formulation and implementation of best practices based policies, procedures & systems including robust internal controls through holding and subsidiaries worldwide.
Vertical and horizontal integration of the group through establishment of new subsidiaries locally and internationally.
Corporate Governance Establishment.
International Financial Management.
Risk Management & Mitigation.
Key Operational Achievements:
Restarted 7 out of 12 sticky projects stopped during recession. Appointment of Lead consultants/ Main & Nominated Contractors completed based on financial modeling.
Settled Contractor (Including Nominated Sub-Contractor) claims for all 12 projects as above long outstanding with huge potential liability.
Change Business Model for 6 ongoing projects from Residential to Service Apartments (to be managed by Damac Hospitality) which contributed 35% to Sales.
Key Financial Achievements:
Capital Structuring & Fund raising from Banks (currently USD 850 million), IPO (NASDAQ Dubai & Luxembourg Stock Exchange) & Pvt Equity for entire Group.
Done Financial Closure (USD 450 Million) for restarting7 residential projects stopped during recession (5.9 Million Sq Ft) after settling Contractor claims.
Established elaborate system of Corporate Governance & Internal Controls.
Value Engineering Exercise done across Projects reducing cost by approx 3.5%.
Implemented Oracle based ERP across functions optimizing processes
Responsible for setting up a new City called Marg Swaranbhoomi South of Chennai. The Phase 1 of this project being developed is 623 acres to be completed by year 2014 and eventually the plan is to develop 10k Acres by year 2030. The City is envisioned to be a Model City and will be the first Platinum rated City in India by IGBC.
Operational Achievements:
Turned around ailing SEZ unit by - Changing Business model (Business, Living & Learning) with greater stress on Education & Science Park space which boosted sales.
Brought in 2 Foreign Universities, 12 companies in Research Park, 16 manufacturing companies, 14 companies in service space, Residential School up to class 8th and achieve sales of 4, 300 residential units.
Tied up for supporting Infrastructure i.e. Hospital (leading chain), Mall & Recreation.
Financial Achievements:
Financial Closure (USD 150 Million) with Bank/ PE funds.
Land Acquisition, aggregation & approvals for Phase 2.
Optimizing Construction cost - achieved a reduction of over 3%.
Structuring Business in Legal Entities to optimize financing & make it tax efficient
Recruited and retained by KP to lead the Asian Business of PVC and PB films and drive rapid expansion into new market space, managed P & L for USD 210 Mio annual revenue, leading senior staff of 20 and indirect team of 800 employees in two manufacturing facilities (India and Thailand), 6 sales offices (Bangkok, Philippines, India 2, Australia 2) and 4 distribution sites (China 2, HK1 and Middle East 1). Oversee all operations, including marketing, sales, finance, manufacturing, sourcing, customer support, technology, quality, IT and HR.
Selected Results:
Mobilized revenue growth from USD 35 Mio to USD 210 Mio in little over 18 months, through acquisition in Bangkok and through organic growth in India. The integration of facility in Bangkok helped KpI reach to new markets in Asia and Middle East and establish KpI in top 3 revenue earners in Asia by increase reach, meeting customer target price, focusing on customer service and introducing innovative products to Asian market with Klockner quality and delivery standards.
Strengthened key operational matrix in a downturn market:
- Profitability growth: + 27% - Accounts receivable overdue days
As CEO of Indian Operations, held full strategic planning and P & L management authority for the Indian Subsidiary. Responsible for Revenue of USD 186 Mio, 415 employees at 2 production facilities and 8 Sales offices spread across India and Bangladesh.
Selected Results:
Mobilized revenue growth from USD 15 Mio to USD 180 Mio in 7 years by:
• Added USD 45 Mio new customers by providing end-to-end innovative and cost efficient solution customized keeping in view the OEM and end-customer requirements.
• Product Re-engineering to reduce imported component from (70/30 to 15/85), thereby achieving variable cost reduction of over 35%.
• Became preferred vendor to global OEM’s like Motorola, Nokia etc looking for low cost/ high quality suppliers in India thereby ensuring fulfillment of product requirements in regions where the company had no reach in past.
• Penetrating Government and direct export market from where 25% of Revenue and 30% of Profit margins were derived lately.
• Introduced New Businesses like UPS, Video display and Networking, utilizing first the existing OEM relations and gradually building up the Business. New Business contributed USD 30 Mio within the third year of operation with health EBITA margin of 18%.
• Cost reduction of over USD 3.7 Mio by a mix of reducing Inventory in WIP and at site, relooking at sourcing and suppliers and devising an efficient distribution model.
Recruited and developed new Management team that generated momentum in Business, established new Business lines and help achieving the market leadership position.
Overhauled customer interface and processes, leading to 50% reduction in shipping cycle time, 60% reduction in service turnaround time and 35% increase in revenue.
Establishing complete infrastructure including new sate of art production facility at Rudrapur.
Funding work through IPO (complete Pre-Issue work issue size USD 250 Mio), External Commercial Borrowings and Bank Limits.
Held autonomous decision-making authority for entire finance function of 16 entities in India, South East Asia & Middle East with 6 regional offices and 25 Branch offices.
Major responsibilities included Identifying and mitigating Business and operational risk for 16 entities with accountability for budgeting, financing, tax planning/compliance, banking, joint ventures, acquisition/due diligence/integration, accounting, customer service, ERP Implementation, IT, HR & legal. Skilled at partnering finance with core operations and developing productive cross-enterprise alliance. Reporting was to President - India, South East Asia and Middle East Region and managed 18 direct and 45 indirect staff.
Selected Results:
Partnered with Regional president and Board of Directors to formulate company’s new strategic direction and co-chaired the executive team that led the company through a critical restructuring process. Efforts grew Sales by from USD 120 Mio to USD 320 Mio over 3 years, reduced operating cost by USD 18 Mio and increased EBIT by 62%.
Led the due diligence for India, South East Asia and Middle East for JV with Falck.
Led negotiations, guided the due diligence effort, and integrated 3 Security companies acquired in Bangkok, HK and Saudi Arabia.
Implemented Oracle ERP systems for the region and integrated it with the global ERP system.
Secured USD 5 Mio funding required for a JV with Honeywell.
Improved credit process and reduced bad receivables from 1.5% to 0.2%, generating USD 1.95 Mio as additional cash. Reduced outstanding AR from 93 days to 42 days, improving annual cash flow by USD 31 Mio and alloying pay off of high-interest, short term loan costing USD 5.8 Mio in annual interest.
Managed the day-to-day operations of finance and accounting functions, with direct accountability for budgeting, forecasting, treasury, internal controls, risk management, payroll, operational planning, receivables/ payables and closing/ reporting activities. Facilitated CEO reviews of all Business segments and developed segment wise review reports for entire senior executive staff for performance assessment and improvements.
Selected Results:
Formulated a system of planning that clearly defined Business segment objectives and explicitly linked Budgets to Business objectives. Created quarterly road map to profitability and metrics system of cost allocation to ensure that performance can be measured against quarterly targets/ Business objectives. Resulted in considerable boost to Revenue ~45% and translated in higher EBITA ~76% for the first year.
Formed a team comprised of accounting and IT professionals and redesigned general ledger account structure, cutting the redundant general ledger accounts, reducing the month end reporting to 3 days and also automating MIS report generation on a real time basis.
Reporting to the CFO, responsibilities included General Ledger Accounting, Assisting in finalization of Financial Statements, Costing, Budgeting and Inventory management.
Selected Results:
Assisted the CFO in setting up Budget and quarterly review for each Department resulting in constant overall improvement in all areas of Operations.
Assisted in providing information for Product costing and Pricing for New and existing products.
Setting up of Max, Min and re-order level and bringing down Inventory levels (including Imported) to reasonable levels resulting in considerable reduction in obsolescence.
Responsible for Statutory and Tax Audits for large customers, tax planning for Companies and high profile Individuals, Company law matters including incorporation of Indian Companies/ foreign subsidiaries, Organizing their Annual General Meeting/ Extra Ordinary General Meeting, assisting in Representing Companies before Income Tax Applealet Tribunal etc.