Ratios

Dupont Analysis

Metric	Mar 2011	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROE	28.25%	32.38%	21.46%	22.40%	-9.61%
PAT margin	-0.15%	0.43%	0.35%	0.31%	0.36%
Asset Turnover	16.06x	20.07x	21.69x	22.23x	27.28x
Leverage	4.83x	3.54x	2.56x	2.27x	2.37x

Metric	Mar 2011	Mar 2016	Mar 2017	Mar 2018	Mar 2019
Inventory Days	1.8	1.2	1.1	1.1	1.1
Receivable Days	4.8	5.0	5.5	3.7	1.8
Payable Days	0.0	2.2	3.6	2.5	2.1
Cash Conversion Cycle	6.6	4.0	3.1	2.4	0.8

Metric	Mar 2011	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROE	28.25%	32.38%	21.46%	22.40%	-9.61%
ROCE	20.50%	32.00%	26.61%	24.20%	-10.53%
ROA	5.85%	9.14%	8.38%	9.87%	-4.06%