Mehul Mehta

Congrats on great set of numbers. Especially on working capital cycle, if we look. It's virtually flat, like on 51% revenue growth. So how should we see it going forward? Is there something one-off during the year? Or like we should see this sustainable?

If I can further enter into, is that like when I'm looking at debtors, inventories and creditors. If I look at like a net of that, it's like kind of flat. Maybe like whatever like non-billable like in revenue contract and all that I'm not looking at. I'm looking at like debtors plus inventories plus creditors, it is virtually flat. So that is a very significant achievement for me.

But over in FY '23, in FY '24, definitely, what you call like an efficient working capital, there is improvement. So what I'm looking at is that FY '24 should be continuing and that's sustainable. There's nothing a one-off kind of...

My question is with regard to capital -- working capital employed. How are we looking at like going forward, like because I believe, like in terms of receivables, there has been substantial increase maybe in proportion to like it's just proportionate to revenue growth. So how are we looking at going forward?

So don't get me wrong. But like -- as compared to September ending, we have improved in terms of like receivables days, like, I believe, like it was INR600 crores at the end of September '23. And now it is the INR500 cross plus like.

Sure. Got it. Another is how is capex outlook like say, for current year FY '25 and FY '26, how should we look at it?

What I want to scale in terms of debtors, I think at the first half and like had intensified, I mean it has increased a lot. So is there any softening of debtor cycle or like it's still continuing the same?

So maybe if you can reply in terms of like, say, our working capital cycle deals, like you can say, at FY '23 ends. Should we expect like by even FY '24 and it should be increasing or like maybe some sort of indication on that?

Got it. Another question is in terms of capital employed, I feel -- I look at for trade segment, it has been about INR858 crores at the end of quarter 3. So could you like share in terms of what would be working capital and net block kind of like a breakup in terms of the INR850-odd crores?