Hi @Subodh
When computing the ROE you would have to make suitable adjustments to the book value of PEL. As on 2017, they had a goodwill of 5427 crs ,Other intangible assets of 3080 crs and intangible assets under development of 147 cr. If you make these adjustments you would arrive at an ROE of 20%-21% which is more in line with what the group is making since they account for a significant proportion of assets. There are some other adjustments that one could make to arrive at the carrying value of operating assets. However, the point is that the reported ROE is much less than the actual ROE. As far as cash flows are concerned , I think your queries have been clarified.
Best
Bheeshma