I have made this remark on the basis of FY21 because that time revenue is increasing but TR were also increasing. Moreover CFO is negative with high WC. In FY22 they have performed well which is clearly visible in their CFO ( From -27 CR to +102 CR) and as you said receivable had also decreased.
But inventory is pilling up ( 40 CR to 107 CR) almost more double. But the reason is they are pilling up inventory can be seen as a proxy for their revenue growth.
My bet is on Promoter farukh Patel ji his clear buying form open market when share price is hammering after Q4 is giving clear signal to me.
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