Kalyani Commercials Key Ratios

Dupont Analysis

Metric	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
ROE	10.25%	8.74%	9.27%	11.49%	8.15%	19.90%	9.65%
PAT margin	1.00%	0.79%	0.13%	0.08%	0.08%	0.12%	0.12%
Asset Turnover	7.74x	5.93x	5.08x	4.62x	4.39x	2.85x	3.42x
Leverage	11.44x	12.44x	20.43x	25.85x	17.36x	8.19x	5.64x

Metric	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Inventory Days	14.7	14.6	24.5	34.9	31.9	36.1	40.3
Receivable Days	25.5	37.1	32.0	27.4	28.8	38.4	37.7
Payable Days	10.0	14.1	6.5	4.3	7.8	25.6	43.2
Cash Conversion Cycle	30.3	37.6	50.1	57.9	52.8	48.9	34.7

Metric	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
ROE	10.25%	8.74%	9.27%	11.49%	8.15%	19.90%	9.65%
ROCE	11.06%	12.50%	9.19%	11.06%	12.60%	11.20%	10.96%
ROA	0.90%	0.70%	0.45%	0.44%	0.47%	2.43%	1.71%