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Cash 360

The treasury cockpit — 13-week cash, EBITDA-to-FCF conversion, working-capital unlock, receivables, liquidity and covenant headroom.

Triveni Engineering & Industries Limited · FY24 (Mar'24, audited anchor)

One of India's largest integrated sugar & ethanol producers

5,500 employees · 13+ plants & units · 15 export markets

▲ Executive read· the answer, then the moves

Liquidity is sound at ₹900 Cr (≈ 7 weeks cover), but ₹84.3 Cr of working capital is trapped in receivables — and far more in inventory. Pull DSO from 33d to 28d to help self-fund the ₹450–500 Cr/yr growth capex rather than lean on the ₹757 Cr of covenant headroom.

5 of 5 headline metrics improving vs prior · still off target: Free Cash Flow ₹250 Cr vs ₹400 Cr, Cash Conversion Cycle 95d vs 80d, DSO (Days Sales Outstanding) 33d vs 28d

Do now — ranked by urgency

1
Cane cost inflation on sugar marginAct now
Why it matters
Cane development & recovery; maximise ethanol / by-product diversion.
What's driving it
Sugar EBITDA margin
Signal: Alert
FYI
FRP ₹355/q (+4%) plus SAP pressures sugar EBITDA; recovery must offset.
Act →
2
Covenant headroom 1× (lev 2.05× vs 3×)Act now
Why it matters
Sets capex headroom and refinancing risk on a conservatively levered (~1.9×) balance sheet.
What's driving it
Q1 (act)
Signal: Threshold
FYI
Net-debt/EBITDA 2.05× against a 3× lender ceiling.
Owner: CFO · Treasury
Act →
3
Unlock ₹84.3 Cr by pulling DSO to the 28d targetWatch
Why it matters
Every day of DSO above 28d ties up working capital; closing the gap releases ≈ ₹84.3 Cr of one-time cash.
What's driving it
DSO 33d vs 28d target
Overdue >60d = ₹55.0 Cr of ₹556 Cr AR
FYI
Normalizing laggard divisions to 40d DSO releases ≈ ₹104.0 Cr
Owner: Treasury
Work the overdue book →▤ open the overdue receivables
4
Sugar inventory lengthening the cash cycleWatch
Why it matters
Monetize sugar inventory & ethanol diversion; tighten cane-to-cash.
What's driving it
Cash Conversion Cycle
Signal: Alert
FYI
Seasonal sugar stock lifts the cash conversion cycle to ~95 days; working capital tied up.
Act →

🌱 Ethanol-led growthStep 5 of 7 · cane cycle, working capital, leverage◀ Finance 360 Segments & Group 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 👥Customer 360· DSO by account 🚪Value Creation· debt & deleverage path

Liquidity

₹900 Cr

≈ 7 weeks cover

Free cash flow

₹250 Cr

36% EBITDA conversion

Cash conversion cycle

95d

DSO 33 + DIO 97 − DPO 35

Working-capital unlock

₹84.3 Cr

DSO 33→28d target

Exhibit 1

13-week direct cash flow forecast

Net weekly cash (bars) and ending cash (line) vs. ₹180 Cr minimum. Forecast trough: ₹256 Cr.

Above minimum

₹300 Cr

Opening cash

₹1,778 Cr

13-wk collections

₹1,771 Cr

13-wk disbursements

₹307 Cr

Closing cash

Exhibit 2

EBITDA → Free cash flow

₹688 Cr EBITDA converts to ₹250 Cr FCF (36%).

Exhibit 3

Cash collected

Monthly, ₹ Cr.

Cash conversion cycle

Working-capital days

DSO — receivables33d

DIO — inventory97d

DPO — payables (offset)(35d)

Cash conversion cycle95d

Where cash is trapped

Working-capital cash unlock

₹104.0 Cr

Normalizing laggard divisions to 40-day DSO releases ~₹104.0 Cr one-time.

Triveni Turbine (sister co)55d

₹89.6 Cr

Water & Defence52d

₹8.3 Cr

Power Transmission (Gears)45d

₹6.2 Cr

Collections

AR aging

Total AR ₹556 Cr

Current days₹300 Cr

1-30 days₹120 Cr

31-60 days₹81 Cr

61-90 days₹34 Cr

90+ days₹21 Cr

Overdue (>60d) = ₹55.0 Cr.

Exhibit 4

Collections priority

Highest DSO first.

Account	Revenue	DSO	Credit risk
Municipal & Industrial Water Boards	₹200 Cr	58d	Medium
Steel majors (SAIL / JSW / Tata Steel)	₹140 Cr	48d	Medium
Cement majors (UltraTech / Dalmia)	₹160 Cr	45d	Low
Indian Navy / DRDO	₹120 Cr	45d	Low
NTPC / State Power Utilities (UPPCL)	₹380 Cr	40d	Medium
State Beverage Corps & IMIL distributors	₹300 Cr	30d	Medium
Sugar traders & exporters	₹700 Cr	26d	Medium

Exhibit 5

Supplier DPO

Working-capital lever.

Supplier	Spend	DPO	OTIF	Risk
Sugarcane — farmers & cane societies (UP)	₹2,900 Cr	14d	92%	High
Coal & fuel (boilers / co-gen)	₹180 Cr	45d	94%	Medium
Steel, forgings & castings (gears / turbines)	₹150 Cr	55d	91%	Medium
Chemicals, enzymes & process aids	₹140 Cr	50d	93%	Medium
Packaging (sugar bags, ethanol logistics)	₹120 Cr	48d	90%	Low
Power, stores & MRO	₹110 Cr	40d	95%	Medium