Yes, trade receivable has gone up. We need to examine this aspect.
They have two verticals- B2B and B2C. In B2C business, receivable must not be very high, but it can be substantial in B2B part. Looking at TTM sale figure of around 210 crores, 60 crores receivable is not very high though substantial. As an investors, we will certainly prefer a better working capital cycle.
Margin appears to be a tad lower as compared to last year results, may be B2B business has contributed more.
Still, looks like a great number. This year they can very well generate a net profit of around 25 crores.
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