Panchadi Kanchi Varadaraju

Head Finance(AVP) – Defence, Cyber and Physical security Divisions

Tata Advanced Systems Limited

02.2009 - Current

Company Overview: Strategic Engineering Division (SED) started its operations in 1974 under The Tata Power Company Limited for development of Defence Electronics. Over the period this Division has become one of the largest Defence Integration entity in private sector in India and serving Ministry of Defence by executing large Defence Contracts from Design to Development and Manufacturing of Launchers, Warfare system, Optronics and modernising Defence Airfields etc.,. As a part of Tata Group Defence business consolidation, the division has become part of Tata Advanced Systems Limited (a 100% subsidiary of Tata Sons) in Nov 2020 which is a single entity for entire Group Defence & Aerospace business.
Oversee Accounting of Defence projects under IND AS 115 methodology and Capturing R&D spending and claiming various benefits under INDAS 38 & 35(2AB) of Income tax Act.
Monitoring Accounting and end to end Procure to pay, order to Cash, Fixed Assets and General Ledger and monthly financial reporting by 5th of every month
Creating and Publishing MIS Reports
Handling Statutory/Internal/Tax/Cost and GST Audits
Review of project progress with Business Head, Collection Review and follow-up along with Business Development team, meeting with customers and ensuring collections received on time
Defining Provisioning policy for the Division on Receivables, Inventory, Advances etc.
Working with consultants on cost optimization and implementing the same.
Preparation of admin/HR manual. Preparation of Accounting manual
Treasury: Received 25% Capital Subsidy from Ministry of Electronics and Information Technology for setting up a facility for Electronic Manufacturing in Backward Area.
Long term borrowing of more than Rs.100 Cr from a Government Agency under Ministry of Science and Technology at concessional rate of 5% for expansion of Electronic Facility
Operating more than Rs.2500 Cr non fund limits(BG & LC)
Had an arrangement with three bankers for an Import LC worth Rs.500 Cr valid for 10 years upfront on equal sharing of risk which is unique in nature.
Long term Borrowing of Rs.350 Cr for R & D spend with a moritorium of 2 years.
Long Term Borrowing of Rs.280 Cr for Expansion of facilities with moritorium of 5 years
M & A: Part of M & A team of Tata Power from valuation of businesses including compliance of all regulatory requirements in transferring SED to Tata Advanced Systems Limited
Ensured the 4 facilities of the existing division smoothly transferred to new entity in a span of 5 months with all legal approvals including registration of land in the new company name
Contract Novation and License Transfer
Ensured smooth transition, replacing Rs.1500 Cr BGs/Rs.500 Cr LCs and more than Rs.700 Cr Borrowings in the new entity name within 2 months.
Business Finance: Preparation of short term and long Business Plan both operating & Capital including R & D spend budget and monitoring
Preparation of Project wise profitability for long duration contracts
Reporting variance with plans – monthly and quarterly
Commercial Negotiations with Customers and Vendors
Preparation of cash flows both at organization level and project wise
Review and approval of Pricing before quoting and also ensuring that the compliances as per DPP are met.
Taxation & Compliance: Transfer of more than Rs.100 Cr GST Credit to new entity
Providing tax inputs and tax planning while bidding and during the execution
Providing certification to MOD on IC content and ERV claims time to time
Review of DTAA and tax planning for various import of services
Getting import license /WPC for restricted items
Obtaining advance license for availing customs benefits against export orders
Ensuring that the Bids/proposals meeting DAP guidelines
Other Areas: Leading Oracle & SAP implementation
Handled admin, Payroll, Stores & ERP and functions