Leaders

Women leaders in construction and infrastructure are instrumental in reshaping the industry landscape with their expertise and vision. These leaders excel in areas such as project management, finance, and strategic planning, leveraging their diverse skill sets to navigate complexities and deliver impactful results. One such exemplary leader is Kavita Shirvaikar, whose proficiency in numbers and accounting paved the way for her illustrious career in finance.

Graduating from Poddar College in 1994, Kavita's aptitude for mathematics and accounting propelled her towards pursuing CA and ICWA simultaneously. With over 25 years of experience, she has risen through the ranks, holding key positions at renowned firms such as Hindustan Construction Company and Suzlon Energy before assuming leadership roles at Patel Engineering.

Embarking on a distinctive exchange with Women Entrepreneur magazine, Kavita divulges the intricate facets of her journey as a prominent leader in country. Let's explore further.

Can you share insights into your extensive 25-year journey in the industry as a finance leader? What specialized skills and expertise have you honed during this time?

Throughout my two decade’s journey in the finance industry, I have gained invaluable experience across various sectors, including 14 years at Hindustan Construction Company, two years at Suzlon, and the past decade at Patel Engineering. Over this time, I have navigated the entire business cycle, tackling challenging situations such as restructuring, debt management, and organizational realignment.

My specialization lies in reviving companies during tough times, evidenced by my leadership in steering Patel Engineering through adversity. Key skills I have honed include project monitoring, implementing robust control systems, fundraising, and debt restructuring.

Could you provide an overview of Patel Engineering and delve into your role as the CFO and Whole Time Director? What are the key responsibilities you manage within the company?

Patel Engineering, with a rich legacy spanning 75 years, stands as a cornerstone in the infrastructure sector, specializing in civil construction for hydro power projects, tunneling, irrigation, roads, and bridges. With a robust order book of around Rs.19,000crore, we operate across challenging terrains such as J&K, Himachal Pradesh, and Arunachal Pradesh.

My responsibilities encompass overseeing accounts, finance, and taxation while spearheading project monitoring and control. I ensure meticulous scrutiny of project progress and costs, frequently visiting sites for firsthand insights. Implementing SAP across projects has streamlined operations.

From your perspective, what are the primary challenges that you face in your current position? How do you navigate and overcome these obstacles?

I confront multifaceted challenges inherent in the infrastructure sector, particularly in regions such as Arunachal Pradesh, Nepal, and Jammu and Kashmir, characterized by environmental and regulatory uncertainties. Mobilizing resources to these remote terrains demands meticulous planning and considerable time and cost management, which I oversee as the head of few Projects apart from my role as the CFO. Amidst this complexity, achieving project progress, profitability, and turnover targets becomes crucial.

To navigate these challenges, my team and I focus on detailed mobilization planning, continuous monitoring, and implementing robust systems and processes. During the industry's challenging phase over the last decade, we undertook strategic measures including debt restructuring, asset divestment, and order book augmentation. Through efficient project execution, we have steered Patel Engineering towards growth and resurgence.

Reflecting on your career, what standout professional accomplishments have you reached along the way?

Throughout my career journey, I have attained significant milestones reflecting dedication and strategic acumen. Starting as Vice President Finance at Patel Engineering to later being promoted to Joint CFO and then CFO and then progressing to Whole Time Director & CFO, I have overseen pivotal transformations within Patel Engineering. Spearheading debt reduction from Rs 5,500 crore to Rs 2,000 crore through meticulous financial management stands as a testament to our fiscal prudence. Additionally, my involvement in asset monetization initiatives, including landmark deals such as land parcel sales and arbitration claim realizations, has been instrumental in fortifying our financial position.

As a seasoned finance leader, what guiding principles have contributed to your success over the years?

Over my tenure as a finance leader, two guiding principles have been pivotal in my journey. Firstly, a relentless work ethic coupled with unwavering perseverance has been key. I firmly believe that dedication and hard work are fundamental to achieving success, particularly during challenging times when patience is essential.

Secondly, I emphasize the importance of integrity and noble intentions in all endeavors. Whether it's steering the company through adversity or prioritizing employee welfare, maintaining ethical standards and a focus on the greater good have been essential. By aligning actions with genuine intentions, not only do we achieve tangible results, but we also foster trust and credibility among stakeholders.

A business leader you admire: I admire Zarin Daruwala, the esteemed leader heading Standard Chartered Bank's India Business, for her exemplary leadership and contributions to the banking sector. In the Construction sector, I look up to Rupen Patel, Chairman & Managing Director, Patel Engineering for his strong leadership skills. Additionally, I hold Ratan Tata in high regard for his visionary leadership and humanitarian impact on the Indian business landscape.

Advice for aspiring women entrepreneurs and business leaders: As a woman, I firmly believe that with dedication and determination, we can successfully balance responsibilities both at home and in business, overcoming any obstacles along the way.

Kavita Shirvaikar, CFO & Whole Time Director, Patel Engineering

Kavita Shirvaikar is a distinguished finance leader with a rich professional journey spanning over 25 years. Graduating from R. A. Poddar College of Commerce in 1994, she earned qualifications in CA and ICWA in 1997. Kavita's illustrious career includes notable tenures at Hindustan Construction Company and Suzlon Energy, where she honed her expertise in financial management, fundraising, and debt restructuring.