The Most Influential CFOs in 2024

www.ciolookindia.com

LOOK INDIA Vol 06 Issue 01

The CFO Whisperer How the Modern Leadership is Transforming the Financial Narra ve?

Breaking the Mold How the Most Influen al CFOs are Rewri ng the Rules of Finance?

The Most

Influential

CFOs 2024 in

A Leader Shaping the Future of Finance –

Srinidhi BK, Group CFO, Apar Technologies

Srinidhi

BK

The CFO Redefining Growth in the Age of Agility

The Most

Influential

CFOs 2024 in

Editor's

Note

FUTURE’S STRATEGIC FINANCIAL SUCCESS SHAPERS

T

he role of Chief Financial Officers (CFOs) has evolved significantly over the years, transcending traditional responsibilities of financial stewardship to encompass strategic decision-making and transformative leadership. In 2024, the most influential CFOs are those who have adeptly navigated the complexities of a rapidly changing economic landscape, driven innovation, and fostered sustainable growth within their organizations. The contemporary CFO is a pivotal figure in guiding companies through economic uncertainty and technological advancements. They leverage data analytics, artificial intelligence, and other cutting-edge technologies to gain deeper insights into financial performance and market trends. By integrating these tools, influential CFOs not only enhance operational efficiency but also provide strategic foresight, enabling their organizations to anticipate and adapt to market shifts with agility. Moreover, the emphasis on environmental, social, and governance (ESG) criteria has redefined the CFO's mandate. The most impactful CFOs of 2024 are champions of sustainability, ensuring that their companies not only meet regulatory requirements but also lead in corporate responsibility. They understand that long-term financial health is intrinsically linked to sustainable practices and societal impact. By embedding ESG considerations into financial planning and reporting, these CFOs drive their organizations toward more ethical and sustainable business models. Strategic partnerships and mergers and acquisitions (M&A) are also critical areas where influential CFOs make their mark. They identify and execute deals that align with their

company's strategic goals, fostering growth and expansion. Their acumen in evaluating potential synergies and integrating acquired entities seamlessly is crucial for maximizing value creation and ensuring a competitive edge in the global market. Additionally, the most influential CFOs are transformational leaders who cultivate a culture of innovation and continuous improvement within their finance teams. They prioritize talent development, equipping their teams with the skills and knowledge required to navigate the complexities of the modern financial landscape. By fostering an environment of collaboration and empowerment, these CFOs drive operational excellence and position their organizations for sustained success. In this exclusive CIOLook India’s edition titled, ‘The Most Influential CFOs in 2024,’ the chosen few are those who embrace their expanded roles as strategic visionaries, sustainability advocates, and transformational leaders. Their ability to harness technology, drive ESG initiatives, and execute strategic growth opportunities sets them apart as key architects of their organizations' future success. As the business world continues to evolve, these CFOs will undoubtedly play a critical role in shaping the financial and strategic direction of their companies.

- Gaurav PR Wankhade Managing Editor

Cover

Story

08.

A Leader Shaping the Future of Finance –

Srinidhi

BK

The CFO Redefining Growth in the Age of Agility

Profiles:

18. 28.

Anoop Jain Leading Shreeyam's Financial Charge with Vision and Skill

Mr. Shrikant Bhakkad Propelling Towards A Successful Financial Future

Articles: Breaking the Mold How the Most Influen al CFOs are Rewri ng the Rules of Finance?

Ar ficial Intelligence How Genera ve AI is Changing the Game for Fintech Businesses?

The CFO Whisperer How the Modern Leadership is Transforming the Financial Narra ve?

14. 24. 32.

FOLLOW US ON

LOOK INDIA

www.twitter.com/ciolookindia www.facebook.com/ciolookindia/

www.ciolookindia.com

Abhishek Joshi

WE ARE ALSO AVAILABLE ON

Editor-in-Chief

CONTENT

Managing Editor: Gaurav PR Wankhade Assisting Editor : Prajakta Zurale

DESIGN

CONTACT US ON

Email [email protected] For Subscription www.ciolookindia.com

Visualizer : Sandeep Tikode Art & Design Director : Sameen Arif Sr. Graphic Designer : Rashmi Singh

SALES

Vice President : Swapnali Vasaikar Asst. Vice President : Tejaswini Whaval

Copyright © 2024 CIOLOOK India, All rights reserved. The content and images used in this magazine should not be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from CIOLOOK India. Reprint rights remain solely with CIOLOOK India.

Sr. Team Leader : Suraj Gadekar ATL : Reetika Sharma TECHNICAL

Technical Head : Prachi Mokashi Technical Specialist: Rajeshwari Avhad Technical Consultant : Tanaji Fartade SME-SMO

[email protected]

June, 2024

Research Analyst : Renuka Kulkarni SEO Lead : Nikita Khadalkar

Cover Price: Rs.300/-

The Most

Influential

CFOs 2024 in

Featuring

Company

Brief

Anoop Jain, CFO

Shreeyam Power & Steel Industries Ltd.

Anoop Jain is a financial mastermind with over 18 years of experience and expertise in various industries like steel, power, mining, and cement.

Prateek Aggarwal, CFO

HCL Technologies Ltd

Prateek Aggarwal, based in Noida, UP, is currently a Chief Financial Officer at HCL Technologies, bringing experience from previous roles at HCL Technologies, Hexaware Technologies and AB Minacs Pvt Ltd.

Shrikant Bhakkad, CFO

Pennar Industries Limited

Shrikant Bhakkad, based in Hyderabad, is currently a Chief Financial Officer at Pennar Industries Limited, bringing experience from previous roles at various companies.

Srinidhi BK, Group CFO

Apar Technologies

As Group CFO of Apar Technologies, Srinidhi is managing finances and driving the company's growth.

Srinivasan Vaidyanathan, CFO

HDFC Bank

Srinivasan, the CFO at HDFC Bank, is an experienced finance professional who is driving the business performance in collaboration with business partners and board.

COVER STORY

Sr Srinidhi BK, Group CFO, Apar Technologies

rinidhi A Leader Shaping the Future of Finance –

Srinidhi BK

The CFO Redefining Growth in the Age of Agility

I

Srinidhi doesn't just weather the turbulence; he rides these waves of global financial uncertainty with élan. His expertise allows him to anticipate the shifting currents and to leverage the power of technology like a skilled navigator uses the wind. He understands that finance is no longer a solitary pursuit; it thrives on collaboration and forging strong relationships across departments to ensure the entire ship stays afloat. Think of the traditional CFO as a mapmaker, meticulously charting a course based on past experience. Srinidhi, however, is a visionary cartographer.

‘

‘

magine finance not as a stagnant pond but as a vast, ever-churning ocean. Modernity has injected powerful technological currents, constantly reshaping the waters. Global entrepreneurship sets sail on this sea, navigating treacherous tides of change. Yet, there are captains like Srinidhi BK, who shines like a beacon, the Group Chief Financial Officer of Apar Technologies – not merely a passenger, but master of this financial odyssey.

Regarding corporate strategy, key focus areas for CFOs in the IT industry include visioning, objec ve se ng, resource alloca on, and priori za on.

He not only understands the present financial landscape but constantly scans the horizon for emerging trends and disruptions. He uses data analytics to predict future storms, proactively adjusting course as needed. In this ever-changing financial ocean, Srinidhi isn't just a leader; he's a lighthouse, a beacon of assurance for his fellow entrepreneurs. He guides them through the roughest waters, his unwavering financial acumen a constant source of stability and growth.

This dedication to academic achievement foreshadowed his future success in the competitive world of finance. Sharing his motivation, Srinidhi says, “The motivation behind doing CA was to buy my own car. I have always been passionate about cars.” From Prodigy to Professional Srinidhi embarked on his professional voyage upon completing his Chartered Accountancy qualification, a milestone he achieved on his first attempt in May 2007.

A Foundation Built on Excellence Srinidhi is more than just a Group CFO; he's a financial architect, a strategic visionary, and a testament to the power of unwavering dedication. His journey is an inspiration for aspiring financial leaders. Srinidhi's commitment to excellence shone brightly throughout his academic career.

‘

He secured top ranks consistently, culminating in national recognition as the highest scorer in multiple subjects. His dedication has been unwavering from academic brilliance, securing national top ranks, and cracking the CA exam in his first attempt.

‘

What truly sets him apart is the fact that his career began at the tender age of 19 with the Indian Railways. Balancing work and studies, Srinidhi undertook a demanding schedule, travelling long hours between his workplace and college. With only a few hours left each day for sleep and other commitments, he displayed remarkable tenacity, securing the top rank at the University of Mysore while managing this hectic routine. This period instilled in him invaluable lessons in multitasking, prioritization, and the strong willpower that would ultimately shape his path forward.

Our success lies in not limi ng offshoring to a specific country and avoiding a standard rule for all service offerings, enabling us to adapt and thrive in a changing market.

The Most Influen al CFOs in 2024 A Career Trajectory Marked by Strategic Acumen Srinidhi's exceptional talent shone through at leading financial institutions like Goldman Sachs and IBM. He excelled in the controllership function at Goldman Sachs, making significant contributions. He then transitioned to IBM, where his foresight and strategic thinking proved invaluable during the global financial crisis. His planning expertise and exceptional performance were recognized with the prestigious IBM India Delivery Excellence Award, solidifying his reputation as a rising star in the financial world. He further solidified his expertise in financial planning & analysis, controllership, and M&A at Symphony Technologies. But it was his meteoric rise at Sonata Software, achieving multiple promotions in a short span and driving significant stock price growth, that truly cemented his reputation as a strategic thinker. Sharpening Expertise and Leading Transformation As Group CFO of Apar Technologies, Srinidhi isn’t just managing finances; he driving the company’s growth. From strategic investments to overseeing diverse financial

operations, his expertise spans financial planning & analysis, business partnering, fundraising, M&A, investor relations, and more. He is a leader who optimizes performance, creates long-term value, and has a proven track record of leading successful IPOs like Happiest Minds. He spearheaded one of the most successful IPOs of the decade. This landmark achievement, characterized by over 100% listing gains and a fully digital, remotely managed process during the challenging COVID-19 era, stands as a testament to his ability to excel under pressure and deliver exceptional results. The Architect of Growth at Apar Technologies Srinidhi is more than a CFO; he is a testament to hard work, strategic vision, and the ability to excel under pressure. Growth is just one piece of the puzzle. For Srinidhi, Group CFO of Apar Technologies, managing a diverse group of companies requires a nuanced approach. Some may be poised for aggressive growth, while others need stability or a strategic turnaround. His secret weapon? Strategic agility. Srinidhi prioritizes clear vision, targeted objectives, and resource allocation. He understands that organic growth is just one piece of the equation. A well-timed M&A strategy can be a gamechanger. But growth isn’t just about top-line numbers. Srinidhi emphasizes maximizing billability, optimizing core operations, and streamlining non-essential elements. He is a master of resource utilization, ensuring every cost drives real value. In short, Srinidhi doesn’t just manage finances; he also architects growth. His multi-faceted approach allows each company in the group to thrive in its unique situation. Beyond the Numbers: A Leader Who Inspires Srinidhi's influence extends far beyond financial statements and spreadsheets. He is a leader who fosters a culture of continuous learning and innovation. His commitment to excellence inspires those around him to push boundaries and achieve their full potential. Srinidhi isn't just a CFO. He's a market whisperer. From listed giants to unlisted underdogs across diverse markets, he's seen it all. This experience has instilled in him a deep respect for the power of market analysis.

Market insights are his financial compass. Understanding market dynamics and industry trends allows Srinidhi to forecast with precision and navigate volatility. He factors in geo-political and economic headwinds, ensuring every investment decision is well-informed.

But market analysis isn't a crystal ball. It doesn't eliminate uncertainty. What it does provide is a solid foundation for strategic planning and risk management. Armed with these insights, Srinidhi empowers stakeholders to navigate market uncertainties and seize fleeting opportunities.

M&A maestro? Market analysis is his secret weapon. Srinidhi leverages market analysis to evaluate synergies, competitive landscapes, and valuations during mergers and acquisitions. This data-driven approach ensures strategic investments that propel growth.

Forget the offshoring of old. Srinidhi sees it as a strategic superpower. The pandemic ignited a work-from-anywhere revolution, and Srinidhi is leveraging it to optimize Apar Technologies.

‘

‘

I always look forward to new learnings and challenges that will allow me to expand my exper se, achieve further success and con nue my journey as a financial leader.

Offshoring isn't just about saving money; it's about acquiring talent. In the IT industry, it's about accessing a global pool of skilled professionals, scaling up or down as needed, and building centres of excellence around the world. A Strategic Thinker for the Turbulent Times Srinidhi's strategy is dynamic, not dogmatic. He continuously evaluates new locations, balancing cost savings with potential risks. He knows the key to a successful hybrid model is finding the perfect blend of onsite and offshore resources, and that blend can vary depending on the skillset needed. By avoiding a one-size-fits-all approach, Srinidhi keeps Apar Technologies agile and adaptable. He doesn't limit himself geographically, allowing the company to thrive in an ever-evolving market. The future of finance is here, and Srinidhi is at the helm. He recognizes the game-changing impact of AI and other advanced technologies on the CFO role. It's not just about keeping up; it's about embracing innovation. Srinidhi understands the power of AI-driven analytics and predictive models. These tools unlock deeper financial insights, leading to smarter strategic decisions. But AI isn't here to replace him. Automation through RPA and machine learning frees Srinidhi's team from mundane tasks like data entry and reporting. This allows them to focus on what truly matters – high-value strategic activities. The key to success? Staying ahead of the curve. Vision, foresight, and a continuous learning mindset are crucial. Srinidhi fosters collaboration across functions and actively seeks new knowledge. He knows that by embracing technology and developing relevant skills, he and his team can become strategic leaders in the ever-evolving world of finance and technology. For Srinidhi, “Success is always a journey and never a destination. The best way to re-live success is to re-create it.” A Reliable Companion on the Tides of Tomorrow Srinidhi isn't just a CFO. He's a builder. The thrill of taking a company public ignites him, and he's hungry to repeat that success. But his ambitions extend far beyond IPOs.

On a professional level, Srinidhi is a relentless improver. He sets audacious goals, pushing himself to exceed expectations and propel the organizations he leads. His vision? A best-in-class, technology-driven finance function. But his impact isn't limited to the boardroom. Srinidhi is passionate about mentoring the next generation of financial leaders and sharing his wisdom and experience. He's also a dedicated family man. Striking a healthy balance between work and personal life is a priority. A car enthusiast, he loves driving! In essence, Srinidhi craves continuous learning and challenges. He's on a mission to expand his expertise, achieve new heights, and solidify his legacy as a visionary financial leader. A Visionary for the Future Srinidhi passionately advocates leveraging technology to streamline financial operations and gain deeper insights. He actively seeks opportunities to collaborate across functions and embrace new advancements, ensuring Apar Technologies remains at the forefront of the ever-evolving financial landscape. Srinidhi BK is a compelling example of what can be achieved through dedication, strategic thinking, and a relentless pursuit of excellence. He is a thought leader, a builder, and a visionary shaping the future of finance.

How the

Most Influen al

CFOs Rewri ng the

are

Rules of Finance?

T

he role of Chief Financial Officer (CFO) is no longer confined to traditional financial stewardship. Today’s most influential CFOs are breaking the mold, rewriting the rules of finance by embracing strategic leadership, innovation, and sustainability. Their ability to navigate the complexities of the modern business landscape is transforming how organizations approach financial management, driving growth, and creating value in unprecedented ways. From Bean Counters to Strategic Partners Gone are the days when CFOs were solely focused on crunching numbers and ensuring compliance. Today's top financial leaders are strategic partners, working hand-inhand with CEOs to drive business growth and innovation. They are not just stewards of the past, but architects of the future. Key Traits of the New-Age CFO Here are some of the key characteristics that define these forward-thinking financial leaders: Business Acumen: They possess a deep understanding of the business beyond just the financials. They can translate

14 | www.ciolookindia.com

financial data into actionable insights that inform strategic decision-making. Data-Driven Approach: They leverage data analytics to gain a deeper understanding of the market, customers, and operations. This data-driven approach helps them identify opportunities and mitigate risks. Technological Savvy: They are comfortable with new technologies like artificial intelligence (AI) and blockchain, and understand how these technologies can be used to improve financial processes and decision-making. Risk Management Champions: They are proactive in identifying and mitigating risks, not just financial risks, but also operational and strategic risks. Storytelling Ability: They can effectively communicate complex financial information to a variety of stakeholders, from CEOs and boards to investors and employees. The Strategic Architect In the past, CFOs were primarily focused on financial reporting, compliance, and cost management. While these responsibilities remain critical, the scope of the CFO’s role

June, 2024

Breaking the Mould 15 | www.ciolookindia.com

June, 2024

has expanded dramatically. Today’s influential CFOs are strategic architects who play a pivotal role in shaping their company’s vision and long-term strategy. They are deeply involved in decision-making processes that go beyond numbers, contributing insights that influence business direction and policy. By leveraging advanced analytics and data-driven insights, these CFOs provide a comprehensive understanding of market trends, customer behavior, and competitive dynamics. This holistic approach allows them to forecast future scenarios, identify opportunities for growth, and mitigate potential risks. Their strategic foresight is essential for guiding their organizations through economic uncertainties and volatile markets.

Transformational Leaders The most influential CFOs are transformational leaders who inspire and empower their teams. They foster a culture of continuous learning, innovation, and collaboration within their finance departments. Recognizing that talent is a key driver of success, they invest in professional development and create an inclusive environment where diverse perspectives are valued. Transformational CFOs emphasize the importance of agility and adaptability. They encourage their teams to embrace change, experiment with new ideas, and learn from failures. This leadership approach cultivates a dynamic and resilient finance function that can swiftly respond to emerging challenges and opportunities.

Innovation Champions Breaking Traditional Boundaries Innovation is at the heart of the modern CFO’s agenda. The most influential CFOs are champions of digital transformation, utilizing technology to enhance operational efficiency, streamline processes, and drive innovation. They are at the forefront of integrating artificial intelligence, machine learning, and blockchain into financial operations, revolutionizing how financial data is managed and utilized. These CFOs understand that technology is a powerful enabler of growth. By adopting advanced financial technologies (fintech), they automate routine tasks, reduce errors, and provide real-time financial insights. This technological edge not only improves accuracy and efficiency but also empowers the finance team to focus on strategic initiatives that add value to the organization.

The influence of modern CFOs extends beyond the finance function. They collaborate closely with other C-suite executives, contributing to cross-functional initiatives and driving organizational change. Their ability to bridge the gap between finance and other business areas is critical for fostering a cohesive and integrated approach to achieving corporate goals. Moreover, these CFOs are active participants in external networks and industry forums. By engaging with peers, regulators, and thought leaders, they stay abreast of industry trends and best practices. This external perspective enriches their strategic thinking and enables them to bring innovative ideas and solutions to their organizations.

Sustainability Stewards Looking Ahead Sustainability is no longer a peripheral concern; it is a core element of business strategy. Leading CFOs are stewards of sustainability, embedding environmental, social, and governance (ESG) considerations into their financial planning and reporting. They recognize that sustainable practices are crucial for long-term success and stakeholder trust. These CFOs are driving their companies to adopt sustainable business models that minimize environmental impact and promote social responsibility. By developing robust ESG metrics and reporting frameworks, they ensure transparency and accountability. This commitment to sustainability not only enhances the company’s reputation but also attracts socially conscious investors and customers, driving sustainable growth.

16 | www.ciolookindia.com

The most influential CFOs of today are breaking the mold by redefining the rules of finance. Their strategic vision, commitment to innovation, focus on sustainability, and transformational leadership are revolutionizing how businesses approach financial management. As they continue to push the boundaries, these CFOs are not only driving their organizations towards greater success but also reshaping the future of finance itself. Their ability to adapt, innovate, and lead in a complex and rapidly changing world sets them apart as true pioneers in their field.

June, 2024

Anoop Jain CFO Shreeyam Power & Steel Industries Ltd

18 | www.ciolookindia.com

The Most Influential CFOs in 2024

Anoop Jain

Leading Shreeyam's Financial Charge with Vision and Skill

ave you seen an influential leader transforming every challenge into a golden opportunity to drive the progressive march of industry in his almost two decades of brilliant career?

H

Anoop's core skills include strategic planning, financial analysis, project finance, financial modelling, and team leadership. This robust skillset and his successful track record give him a strategic advantage.

Meet Anoop Jain, a financial mastermind with over 18 years of experience in various industries. His expertise in steel, power, mining, and cement gives him a well-rounded understanding of all the core sectors of the industry. Anoop isn't just an expert; he's a proven leader. He excels in corporate planning, strategy, finance, and fundraising, tackling short-term and long-term goals. His achievements are recognized –

Fostering Shreeyam with Strategic Advantage

• •

Industry Outlook named him a Top 10 Steel Industry CFO in 2023, and Transformance awarded him The Great Indian CFO Leader distinction.

Accolades aside, Anoop is a strong communicator and team player. He builds relationships, analyzes problems, and organizes solutions with exceptional detail-orientation. His ability to navigate complex financial situations makes him a valuable asset.

19 | www.ciolookindia.com

Shreeyam Power & Steel Industries thrives under Anoop Jain's financial leadership. As CFO, he manages the books and drives the company forward. Anoop's a leader who inspires. He heads a team of 20, reporting directly to the top brass. His strategic thinking and clear vision keep everyone focused on achieving common goals. His expertise goes beyond daily finances. He ensures meticulous compliance with regulations, especially for their listed debentures. From financial planning and analysis to audits and reports, Anoop has a firm grasp on everything financial. Anoop's guidance provides the insights Shreeyam needs to make smart decisions. He analyzes business opportunities,

June, 2024

quantifying their impact. Regularly analyzing Management Information Systems (MIS) reports keeps the organization agile and efficient. Thinking long-term, Anoop develops strategic business plans, aligning finances with Shreeyam's vision. He also manages a massive treasury, ensuring Shreeyam's financial health for the long haul. Under his leadership, Shreeyam first time became net debt zero company. Anoop's leadership extends beyond core finance. He plays a key role in M&A activity, smoothly integrating new acquisitions. He even spearheaded the development of an Enterprise Risk Management program, safeguarding Shreeyam's future. Anoop Jain's strategic vision, meticulous detail, and unwavering commitment to excellence make him an irreplaceable asset to Shreeyam Power & Steel Industries. He's a leader who guides them towards continued success and growth. Anoop Jain's Early Career at Vikram Cement: A Strong Foundation Anoop Jain's professional journey began at Vikram Cement in Neemuch, part of the respected A.V. Birla Group. He started as a Graduate Engineer Trainee (GET) and quickly moved up to become an Engineer. This role provided him with valuable hands-on experience and honed his skills in the fast-paced world of cement production. Anoop's responsibilities included creating production schedules that met the plant's needs. He ensured smooth operations and made the best use of available resources. His commitment to maintaining high-quality limestone for cement production showed his dedication to excellence and close attention to detail. This laid a strong foundation for his future success. Beyond technical skills, Anoop demonstrated leadership qualities. He supervised and mentored a team of 30, promoting collaboration and teamwork—his ability to manage people and improve workflows led to increased productivity and efficiency for the company.

demonstrating his understanding of compliance and regulations. He was also involved in a task force committee focused on benchmarking mining operations, showcasing his proactive approach to continuous improvement and innovation. Vikram Cement provided the launchpad for Anoop Jain's professional career, characterized by hard work, leadership, and a constant drive for excellence. The experiences he gained during this formative period laid the groundwork for his future accomplishments and contributions to the broader business world. Anoop Jain's Experience at Reliance Energy Limited Anoop Jain's time at Reliance Energy Limited in Mumbai highlighted his impressive skills in business growth and project execution. As an Assistant Manager, he was key in acquiring a coal mine in Indonesia. This involved careful research, visiting the site, and setting up a new project from scratch, showcasing his ability to handle complex international deals effectively. Beyond acquisitions, Anoop was crucial in planning and implementing projects. He regularly updated the CEO and Chairman on progress. His skilled scheduling, especially for a coal mine and a massive power plant, demonstrated his meticulousness and ensured projects were completed on time and efficiently. Anoop's contributions to business planning were equally valuable. He created detailed financial models for mines, assessed cost-benefit analyses for water removal processes, and explored shipping options for coal. His sharp financial mind and analytical skills allowed him to provide valuable insights and recommendations to senior management, which helped with informed decision-making aligned with the company's goals. Throughout his career at Reliance Energy Limited, Anoop Jain's multifaceted contributions to business development, project planning, and strategic decision-making were undeniable. His ability to handle complex projects with precision and foresight makes him a strong leader and a valuable asset to the organization.

Anoop's contributions went beyond his job description. He represented the mining department during audits by prestigious organizations like JIPM and DNV,

20 | www.ciolookindia.com

June, 2024

structures allowed him to identify optimal solutions specific to each project's needs, ensuring maximum return on investment.

I believe that effective communication, excellent relationship-building and interpersonal skills, strong analytical, problem-solving, and organizational abilities, and a lexible and detail-oriented attitude are the hallmarks of an in luential leader.

Anoop's proficiency extended to valuing major power projects, which is a crucial step in credit rating assessments. His meticulous approach and keen eye for detail, exemplified in his evaluation of the 1320MW Power Project, solidified the company's financial credibility and stability. Anoop Jain's strategic thinking and financial expertise left a lasting impression on CLP Power India. He drove transformative changes and positioned the company for long-term success in the ever-evolving energy sector. His innovative approach to business planning and development continues to serve as a model for excellence, a testament to his enduring legacy as a visionary leader and a catalyst for growth. A Journey of Excellence at Abhijeet Group

A Strategic Mind and Financial Powerhouse at CLP Power India Anoop Jain's time at CLP Power India, a Mumbai-based company, showcased his exceptional strategic thinking and financial skills. As an Investment Analyst, he was a key player in shaping the company's business plans and growth initiatives, constantly pushing for innovation and efficiency. Anoop's business planning contributions were fundamental to setting CLP Power India on a path of long-term success and profitability. He meticulously crafted annual investment and business plans, rigorously analyzing operational costs and capital expenditures for every project. His sharp financial analysis and expertise in management information systems (MIS) provided invaluable insights into project performance, allowing for well-informed decisions and strategic resource allocation. Beyond business planning, Anoop actively participated in business development, especially in infrastructure and power. He built intricate financial models and conducted in-depth analyses to assess the feasibility of various projects, including those in thermal, transmission line and renewable energy. Anoop's deep understanding of financing

21 | www.ciolookindia.com

As Anoop Jain's journey continues, his impactful contributions extend to his tenure at Abhijeet Group in Mumbai, where he held progressively responsible roles in Corporate Finance. From Manager to Assistant General Manager, Anoop played a pivotal role in shaping the organization's financial landscape, leaving a lasting legacy of strategic initiatives and successful project financing endeavours. Anoop's expertise in project finance was instrumental in raising desired funds for various power projects, spanning solar power, EPC business, and coal mining ventures. His meticulous approach to financial modelling and Information Memorandums (IM) preparation facilitated successful debt syndication with banks and financial institutions, highlighting his adept negotiation skills and financial acumen. In addition to his financial prowess, Anoop's strategic mindset was evident in his corporate planning and strategy role. He spearheaded the sale of stress assets through innovative methods like the Swiss Challenge, overseeing due diligence processes and project valuations with precision. Furthermore, his involvement in debt restructuring initiatives, including Corporate Debt Restructuring (CDR) and bilateral negotiations, underscored his commitment to optimizing the organization's financial position and mitigating risks. Anoop's journey at Abhijeet Group exemplifies his unwavering dedication to driving financial success and strategic growth initiatives. His ability to navigate complex

June, 2024

financial landscapes, coupled with his strategic vision and leadership, continues to propel him forward as a dynamic and influential figure in corporate finance. An Award-Winning Teammate at Essar Power Anoop Jain's time at Essar Power in Mumbai showcases him as a team player extraordinaire. From Deputy General Manager to deputy CFO, he consistently impressed with his collaborative spirit and ability to lead winning initiatives. His teamwork was award-winning. Anoop's leadership helped the Corporate Finance & Treasury Team win the prestigious Team Excellence Award. Anoop wasn't just a team player; he was a strategic thinker. He played a key role in corporate planning, from crafting business plans to evaluating acquisitions. He even provided technical and commercial support for operations. Anoop's problem-solving skills were sharp. He tackled restructuring plans and resolution proposals, demonstrating strategic thinking. His due diligence expertise ensured thorough financial, commercial, and legal assessments. His financial modelling, credit rating, and project valuation skills all contributed to Essar Power's financial health.

He's a master of business planning. Anoop built strong business plans that were aligned with company goals. He was meticulous about project monitoring, ensuring projects stayed on time and budget. His foresight in creating short, medium, and long-term plans ensured sustained growth. Anoop's financial skills are top-notch. He evaluated investments wisely, maximizing returns. He expertly managed the treasury, keeping the company financially stable. His focus on accurate reporting ensured that everyone had the information they needed to make smart decisions. Anoop even helped secure favourable credit ratings and valuations for Liberty Steel. His strategic thinking and financial knowledge made him a trusted advisor and a key player in the company's success. Anoop Jain's experience at Liberty Steel proves he's a strategic leader with a sharp financial mind and a commitment to excellence. These are valuable assets for any organization.

As a leader, Anoop excelled at managing the big picture. He meticulously oversaw a ₹1000 Crore cash flow, demonstrating his financial foresight. He prepared annual business plans and information memorandums, showcasing his understanding of Essar Power's finances. His ability to liaise with stakeholders highlighted his finesse in navigating complex situations. Anoop Jain's dedication, teamwork, and strategic thinking consistently elevated his team and Essar Power. He's a true team player who balances leadership with collaboration and always strives for excellence. A Proven Turnaround Specialist with Liberty Steel Anoop Jain's experience at Liberty Steel Group in Mumbai is a testament to his well-rounded skills. As CFO of Liberty Steel SBQ Limited, a GFG Alliance company, he wasn't just crunching numbers – he was driving results. Anoop worked hand-in-hand with business leaders to develop and execute winning strategies for Adhunik Metaliks Limited. His insights led to operational improvements and a reputation for turning companies around.

22 | www.ciolookindia.com

June, 2024

How

Generative AI

is

Changing the

Game for

Fintech Businesses?

24 | www.ciolookindia.com

June, 2024

Artificial Intelligence

T

he financial technology (fintech) sector is on the fast track toward more innovations driven by artificial intelligence (AI). As discussed in a previous Insights Success post about AI, this technology can streamline operations, boost efficiency, and unlock new growth opportunities. It can cover everything from automating repetitive tasks and improving service quality to generating data-driven insights for smarter decisionmaking. While traditional AI excels at analyzing vast datasets, generative AI takes it a step further. It does not only analyze information but also creates entirely new and realistic data. This transformative capability is fundamentally altering the way fintech businesses operate, creating a more efficient, personalized, and secure financial landscape. Taking Customer Experience to the Next Level One of the most significant areas of impact is customer experience. Generative AI powers sophisticated chatbots and virtual assistants that provide 24/7 support on mobile apps and websites. These AI-powered assistants can answer routine questions, process transactions, and even offer basic financial advice. Fintech giant Ally Financial, for instance, uses the chatbot named Ally Assist to answer customer inquiries and troubleshoot account issues. This not only frees up human customer service representatives for more complex matters but also enhances overall customer

25 | www.ciolookindia.com

June, 2024

satisfaction by providing immediate and convenient support.

used to identify profitable opportunities. This can provide a significant edge for investment firms and hedge funds.

More Reliable Financial Analysis

Regulatory Compliance

Generative AI's ability to create synthetic data is another game-changer, especially for finance aspects like consumer lending. Traditional credit scoring models often rely on limited historical data, potentially excluding individuals with no credit history or those who rely on alternative financial services. FinLocker's Prabhakar Bhogaraju explains the benefits lenders can get from generative AI, especially through creating realistic simulations of financial behavior. This enables lenders to make more informed decisions and expand access to credit for underserved populations. For example, FinLocker can use this technology to analyze alternative data sources like utility bills and cash flow to create a more holistic picture of a borrower's creditworthiness. This approach can then lead to increased loan approvals for individuals who might have been rejected using traditional methods.

As it can rapidly process large volumes of data, generative AI can also automate the process of generating regulatory reports, ensuring compliance with complex financial regulations. This frees up valuable resources and reduces the risk of hefty fines for non-compliance.

Stronger Security Fraud detection is another crucial area where generative AI shines. Techopedia's feature on generative AI details that by analyzing historical patterns of fraudulent activity, fintech firms can create synthetic examples of fraudulent transactions. These synthetic examples are then used to train machine learning models to identify new and evolving fraud tactics in real-time. This significantly improves fraud detection accuracy, protecting both financial institutions and their customers. Riskified, a fraud prevention platform for online businesses, incorporates generative AI to create synthetic identities and transactions used to train its fraud detection models. This results in a significant reduction in fraudulent transactions for its clients.

It is important to mention that the power of generative AI hinges on the quality of the data it is trained on. Biased or incomplete data sets can lead to models that perpetuate existing inequalities or generate inaccurate results. MongoDB’s look at generative AI details that for robust and reliable generative models, it is crucial to collect highquality data that is diverse, representative, and secure. Implementing data governance frameworks and utilizing secure data storage solutions are essential steps to ensure the responsible development and deployment of generative AI in fintech. As generative AI continues to evolve, its impact on the fintech sector will increase. By fostering innovation in customer service, risk management, and financial planning, generative AI is paving the way for a more inclusive, efficient, and secure financial future.

Personalized Financial Planning Generative AI can also analyze an individual's financial situation and generate personalized recommendations for budgeting, saving, and investing. This empowers users to make informed financial decisions and achieve their financial goals. Algorithmic Trading The technology may be leveraged to create new trading strategies as well. Data Science Central identifies market data analysis as a strength of generative AI, which can be

26 | www.ciolookindia.com

June, 2024

The Most Influential CFOs in 2024

Mr Shrikant Bhakkad Propelling Towards A Successful Financial Future

J

ust like a product needs accuracy to fulfil the exactness of customer demands, a precision engineering and automation company requires a financial leader who fosters the blend between innovation and profitability. Moreover, complex projects often involve significant upfront investments in research and development. In such a scenario, a skilled CFO, like Mr Shrikant Bhakkad, has been creating financial models for the future.

financial leadership of Mr Shrikant that help Pennar grow long-term with efficient resource allocation, ensuring every gear in the financial system meshes perfectly. Mr Shrikant’s journey with Pennar exemplifies how strong financial leadership fuels innovation, propelling a company towards a future of continued success.

In the world of intricate machinery, where precision is paramount, Pennar Industries Limited is dedicated to crafting high-quality engineering solutions. Behind this successful journey lies another crucial element: strong

Shrikant’s finance and corporate leadership journey is a remarkable testament to perseverance, dedication, and multifaceted expertise. As a commerce graduate from Osmania University and a distinguished member of the

‘

‘

We established Pennar Industries with the mission to provide precision engineering and technical products and solutions that are responsive to the clients’ needs in an innovative, cost-effective and professional manner with the highest quality.

An Admirable Journey: Shrikant Bhakkad's Path to Leadership and Excellence

‘‘

Raja Chellan, CEO

Institute of Chartered Accountants of India (ICAI), Shrikant’s academic credentials are exemplary. Notably, he secured an All India 39th Rank in the Intermediate exams conducted by ICAI in 2002, marking the beginning of a stellar career. He became a member of ICAI in January 2004. Since then, he has been a sought-after expert for management and premier clients, particularly in resolving complex issues within large-scale projects. Shrikant’s professional journey began at Deloitte Haskins & Sells in Hyderabad, one of India’s leading audit, consulting, tax, and financial advisory firms. During his decade-long tenure, he undertook a variety of responsibilities, including statutory and tax audits under Indian GAAP, US GAAP, and IFRS, as well as Sarbanes-Oxley compliance, due diligence, and corporate governance. His role extended beyond the local scene, with international deputations in Taipei, Taiwan, and Sydney, Australia, reflecting his global outlook and versatility. His contributions to Deloitte were pivotal, as he worked with reputed corporates locally and internationally and showcased his ability to handle diverse and challenging assignments. In October 2013, Shrikant joined PEBS Pennar as Vice President of Finance and Accounts, a role in which he quickly demonstrated his leadership and financial acumen.

29 | www.ciolookindia.com

By May 2014, he was promoted to Chief Financial Officer, where he played a crucial role in implementing Oracle systems at PEBS Pennar and guiding the company through a successful Initial Public Offering (IPO) in September 2015. His strategic vision was instrumental in setting up new business units, including the Module Mounting Structure and Photo Voltaic Solar Modules, expanding the company’s operational scope and contributing to its longterm growth. Shrikant’s impact at Pennar Industries Limited has been profound, especially in his pivotal role in the 2018 merger of various subsidiaries into the flagship company and in handling the buyback of the parent company in 2019. From 2019 to 2023, he managed multiple portfolios, including audit, taxation, investor relations, finance business partnerships, and strategic development. His efforts culminated in his promotion to Chief Financial Officer in June 2023, where he continues to drive the company’s financial strategy and digital transformation initiatives. Throughout his career, Shrikant has been recognized for his exceptional contributions to corporate finance. He has been honoured twice in CFO India’s 8th and 11th Annual CFO100 Roll of Honour, a tribute to his outstanding work in cash management and mergers and acquisitions.

June, 2024

His financial acumen and control over numbers have consistently placed him at the forefront of his profession, earning him accolades and respect. Beyond his professional achievements, Shrikant is a man of philosophical inclinations and a cheerful disposition, finding inspiration in his family and embracing life’s simple pleasures. His commitment to social causes complements his ability to multitask and adapt to various work environments. He has held several leadership positions in community organizations, including serving as the founder President of Maheshwari Yuva Samiti, Vice President for Andhra Pradesh State of Akhil Bhartiya Maheshwari Yuva Sangathan, and President of Sri Balaji Rajasthani Mandal. His dedication to social work and community welfare underscores his holistic approach to life, blending professional success with a profound sense of social responsibility. Powerhouse of Engineering Excellence

clients’ needs in an innovative, cost-effective and professional manner with the highest quality, Pennar was established in 1988. Isnapur, Hyderabad was its first manufacturing plant; since then, it hasn’t looked back. This quest for engineering excellence continued, and the company made several significant acquisitions, including Nagarjuna Steel Ltd., Press Metal, a unit of Tube Investment (TI), and the assets of Wayne Burt Petrochemicals as well as Bailey Hydro (Hydraulic Cylinders segment), etc. Such a multi-location, multi-product company thrives on the financial acumen of Mr Shrikant’s visionary leadership. It holds a vision to build trusted, high-quality products and solutions in the Precision Engineering Industry that enhance the competitiveness of the clientele and improve the quality of life for people everywhere. There is more to it than just this; Pennar has spread its wings and significantly influenced areas such as Infrastructure, Automobiles, Power, General Engineering, Building and construction, etc.

With the mission to provide precision engineering and technical products and solutions that are responsive to the

30 | www.ciolookindia.com

June, 2024

Branching Out with Success Broadening its success horizons, Pennar has expanded its business under Mr Shrikant's brilliant financial leadership. The company has made a name for itself and established its identity on a global scale, creating subsidiaries in the USA, GmBH, and Cadnum.

• • • • • •

Railway Sub-Assemblies. Hydraulics. Automotive/Manufacturing Engineering. Solar Panels. Industrial Boilers and Heaters. Aerospace Products.

Team that Thrives ● Pennar Global Inc., USA: Also known as PGI), this subsidiary is headquartered in Houston, Texas, and serves clients throughout the United States. Using the company's production and engineering capabilities, PGI markets and supplies Pennar Industries’ products and services, including hydraulics, precision tubes, engineering services, etc. Moreover, PGI has opened a PEB manufacturing facility in Portland, Tennessee, to manufacture and market metal buildings throughout the United States. ● Pennar GmBH: Hitting its strides in Europe, Pennar has also covered parts of Germany, with its headquarters in Bad Homburg, Germany. The firm offers engineering services to its European customers. The company is booming, and to grow its portfolio, it includes products and services for the aerospace, automotive, energy, oil and gas, building, and infrastructure industries. ● Pennar Cadnum: It is headquartered in Villebret, France. It is an engineering and precision machining company that works in the mould and pattern sector. Quality Products and Services Being one of the leading companies known for qualitydriven pre-engineered projects, Pennar Pennar has 1000+ precisely engineered products as well as ten manufacturing plants across the world. The company has an array of excellent products and services, including: Services: • • • • •

Structural Engineering Services. Building Information Modeling (BIM). Plant and Product Engineering Services. Industrial Automation. IoT and Value-added Solutions.

Products: • • •

The remarkable thing is that Pennar has climbed the ladder of success with the help of all of its employees working together to attain ‘Complete Customer Satisfaction through Total Quality Management.’ With this, the company shares its words of thankfulness— “We are grateful to those who have appreciated our efforts to attain excellence in the quality of manufactured products and the services supplied to customers.” The company is blessed with brilliant expertise involved in the processes, and this human capital has been one of the pillars of strength. The Pennar family consists of 4,800+ employees, each providing experience in a distinct field, allowing the company to drive success on all fronts. Moreover, with over a million person days of combined expertise, the team has established itself as the go-to onestop shop for various sectors. Wins and Shout-outs As a result of the customer-centric approach, total quality management, innovation, expert team, and incorporation of technology in processes creating the best products and services, Pennar has earned recognition in the realm of preengineered solutions. The company has received the • • • • •

Best Localisation Support Award, Manufacturing Excellence Award (2021), PCB Contractor of the Year (2013), Excellence in Corporate Governance (2014), IEI Industrial Excellence Award (2013).

Pennar, the company Mr Shrikant shaped, is a powerhouse of engineering excellence. With Mr Shrikant’s critical financial strategies, the company has branched out further, establishing subsidiaries across the globe and gaining notable achievements. Their story is one of ambition, expertise and a shared vision of engineering brilliance.

Engineered Components Business. Steel Products and Profiles. Precision Tubes.

31 | www.ciolookindia.com

June, 2024

How the

Modern Leadership

is

Transforming the

Financial Narrative?

I

n today's fast-paced, ever-evolving business environment, the role of the Chief Financial Officer (CFO) has undergone a profound transformation. The conventional role of the CFO from the past has traditionally been seen as one of stability and control. However, in today's dynamic business landscape, the most influential CFOs are throwing out the old playbook and rewriting the rules of finance. Gone are the days when CFOs were seen merely as gatekeepers of financial health, focusing solely on numbers and compliance. The modern CFO, often dubbed "The CFO Whisperer," is a strategic leader who shapes the financial narrative of their organization, driving innovation, sustainability, and growth. Redefining Financial Leadership The contemporary CFO has transcended traditional boundaries, becoming a key player in strategic planning and corporate governance. This evolution has been driven by the need for businesses to navigate complex global markets, technological advancements, and the increasing importance of environmental, social, and governance (ESG) factors.

32 | www.ciolookindia.com

Modern CFOs are now expected to provide insights that go beyond financial statements, influencing decisions that impact the entire organization. These leaders harness the power of advanced analytics and artificial intelligence to predict market trends, optimize operations, and enhance decision-making processes. By leveraging big data, they gain a holistic view of their company's performance, identifying opportunities for improvement and innovation. This analytical prowess enables them to forecast future scenarios, manage risks effectively, and steer their companies towards long-term success. Championing Sustainability One of the most significant shifts in the CFO's role is the integration of ESG criteria into financial strategy. The CFO Whisperer understands that sustainability is not just a buzzword but a critical component of corporate success. They advocate for responsible business practices that align with global sustainability goals, ensuring that their organizations contribute positively to society and the environment.

June, 2024

The CFO Whisperer

33 | www.ciolookindia.com

June, 2024

By embedding ESG considerations into financial planning and reporting, modern CFOs drive transparency and accountability. They develop metrics to measure their company's environmental impact, social contributions, and governance practices, making these factors central to their financial narrative. This commitment to sustainability not only enhances their company's reputation but also attracts investors who prioritize ethical and sustainable investments.

Digital Transformation: They are playing a leading role in driving digital transformation initiatives across the organization, ensuring that finance keeps pace with the changing business landscape. Talent Acquisition and Development: They recognize the importance of having a skilled finance team and are actively involved in attracting, developing, and retaining top financial talent.

Driving Strategic Growth The CFO Whisperer is also a catalyst for strategic growth. They identify and evaluate opportunities for mergers and acquisitions (M&A), strategic partnerships, and new market entries. Their deep understanding of the financial landscape and strategic vision enables them to make informed decisions that foster expansion and competitive advantage. In executing M&A deals, these CFOs ensure seamless integration of acquired entities, maximizing synergies and driving value creation. They assess potential risks and rewards meticulously, balancing short-term gains with longterm objectives. This strategic foresight is crucial in navigating the complexities of global markets and sustaining growth in a competitive environment. Transformational Leadership Modern CFOs are not just financial experts; they are transformational leaders who inspire and empower their teams. They foster a culture of innovation, continuous improvement, and collaboration within their finance departments. By investing in talent development and embracing diversity, they build resilient teams capable of adapting to changing business dynamics.

Sustainability: They are integrating environmental, social, and governance (ESG) factors into their financial decisionmaking, recognizing the growing importance of sustainability for businesses. The Impact of Pioneering CFOs These pioneering CFOs are not just changing the role of finance within their organizations; they are also redefining the profession itself. Their innovative approaches are helping businesses to be more agile, competitive, and sustainable in the long run. The Way Ahead The transformation of the CFO role into that of a strategic leader and influencer has reshaped the financial narrative of modern businesses. The CFO Whisperer exemplifies this evolution, leveraging advanced analytics, championing sustainability, driving strategic growth, and leading with a transformational mindset. As businesses continue to navigate the complexities of the global market, the influence of these modern CFOs will be pivotal in shaping the future of corporate finance and governance. Their ability to adapt, innovate, and lead will ensure their organizations thrive in an ever-changing world.

The CFO Whisperer emphasizes the importance of communication and transparency, ensuring that their teams understand the broader strategic goals of the organization. They encourage open dialogue, fostering an environment where ideas can be shared and innovative solutions can be developed. This approach not only enhances team performance but also drives organizational success. The New Priorities for CFOs The priorities of the modern CFO have also shifted. Here are some of the key areas where they are focusing their efforts:

34 | www.ciolookindia.com

June, 2024

LOOK INDIA

www.ciolookindia.com