Ratios

Dupont Analysis

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
ROE	21.37%	33.43%	30.67%	26.25%	26.03%
PAT margin	17.25%	12.77%	12.82%	13.49%	11.34%
Asset Turnover	1.02x	1.24x	1.15x	1.19x	1.10x
Leverage	2.00x	2.17x	2.25x	1.79x	1.37x

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
Inventory Days	54.8	54.3	59.2	59.5	54.5
Receivable Days	59.4	52.7	45.9	46.8	55.4
Payable Days	80.7	78.9	83.9	92.0	99.7
Cash Conversion Cycle	33.5	28.1	21.1	14.3	10.2

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
ROE	21.37%	33.43%	30.67%	26.25%	26.03%
ROCE	31.93%	51.03%	46.90%	40.32%	38.52%
ROA	10.69%	15.39%	13.64%	14.68%	19.06%