Mitul Bhavsar

Senior Finance Leader with strong Controllership depth and 20 years across IT infra & software solutions (EPC), Ceramics, Flexible Packaging, Waste Resources Management, FMCG, Engineering Manufacturing and Power (PSU) — including Indian subsidiaries of Austria and Israel groups and oversight of two Foreign Subsidiaries (Ireland, Italy). Extensive experience in Board/CXO/Promoter reporting, fund raising, PE investments, M&A / Due Diligence, Financial modelling, Treasury & Banking, CAPEX/OPEX, Audit, Taxation, Internal controls and ERP/process transformation. Proven ability to build scalable finance & Accounts functions, strengthen governance, improve cash conversion, AOP, Budgeting & Forecasting and Strong MIS and partner with business leadership to drive profitable growth.

Builds and mentors finance teams of around 20 in a hands-on, collaborative style, with a culture of accountability, continuous learning and high ethical standards.

Vice President – Finance & Accounts - Mavrixdata - Ahmedabad

(2026-09 - 2026-09)

Reporting to: Promoter & Director

• Lead the finance and accounts function of the group.

Head – Finance & Accounts (AGM) - Amnex Infotechnologies Pvt Ltd - Ahmedabad

(2024-03 - 2026-08)

Reporting to: Group CFO · IT infrastructure and software solutions (EPC-Project Based). Revenue ₹ 1100+ Cr

• Enterprise Financial Leadership: Spearheaded financial strategy, long-term planning and capital allocation across a multi-SBU structure, supporting business operations involving 100+ concurrent projects.
• CXO & Business Partnering: Partnered with CXOs and SBU Heads on strategic decisions, pricing and profitability improvement; developed executive dashboards providing visibility into revenue, costs, margins and working capital.
• Project Financial Controllership: Monitored project-wise revenue recognition, milestone-based billing, WIP, unbilled revenue and contract execution costs to strengthen financial control and project-level performance visibility.
• Project Margin & Cost Management: Monitored budget-versus-actual costs and cost-to-complete; identified margin leakages and potential cost overruns across manpower, procurement, subcontracting and execution expenses, recommending corrective actions.
• FP&A, AOP & Forecasting: Led enterprise FP&A, annual operating plans, rolling forecasts and budgeting; aligned financial targets with business objectives and monitored performance through variance analysis.
• Management & Board Reporting: Delivered monthly MIS, quarterly Board reports, project-wise P&L and consolidated group reporting, supported by financial performance dashboards tracking revenue, EBITDA, project margins, DSO, DPO, working capital days, cash conversion cycle, debtor ageing, operating cash flows, liquidity position, debt levels and loan covenant compliance; highlighted performance deviations, financial risks and supportive corrective actions.
• Treasury & Working Capital Management: Managed cash-flow forecasting, liquidity, LC/PBG arrangements and banking facilities, driving working capital limit optimisation across a ₹500 Cr+ operation.
• Governance, PE Due Diligence: Ensured GST, TDS, Income Tax, MSME and ROC compliance; coordinated statutory audits and core team members in financial due-diligence support for a ₹460 Cr PE investment by Pantomath Group (Bharat Value Fund).
• Team leadership and Co-ordination: Led a finance, accounts, Bookkeeping and Controller and commercial team, and coordinated with banks, auditors, consultants, the CS and departmental Heads and other stakeholders.

Head – Finance & Accounts - Lioli Ceramica Pvt Ltd - Ahmedabad

(2023-04 - 2024-02)

Reporting to: CFO, India · Ceramics Manufacturing, Caesarstone Group (Israel Parent Company). Revenue ₹ 175+ Cr

• International Reporting: Prepared Monthly MIS under US GAAP and IGAAP for local and international reporting to parent company in Israel.
• Controlling: Managed manufacturing financial Controllership including SKU costing, Inventory Valuation, deferred Revenue, COGS, lease accounting, accruals, prepaid schedules, and variance analysis.
• Working Capital: Led receivables, payables, inventory control, and cash flow management; tightened credit control processes to reduce DSO and managed Forex exposure.
• Compliance: Ensured TDS, GST, PF, ESIC, PT, Fx hedging, FLA and UFCE compliance under FEMA/RBI; completed all statutory and internal audits with no adverse remarks.

Head – Finance (Sr Manager – F&A) - Parikh Packaging Cluster - Ahmedabad

(2021-06 - 2023-03)

Reporting to: Group CFO, India · Flexible Packaging, Constantia Flexibles Group (Vienna, Austria Parent Company). Revenue ₹ 500+ Cr

• International Financial Reporting: Delivered Monthly MIS and financial reporting for Global parent company reconciliation of intercompany sales, purchases, balances and transactions across group entities; coordinated intercompany confirmations and supported accurate group-level consolidation.
• Banking and Debt Funding: Managed and optimized a Rs. 150 Cr Cash Credit (CC) and structured and administered a Rs. 200 Cr (ECB) backed by a Group corporate guarantee with BNP Paribas India.
• Forex, Hedging Transfer Pricing Managed forex exposure and hedging documentation (FLA, ECB-2, UFCE) under FEMA/RBI with BNP Paribas India to protect margins; coordinated transfer-pricing documentation, benchmarking and arm’s length price (ALP) compliance for cross-border related-party transactions with tax advisors.
• M&A Support: Participated in M&A due diligence (KPMG Led) of Rs. 185 Cr acquisition of Parikh cluster — coordinated financial data room, valuation support, and management information packs.
• AOP & Budgeting: Led AOP, CapEx, and Opex budget processes; managed SAP-based inter-group reporting, multi-currency MIS, and segment/product/customer-wise performance tracking with YTD analysis.
• Group Audit & Internal Controls: Co-ordinated with Group Audit, Audi Schedule, supporting Documentation on reconciliation for parent company, ensured IFC, SOPs, payroll, GST, TDS, PF, ESIC, PT, and LWF compliance across all transactions; completed all statutory and internal audits cleanly.
• Working Capital: Led receivables, payables, inventory control, and cash flow management across a high-volume packaging manufacturing environment.

Senior Manager – F&A - Nepra Resource Management Pvt Ltd - Ahmedabad

(2018-10 - 2021-06)

Reporting to: CFO · Waste Management and Recycling (Nepra Group). Revenue ₹ 120 Cr

• Financial Reporting: Monthly MIS to Board, Investor and Key stakeholders, Financial Consolidation and reporting.
• Series-C Fundraising: Supported ₹135 Cr fundraise from Circulate Capital, Singapore (Deloitte-led) due diligence.
• Multi-Plant Operations: Led plant accounting, credit control, profitability analysis, and project costing across multiple recycling facilities.
• Treasury & FEMA: Prepared CMA data, managed treasury limits, and ensured FEMA compliance; optimised fund allocation and cash flow.
• ERP Implementation: Implemented Oracle NetSuite — reduced month-end close time and improved reporting accuracy.

Senior Manager – F&A - Irish Products Pvt Ltd - Ahmedabad

(2017-01 - 2018-09)

Reporting to: CEO · FMCG Manufacturing with multi-subsidiaries and Group Companies (Pelican Group). Revenue ₹ 40 Cr

• ERP SPOC: End-to-end SPOC for TCS ION ERP implementation (Manufacturing + Finance) — delivered on time with zero critical post-go-live issues.
• Finance Operations: Monthly MIS, Managed cash flows, OD facilities, foreign remittance, costing, and monthly cost variance analysis.
• Group Company: Financial oversight for 2 International Subsidiaries Golden Irish (Ireland) and Yellow Irish (Italy).
• TP & Forex Exposure: Managed intercompany transactions with overseas subsidiaries, applicable transfer-pricing compliance, and Forex exposure to minimise exchange-rate impact on costs and cash flows.
• Documentation: Prepared cash credit, DP, LC, PBG, and CMA data documentation; ensured TDS and GST compliance.

Assistant Manager – F&A - Jasubhai Engineering Pvt Ltd - Ahmedabad

(2012-04 - 2016-12)

Reporting to: GM Finance · Engineering EPC Project based (Jasubhai Group, Mumbai). Revenue ₹ 30 Cr

• Accounts Finalisation: Finalised accounts, P&L, notes, and schedules; prepared monthly SBU-wise MIS reports.
• M&A Involvement: Supported M&A between ABM Steels Pvt Ltd and Jasubhai Engineering — coordinated FS reporting.
• Banking & Treasury: Managed LC, PBG, CPG discounting, BOE documentation, bank, vendor and debtor reconciliation.

Finance Executive - GETCO - Surendranagar

(2007-09 - 2012-03)

Reporting to: GM Finance · Power Transmission, State Owned Power Utility (PSU)

• Consolidation: Consolidated TB for all divisions; managed branch accounting, inter-division and bank reconciliations.
• Audit Coordination: Coordinated with internal and CAG auditors on financial reporting; supported annual budget.

MBA - Finance & Business Management - GRIMS B-School, Vapi, Gujarat (2007 - 2007)

CMA (Intermediate) - Costing & Taxation - ICMAI, WIRC, Calcutta (2019 - 2019)

BBA - Finance, Accounts & Economics - SB Patel Institute of Business Studies, Visnagar, Gujarat (2005 - 2005)