you need to check the break-up of debt. long term debt is decreasing from 128cr. to 91 cr. from fy21 to fy23 . whereas short term debt is increased by 373 cr. to 507 cr. i think management intent is to reduce long term debt . because currently 50% + business is value added so they have to maintain high inventory in these segment . so working capital is always remains streched . due to this short term debt can further increase from here because they are target 75% business from value added in fy25 . Its more of a nature of business ( pix , racl and other high inventory value added business ) .
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