2021

De-jargonising the CFO lingo in 2021

We spoke with several CFOs and found out the following jargons to be commonly used by many of them…We all know what EBITDA stands for, but do we know what EBITDAC means? Let’s find out.

We have brought the top three words and meanings that CFOs taught us in 2020:

1: EBITDAC: Earnings Before Interest, Taxes, Depreciation, Amortization, Covid
(Sundar Sampath, Executive Vice President & Global CFO, CSS Corp)

2: Circle of influence and concern: Helps us focus on what one can do instead of what one can’t do

(Sandeep Bhatia, Group CFO, Lendingkart Technologies)

3: VAS – Value Accretion for Stakeholders

(Gopal Balachandran, CFO & Chief Risk Officer, ICCI Lombard)

4: Insight – Smart data provides intelligent insights. For data to be smart, it must evolve through its various stages; Descriptive stage, Diagnostic stage, Predictive stage and Prescriptive stage.

(Sameer Kamath, ED & Group CFO, Avendus Capital)

5: Time value of money (in financial services business): One rupee in hand today may be better than 10 in an unknown future period

(Sandeep Bhatia, Group CFO, Lendingkart Technologies)

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CSS Corp wins gold at the 10th Annual Best in Biz Awards

CSS Corp, a new-age IT services and technology support company today announced that it has been named as a gold winner in the ‘Most Resilient Company of the Year 2020′ category in the 10th Annual Best in Biz Awards.

Right at the onset of the pandemic, CSS Corp’s proprietary and award-winning resilience framework enabled the seamless roll-out of a 100 per cent productive Work-From-Home (WFH) model across its 18 global delivery locations. Being among the early movers in the industry to follow a WFH model from March, the company embraced the new normal with resilience, agility, and determination, thus rendering utmost support and efficient service with zero-disruption to its clients.

The three-phased resilience framework of prepare, stabilize, and thrive created a cohesive and structured blueprint for the organization which enforced guidelines, ensured employees with adequate support and resources, as well as assured clients with timely support, communication, and engagement. CSS Corp was among the few companies in the industry to roll out annual compensation hikes, as scheduled in April 2020.

The company also implemented their five-pronged strategy called the CHEER framework, which stands for- Communication with Employees, Highlighting Accomplishments, Energizing teams, Engagement with Employees, Recognition of achievements for employee well-being. It spreads positivity and recognizes employees for their consistent efforts during these unprecedented times.

“When the world was facing an unforeseen pandemic, we made sure to create a consistent and vibrant culture across the organization that encourages and comforts our employees and provides seamless and constant communication. We are proud to be recipients of this award as it reflects how CSS Corp ensured zero impact to its clients and employees through tremendous resilience. A lot of credit is due to our 8,000 plus employees across the globe who showed immense passion and unstinting commitment during this phase to keep our flag flying high,” said Manish Tandon, Chief Executive Officer, CSS Corp, commenting on the recognition.

“Corporate resiliency has never been more important than in 2020 and the winning entries in the 10th annual Best in Biz Awards have impressive accomplishments in this area,” said Mark Huffman, Consumer Affairs, having judged six of the last 10 Best in Biz Awards competitions.

2020 marked the 10th annual Best in Biz Awards and – with a continuing global pandemic – was also a year like no other in the program’s 10-year history. Despite the global challenges, the 10th annual program saw a particularly strong field of entries from public and private companies of all sizes and spanning all geographic regions and the judges were impressed with the year’s winners’ agility and adaptability that allowed their businesses to thrive, their willingness to always go the extra mile to help their customers in these unusual times.

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Budget 2021: IT experts seek clarity on SEZ tax benefits, call for increased digital momentum, & more

Unquestionably 2020 has been an unprecedented year and industry leaders hope that the upcoming budget will address the challenges faced by businesses and propel the economy towards faster recovery and growth.

IT experts opine digital technology and connectivity continue to be the cornerstone of India’s growth and leadership. Since the pandemic accelerated the shift to digital, they say there is a need to maintain this growth momentum, as it will have a cascading effect on creating efficient businesses, new jobs and all-round development.

Lower interest rate regime

According to CP Gurnani, MD & CEO, Tech Mahindra, R&D spending must be increased to accelerate digital transformation and jumpstart education with a focus on next-gen technologies, skilling, reskilling and upskilling programmes to nurture young talent pool, subsequently accelerating a journey towards an ‘Atmanirbhar Bharat’ (Self-reliant India).

“We also hope to see focused initiatives to boost consumer sentiment, accelerate infrastructure development, move towards a lower interest rate regime and increase investments in key areas including healthcare and education,” he said.

ALSO READ | What IT industry expects from Budget 2021: Higher Innovation Quotient, push for infra building, and more

From an IT perspective, Gurnani expects the government to create a fund for product companies along with extended SEZ (Special Economic Zone) benefits in the new normal of remote working, besides nurturing an ecosystem for deep tech startups in areas including blockchain, artificial intelligence, augmented reality and virtual reality.

“India is on the path of a higher growth trajectory and the vision of a $5 trillion economy can be achieved with a focus on economic growth and development,” added Gurnani.

Sundararajan Sampath, EVP & Chief Financial Officer at CSS Corp, suggests that the upcoming tax regime must ensure that there should be 100 per cent clarity on the continued availability of SEZ tax benefits to all existing and new SEZ units even if they continue to operate on a WFH basis.

Furthermore, he said, “We hope all expenses to ensure WFH would be allowed as business expenditure. There should be no ambiguity on the allowability of such expenses.”

He further said, “With the recent Karnataka High Court verdict in M/S Biocon Ltd Vs Commissioner of IT, we hope the Employee Stock Option cost (Fair Market Value less strike price amortized over the vesting period of stock options) will be allowed as business expenditure.”

“We also urge the centre to bring back the 80G deduction for CSR expenditure for companies opting for the new tax regime,” added Sampath.

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