| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 9 | 26 | 25 | 28 | 24 | 23 | 31 | 35 |
| Borrowings | 39 | 32 | 27 | 20 | 17 | 16 | 16 | 9 |
| Other Liabilities | 27 | 37 | 42 | 48 | 38 | 38 | 38 | 30 |
| Total Liabilities | 84 | 104 | 104 | 104 | 89 | 86 | 94 | 84 |
| AssetsFixed Assets | 40 | 57 | 56 | 53 | 52 | 47 | 56 | 54 |
| CWIP | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 3 | 2 | 1 | 0 | 1 | 5 | 1 |
| Other Assets | 41 | 43 | 46 | 50 | 37 | 38 | 33 | 29 |
| Total Assets | 84 | 104 | 104 | 104 | 89 | 86 | 94 | 84 |
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | 8 | 12 | 5 | 4 | 2 | 8 | 5 |
| Cash from Investing | 1 | -3 | -1 | 0 | 1 | 3 | -7 | 6 |
| Cash from Financing | -2 | -7 | -9 | -7 | -4 | -4 | -4 | -10 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 3 | 8 | 9 | 4 | 6 | 5 | 4 | 7 |
| FCF Margin | — | — | — | — | — | — | — | — |
This looks cyclical, and we don't have enough quarters to establish a through-cycle earnings base. Valuing it off the current point in the cycle would be misleading.
RISHILASE · CYCLICAL_UNMODELABLE
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