On your last point related to working capital reduction beyond 220 days, I suspect it will happen anytime soon. Majority of revenue is either from exports (so order shipment time + payment terms) or B2G (which again we know has longer cycle). In addition, there need to constantly maintain high amount of inventory will ensure the play to reduce WC is marginal.
new CFO has been trying to find cost effective ways to do invoice discounting to reduce WC but that has yet to show results.
I personally wont keep high hopes of working capital reduction anytime soon beyond 220.
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