INTERVIEW: CMA Umesh Dongre (ICoAS)
The Management Accountant|December 2020
Director (Finance) and Chief Financial Officer Rashtriya Chemicals and Fertilizers Limited, Mumbai

CMA Umesh Dongre (ICoAS)

Q How would you describe your journey as a CFO of world’s leading fertilizer and chemical manufacturing company - Rashtriya Chemicals and Fertilizers (RCF) Limited, a “Mini-Ratna”?

A. The last 3 years at RCF has been extremely challenging, though satisfying. However, the Company has grown from strength to strength in this period. The Plants at Trombay & Thal have grown older and with strengthening of energy norms of Urea, the various capex plans for energy efficiency have either been implemented or in advanced stage, since there have been delays due to the lockdown imposed in the wake of recent pandemic. However, the results of the capex decisions taken in earlier years are fructifying now, since the operations at both the Plants have become energy efficient which is likely to improve further in the next 2 years.

Q What is your perspective on the overall performance of RCF Ltd. in the past one year?

A. There has been a tremendous improvement in the financial performance of the Company in the last one year despite huge outstanding Subsidy dues from Department of Fertilizers (DoF) putting pressure on working capital position. Further, Company was appointed as STE for import of Urea on behalf of GoI and Company has imported 61.26 LMT under the MoU Since November 2019. The notification under Modified New Policy Scheme (MNPS) - III towards revision of fixed cost on Urea with effect from 1.4.2014 helped the Company to post decent results for the year 2019-20. The quarterly results for the previous 2 quarters bears witness to the improvement despite the challenges posed by the onset of the pandemic. Energy efficiencies are better; though turnover was lower due to lower subsidy on Urea on account of lower gas prices, profitability improved due to impact of the same on non-Urea operations as well as better realisations of Industrial products. Trading activity also yielded better results due to faster evacuation of material despite lower volumes. The Company is poised for better all-round performance by the year end.

Q What are the key concern areas that need to be addressed in the New Normal to ensure selling fertilizers and chemicals in a reliable, ethical and socially responsible manner?

A. Covid is the biggest setback to mankind in the recent history post World War-II. Entire world economy was on the verge of collapse. However Indian agriculture showed resilience and stood out in this difficult time. In fact, it absorbed lakhs of migrants from commercial capitals of India.

In new normal it is time to take agriculture in India to new heights by taking advanced agriculture techniques to the farmers and giving opportunity to farmers to get fair value of their produce.

Key area that needs to be addressed to ensure selling fertilizers in reliable, ethical & socially responsible manner is to remove bottlenecks in logistics for faster evacuation of fertilizers from plants & ports to ensure ample supply to farmers so that manipulation due to black marketing in case of shortage is checked. Making timely availability of quality fertilizers and complementing them with organic manures like city compost which enriches the soil and finally educating farmers to undertake advanced farming technologies and find better markets for their produce shall be achieved.

Q Growth usually is accompanied by some discomfited stumbles. What was your most unexpected lesson in leading for growth?

A. Our plants of Trombay are situated in the heart of biggest metropolitan city of Mumbai and Thal in Alibag, 100 kms from Mumbai continued production and distribution of fertilizers & chemicals during lock down & thereafter, providing essential fertilizers & chemicals to farmers and chemical industry. Our IPD division is making record sales and supply of our fertilizers continues unhindered.

Stumbles or setbacks give opportunity to review the course of action towards growth and amend accordingly.

However, our plants are of old vintage and have experienced unexpected breakdowns. This, I view as early signals and would like to ensure steps for reliability in operations by phased replacements.

Shri Umesh Dongre is presently working as Director (Finance) in the board of Rashtriya Chemicals and Fertilizers Limited since 8th February 2018. He is a distinction holder in Master of Commerce (M. Com) from Osmania University and Cost and Management Accountant. Shri Dongre started his career with National Bank for Agriculture and Rural Development (NABARD). Post qualification he worked with BHEL. During his tenure at BHEL, he was exposed to plant level costing, overhead absorptions, variance analysis, aberration analysis of mega projects etc.

Continue reading your story on the app

Continue reading your story in the magazine

MORE STORIES FROM THE MANAGEMENT ACCOUNTANTView All

UNVEILING DIGITAL HEALTH AND ELECTRONIC HEALTH RECORD THE IMPENDING MECHANISMS TO AMELIORATE HEALTHCARE EFFICACY IN INDIA

With sustainable economic growth potential and foreseeable improvement in public service delivery, India needs instruments to improve sectoral productivity in healthcare. In the modern world of technological advancements, digital intervention is inevitable to increase healthcare effectiveness. Digital health includes multiple digital care mediations ensuring the convergence of digital technologies with wellness, treatment, healthcare, and society to improve the efficacy of service delivery and make medicines more explicit and user-specific.

6 mins read
The Management Accountant
February 2021

IMPLEMENTING AN INTEGRATED HOSPITAL COST MANAGEMENT SYSTEM

The unique features of Healthcare Sector and their Business Process Flow are a big challenge to implement an Integrated Cost Management Solution. Even though a Hospital may have an effective Medical Information System of Patients and an ERP, they still struggle with implementing a Costing System; this is because the information is in different Silos. To implement an effective Costing System, the cost structure should be either inbuilt in the ERP or should have information flowing in from the Accounting and Patient Information. Identifying the Cost Elements and their classification, defining Cost Objects and their hierarchy and mapping the flow of information from Accounting and Medical Information System are pre-requisite for an Integrated Cost Management Solution. With the rapid development in information technology many IT firms/ERP use Data Connectivity for seamless integration. An integrated Costing System will facilitate online reporting and help Management in decision making on Pricing, Profitability and Cost Control.

8 mins read
The Management Accountant
February 2021

INAUGURATION OF LONDON OVERSEAS CENTRE OF COST ACCOUNTANTS ON 23rd JANUARY 2021

On the auspicious occasion of 125th birth anniversary of Netaji Subhas Chandra Bose on 23rd January or ‘Parakram Diwas’ this year, The Institute of Cost Accountants of India added a feather in its cap through the grand opening of London Overseas Centre of Cost Accountants (LOCCA), the first ever European centre in the heart of London. It was highly supported by British Deputy High Commission, Kolkata, India Business Group and UK India Business Council.

6 mins read
The Management Accountant
February 2021

EMPLOYEE WELLNESS PROGRAM: ITS BENEFITS SURPASS ITS COST

When a person falls ill, it costs a lot not only in monetary terms but also in terms of his mental well-being. Not only the person who has fallen ill suffers, his family, friends also have to suffer because of his illness. The same logic applies to an organization also. When an employee falls ill, the whole organization suffers. In order to avoid such damages and disturbances, precautions are to be taken. For that, employee wellness program is a great panacea. Employee Wellness Program is the program run by an employer in order to improve employee health and also to help an individual employee to overcome any specific health related issue. So, the organizations should implement such Employee Wellness Programs to reap the benefits of the same. In this article, how Employee Wellness Programs can be executed, types of wellness programs and their benefits are discussed.

7 mins read
The Management Accountant
February 2021

DIGITAL TRANSFORMATION ADVANCEMENTS IN APPLICATIONS OF BLOCKCHAIN TECHNOLOGY THE EVOLVING POWERHOUSE OF INDUSTRY 4.0

The idea for processing transactions in a cryptographically secured chain of blocks was first revealed in 1991 by computer scientists Stuart Haber and W. S. Stornetta.

10 mins read
The Management Accountant
February 2021

VISION OF “ATMA NIRBHAR BHARAT” ROLE AND SIGNIFICANCE OF MSME

The present paper aims to explore the changing role of MSMEs (Micro, Small and Medium Enterprises) in making India ‘Atmanirbhar’.

8 mins read
The Management Accountant
December 2020

REVIVAL OF MSMEs (POST COVID-19) STRATEGY OF CMAs

Abstract There has been an unprecedented slowdown due to Covid-19 and MSMEs are worst affected. Given their pivotal role in Indian economy, urgent measures need to be taken for their survival, revival and growth. Indian Government has taken various initiatives including Atma Nirbhar Package, however, still majority MSMEs are looking for timely guidance and hand holding at this critical phase. CMAs are known for rich experience in finance, domain expertise in cost management and sound knowledge of Indian regulatory mechanism. CMAs can play role as ‘Economic Warrior’ while offering customised strategy for revival of ailing MSMEs which will in turn boost up economic growth and help our grand nation to be ‘USD 5 Trillion’ economy soon.

7 mins read
The Management Accountant
December 2020

MICRO, SMALL & MEDIUM ENTERPRISES IN NEW TECHNOLOGICAL ERA CHALLENGES & ROAD AHEAD

Abstract We live in the world which is rapidly changing due to technological advancements. The technological advancements lead to fourth industry revolution which is known as “Industry 4.0”. This digital revolution is changing the business models of all manufacturing & service industries whether it is large, small or medium. The need of adopting latest and modern technology is realised not only for large scale industries even small and medium size industries to compete in global market.

7 mins read
The Management Accountant
December 2020

INTERVIEW INTERVENTION INTERVIEWERS NEED TO EQUIP WITH INTERVIEW TECHNIQUES

Abstract: Human assets are the most precious assets in an organization. Interviewers need to do a lot of homework before an interview. They need to keep the industry and age syndrome at bay, while shortlisting resumes. First impression of a candidate though great but should not be given too much weightage, rather go deep into the career to observe the kind of value creation they can bring to the organization. Interviewers should be able to establish whether the candidate is a real one, reliable and can be trusted upon and not a good actor. The key to have a successful interview is to test with situational level questions. Candidates who have got quality work experience and possess the right skill sets will be able to respond adequately with solutions and separate themselves from others. Do an ethical test to figure out honesty. Interviewers should be futuristic rather than focusing on the past.

8 mins read
The Management Accountant
December 2020

INTERVIEW: CMA Umesh Dongre (ICoAS)

Director (Finance) and Chief Financial Officer Rashtriya Chemicals and Fertilizers Limited, Mumbai

10+ mins read
The Management Accountant
December 2020
RELATED STORIES

The Primary Substance

Stuck in traffic during a downpour, a driver faces a peculiar dilemma.

9 mins read
World Literature Today
Autumn 2020

P-Pump Swap

ADDING POWER, RPM, AND LONGEVITY TO A ’98.5-’02 24-VALVE CUMMINS

1 min read
Diesel World
January 2020

Thalía - Nuevos horizontes

La cantante se estrena como diseñadora con una colección que refleja su estilo, pensada para las consumidoras mexicanas.

3 mins read
Vanidades México
Diciembre 26 - 2018

कंगना नहीं ऐश्वर्या को अपनी बायोपिक में देखना चाहती थीं जयललिताः सिमी ग्रेवाल

कंगना रनौत को थलाइवी फिल्म के लिए लगातार तारीफें मिल रही हैं.

1 min read
Prabhat Khabar Kolkata
September 12, 2021

Thalía – "Soy como soy lo gozo y lo celebro" – Los 50 años mejor cumplidos

Divertida, inusual, extraña, excéntrica, pero con los pies bien puestos en la tierra, así se define Thalía a punto de cumplir cinco décadas de vida. Y claro que estos adjetivos calificativos los refleja a la perfección en sus historias de Instagram y en sus TikToks, que la han hecho acaparar a cientos de fans de otras generaciones.

10+ mins read
Caras México
Septiembre 2021

Relief from Thalassaemia

Abhay Kumar Shah suggests some mudras that can have a beneficial effect on the quantity and constitution of the blood in thalassaemia patients

3 mins read
Life Positive
September 2021

THROWING LIGHT ON THALASSEMIA

When our close family friend’s child got diagnosed with thalassemia, some people were just rushing about to donate blood, and others were making frantic calls to find out what exactly this blood disorder meant.

2 mins read
The Morning Standard
August 10, 2021

Thales Completes Successful First Flight Of New UAS With Range Capabilities Of Over 100 Km

• With a hybrid propulsion system for optimum safety, endurance and discretion, Thales's UAS 100 long-range unmanned air system for civil, government and military users will be able to operate at ranges of more than 100 km. • UAS 100 combines world-class flight safety performance with the compact design required for unmanned air systems, and complies with future European regulations for drone flights over populated areas. • The system will meet the requirements of a broad range of missions, including infrastructure inspection, coastal surveillance, border surveillance, event security, search-and-rescue and military operations.

2 mins read
Global Aviator
August 2021

Making gene therapy affordable with droplet digital PCR

Gene therapy has the potential to bring relief to millions of individuals with diseases ranging from β-thalassemia to sickle cell disease across Asia and beyond.

3 mins read
BioSpectrum Asia
BioSpectrum Asia July 2021

साजिश:जिसे देख पुलिस भी चकरा गई

वहम के शिकार वरुण ने अपनी पत्नी और उस के घर वालों से बदला लेने का जो अनूठा तरीका अपनाया, वह नायाब था. वह अपनी योजना में सफल भी रहा, लेकिन...

1 min read
Manohar Kahaniyan
May 2021