MINUTES · 3719C499
Monthly Finance Review
2026-09-23 · 20:05
Awaiting chair approval. These minutes cannot be circulated until the chair signs them off.
Executive summary
The Monthly Finance Review, chaired by CFOO Suprakash Das, focused on evaluating the consolidated MIS for July 2026, which revealed a year-to-date revenue shortfall. While the current variance is large, the team noted that key government grants (NRB, MQM, ISRO) are traditionally recognized in the second half of the fiscal year as expenditures are incurred. To establish clearer financial visibility, the team decided to revisit the budget next month and transition to a project-level P&L tracking system. Nachiketa Maiti took responsibility for establishing new project codes by early next week to enable proper cost tagging starting October 1, 2026.
Attendance
| Name | Role | Presence | Voice |
|---|---|---|---|
| Suprakash Das | CFOO | In room | calibrated #5 |
| Sourav Mukherjee | Business Finance | In room | calibrated #3 |
| Nachiketa Maiti | Corporate Finance | In room | calibrated #6 |
| Puja Yadav | Analyst | In room | calibrated #4 |
1. Attendance
The meeting was held in the room with the following participants: - Suprakash Das — CFOO (Chair) - Sourav Mukherjee — Business Finance - Nachiketa Maiti (introduced as Muktikant Maity) — Corporate Finance - Puja Yadav — Analyst
2. Recap of Last Week's Actions
No discussion recorded for this item.
3. Operations Updates
Sourav Mukherjee presented the consolidated MIS for YTD July 2026, highlighting the following metrics: - Projected cash outflow for FY 2026 is budgeted at 69.38 Cr, based on projected revenue of 33.37 Cr (confirmed to be net of tax) and combined opex and capex of 102.75 Cr (including PSD manpower, operating expenditures, and capex/commitments of 20.40 Cr). - Actual revenue achieved is 3.54 Cr, showing a current shortfall of 7.59 Cr against the phased budget. - The revenue gap is expected to narrow in the second half of the year as government grants from NRB, MQM, and ISRO are recorded alongside matching expenditures. - The finance team is currently conducting a research mapping exercise to transition reporting from vertical-wise P&L to project-wise P&L, which will introduce a more granular layer of cost tracking.
4. Blockers & Risks
- **Revenue Target Achievement Risk (Owner: Sourav Mukherjee)**: There is a significant variance against the YTD revenue budget. Although vertical heads remain optimistic about hitting targets, initial projections suggest the full 33.37 Cr might not be realized, potentially requiring a budget revision to safeguard cash flow and investment planning.
5. Decisions
- **Budget Review**: Agreed to revisit the budget and actual numbers next month to reassess the feasibility of the 33.37 Cr revenue target once pending government grant agreements are finalized. - **Reporting Framework**: Decided to introduce project-level P&L reporting in addition to the existing vertical-wise P&L to capture operational costs more accurately.
6. Action Summary
- **Project Code Creation**: Nachiketa Maiti to create and finalize project codes in the financial system. (Due: 2026-09-29) - **Cost Tagging System**: Sourav Mukherjee and team to ensure proper project codes are tagged to all invoices and purchase order (PO) requisitions post-October 1st. (Due: 2026-10-01) - **Budget Revisit**: Sourav Mukherjee to lead the budget and actuals reconciliation in the next monthly meeting. (Due: Next monthly review)
Unattributed voices — confirm or override
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- Speaker 1high confidence
The speaker introduces himself as 'Shubraprakash Das', Chief Financial and Operating Officer, which closely matches the roster's Suprakash Das (CFOO).
“This is Shubraprakash Das, Chief Finance, Chief Financial and Operating Officer”
- Speaker 2high confidence
The speaker introduces himself as Muktikant Maity, looking after Corporate Finance, which aligns with Nachiketa Maiti's role in Corporate Finance.
“Hi, I am Muktikant Maity looking after the corporate finance of TCG Lifesciences”
Discussion points by speaker
- SUSuprakash DasMIS July 2026 Review
Inquired whether the projected revenue of 33.37 Cr is net or gross of tax.
- SOSourav MukherjeeMIS July 2026 Review
Confirmed that the projected revenue of 33.37 Cr is net of tax.
- SUSuprakash DasMIS July 2026 Review
Questioned how the revenue shortfall of 7.59 Cr will be mitigated and if the remaining 30 Cr target is achievable within the next six months.
- SOSourav MukherjeeMIS July 2026 Review
Explained that government grant revenues (NRB, MQM, ISRO) are recognized based on expenditures, which typically occur in the second half of the year.
- SOSourav MukherjeeMIS July 2026 Review
Noted that while vertical heads believe targets are achievable, the entire 33.37 Cr might not be fully met, and proposed a formal budget and actuals revisit next month.
- SUSuprakash DasResearch Mapping & Project P&L
Proposed adding a project-level P&L layer to the current vertical-wise P&L to accurately capture and map project costs.
- NANachiketa MaitiResearch Mapping & Project P&L
Took responsibility for setting up the required project codes in the financial system.
- SOSourav MukherjeeResearch Mapping & Project P&L
Suggested completing the project codes by the end of the week or early next week so that all invoices and POs can be tagged to proper codes from October 1st onward.
Decision ledger
- Revisit the FY2026 revenue and expenditure budgets in the next monthly finance meeting.
- Implement project-level P&L cost tracking to complement vertical-wise financial reporting.
Action points
| Action | Owner | Deadline | Status |
|---|---|---|---|
Reconcile budget and actuals Re-evaluate actual performance against budget projections once key grant agreements are finalized. | Sourav Mukherjee | no date | open |
Create project codes Establish the necessary project codes in the system to support the transition to project-level P&L tracking. | Nachiketa Maiti | OVERDUE 2026-09-29 | open |
Enforce project code invoice tagging Ensure all incoming invoices and purchase order requisitions are tagged with corresponding project codes. | Sourav Mukherjee | OVERDUE 2026-10-01 | open |
Non-compliance items
- No non-compliance items were raised.
Circulation audit trail
- Nothing circulated yet — use “Circulate minutes” to email every participant.