CA Lalit Choudhary

CA (First Attempt) | Financial Modelling • DCF Valuation • Forecasting & Variance Analysis | Ex-BDO | Targeting Financial Due Diligence, FP&A, Equity Research, Investment Banking and Corporate Finance

Mumbai, Maharashtra, India

About

Honestly, I just like figuring out what a set of financials is really telling you — and after three years of auditing them, I want to do that for a living, not just confirm they add up. I'm a Chartered Accountant (qualified first attempt, May 2024) with 3+ years across Big 6 statutory audit, internal audit, and financial reporting. Most of my career has been spent inside the numbers of large, complex businesses — and I'm now moving that into financial modelling, forecasting and valuation, for a career in Equity Research, FP&A and Corporate Finance. A few things from the work so far that I'd point to. At BDO India I handled the statutory audit and consolidation of the IRB Infrastructure Developers Group — a listed group spanning 20+ entities — and the part I valued most was the analytical review of revenue and financial performance across the group entities, working through what was actually driving the movements. Before that, I independently led the end-to-end statutory audit of a ₹300 Cr secure-logistics company — owning the engagement from planning to sign-off, not just contributing to one. And during my articleship I analysed revenue collection at the Maharashtra border check posts, found gaps in the process, and the fixes we recommended cut revenue leakage by roughly 10%. Alongside the audit work, I've deliberately built the finance side. The piece I'd point to first is a full financial model and DCF valuation I built of Newgen Software Technologies, a listed company — an integrated three-statement model with a five-year forecast, a WACC built from CAPM, and a DCF arriving at an intrinsic value per share. I did it through my financial modelling work with CA Monk, alongside an investment banking simulation with Bank of America and hands-on practice with three-statement modelling and comparable company analysis. My audit background is a real advantage in this work - it taught me to read financial statements critically and not take a figure at face value. I'm now looking to move into finance roles — FP&A, corporate finance, equity research, investment banking, financial due diligence (FDD) where I can pair that financial discipline with genuine curiosity about what moves markets and what makes a business worth investing in. If you're working in this space — or hiring in it — I'd love to connect.

Experience

  • Associate at BDO in India
    Feb 2025 - Apr 2026 · 1 yr 3 mos

    - Handled the statutory audit and consolidation of the IRB Infrastructure Developers Group — a listed group with ₹8,032+ Cr turnover and 20+ entities, including InvIT and Private Trust structures. - Performed variance analysis on revenue and financial performance across the group entities, working through what drove the movements rather than just confirming the numbers tied out. - Independently led the statutory audit of a ₹300 Cr secure-logistics company — full engagement, planning to sign-off, my responsibility end to end. - Tested internal financial controls across 100+ controls covering revenue, purchases and expenses, and worked through inter-company eliminations and related-party disclosures for the consolidation.

  • Article Assistant at H A M N & Co.
    Jul 2024 - Jan 2025 · 7 mos

    - Audited a manufacturing company's asset registers, RoU assets and lease liabilities (Ind AS 116), along with statutory dues, fixed assets, depreciation and CSR compliance. - Worked on construction-project audits — reviewing tender contracts and concessionaire agreements, and tracking monthly progress reports against engineers' inspection reports.

  • Article Assistant at TR Chadha & Co LLP
    Nov 2021 - Jun 2024 · 2 yrs 8 mos

    - Did a detailed revenue analysis of toll collection at the Maharashtra border check posts — found gaps in the process and the fixes we recommended cut revenue leakage by roughly 10%. - Led the operational audit of a credit-rating company (₹240+ Cr revenue) — reviewed SOPs, rating methodologies and SEBI compliance, and prepared the IA report. - Assisted on the limited review and statutory audit of a construction company (₹7,500 Cr turnover), including IFC testing across purchases, revenue, expenses, subcontracting and insurance. - Ran process evaluations for insurance companies, looking at revenue workflows, IRDAI reporting compliance and HR/payroll policies. - Executed loan documentation checklists for an NBFC (₹6,000+ Cr revenue), checking compliance across the loan book.