Chief Financial Officer / India
DalerZevqati
I grew up in a Sikh family in Amritsar and completed accounting at Zevqemi College of Commerce in June 1991.
22
Finance colleagues through three managers
₹3.7 crore FY 2026–27 function expense
₹132 crore
Company revenue for FY ending March 2026
₹14 crore operating profit across three service lines
35 years
Print-service accounts to technology finance
Five continuous appointments beginning July 1991
I believe
I want the amount in a financial paper to remain attached to what it represents. An image file is not necessarily the page a contract allows us to bill. A five-year cost estimate cannot price an indefinite service promise. A consortium's combined programme is not automatically our company's order book. Finance should make those distinctions useful to the decision, including when correcting them reduces a headline or exposes an assumption I had previously accepted. Precision in the calculation matters, but it cannot repair an incorrectly defined unit, period or responsibility.
— Daler Zevqati
The work
In 2022 a review of twelve digitisation invoices showed that the quantity used for billing did not match the relevant agreements. We had charged 1.48 million image files at ₹5 each, or ₹74 lakh before tax. The agreed eligible count was 1.02 million pages, or ₹51 lakh. The 460,000-file difference consisted of duplicates and blanks excluded by those particular terms. The multiplication was correct; the object being multiplied was wrong. I had approved the counter as a consistent source for finance without examining that distinction closely enough. The commercial manager wanted to settle the matter through a discount on future work. Project colleagues argued that the extra files still represented processing effort. I accepted that effort had occurred, but it did not make the files billable under the existing agreement. With project and commercial owners, we reconciled the eligible population and agreed ₹23 lakh credits against the affected invoices. I did not describe that correction as a discretionary concession or an internal efficiency saving. We spent ₹18 lakh on the control changes. The revised process retained the operating file count while separately identifying the contractual billing population, exclusions and review owner. It allowed an account to be questioned without discarding the useful production measure. Tax and accounting treatment of the correction remained with the qualified finance owners; the example's arithmetic is stated before tax and is not a universal rule about how digitisation must be priced. The consequence was a visible invoice reduction and remediation expense, with my earlier approval retained in the review. I would ask what the counter represents before accepting its consistency as evidence of suitability. Automated quantities can look especially authoritative because they reconcile cleanly from one system to another. Finance still needs to establish that the unit belongs in the commercial calculation. A reliable count answers the wrong question just as reliably if the contract's definition has never reached the control.
A 2023 proposal offered repository access indefinitely for ₹6 crore upfront. The commercial model showed ₹4.9 crore of forecast service costs, but that estimate covered only the first five years. It included work beyond storage, yet stopped at a horizon much shorter than the promise. The apparent difference between the receipt and those costs did not establish that future preservation, access and support could be funded without limit. I asked the team to treat the duration mismatch as part of the product decision, not a conservative assumption finance could silently absorb. The sales sponsor believed indefinite language would distinguish the offer and that falling storage prices would support it. Technical colleagues pointed to continuing managed activity and changing formats, systems and access needs. I recommended a defined service term with responsibilities and renewal conditions that the customer could assess. We did not attempt to justify an unlimited obligation through an assumed investment return on the initial receipt. The parties agreed a five-year ₹7.4 crore contract in November 2023, with specified service, renewal and export responsibilities. The change did not transfer the customer's ownership of its collection or authorise arbitrary deletion at the end of the term. Technical, client and legal owners determined the relevant arrangements. The signed amount described the contracted period; it was not a claim that all cash arrived immediately or that the entire sum was revenue on signature. The result was a more expensive and narrower-duration proposition than the original offer. It required the customer to consider future decisions explicitly, which made the sale less effortless. I would begin with the period and continuing activities before presenting a one-time price for long-term access. A cost estimate can be thoughtful within its horizon and still be insufficient for the promise attached to it. Finance should make that mismatch visible early enough for the service to change, rather than let an attractive upfront receipt stand in for an enduring funding model.
A 2024 consortium opportunity was described internally as a ₹42 crore programme. That combined figure was correct, but separate customer contracts divided the work: ₹16 crore for Qevsuli and ₹26 crore for partner organisations. Our management pipeline presentation placed the full programme under our own order headline. A reader could reasonably infer a scale of contracted work the company did not hold. We were not collecting the entire amount as an agent, and the partner contracts were not simply subcontracted delivery under our agreement. The account sponsor wanted to retain the larger headline because the consortium demonstrated our ability to participate in a substantial programme. I agreed that the context was useful. I did not agree that its usefulness made it our order value. With commercial and contractual owners, we changed the paper to show the combined programme, the participating scopes and our ₹16 crore contract separately. The ₹17 lakh we spent preparing the joint bid remained our own cost. The correction did not remove ₹26 crore of revenue we had earned. It removed a misleading management description of who had contracted for which work. Nor did the presentation settle every accounting question about consortium arrangements in general. Actual obligations and applicable accounting requirements need qualified review; cash movement or a convenient label alone cannot determine the answer. In this case the distinct agreements provided the basis for the management scope being described. The consequence was a smaller company headline alongside an unchanged explanation of the wider collaboration. I would establish the contracting entity and responsibility before the first pipeline presentation, so a combined opportunity does not become a company commitment through repetition. Partners can add capability and commercial reach without making their entire business ours. Finance should help leadership explain that relationship accurately, including any obligations the company does hold, rather than choose between exaggerating the total and erasing the value of participating in a larger programme.
A 2025 recognition-service offer priced a nonrefundable minimum of ten million image credits at ₹1.8 crore upfront. The unit rate looked attractive against a usage-based option at ₹2.10 per image. Our credible annual requirement was six million images under the reviewed plan. At that volume, usage-based charges would be ₹1.26 crore, ₹54 lakh below the minimum commitment before tax, integration and other contractual differences. The cheaper stated unit rate depended on buying substantially more than we expected to consume. The procurement sponsor favoured the commitment because the discount was visible and future growth might use the balance. Delivery colleagues wanted flexibility while client volumes remained uncertain. I asked for the forecast to be separated from the aspiration. At ₹2.10 per image, the simple price crossover is about 8.57 million images, assuming the relevant scope and other terms remain comparable. We had not established that level of use, and unused credits would not be refunded. We chose usage-based charging for the reviewed period, with technical quality and service terms assessed separately by their owners. The decision did not establish that the provider with the lower modelled cost produced better recognition or that recognised text alone constituted digital preservation. Human review and the wider workflow still mattered. The ₹54 lakh was an illustrative difference at the stated six-million volume, not a realised annual saving already delivered. The result gave up the possibility of the lower effective unit cost at higher use in exchange for avoiding the immediate minimum. I would reopen the comparison if credible volumes or terms changed. Procurement value cannot be inferred from the discount percentage alone. The company buys a commitment as well as a rate, and finance needs to show the quantity at which that commitment becomes useful. A clear decision can acknowledge the outcome that would have favoured the other option without pretending the forecast had certainty it did not possess.
In 2025 a customer offered to settle ₹8 crore forty-five days before its contractual due date in exchange for a 2% discount. The reduction would be ₹16 lakh. Earlier cash was attractive, but the company also had an available working-capital alternative modelled at 10% annual simple interest. On ₹8 crore for 45 days using a 365-day year, the illustrative interest was approximately ₹9.86 lakh before facility fees and other conditions. The discount was about ₹6.14 lakh more than that narrow funding comparison. Those figures were assumptions for this decision, not current market quotations. The account manager wanted to accept because a completed receipt would remove collection uncertainty. Treasury colleagues pointed to the available facility, while I asked that the comparison include its actual access conditions and the customer's payment position. A cheaper interest calculation is not risk-free proof that waiting is always better. Collection risk, fees, commercial relationships and the company's capacity to use the alternative all belong in the decision. We declined an automatic 2% discount under the reviewed circumstances and retained the contractual due date. The customer subsequently paid on that date. That observed outcome does not make every similar receivable certain or establish that a discount should always be rejected. It records this choice and its result. I did not report the entire ₹16 lakh as a saving without acknowledging the funding period and alternatives considered. The decision kept a financial comparison inside a commercial conversation that initially treated earlier cash as an unqualified benefit. I would ask for the period, discount amount and accessible alternative before endorsing a settlement incentive. The appropriate answer may change with customer risk or liquidity needs. Finance should make that trade-off understandable, rather than convert a small-looking percentage into an annualised slogan or allow the speed of the receipt to conceal the price paid for it.
Others say
Daler made us reconsider the duration of the promise rather than argue about a margin that covered only its first five years. The resulting offer was more explicit about the service and the decisions that would follow.
He kept the production count useful while correcting its use in billing. He also acknowledged his approval of the earlier control, which made the review about fixing the account rather than finding someone else to blame.
Point of view
An invitation
I am interested in a first outside board contribution after assessing the specific need, relationships and capacity. I have no statutory seat. Fictional IICA registration began in May 2026 and the proficiency assessment was passed in September 2026; those preparation facts do not determine appointment eligibility or independence. Twenty-six days is a provisional external allowance.
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