Anupam Rasayan India Limited CC-Sep25.pdf · 2025-10-17
Hi, thanks for taking my question. I had one query regarding the balance sheet. Looking at the standalone numbers, it still appears quite bulky. Specifically, trade receivables have increased by around Rs. 300 crore, while inventories remain at a similar level of roughly Rs. 1 ,300 crore, or about 365 days. Could you please explain what’s driving this? Because based on your earlier commentary, there was supposed to be an improvement in working capital, but it seems to have continued rising. What’s the reason behind this trend?
Yes. So, I actually had that question, because I do not think we should look at the subsidiary financials. Because anyway, you have that Tanfac, which you are fully consolidating because of your, control even after holding 26%. But ideally, you should not be consolidating on , I mean, if I have to see the Anupam business, that is the standalone business, right? I do not think you are consolidating any other meaningful subsidiary apart from Tanfac.