Five lines below the headline.
| The line | Where it sits | This quarter |
|---|
| Exceptional gain . land sale | other income | +40 cr once |
| Deferred tax write-back | tax line | +25 cr rate 25 to 19 |
| Depreciation life 10 to 15Y | estimate change | +20 cr no sale made |
| Receivable days | balance sheet | 54 to 78 days |
| Cash from operations | cash flow stmt | 290 vs 500 = 0.58 |
Headline PAT Rs 500 cr vs Rs 400 cr last year. Strip the Rs 85 cr that cannot repeat and the print is Rs 415 cr. The 25 pct growth was 3.8 pct wearing three disguises.
The last two lines test what is left. Receivables stretching and conversion at 0.58 say even the 3.8 pct was booked faster than it was collected.