Cash 360

The treasury cockpit — 13-week cash, EBITDA-to-FCF conversion, working-capital unlock, receivables, liquidity and leverage headroom. Low DSO (GT largely cash); de-leveraging balance sheet.

Parle Agro Private Limited · FY25 (Mar'25, MCA-filed)

India's largest home-grown beverage company

5,500 employees · 84+ plants & units · 50 export markets

▲ Executive read· the answer, then the moves

Liquidity is sound at ₹370 Cr (≈ 6 weeks cover) and DSO is already low — GT (kirana) is largely cash. Still, ₹36.0 Cr of receivables sits above the 20d target. Pull DSO from 24d to 20d and use the ₹582 Cr of leverage headroom to self-fund SMOODH / PET & distribution capex while de-leveraging.

4 of 5 headline metrics improving vs prior · still off target: Free Cash Flow ₹200 Cr vs ₹300 Cr, Cash Conversion Cycle 45d vs 35d, Debtor Days (DSO) 24d vs 20d

Do now — ranked by urgency

1
PET & mango-pulp input-cost pressure on gross marginAct now
Why it matters
Lean on in-house PET preform, rPET, price-pack & hedging; recover margin via mix.
What's driving it
Gross Margin
Signal: Alert
FYI
PET resin (crude-linked) + mango pulp (~150,000 MT) are the big cost drivers squeezing the ~48% gross margin.
Act →
2
Unlock ₹36.0 Cr by pulling DSO to the 20d targetWatch
Why it matters
Every day of DSO above 20d ties up working capital; closing the gap releases ≈ ₹36.0 Cr of one-time cash.
What's driving it
DSO 24d vs 20d target
Overdue >60d = ₹16.0 Cr of ₹216 Cr AR
FYI
Normalizing laggard brands to 20d DSO releases ≈ ₹23.1 Cr
Owner: Treasury
Work the overdue book →▤ open the overdue receivables
3
A&P cut 7.7% — watch brand equityWatch
Why it matters
Protect Frooti / Appy Fizz working-media; rebalance toward high-ROI digital & Q-commerce.
What's driving it
A&P Spend
Signal: Alert
FYI
A&P spend ₹278→257 Cr (-7.7%). A large discretionary lever, but under-investing risks brand salience.
Act →
4
Frooti repeat-orders still in the troughWatch
Why it matters
Scale-up dip not yet offset by distribution & power-brand up-sell.
What's driving it
repeat-order rate 98 (<100)
Signal: Retention
FYI
Repeat-order rate 100→99→98; yr-1 attrition 5%. Mature flagship; steady repeat, #2 mango.
Owner: Joint MD & CMO
Act →▤ open low-repeat brands

🥭 Power-brand growth (Frooti · Appy Fizz · Bailley)Step 5 of 7 · working capital, GST & de-leveraging◀ Finance 360 Brand Portfolio 360 ▶All journeys

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↗ Where this connects — act / drill across

▤Evidence· open the overdue-invoice list 🧩Customer Master· term conflicts driving AR 👥Channels & Trade 360· DSO by account 🚪Value Creation & ₹20,000-cr Ambition· debt & deleverage path

Liquidity

₹370 Cr

≈ 6 weeks cover

Free cash flow

₹200 Cr

55% EBITDA conversion

Cash conversion cycle

45d

DSO 24 + DIO 61 − DPO 40

Working-capital unlock

₹36.0 Cr

DSO 24→20d target

Exhibit 1

13-week direct cash flow forecast

Net weekly cash (bars) and ending cash (line) vs. ₹150 Cr minimum. Forecast trough: ₹241 Cr.

Above minimum

₹250 Cr

Opening cash

₹817 Cr

13-wk collections

₹804 Cr

13-wk disbursements

₹263 Cr

Closing cash

Exhibit 2

EBITDA → Free cash flow

₹364 Cr EBITDA converts to ₹200 Cr FCF (55%).

Exhibit 3

Cash collected

Monthly, ₹ Cr.

Cash conversion cycle

Working-capital days

DSO — receivables24d

DIO — inventory61d

DPO — payables (offset)(40d)

Cash conversion cycle45d

Where cash is trapped

Working-capital cash unlock

₹23.1 Cr

Normalizing laggard divisions to 20-day DSO releases ~₹23.1 Cr one-time.

Appy Fizz26d

₹8.5 Cr

Frooti22d

₹7.1 Cr

Appy24d

₹2.8 Cr

B Fizz26d

₹2.3 Cr

Frooti Fizz25d

₹1.8 Cr

Bailley Soda22d

₹0.5 Cr

Collections

AR aging

Total AR ₹216 Cr

Current days₹130 Cr

1-30 days₹45 Cr

31-60 days₹25 Cr

61-90 days₹10 Cr

90+ days₹6 Cr

Overdue (>60d) = ₹16.0 Cr.

Exhibit 4

Collections priority

Highest DSO first.

Account	Revenue	DSO	Credit risk
E-commerce & Exports	₹30 Cr	40d	Medium
HoReCa & institutional	₹190 Cr	35d	Medium
Modern Trade (DMart · Reliance Retail · More)	₹400 Cr	32d	Low
General Trade distributor network	₹2,100 Cr	22d	Low
Rural sub-distributors	₹314 Cr	20d	Medium
Q-commerce (Blinkit · Zepto · Instamart)	₹250 Cr	18d	Low

Exhibit 5

Supplier DPO

Working-capital lever.

Supplier	Spend	DPO	OTIF	Risk
Mango pulp & fruit concentrate (farmer program · ~150,000 MT)	₹620 Cr	30d	92%	High
PET resin & preforms (packaging)	₹540 Cr	45d	93%	High
Sugar & sweeteners	₹280 Cr	40d	94%	Medium
Packaging (labels, closures, cartons, cans)	₹210 Cr	48d	91%	Medium
Logistics, co-packing & warehousing	₹190 Cr	40d	90%	Medium
Apple & other concentrates (Appy / Appy Fizz)	₹160 Cr	45d	92%	Medium