Climbing the professional ladder in any industry requires a potent combination of determination, perseverance, and a deep-rooted understanding of one’s field. For Damodar Bhattad, these qualities have been his cornerstone, guiding him from his humble beginnings as an Accounts Officer to the esteemed position of Director (Finance) and CFO at Bharat Electronics Limited (BEL). His journey is not just a testament to hard work and dedication but also to his strategic insight into the financial world that has helped shape BEL’s financial health over decades.
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A Defining Career Path
In 1988, Damodar Bhattad began his career at BEL’s Chennai unit as an accounts officer. Armed with a B.Com. degree from the University of Madras and a Chartered Accountant qualification, where he secured an All India Rank in the ICAI final examination, he was well-prepared for the challenges ahead. His focus on operational excellence and financial strategy soon set him apart.
Over the next 34 years, Damodar steadily rose through the ranks, taking on increasingly significant roles. His progression from Accounts Officer to General Manager (Finance) at the Corporate Office culminated in his appointment as Director (Finance) and CFO on January 11, 2023. This marked a critical milestone in his career, acknowledging his contribution to BEL’s growth.
Strategic Leadership and Financial Stewardship
As Director (Finance) and CFO, Damodar oversees the financial well-being of one of India’s leading defence PSUs. Under his leadership, BEL achieved a record turnover of₹15,044 crore in FY22 and an order book exceeding₹50,000 crore, a direct result of his strategic financial planning.
Damodar played a key role in keeping BEL debt-free by effectively managing working capital. His team optimised cash flow through efficient collection of trade receivables in FY 2021 and 2022. Additionally, his decision to invest surplus funds in mutual funds significantly boosted BEL’s treasury returns, strengthening its financial position.
Innovation in Financial Reporting
Damodar has consistently embraced innovation in financial management. One of his notable achievements was leading the shift to BEL’s first Integrated Annual Report in 2021-22, reflecting a commitment to transparency and comprehensive financial reporting. This initiative not only modernised BEL’s financial disclosures but also enhanced its reputation with investors and stakeholders.
His focus on maximising value for shareholders is evident in initiatives like higher dividend payouts and capitalisation of reserves. Damodar’s strategic approach ensures that BEL remains competitive and financially robust in an evolving market.
Navigating Challenges and Leading Transformation
Damodar has faced numerous challenges, particularly in the defence sector, where fluctuating economic conditions and government policies demand constant adaptation. However, his strategic mindset has enabled him to mitigate financial risks and navigate these complexities effectively.
As Head of Finance at BEL’s Corporate Office, Damodar played a pivotal role in shaping policies that contributed to the company’s operational efficiency. His expertise in finalising contracts and pricing major equipment, as well as securing significant price reductions from suppliers, bolstered BEL’s financial health.
Collaborative Leadership and Teamwork
Damodar’s leadership style emphasises collaboration. He has been an active participant in various BEL management committees, including the Management Audit Committee, Corporate Risk Management Committee, and CSR Screening Committee. His financial insights have been critical in shaping BEL’s corporate strategy.
As Lead Member (Finance) for BEL’s strategic advisory services contract with a leading consultancy, Damodar helped devise a business-growth plan that strengthened the company’s financial strategy. His contributions also extend to overseeing BEL’s pension and gratuity trusts, ensuring diversified investments to balance risk and maximise returns for stakeholders.
A Vision for Continued Success
Damodar’s journey from an Accounts Officer to Director (Finance) and CFO exemplifies professional growth, strategic leadership, and financial expertise. His commitment to BEL’s financial stability, cost optimisation, and digital transformation ensures the company is well-positioned for continued success.
Under his leadership, BEL has transitioned from conventional financial reporting to a more comprehensive and transparent approach, delivering increased value to shareholders and other stakeholders. With a focus on driving operational efficiency and maintaining financial health, Damodar’s strategic vision will continue to guide BEL on its path to growth and innovation.
In a career spanning over three decades, Damodar has proven himself not just as a finance leader but as a visionary capable of steering BEL through financial challenges while seizing opportunities for growth. His story is one of perseverance, strategic foresight, and unwavering commitment to excellence—qualities that will continue to shape BEL’s future.
