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The negative ROE in 2022 and 2023 was primarily driven by a very low PAT margin due to net losses, reflecting significant profitability issues.Asset turnover improved significantly over the four years, indicating better utilization of assets to generate sales as the company transitioned toward positive ROE.Leverage remained stable with a slight increase, impacting ROE positively as the equity base decreased relative to assets.
| Metric | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| ROE | -200.51% | -21.84% | -10.79% | -5.79% | 1.85% | 2.16% |
| PAT margin | -90.88% | -40.77% | -28.83% | -13.72% | 2.90% | 2.60% |
| Asset Turnover | 0.84x | 0.34x | 0.32x | 0.36x | 0.54x | 0.68x |
| Leverage | 2.61x | 1.55x | 1.15x | 1.16x | 1.19x | 1.21x |
Inventory days increased in 2023 and then fluctuated, indicating potential inefficiencies in stock management despite a slight decrease to 2.38 days in 2025.Receivable days have consistently risen, which could signify slower collection cycles, impacting cash flow negatively and reflecting deteriorating efficiency.Payable days have decreased sharply, moving from 252.56 days in 2022 to about 79.43 days by 2025, suggesting that the company is paying suppliers faster, which may strain liquidity.
| Metric | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| Inventory Days | 0.4 | 1.7 | 2.4 | 3.2 | 2.6 | 2.4 |
| Receivable Days | 13.6 | 23.2 | 12.6 | 15.9 | 18.8 | 24.7 |
| Payable Days | 1073.4 | 538.2 | 252.6 | 144.9 | 99.1 | 79.4 |
| Cash Conversion Cycle | -1059.4 | -513.4 | -237.6 | -125.9 | -77.7 | -52.3 |
ROE and ROCE improved in 2024 and 2025, mainly attributed to the return to profitability and an increase in both factors compared to previous years.ROA followed a similar upward trend, reflecting enhanced asset efficiency as operational performance improved over the period.Overall, the quicker recovery of equity returns indicates that while equity efficiency is strengthening, debt efficiency (ROCE) is also making significant gains.
| Metric | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|
| ROE | -200.51% | -21.84% | -10.79% | -5.79% | 1.85% | 2.16% |
| ROCE | -142.88% | -18.27% | -9.82% | -5.37% | 1.82% | 3.35% |
| ROA | -76.76% | -14.07% | -9.39% | -4.99% | 1.56% | 1.78% |