The financial operations of the company and ensuring that financial data is accurate, timely and relevant. This includes financial planning and analysis, corporate governance, accounting and financial reporting, treasury and cash management, risk management, investor relations, statutory compliance, costing, audits and taxation. It takes a lot of experience to grow the expertise of a successful CFO and only those who have spent a long time in this industry are able to perfectly understand complex financial operations in an organization. Post qualifying as a Chartered Accountant, Ashish Nayak has been associated as CFO with some renowned groups/corporates as Shroff Group, Murjani Group, K Raheja Corp, Malhotra Group and Supriya Lifescience. A highlight of his career is his experience of having worked in such diverse sectors as chemicals manufacturing, retail, phamaceuticals and engineering manufacturing.
He is a commerce graduate from Mumbai University and completed CA from esteemed Institute of Chartered Accountancy in 1997. Ashish did his Articleship from S V Ghatalia and Associates wherein he was involved in statutory audits of listed companies from diverse sectors, costing, tax audits and handled taxation matters. These were the formative years that prepared him for the next jump. “During my journey of 26 years, I have worked in varied sectors, in listed, joint venture and non-listed corporations and in corporations that are promoter driven with professional management style and also hybrid management style. Such varied experience has enabled me to adapt and at the same time imbibe the best practices”, he states.
Keeping up with the Industry
Ashish believes that change is the only constant. More change and hence churn has happened over the last decade than what happened in the last century. Going ahead the pace of change will be even faster. Those who do not accept and adapt will find it difficult. Over his career, he has put in
best efforts to align with advancements by keeping ones eyes and ears open and grounded, associate with industry/ professional network groups so that one is updated, self-upgrade by taking courses or attending workshops/seminars, self-learning while on the job and stay informed about emerging technologies and trends that could impact the industry by subscribing to newsletters and magazines.
He has worked across diverse sectors and each sector has had its own set of challenges. Challenges vary from fund raising, working capital management, forex management, project delays, over dependence on select products/ customers/geography/vendors/ manpower, regulatory, controls, increasing input cost and resultant squeeze in margins. The only way to overcome these challenges is to do a proper study and analysis, work out a solution, be ready with a backup plan, be focussed, prioritise, delegate and keep track of progress. “Workforce is the more important and critical resource for any business. As business leaders, we need to ensure that the team is properly motivated and is able to deliver to the best of its capabilities. For this one needs to assess the strengths of each team member, provide proper training and guidance, take inputs from team for devising improvisation strategy(Bottom up approach), effective communication, respect for the team, focusing on team work and recognize and appreciate good contribution from team members”, states Ashish.
During my journey of 26 years, I have worked in varied sectors, in listed, joint venture & non-listed corporations. Such varied experience has enabled me to adapt & at the same time imbibe the best practices
Looking Ahead
Growth for Ashish has multiple dimensions and the target is to, if not better, meet expectations of all stake holders. As part of management team, his focus has been on growth in top line along with growth in margins, better utilisation of resources manpower, equipment, material, land and funds, meeting increasing demand for quality of customers and end users, meeting society expectations Go one step ahead of the ESG norms better CSR spends and meeting investor expectations Corporate governance, transparency in reporting.
During his 26 years journey, some of the key milestones successfully achieved are navigating, with the support of the management team, to achieve organisational goals, successful IPO listing, successful fundraising from financial institutions dealt with multiple banks, improving financial reporting and transparency, improving working capital cycle, implementing effective cost management strategies, developed strong Finance team and made successful ERP implementation for improving controls and reporting.
According to Ashish, these are very challenging times as the business dynamics are changing fast. To add to it there are challenges on the global economic and political front. As CFO, he needs to constantly update and upgrade from all perspective. “My vision as financial leader is to achieve consistent and timely delivery of quality products/ services, transparency in dealing, accept and adapt to latest technological developments, maintain best ESG standards, strengthen business development and research and development and diversify product, customer and vendor base”, he concludes.
