Sachit
It's because they have launched a few brands recently - zara, children's place and these warrant high inventory and receivables (from the franchisee). I gather this by leafing through the conference calls.
That said, I think it's a big risk still and that will be a drag on any potential re-rating - all the good ones, like aditya birla nuvo, kewal kiran has a cash and carray model that results in high RoEs consistently.