Check the statements, answer lies in NWC 
. Business is not capital intensive in terms of fixed assets.
Incredible sales growth, incredible PAT, but cash flows are a miss because of very poor WC(which I believe is the nature of business). One can choose if they care but IMO gravita will be lower end of multiples(especially for its growth). Inventory on the rise, Receivables on the rise, Payables cant cover for it.
One more point to your observation on FCF, not just FCF but even CFO is bad(due to NWC). FCF sometimes paints a bad picture as they might be rapidly expanding and using up their capital for growth. CFO paints a better idea on the nature of the business.
Good observation!
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