Standalone figures
| Ratio | Mar 2022 | Dec 2022 | Mar 2023 | Dec 2023 | Mar 2024 | Dec 2024 | Mar 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | — | — | — | — | — |
| EBITDA margin % | 18.3% | 18.5% | 19.2% | 19.9% | 18.8% | 19% | 19.8% | 20.6% |
| EBIT margin % | 15.8% | 16.1% | 16.8% | 17.2% | 16.1% | 16.5% | 17.5% | 18.5% |
| PAT margin % | 18.7% | 13.9% | 14.4% | 19.2% | 19.4% | 16.3% | 16% | 20.3% |
| Working capital | ||||||||
| Receivable days | — | 53 | — | 42 | — | 44 | — | 65 |
| Inventory days | — | 0 | — | 0 | — | 0 | — | 0 |
| Payable days | — | 4 | — | 6 | — | 5 | — | 10 |
| NWC days | — | 49 | — | 36 | — | 39 | — | 56 |
| Leverage | ||||||||
| Current ratio | — | 3.37 | — | 1.25 | — | 1.75 | — | 1.68 |
| Debt to EBITDA | — | 0.01 | — | 0.32 | — | 0.04 | — | 1.39 |
| Debt to equity | — | 0.01 | — | 0.12 | — | 0.02 | — | 0.46 |
| Interest coverage | 38.3 | 32.5 | 31.9 | 27.9 | 23.7 | 25.3 | 31.8 | 22.9 |
| Asset turnover | — | 1.44 | — | 1.12 | — | 1.24 | — | 0.87 |
| Return ratios | ||||||||
| Return on assets % | — | 20% | — | 21.5% | — | 20.2% | — | 17.5% |
| Return on capital employed % | — | 29.4% | — | 40% | — | 33% | — | 29.1% |
| Return on equity % | — | 28.9% | — | 35.9% | — | 28.9% | — | 32.3% |
Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.