With re: receivables, I have an explanation to this.
Now H2 is where most of the spends (incentives, vendor payment, benefits etc.) happen in companies – per the Q1FY25 transcript, H2 is 60-65% of spends. Hence it would be reasonable to assume Q4 at 35% of spends & hence, February+March is about two-third i.e. 23% of spends.
The company operates on a 30-60 day cycle which means the money (revenue) Zaggle is expected to receive in Feb+Mar – is received in April and May. Since the receivables information you’re seeing is as-on 31st March of any year, it’s likely you’ll see a reporting of 20-25% receivables-to-revenue ratio every year
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