I think CFO needs to be adjusted by removing interest portion before calculating CFO ratios.
It will give a much better picture. Also 4 years is a too small data point to see the true picture
I am still not sure why Indian accounting allows interest portion of debt being added first in CFO and then subtracted in CFF. Because of this rule, CFO for most debt ridden companies appears much higher than it actually is. I find US GAAP much better in this respect.
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