The rapidly changing business landscape has perceptibly changed the operational workflow in the pharmaceutical sector, mainly in the C-suite executive positions, including that of a CFO. An ideal CFO today dons the cap of an advisor, a strategist, an effective communicator, and a decision-maker, transitioning companies into lucrative businesses while working hand-in-hand with other departments.
With around two decades of demonstrated experience and expertise, Melagiri Sridhar, a visionary leader, stands as a perfect example of such a CFO who has been driving business excellence at Bafna Pharmaceuticals, a pioneering pharmaceutical company in India.
Incorporated in 1981, Bafna Pharmaceuticals is the brainchild of Bafna Mahaveer Chand, wan award-winning industry maven, and under his aegis, the company has grown into a prominent name for manufacturing and exporting its innovations.
Accredited by the UK-MHRA and TGA-Australia, the company possesses its own Potent Drug specialized manufacturing and R&D Unit regulated by the Indian government and has 120 registered pharma products and around 200 in its pipeline and planted its foot prints in 24 Countries across Globe. As one of the engines of such a brand, Melagiri Sridhar has played a pivotal role in turning the company’s plummeting revenue into profitability.
The following is an excerpt from an exclusive interview conducted by Industry Outlook Leaders with Melagiri Sridhar, which provides deeper insights about his professional journey and his milestones at Bafna Pharmaceuticals.
Kindly take us through your educational and professional journey that equipped you with the required capability to succeed in business.
Hailing from a humble background, I completed my schooling and college in Puducherry, and once I passed my CA (Inter) in 1994, I started my career as an Accounts Executive in a Foam manufacturing company. I held diverse positions, including Manager and Head of accounts, serving three different companies before joining Bafna Pharmaceuticals in 2010, as per the recommendation of one of my mentors, CA. A.K. JAIN, I started out by heading the Accounts & Finance unit and was later elevated to CFO in 2017. I have been serving this company for more than a decade now and have been instrumental in raising the funds.
Owing to my remarkable performance, I have been honored with multiple recognitions, including the CFO Collective Forum’s capital management award in 2021 and raising the capital award in 2022 and was also presented a certificate from Financial Express as FE-STAR. I accredit my excellence to my Wife Padma Sridhar and daughter Bharkavy Sridhar, my fellow Colleagues and the entire Board of Directors of Bafna Pharmaceuticals who had been my pillar of strength, along with my Mentor especially Bafna Mahaveer Chand, for recognizing my vision and exhorting me to take the required actions when necessary. I am also grateful to A.K. Jain (CA), Shyam Sundar Bharti - Ex-Banker, R. Sathyanarayanan (CA) and R.Dharmarajan (CA) (Insolvency Resolution Professional), who helped me grow as a professional and a leader.
What have been the most important milestones achieved by you in your career?
During my tenure at the packaging company, I efficiently turned it into an integrated company in 2000, which offered all the packaging solutions under one roof, and the sales also increased from one crore to seven crore. In 2002, I further tied that company with a renowned MNC, ITW Signode India, an MNC in the packaging industry. I then joined a steel company that specialized in manufacturing GI and ERW pipes and helped them reap a higher turnover in my second year.
One must be vigilant & have sheer focus on the industry they seek to disrupt
Bafna Pharmaceuticals, on the other hand, acquired Brand 'RARICAP' from Johnson & Johnson in 2011 but could not sustain its launch in the domestic market. Business turnover suddenly dropped in 2014. Additionally, the company also came under the radar of IBC from 2018 to 2020. After the Challenging Times, Bafna Mahaveer Chand, through his efforts revived the company by aligning with one of the Investor and since then, the revenues and profit have doubled, making a complete turnaround within a short period of time.
How do you overcome the business challenges that you face today in your current role?
Since the company is an MSME, challenges will always exist. Success can be limited unless one has deep pockets. The relationship with people and investors and taking corrective measures when needed are also imperative. As part of such measures, we first exited the domestic market, sold the brand, and reduced most of the borrowings. We maintain a strong relationship with customers, vendors, advisors, and our sole investor. This also helps me stay current. Multiple books and my work also serve an added advantage in enabling me to stay updated.
Please tell us about your visionary approach to leading a business successfully.
Our success is contingent on management with a great vision. The management always needs a fire in the belly to grow big. They should see the feasibility of the mission and vision, and they should learn to go step by step, which we, at Bafna Pharmaceuticals, follow. With all these factors, we have structured Bafna to grow into a leading company with minimal challenges.
What is your guiding leadership philosophy? What would you advise young entrepreneurs who aspire to become business leaders?
It is not absolutely necessary to have industrial exposure, experience, and command over the business when a potential entrepreneur or leader forays into a sector. But once they decide to start a business, interest and passion alone will drive them to the next level. I always educate my juniors and younger ones to know the ‘why’ and ‘how’ of the business. One must be vigilant and have sheer focus on the industry they seek to disrupt. Most of all, they should have a willingness to learn and should always be students of the situation.
Melagiri Sridhar, Chief Financial Officer, Bafna Pharmaceuticals
Melagiri Sridhar in an award-winning CFO and visionary leader at Bafna Pharmaceuticals, known for transforming businesses and achieving remarkable financial milestones. Adept at overcoming challenges, his guiding philosophy emphasizes passion, learning, and industry disruption.
