Mr. S. K. Joshi, Director Finance of Bharat Petroleum Corp. Ltd. was awarded the ‘Business Today Best CFO’ under the category “Best CFO in a PSU”. The award was presented to Mr. Joshi by Hon’ble Finance Minister, Mr. Pranab Mukherjee in a glittering function held in Delhi recently. He shared the award with the CFOs of IOC and HPC.

Cash, Costs, Communication and Confidence are the 4 Cs which sum up the mandate of the Chief Financial Officer (CFO) for the year 2008-09, which was the most turbulent period for the Oil Industry.

The two year financials of the short listed companies were analyzed across three crucial parameters ie. Wealth creation (or creation of share holder value), leverage management and working capital management. Under Wealth creation, parameters like market value to book value, return on equity and return on capital employed were considered. In leverage management net debt, total debt/total net worth and total debt/ earning before interest/depreciation were considered. The working capital cycle was taken into account for liquidity management. It was the finance heads who had to do the balancing act to keep all stake holders satisfied. It was a great honour for Mr. Joshi and Bharat Petroleum too that he was chosen as the Best CFO in the PSU category.