Author pointed 3-4 main issues, most of which have already been discussed in detail in concalls. For instance, sales tax issue, high receivable provisions, high inventory levels, advances, payable days going up from 50 to 70, smp inventory.
No in depth analysis as to why the inventory days are high (around 75% sales is coming from high inventiry days items like cheese, ghee or smp) or what has company done to reduce dependance on smp (reduced from 20% few years back to 7-10%), or why was sales tax paid by the company post ipo (paid on behalf of some rogue distributors), or on 2000 cr rev last yr less than 1% receivables turned bad (18 cr) which have been provisioned for already from p&l, cash flow stmt & balance sheet.
Only one issue that of advances is what i am not sure about as there has been no explanation in AR.