What has also been very commendable for Punjab has been their management of Working Capital specially receivables, this has helped the company fund the maintenance capex mostly through internal accruals. One can argue the payables are stretched but inventory days are also similar. They have hardly had to resort to external debt to fund the maintenance capex despite profitability remaining low.
| FY17 | FY18 | FY19 | FY20 | FY21 | |
|---|---|---|---|---|---|
| Sales | 536 | 496 | 643 | 550 | 678 |
| PAT | -20 | 17 | 17 | 11 | 49 |
| Payable | 112 | 108 | 112 | 86 | 106 |
| Inventory | 64 | 67 | 82 | 86 | 101 |
| Receivables | 63 | 42 | 63 | 48 | 80 |
| Receivable days | 43 | 31 | 36 | 32 | 43 |
| WC Change | -14 | 31 | 16 | 27 | |
| Maintenance Capex in Last 5 years | 15 | 20 | 27 | 27 | 31 |