Standalone figures
| Ratio | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin % | — | — | — | 3.1% | 2.2% | 2.4% | — | — |
| EBITDA margin % | 1.3% | 1.1% | 1.2% | 1.9% | 1.1% | 1.3% | 1.6% | 1.8% |
| EBIT margin % | 1.2% | 1% | 1.1% | 1.8% | 1.1% | 1.2% | 1.6% | 1.7% |
| PAT margin % | 0.9% | 0.9% | 1% | 1.1% | 1% | 0.6% | 0.8% | 1.1% |
| Working capital | ||||||||
| Receivable days | 39 | 42 | 45 | 57 | 37 | 40 | 30 | 29 |
| Inventory days | 59 | 69 | 61 | 50 | 38 | 33 | 42 | 43 |
| Payable days | — | — | — | 1 | 1 | 1 | — | — |
| NWC days | — | — | — | 106 | 74 | 72 | — | — |
| Leverage | ||||||||
| Current ratio | 1.51 | 1.58 | 1.81 | 1.75 | 2.05 | 1.98 | 2.21 | 2.4 |
| Debt to EBITDA | 17.38 | 22.38 | 14.56 | 10.73 | 13.16 | 10.79 | 9.1 | 7.07 |
| Debt to equity | 1.19 | 1.4 | 1.02 | 1.11 | 1.11 | 0.99 | 0.81 | 0.65 |
| Interest coverage | 2.5 | 2.4 | 2.4 | 2.3 | 2.6 | 1.9 | 1.8 | 2.7 |
| Asset turnover | 2.37 | 2.35 | 2.68 | 2.54 | 3.43 | 3.55 | 3.02 | 3.07 |
| Return ratios | ||||||||
| Return on assets % | 2.1% | 2% | 2.6% | 2.7% | 3.3% | 2.1% | 2.3% | 3.3% |
| Return on capital employed % | 12.2% | 13.3% | 13.6% | 14.4% | 14.8% | 10.8% | 11.5% | 13.2% |
| Return on equity % | 4.8% | 5.1% | 5.4% | 5.7% | 7.1% | 4.3% | 4.1% | 5.6% |
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.