CEO Insights Magazine

Apart from spearheading Financial Planning and Analysis, the role of a Chief Financial Officer also constitutes building the best financial and accounting team, ensuring a balance between revenue and expenditure, making mergers and acquisitions suggestions, and crafting budgets and strategies with department heads. Zulfiquar Kamal, Chief Financial Officer at ZIM Laboratories and leveraging his industry expertise, he has been able to derive positive business outcomes for the company. Zulfiquar is a Chartered Accountant by qualification and started his career by pro-viding his services at a leading accounting firm, Loya Bagri and Company.

Zulfiquar, recently engaged in a one-on-one interaction with CEO Insights Asia Magazine, here's the high-light from the same.

Tell us about your professional background and experience. What inspired you to venture into the finance domain and what drives you today?

In the 1970s, having a family business experience had many advantages, and I was awestruck by my father's commercial triumphs. I saw the significance of money in a company's growth. As a result, I chose to pursue a profession in business and finance, as well as chartered accounting. Following an article ship with a major CA firm, Loya Bagri & Co., I joined my uncle to assist him with his pharmaceutical endeavor.

What motivates and inspires me is the satisfaction I've gained from growing a family-owned business into a professional one. Compliance concerns and a lack of defined functions are common in such firms, but I recognized early on that when compliance and structure are applied in detail, any organization may develop stronger and better.

What were the major challenges that you have faced so far? What did you learn from them and how did you overcome them to emerge as a successful professional?

The most difficult part of my path was figuring out how to execute financial rules with finesse at every stage of our company's growth. Getting everyone on the same page and aligned on the significance of excellent financial discipline was difficult. This trip taught me the importance of balancing and leading the organization in a more analytical, data-driven direction.            

Another important takeaway was that laws and regulations are designed to promote organizations, not to create obstacles. I was able to overcome these difficulties by thinking outside the box, researching and developing practical solutions that could be executed responsibly.

How would you define ZIM Laboratories as an organization and its position in the market? How do you keep your organization in tune with the latest developments in the finance sector?

ZIM Labs adds value to generic molecules by re-purposing and repositioning them, resulting in differentiated value-added generics. We are one of the few firms devoted solely to developing new drug delivery systems. Our R&D talents are exemplified by our unique Thin Oral Technology. We pride our-selves on meeting our obligations with solid compliance processes and maintaining an optimal balance between financial ingenuity, technological innovation, and customer pleasure as a business.

Data is critical in making decisions, and it comes from both human sources and cutting-edge technology. I engage with bankers, internal stakeholders, our board of directors, customers, and chartered accountants regularly across India to gain a better understanding of how the financial sector's developments affect our day-to-day operations. To stay educated, I believe in using the most up-to-date technologies in both my personal and professional lives.

What has been your response to the challenges posed by the COVID-affected market and what were your strategies to tack-le the challenges?

Despite rising API prices, logistics, lockdown concerns, labour issues, and a negative impact on staff and attendance, we were able to provide necessary pharmaceuticals to various government institutions. The most difficult obstacle seemed to be getting the medicine manufactured and delivered on time while also assuring the safety of all our personnel, but being resilient in the face of uncertainty was what helped us get through. We were able to accomplish this by collaborating with all colleagues, caring for all of our employees, providing needed tools to local bodies to battle covid, and arranging for timely materials.

What advice you would like to give to up-coming leaders who are aspiring to kick-start their careers in the field of finance operations?

Agility is the most crucial attribute a person or an organization can have. To be agile, we must be receptive so that we may concentrate on solving difficulties rather than focusing on the obstacles. Understanding the significance of balancing priorities is another crucial part of promoting organizational growth. You won't be able to reach your goal if you don't balance and evaluate the outcomes.

Leadership entails fostering an environment in which each individual is free to express their individuality. It is the role of the leader to align them with the organization's objectives. The cumulative sums of each employee's job done to the best of their abilities are the organization's success and advancement. Future leaders should concentrate on improving their emotional quotient to master personnel management skills and maximize workforce output. This reduces attrition rates and maximizes performance, resulting in cheaper costs and better process utilization. The notion of systemizing procedures is central to financial leadership. This can be accomplished by developing practical and optimal financial models and processes for the company.

Zulfiquar Kamal, Director Finance, ZIM Laboratories

Apart from being a Chartered Accountant, Zulfiquar holds expertise in fields like, Internal controls, Business Transformations, and Performance Management, and he is efficiently dealing with the financial aspects of ZIM Laboratories. He is also the recipient of NCCL Award 2021.