Driven by fascination to numbers and logical thinking, Abhijit Dhar successfully completed chartered accountancy in 2007, he is also a certified management accountant (USA) and Information systems auditor. Throughout his career, he has had the privilege of working with renowned Fortune 500 companies, including Tata Motors, Wipro & prominent business conglomerates. These experiences provided him with valuable insights into the corporate landscape, allowing him to sharpen his expertise in finance and accounting.
Taking on new challenges, as the Chief Financial Officer of the National Concrete Company, Abhijit leads critical divisions such as finance, accounts, and procurement. His strategic vision and astute financial management have been instrumental in the company's sustained growth and success. CEO Insights is thrilled to interview him.
Tell us about your leadership approach and what has been your success mantra so far?
Throughout my professional journey, I have cultivated essential qualities that define my leadership approach. Firstly, I firmly believe in improvement of the team through delegation. By effectively assigning tasks and responsibilities to capable team members, we can maximize efficiency and productivity. However, delegation alone is insufficient without providing proper training, guidance and supervision. I emphasize the importance of equipping my team with the necessary resources and knowledge to excel in their roles. Moreover, monitoring progress is a critical aspect of my leadership style. Continuous improvement is a core principle for me, as it is an ongoing process that drives long-term success rather than a mere time-bound initiative.
In the realm of finance and accounting, I have focused on enhancing processes to create a more productive department. I have transformed the accounting function into a proactive and strategic support system for the business. By constantly refining our processes, we are able to provide valuable insights and contribute to the overall growth and success of the organization.
What are the factors you take into account when determining the profitability of an
investment for the company?
Firstly, I prioritize evaluating the market conditions. Understanding the current and projected demand for the proposed investment is essential. By thoroughly analyzing the market dynamics, we can assess whether there is a favorable demand for the product or service associated with the investment. Once the market demand has been established, the next step is to examine the return on investment (ROI). I carefully scrutinize the financial viability of the investment, considering factors such as initial costs, operational expenses, and potential revenue streams. Conducting a comprehensive feasibility study enables me to determine whether the projected ROI meets the company's expectations and financial goals.
In addition to market demand and ROI, I also consider other pertinent factors. These may include the potential risks associated with the investment, such as market volatility, regulatory changes, or technological advancements. I try my best to accurately assess risk and then select appropriate risk mitigation strategies. Furthermore, I collaborate closely with relevant stakeholders, such as department heads, and the executive team, engineers and technical team to gather diverse perspectives and insights. This collaborative approach ensures that all aspects of the investment, including expected profitability, are thoroughly examined and validated to ensure success.
Are there new areas of investment that you are planning to help the company to invest in? If so, could you share a brief detail on how the investment could benefit the company?
Our recent investments have spanned diverse sectors, including precast plants, sand washing plants, and aerated blocks plants. Additionally, our commitment to capital replenishment ensures that we proactively upgrade our assets to align with market demands and maximize efficiency. These strategic investments position us as industry leaders, allowing us to meet customer expectations, drive sustainable growth, and maintain a competitive edge in the market.
What is your plan for the company to help it progress further in terms of finance, at least for the next five years from now?
From a financial standpoint, my interim plan is centered around supporting the business and driving its progress. To achieve this, I have formulated a comprehensive strategy that focuses on key areas of finance. Firstly, my plan involves providing strong capital investment support to the business. By carefully evaluating investment opportunities and aligning them with the company's strategic objectives, we can ensure optimal utilization of resources. This approach enables us to make well-informed investment decisions that contribute to long-term growth and profitability. Cost control is another critical aspect of my plan. Implementing effective cost management strategies and continuously evaluating expenses allows us to optimize operational efficiency and maintain a healthy bottom line. By closely monitoring costs and identifying areas for improvement, we can enhance financial stability and resilience.
Additionally, I am keen on implementing a robust analytics system. By leveraging advanced financial tools and technologies, we can develop accurate and data-driven analysis. This empowers us to anticipate market trends, identify potential risks, and make proactive decisions that keep us ahead of our competitors. An analytics-driven approach ensures agility and enables us to seize opportunities and mitigate challenges effectively.
Where do you see yourself headed towards the upcoming years?
As the CFO of the National Concrete Company, I am committed to the organization's growth and success. I would like to thank our Managing Director Yousif Almoayyed and our CEO Anil Nair for their strong leadership and providing me with excellent opportunities for professional development. I envision myself growing alongside the company, contributing to its achievements and fostering a culture of continuous improvement.
Abhijit Dhar, CFO, National Concrete Company
With an impressive career spanning over 16 years, Abhijit has gained invaluable experience working for Fortune 500 companies and prominent conglomerates. His primary areas of expertise lie in management accounting, specifically in cost management, pricing strategies, and commercial operations. While he is well-versed in overall accounting functions, Abhijit finds particular enjoyment and fulfillment in the dynamic field of management accounting.