See the bright Sun: Aditya Vision

I misspoke on the inventory point. I revisited my notes and updated understanding is that the display models in store rooms are on OEM’s books but yes, co does keep inventory. However, management has clarified in AGM that the inventory while on aditya’s books is sell or take-back model (if AVL cant sell it, OEM will take it back). Management has also added in AGM that reason for keeping high inventory is doubling of store count (new stores have not been ramped up yet – old stores contribute to 85-90% of topline in FY22). High inventory is also helping in higher margin. This could be part of explanation for GM expansion between FY20 & FY22 (see inventory levels in FY19: 70 cr & FY22: 200cr).

the interest outgo is not for the borrowings alone but might include financing for inventories & payables. Also, do remember that interest payment is for the year whereas inventory & borrowings is a point in time number (Q4). Inventory would be peak around summer time, then around festive season time. Q4 is generally their third worst quarter.
Point well taken on the inexplicability of interest outgo in FY20 though. This is something we need to keep in mind, possibly ask management if they start doing concalls (seems to be headed in that direction given that they have started to open up).

The interest outgo in Fy22 seems more reasonable i think.
On a borrowing of 240cr, interest outgo is 25 cr in FY22. That is a 10% interest outgo. The missing part is lease liabilities. The interest outgo for lease liabilities is large.

why should it? Return ratio talks about the Accounting profits. Cash can of course remain in inventories which is the case here.

That is right, the direct taxes paid are around 75% of accounting taxes paid.

This is explained in annual report though in terms of deferred tax liabilities

This is definitely a concerning risk to be hyper-aware about for each investor. Here is the chart:

Disclaimer: Invested, biased.