Tesla Stock – Remembering YM Deosthalee, the person who struck the appropriate chord between music and math
- Former Chairman of L&T Finance,
YM Deosthaleehanded away on the age of 74.
- A Chartered Accountant and legislation graduate, he joined L&T in 1974 and rose by the ranks to grow to be the Chief Monetary Officer of the engineering conglomerate.
- Deosthalee was a musician at coronary heart, although he by no means did end his classical music coaching. He was one of many few company leaders to have lower a music album.
There’s a skinny line between managing danger and ‘snug inaction.’ Yeshwant Moreshwar Deosthalee, who handed away at 74, is one in every of a uncommon few CFOs who struck the appropriate chord between these two unattainable poles of company exercise. Regardless of being generally known as a conservatively financed firm with a give attention to sustaining revenue margins, he performed a vital position in its foray into worldwide territories, new acquisitions, and exit from sure companies – all of the whereas managing the various complexities that include a gaggle like L&T, which had round a 100 subsidiaries.
Whereas the chairman AM Naik is understood for his daring selections, Deosthalee was the balancing power who ensured that each choice was weighed effectively and added to the underside line. It most likely helped that Deosthalee was additionally a musician at coronary heart, although he couldn’t end his classical music coaching.
Deosthalee hailed from a middle-class household in Girgaum, Mumbai, and accomplished his commencement in commerce at Sydenham Faculty. Later, he did his chartered accountancy and attained a Legislation diploma. He joined L&T in 1974. He rose by the ranks and headed many departments like personnel and finance earlier than turning into the engineering conglomerate’s Chief Monetary Officer (CFO).
The person behind L&T Finance
Deosthalee is greatest recognized for establishing the finance enterprise as a wholly-owned subsidiary of L&T, which was nonetheless an engineering and development firm, again in 1994. It was later spun off into an organization of its personal in 2011, the place he grew to become the chairman. The enterprise runs a gamut of verticals, together with insurance coverage, mutual funds, and a debt fund. Nonetheless, Deosthalee retired in 2017 earlier than receiving a banking licence – a hope many out there nonetheless maintain.
Even throughout his stint because the CFO of L&T, arguably one of many nation’s largest firms, he confronted a myriad of dangers related to the very nature of its development vertical – just like the pricing of commodities, foreign exchange, and rather more. Nonetheless, Deosthalee by no means wavered even throughout the crises proper by his illustrious profession, together with Lehman — and that’s evident within the many ‘greatest CFO of the yr’ awards that adorn his wall.
Sluggish but regular
At the same time as newer infrastructure firms booked too many orders throughout the early 2000s, L&T, regardless of being a pacesetter, would solely tackle people who supplied value. Deosthalee additionally fostered a tradition the place the treasury division can be part of the workforce that might put together a bid for the challenge – a behavior that ensured they might end the roles they tackle.
Deosthalee discovered the benefits of taking the lengthy, difficult route as an alternative of a neater one as a younger pupil. Although he was a vibrant little one, he was intimidated by his elder siblings, who have been tutorial achievers. That led him to tinker along with his Sanskrit check paper rating as soon as. His elder brother, who was his guardian after their father’s loss of life, had caught it instantly.
“In the long run, cheating never leads you anywhere,” Deosthalee
informed a Marathi channel in an interview, and that’s the lesson that guided him by the remainder of his life.
The music to his ears
In contrast to Naik, a self-confessed workaholic, Deosthalee maintained a stunning self-discipline of leaving his workplace at 6 pm and by no means labored on Sundays. His ardour for music and the humanities by no means waned. As a baby, he was used to waking up with a radio present referred to as ‘Binaca Geet Mala.’
He additionally spent most of his time attending performs at an open-air theater and believed that his childhood spent in Girgaum in Mumbai, the place he was born and raised, had given him the most effective cultural schooling he may get. “It is a great option to develop up,” he would usually reminisce.
The chartered accountant additionally grew to become one of many few company leaders to chop a music album and frequently sang classical outdated Bollywood songs at occasions. He additionally produced a Marathi movie Rajwade and Sons, which addresses the trials and tribulations of dwelling in a joint household beneath a powerful patriarch. The message of the movie is near his coronary heart and displays in his philanthropic actions. He and his spouse constructed and ran a house for senior residents in an acre-long property in Khopoli, located in Mumbai’s suburbs.
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