Allsec Technologies Ltd Management Discussions

Company Overview

Alldigi is a global company with extensive expertise in delivering business process solutions across various industry verticals. The company was incorporated in 1998 as a limited company under the erstwhile Companies Act 1956, and is listed on the National Stock Exchange of India (NSE) and BSE.

The company owns two wholly-owned subsidiaries: Alldigi Tech Inc., USA and Alldigi Tech Manila, Inc., Philippines.

Alldigi operates two segments globally: Employee Experience Management (EXM), which covers HRMS, payroll services, time and attendance management and Customer Experience Management (CXM), encompassing lead generation, customer retention and relationship management including both voice and non-voice processes. EXM and CXM services are delivered from India and the subsidiary in the Philippines.

The company is highly customer-centric, flexible and transparent in its service provision. Alldigi focusses on enhancing its clients business experience by assuming process responsibility, enhancing cost efficiencies, and adding value through continuous process improvements and quality assurances.

The financial year 2024-25 was a year of growth for Alldigi with stellar financial performance.

Financial Ratios (on Standalone Financials)

Particulars	FY25	FY24	Remarks
Debtors Turnover Ratio	6.8	7.1
Interest Coverage Ratio	31.8	29.3
Current Ratio	2.8	2.9	Note 1
Debt Equity Ratio	0.1	0.1	Note 2
EBITDA Margin (%)	23.1%	20.8%
Operating Profit Margin (%)	14.6%	13.1%	Note 3
Net Profit Margin (%)	21.2%	21.1%	Note 3
Inventory Turnover Ratio	NA	NA	NAfor Servicing Industry
Return on Net worth (%)	34.1%	35.0%

Note 1: Marginal increase due to increase in business volume.

Note 2: Debt equity ratio remains flat at 0.1

Note 3: Increase in margin ratio due to increased margin linked to business growth.

Opportunities

Core Competency

Alldigi has a 25 years legacy of servicing customers in both the CXM and EXM space. This has helped the Company to build a deep domain knowledge, putting in place processes for continuous training and ensuring robust customer service. Our customers stand testimony to our track record of providing outstanding service. The Company takes pride in quality delivery pinned on an agile and customer centric approach.

Alldigi manages some of the complex payroll and tax scenarios for both global and domestic organisations across industries. Our payroll and HRMS solutions are flexible to meet the requirements of wide range of Companies. During FY25, the Companys volumes of payslip per month increased to the level of 1.45 Mn.

Our Customer Experience Management (CXM) business continues to deliver high-value services to clients, leveraging advanced features such as BOT monitoring command centers, omni-channel support and multilingual capabilities. As a leading provider of outsourced solutions, we specialize in customer engagement, sales, retention and comprehensive support across key industries including BFSI, Retail, Healthcare and others.

A significant enhancement to our portfolio is the integration of General Ledger (GL) accounting support, allowing us to assist clients with both front-end engagement processes and back-end financial reconciliation, ensuring greater operational alignment and compliance.

Our customer retention rates remain exceptionally high, underscoring the strength of our delivery capabilities and our ongoing commitment to operational excellence and client satisfaction.

During the year, we have added new lines of business (LOBs) within the Healthcare sector, broadening our scope of services to meet evolving client needs. These new healthcare programs are being successfully delivered from our Chennai and Manila centers, further strengthening our global delivery footprint in this critical sector.

Acquisition

The Company has continued to invest in building capabilities for new sales. This has resulted in strong customer acquisition during the year and a significant pipeline.

In CXM, our strategic focus remains firmly on the North American market, where we have continued to expand and deepen client engagements. During the year, we achieved an additional ?93 crore in revenue growth, driven not only by new sales but also through strategic account farming, strong operational performance, ramp-ups, new line-of-business (LOB) additions, and new logo acquisitions. This diversified growth underscores our ability to scale existing partnerships while successfully onboarding new clients, reinforcing our position as a trusted and agile service provider in the customer experience space.

The EXM business continues to expand across both domestic and international markets. Alldigi offers payroll and HCM solutions in 42 countries globally. Our sales team is present in major cities across India, the UAE and Manila. In FY25, we won 63 new logos with a total ACV of ?30 crore, a 50% year-on-year growth. These deals enabled us to enter 27 additional countries, including regions in the EU and previously untapped areas of APAC. We also secured our first wins in the PSU/Government sector in both India and the Philippines. In addition, we signed 23 partners, including sales, service and platform partners.

Quality

The Company has a robust Quality Management, Information Security Management system and Data Privacy framework in place to identify the potential risks, areas of improvement and further to ensure ongoing compliance and smooth business operations.

ISO 9001:2015, Quality Management System certification for Chennai facility and ISO 27001:2022 an upgraded version of ISO 27001:2013 Information Security Management System certification for all Alldigis facilities in Chennai, Bengaluru, Noida and Manila cities globally are scheduled to be renewed in June / July 2025 with Certification body conducting the renewal audits.

The PCI DSS compliance certifications for CXM business are renewed in August 24 for Chennai and Manila facilities. PCI DSS renewal audit is in progress for facilities in Noida has been completed. These will be valid for 1 year period from the date of renewal. Existing SSAE 18 / ISAE 3402, SOC1, Type II which is a graduated version of SAS 70 Type II audit reporting for EXM / HRO payroll business was performed once in each Quarter of 2024-25 to meet the requirements of various clients in terms of audit period. Thus, we perform this audit 4 times in a year. For Q1, Q2, Q3, the SOC audits are completed and for Q4 the audit is in progress from the auditing body, KPMG. Multiple audits with higher frequency will help-in having robust Financial and Technical controls in Payroll business.

To fulfil the requirements for one US Healthcare business program in Manila facility, we renewed existing HIPAA certification in Oct 24. Further, renewal of existing HIPAA certification for Chennai facility has been completed. HIPAA certification is mandatory if we are providing service delivery for any client that deals with US citizens/ residents health information and it is an Act of US.

General Data Protection Regulation (GDPR) is a regulation in EU law in data protection & privacy domain. It also addresses the requirements to be fulfilled for export of personal data from EU to outside the EU. This act is applicable to all entities located anywhere in the world and have to mandatorily deploy the GDPR framework and controls if they collect or process personal data (Pll) of EU citizens or EU residents. We established GDPR framework 6 years ago in our Organization. We continued strengthening the controls and our system in line with this regulation and its periodic enhancements for the business lines where it is applicable.

Further we continued our efforts in strengthening the systems deployed to fulfil the compliance requirements of Philippines Data Privacy Act and California Consumer Privacy Act (CCPA) for the client programs where these acts are applicable.

The Digital Personal Data Protection Act 2023, popularly called as DPDPA 23 is an Indian Data Privacy Law introduced by Indian Government and received the assent of President of India in Aug 23. Government of India further published draft rules in Jan 25. This act aims at safeguarding the digital personal data of Indian citizens and is applicable to the processing of digital personal data within India where such data is collected online, or collected offline and is digitized subsequently. It will also apply to entities outside India who process Pll of Indians if it is for offering goods or services in India. The effective date of this Act has not yet been announced by Government of India and also the final set of rules from already published draft rules is awaited. We reviewed the requirements of this Act & draft rules and commenced the deployment of processes and controls in our Organization so as to be ready and be compliant with the requirements once Government of India announces the effective date and final set of rules.

Capacity

Today, Alldigi has a pan India presence and a capacity of over "4,500 seats with facilities in 3 locations which are in NCR, Bengaluru and Chennai. We have also added additional "240 seats in a new facility in Chennai recently. Apart from India, we also have a capacity of "1,800 seats in Manila. We will further add capacity during the year based on the business prospects.

Risk And Concerns

Business Risk

The CXM international business has sustained its growth trajectory into FY25, despite continued economic headwinds in the BFSI segment, which remains a closely monitored area. The Healthcare vertical, established in Q4 FY23, has maintained robust growth through FY25, further diversifying our portfolio and effectively mitigating client concentration risk.

Building on our diversification strategy, FY25 also saw the successful launch of a new line of business with a prominent China-based e-commerce company, delivering HS (Harmonized System) coding services. This initiative has strengthened our foothold in the compliance and classification domain, opening up new avenues within the global e-commerce space.

In parallel, we have advanced our service capabilities by introducing Al-based solutions across key processes. These solutions are designed to enhance operational efficiency, improve decision accuracy, and deliver predictive insights, reinforcing our commitment to continuous innovation and value creation for clients.

Healthcare remains a cornerstone of our growth strategy, with continued expansion of services and deepening partnerships across key markets. These developments underscore our operational agility and ability to adapt to evolving client needs while driving sustained business performance. from newer Tech nolog ies/AI

We have completed the upgrade of both our platforms - Smartpay 4 & HRMS (Buzzily) during the course of the year ensuring scalability, improved employee experience (in terms of Ul/ UX) & easily customisable to individual client needs - demonstrating our ability to continue to make relevant investments.

We also continue to remain vigilant to the risks that emerging Al technologies may pose to the Business models / revenues of the Company. Whilst these technologies may disrupt some of the routine transactional activities we do not foresee any significant risk to our current revenue streams owing to the fact that in the CXM business we run a larger component of Outbound (Sales) processes which would continue to need significant human interface. Further we would continue to leverage these technologies in our EXM business with a view to reducing our Operating costs / increasing end employee experience for our customers.

Financial Risk

Geographical concentration of clients

Our Company has a global footprint and the revenues in the international segment are dependent on clients located predominantly in North America. Our EXM International business also has been increasing over the last year. As a strategy we continue to focus on increasing the share of our export revenues as the margins are better compared to domestic business. As a result, the Company is exposed to various risks typically associated with doing business in various countries many of which are beyond the control of the management. We are exploring global channel partners to further expand our global footprint.

Pressure on

Our margins can be impacted due to pressure on pricing owing to competition. The Company engages customers regularly briefing them on the value added support being provided. Since our processes especially in the CXM segment are heavily dependent on manpower, our margins may be impacted if there are increases in salaries on account of revision in minimum wages in any of our Locations in the domestic business. Hence, the focus is to increase our share of international business to avoid margin pressures. Our CXM international business % increased YoY 28% by corresponding increase in FTE expansion in Manila. In the EXM business, whilst the per payslip realization can be impacted due to pricing pressure for new business. We will endeavor to mitigate this through higher share of International business & continued focus on process efficiencies.

Exchange

Movements in exchange rates continue to be a threat. There has been volatility in the exchange rate between INR and USD and PHP and these currencies may continue to fluctuate significantly in future as well. During the year there has been volatility in the Rupee & PHP. We have hedging strategies as approved by the Board and in addition use bank balances in foreign currency to meet our foreign currency expenses & liabilities. Also the increase in share of domestic revenue will mitigate this risk to an extent.

Compliance Risk

Taxes and other Levies imposed by the Government of India and/ or various states including Tamil Nadu may affect our performance. In particular, we will be affected by the taxes and Laws Levied by authorities such as a) Income Tax b) Goods and Services Tax etc. We are taking adequate efforts to comply with the entire statutory requirement on an ongoing basis and the same is subject to Internal Audit on a quarterly basis. We also take the help of external consultants to handle specific issues as and when need arises.

Our business is subject to a variety of country specific regulations. Particularly, we must comply with a number of laws in the United States in relation to debt collection and telephone and email based solicitation and the mortgage servicing businesses.

There are no specific issues or noncompliance notified in any of these areas during the year.

In respect of client and other commercial contracts such as Lease and other purchase contracts, adequate measures are in place for vetting the contracts by Legal team and due vetting and clearance procedures are followed before signing off contracts.

The requirements of many of these regulations are complex and the failure to comply could result in enforcement or private actions which can potentially affect our reputation and in turn adversely affect our business. In addition, these Laws are subject to change and new Laws affecting our business may be enacted, which could significantly affect the demand for, and our ability to provide certain service offerings and significantly increase the cost of regulatory compliance. However, on regular basis, we have taken the following steps to mitigate this risk:

• Implementation of robust system of ensuring compliance, processes and reporting

• Obtaining applicable registration applicable to the industry and our business as per the geography.

• System of ensuring relevant provisions governing call center business in India such as DOT approval and adherence to Do Not call Registry norms

• There are no specific issues or noncompliance notified in any of these areas during the year.

• In respect of client and other commercial contracts such as Lease and other purchase contracts. Adequate measures are in place for vetting the contracts by Legal team and due vetting and clearance procedures are followed before signing off contracts.

Customer Credit Risk

Company follows a process of due client qualification in respect of orders received and contracts signed. However, owing to business reasons or reasons specific to delivery /disputes, there are collection risks which the company faces. There is a regular follow-up process to ensure that amounts due are billed in time and collections received in time. Periodic confirmation of balance is also obtained from major clients. Due provisions are made in accounts for amounts considered not collectible.

Infrastructure Risk

The Company has invested substantially in the state-of-the-art infrastructure and equipment in its centers to provide a world-class service to its customers. Service to our clients also depends on the uninterrupted functioning of these equipment, power and stability of telecom network. Any obsolescence in the infrastructure and equipment leading to incompatibility with clients systems or any disruption in the essential services may affect the business of the Company. Adequate backups and redundancy measures are in place for uninterrupted functioning of IT and telecom equipment. AMC of all equipment is being monitored for timely renewals wherever needed. Insurance for fixed assets and all office locations are in force and are monitored for timely renewals and adequacy of risks covered under Office package policy.

Human Resources Risk

Whilst attrition is an industry wide concern, the Company recognises the need to take proactive measures to ensure that we have an uninterrupted supply of right talent and have increased focus and rigor on retaining them through active engagement measures.

In order to maintain a seamless pipeline of talent, the Company has tied up with several skill development institutes. This ensures a steady supply of skilled talent with a good language mix especially for the CXM business. Our recruitment team conducted virtual campus drives at various colleges across the country for both CXM & EXM hiring.

Internal Control Systems and their Adequacy

The Company has a well-defined and documented internal control system that is adequate and commensurate with the size and nature of its business.

Adequate checks and balances and control systems are established to ensure that assets of the Company are safeguarded, and transactions are executed under proper authorization and are properly recorded in the books of account. There exists a proper definition of roles and responsibilities across the organization to ensure information flow and effective monitoring.

The Company has an independent Internal Audit carried out periodically by a firm of Chartered Accountants who draw out their audit program based on risk assessments and in consultation with the Audit Committee. The Company had an Audit Committee consisting of 4 Directors which has a majority of Independent Directors. This committee reviews the internal audit reports, statutory audit reports, the quarterly and/ or annual financial statements and discusses all significant audit observations and follow up actions arising from them. It further monitors the risk exposures of the Company. The Committee also reviews and recommends to the Board the terms of appointment of the statutory auditors and internal auditors.

The Companies Act provisions relating to Internal Financial Controls (IFC) and Internal Financial control over Financial Reporting are applicable to your Company from the financial year ended March 31, 2016. Clause (i) of Sub-section 3 of Section 143 of the Companies Act. 2013 ("the 2013 Act" or "the Act") requires the auditors report to state whether the company has adequate internal financial controls system in place and the operating effectiveness of such controls. Clause (e) of Sub-section 5 of Section 134 to the Act requires the directors responsibility statement to state that the directors, in the case of a listed company, had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively. The auditors objective in an audit of internal financial controls over financial reporting is to express an opinion on the effectiveness of the Companys internal financial controls over financial reporting and the procedures in respect thereof are carried out along with an audit of the financial statements. Your Company has complied with these requirements.

Headcount (FTE)

As of 31st March 2025, total Global FTE stood at ~6,200 (India FTE ~4,500), from the previous year end Global FTE of ~5,600 (India FTE ~4,600).

Financial Performance of the Company

The following is based on our audited standalone and consolidated, Rupee denominated financial results pertaining to financial year ended 31st March 2025. The financial statements of the Company are prepared in accordance with the Indian Accounting Standards (referred to as "Ind-AS") prescribed under section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, as amended from time to time. Significant accounting policies used in the preparation of the financial statements are disclosed in the notes to the financial statements. The discussion should be read in conjunction with the Audited Financial statements of the Company and notes on Accounts including significant Accounting Policies, thereto.

Financial Performance

(In lakhs except Earnings per share data)

	Consolidated			Standalone
Particulars	FY25	FY24	YOY	FY25	FY24	YOY
Revenue	54,631	46,937	16.4%	32,619	31,405	3.9%
Less: Employee expenses	31,269	26,361	18.6%	20,055	18,843	6.4%
Less: Other Expenses	10,401	8,957	16.1%	5,024	6,031	-16.7%
EBITDA	12,961	11,619	11.6%	7,540	6,531	15.4%
EBITDA Margin	23.7%	24.8%	-1.1%	23.1%	20.8%	2.3%
Add: Other Income	1078	690	56.2%	2,814	4,518	-37.7%
Less: Finance Costs	459	441	4.1%	292	344	-15.1%
Less: Depreciation & Amortisation Expense	4,269	3,358	27.1%	2,763	2,428	13.8%
Add: Extraordinary Item	1,689	-	0.0%	1,689	-	0.0%
Profit Before Tax	11,000	8,510	29.3%	8,988	8,277	8.6%
Profit Before Tax Margin	20.14%	18.13%	2.0%	27.55%	26.36%	1.2%
Less: Tax Expense	2,670	2,110	26.5%	2,063	1,640	25.8%
Profit After Tax	8,330	6,400	30.2%	6,925	6,637	4.3%
Profit After Tax Margin	15.25%	13.64%	1.6%	21.23%	21.13%	0.1%
Add: Other Comprehensive lncome/(Losses)	-70	-251	-72.1%	-182	-62	193.5%
Total (-) Comprehensive Income /Losses	8,260	6,149	34.3%	6,743	6,575	2.6%
Basic & Diluted EPS (in Rs)	54.66	42.00	30.1%	45.44	43.55	4.3%

Key Highlights For FY25 On Consolidated Basis

Revenue from Operations

The table below provides the details of income and its composition:

(Amount in Lakhs)

Revenue Segments	FY25	% of Total Revenue	FY24	% of Total Revenue	% Growth
CXM - International	30,172	55.2%	22,775	48.5%	32.5%
CXM - Domestic	10,322	18.9%	8,768	18.7%	17.7%
Total	40,494	74.1%	31,543	67.2%	28.4%
EXM - International	4,208	7.7%	3,743	8.0%	12.4%
EXM - Domestic	9,929	18.2%	11,651	24.8%	-14.8%
Total	14,137	25.9%	15,394	32.8%	-8.2%
Grand Total	54,631	100.0%	46,937	100.0%	16.4%

Customer Experience Management (CXM):

Revenue for the vertical reached lakhs in FY25, reflecting a 28.4% year-over-year increase. This growth was driven by increase of 32.5% in international business and a 17.7% increase in domestic revenue.

Employee Exper Management (EXM):

Revenue reached 14,137 Lakhs in the current year, showing a reduction of 8.2%. While there is a significant increase of 12.4%in the International business and there is a reduction of 14.8% in Domestic payroll business on account of slump sale of LLC division during the year.

Expenditure

During the year there was an increase in total expenditure by Rs 7,281 Lakhs. Composition of total expenses and brief analysis thereon are given below: (Amount in Lakhs)

Cost Category	FY25	% of Revenue	FY24	% of Revenue	YOY%
Employee costs and benefits (Note 1)	31,269	57.2%	26,361	56.2%	18.6%
Other expenses (Note 2)	10,401	19.0%	8,957	19.1%	16.1%
Finance charges	459	0.8%	441	0.9%	4.1%
Depreciation (Note 3)	4,269	7.8%	3,358	7.2%	27.1%
	46,398	84.9%	39,117	83.3%	18.6%

Note 1: Employee costs to revenue has gone up from 56.2% to 57.2% YoY which is in line with the growth in CXM revenue.

Note 2: Other expenses increased by 16.1% YoY with primarily due to increase in S&M, Facility and IT cost for growth in revenue.

building leases for expansion) and PPE - Rs604 Lakhs (Primarily IT assets).

Previous year figures have been regrouped & reclassified wherever necessary.

leel Analysis

f Particulars (in lacs)	31-Mar-25	31-Mar-24	YOY
Assets
Non-Current Assets
Property, Plant and Equipment	2,579	2,167	412
Right of Use Assets	6,110	4,148	1,962
Capital work-in progress	179	0	179
Other Intangible Assets	1,482	1,507	-25
Intangibles under Development	234	0	234
Other Financial Assets
Other Non-Current Assets	2,150	3,839	-1,689
Total Non- Current Assets	12,734	11,661	1,073
Current Assets
Current Investments	8,273	5,628	2,645
Cash and Cash Equivalents	8234	8200	34
Trade Receivables	7188	6573	615
Other financial assets	4,761	2,966	1,795
Other Current Assets	738	933	-195
Assets Held for sale	0	801	-801
Total Current Assets	29,194	25,101	4,093
Total Assets	41,928	36,762	5,166
Liabilities
Equity and Reserves	25,949	24,546	1,403
Non-Current Liabilities
Lease Liability	4,332	2,641	1691
Other Non-Current Liability	804	927	-123
Total Non- current Liabilities	5,136	3,568	1568
Current Liabilities
Lease Liabilities	1,988	1,824	164
Trade Payables and Other Current Liabilities	8,855	6,824	2,031
Total Current Liabilities	10,843	8,648	2,195
Total Equity and Liabilities	41,928	36,762	5,166

Brief Analysis of Balance Sheet is given below:

Property, Plant & Equipment:

Additions of Lakhs primarily to below assets for Manilas new facility and FTE growth

• Net addition in Computer and Server & Call Centre Equipments - Rs Lakhs

• Furniture & Fixtures - Rs Lakhs

• Office Equipment - Rs 67 Lakhs.

• Reduction in Leasehold Improvement (on account of Depreciation) - (Rs 146) Lakhs

Right of Use Asset (ROUA):

The Company adopted Indian Accounting Standard-116 (lnd-AS116) on Leases as notified by Ministry of Company Affairs, effective from. 01-04-2019. Accordingly, the Right of Use of Asset (ROUA) being an asset that represents a lessees right to use an underlying asset for the lease term, recognized under Cost model wherein the cost represents the present value of lease payments less any incentives and any initial indirect cost incurred thereto. The ROUA is also subject to depreciation and impairment tests like other assets. The balance of ROUA as at March 31, 2025 stood at compared Lakhs as at March 31, 2024. There was addition to ROU for Manila new facilities & new facilities addition in Chennai & Bangalore offset by the amortization for the financial year.

Other Non-current Assets:

The reduction in Other Non-Current Assets to Net Tax assets reduction by Rs 1543 Lakhs and grouped to Liability on account of receipt of refund pertaining to 3 years in FY25.

Current Investments:

Current investments represent balances invested in mutual funds. The Company invests surplus funds in liquid debt funds and these are disclosed at Mark to Market (MTM) values. The Balance as at March 31, 2025 is Rs8,273 Lakhs (previous year: Rs 5,628 Lakhs).

Cash and Bank Balances:

Company generated an OCF of Rs11,846 Lakhs which is maintaining the steady EBITDA conversion ratio around the level of 91%. Cash and Cash Equivalent stood at 31, 2025 as against Rs8,172 Lakhs as at March 31, 2024.

Trade Receivables:

Current Trade receivables was 31, 2025 as against Rs6,573 Lakhs as at March 31, 2024.

Increase in trade receivable is due to increase in business revenue levels while the DSO is at 53 days to YoY.

Equity Share Capital:

The Equity Capital of the Company as on March 31, 2025 stands at Rs1,524 Lakhs and has remained constant over the previous Balance sheet date.

Other Equity:

Other equity represents Reserves and Surplus balances which includes Securities Premium reserve, Capital Reserve, General Reserve, Retained earnings and Foreign Currency Translation reserve. During the year retained earnings increased by Rs1,403 Lakhs primarily due to earnings from operations.

Other Non-current Liabilities & Lease Liability:

Increase in Non-current liability is due to renewal of lease in the Chennai, Bangalore and new leases for Manila expansion. Pursuant to the adoption of Ind AS-116 on Leases effective from April 1, 2019, the Company classified the present value of the unpaid lease payments and finance charges thereto as lease liabilities, as prescribed in the said accounting standard. The non-current portion represents obligation against the lease liabilities falling due beyond 12 months from the reporting date and the balance are classified as current liability.

Trade Payables & Other Current Liabilities:

Trade payables being payable to suppliers of goods and services and accrued salaries. The increase in balance i.e previous year Rs4,187 Lakhs is due to higher scale of Operations.

Current Tax Liability provision increased (as regrouping from Non Current Assets) by Rs979 Lakhs.

Increase in other current liability includes 178 towards payable on account of BTA & Unearned revenue of

Financial Ratios and Metrics

	Consolidated
Particulars	FY25	FY24
Working Capital Metrics
Billed Receivable DSO - Flat YoY	53 days	61 days
Unbilled Receivable DSO	28 days	24 days
Current Ratio	2.7	2.9
Return Metrics
Return on Equity (RoE)	32.7%	25.9%
Return on Capital Employed (RoCE)	29.4%	30.4%
Liquidity Metrics
Debt - Equity Ratio	0.2	0.2
Operation Profit Margin %	15.2%	13.6%
Cash Flow from Operations Lakhs)	11,846	9,083
Operating EBITDA to OCF	91.40%	78.17%
Cash and balances with banks (Rs In Lakhs)	8,140	8,172
Shortterm investments Lakhs)	8,273	5,628