Godrej Agrovet Ltd Management Discussions

Global Economic Overview

The global economic landscape during FY 2025-26 remained shaped by elevated geopolitical risks, persistent trade policy uncertainty, and heightened vulnerability of global supply chains to conflict related disruptions. The escalation and spillover risks emanating from the conflict in West Asia emerged as a key macroeconomic shock, disrupting energy markets and critical trade routes, particularly through the Strait of Hormuz and Red Sea corridor. These developments led to higher commodity prices, renewed inflationary pressures, and increased volatility across financial markets, with disproportionate impacts on energy importing and emerging economies. At the same time, the Russia-Ukraine conflict and other regional flashpoints continued to weigh on global growth prospects, reinforcing geopolitical fragmentation and policy uncertainty.

The global trade environment became increasingly complex during the year, marked by a resurgence of protectionist measures and frequent recalibration of tariff policies by major economies. Recent tariff actions and trade related policy signals by the United States and other advanced economies have added to uncertainty around cross border trade flows, investment decisions, and supply chain configurations. Corporates globally continued to respond by diversifying sourcing bases, increasing near-shoring or friend- shoring strategies, and front-loading trade where feasible, though such adjustments have also resulted in higher costs and transitional inefficiencies across value chains.

Against this backdrop, global growth moderated from recent highs. According to the World Banks latest outlook, global GDP growth is expected to slow down to around 2.5 percent in FY26 and 2.8 percent in FY27, reflecting a moderation in economic momentum amid a challenging macroeconomic environment. This outlook factors in persistent downside risks arising from prolonged geopolitical tensions, commodity price shocks, and tighter financial conditions. Overall, the global macroeconomic environment during FY 2025-26 remained fragile, characterized by cautious optimism tempered by significant downside risks, reinforcing the need for resilience, policy credibility, and strategic agility across economies and businesses alike.

Indian Economic Overview

Indias economy remained resilient during FY 2025-26 despite an increasingly volatile global environment marked by heightened geopolitical tensions, particularly the conflict in West Asia. As per RBI annual report for FY 2025-26, real GDP growth for FY26 is estimated at 7.6 percent, a notable acceleration from 7.1 percent in FY25, underscoring the strength of domestic economic fundamentals. The agriculture and allied sector remained a key pillar of economic stability, benefiting from favorable monsoons, healthy reservoir levels, and continued policy support.

The services sector continued to be the primary growth engine, with strong expansion across financial, real estate and professional services, public administration, trade, transport and communication. High-frequency indicators reinforced this momentum, with sustained strength visible in PMI services readings, air passenger traffic, hotel occupancy rates and digital payments, reflecting resilient urban consumption and business activity. Investment activity remained supportive, aided by higher public capital expenditure and steady improvement in private capex sentiment.

The agriculture and allied sector provided a stable anchor to growth amidst global uncertainty. Adequate monsoon conditions and healthy reservoir levels supported crop output and rural incomes, which translated into strong rural demand indicators. Notably, tractor sales-a key proxy for rural sentiment-rose by 19 percent in FY26, with sales crossing one million units, reflecting improved farm liquidity and increased mechanization. This resilience in rural consumption helped offset external headwinds and strengthened domestic demand conditions.

Looking ahead, Indias growth outlook remains structurally strong. The International Monetary Fund (IMF), in its April 2026 World Economic Outlook, has projected GDP growth of 6.5 percent for both FY27 and FY28, retaining Indias position as the fastest growing major economy globally.

The ongoing West Asia conflict has introduced meaningful external risks for India, primarily through its impact on energy prices, shipping costs and global financial market volatility. As a large net importer of crude oil, India remains exposed to global supply disruptions and price spikes, which could exert pressure on inflation and the current account balance. While merchandise exports and freight costs may face temporary disruptions if geopolitical tensions persist, strong domestic demand continues to provide a significant counter balance.

Overall, even amid a challenging geopolitical and macroeconomic backdrop, India continues to stand out as a bright spot in the global economy. The combination of strong domestic demand drivers, ongoing structural reforms, sustained public investment and improving supply-side efficiencies positions the economy well to sustain medium term growth. Continued focus on reforms, deregulation and competitiveness enhancement will be critical in maintaining growth momentum while navigating external uncertainties.

INDIAN AGRICULTURAL SECTOR OVERVIEW

The agriculture and allied sectors continue to play a critical role in the Indian economy, remaining the primary source of livelihood for approximately 46% of the population, while contributing meaningfully to food security, rural employment, and domestic demand. With the second largest agricultural land base globally and deep integration into global agri-commodity supply chains, Indias agricultural sector continues to hold strategic importance for both domestic consumption and exports.

India remains a global leader across several agricultural categories, including the worlds largest livestock population and top tier production of milk, rice, wheat, pulses, spices, fruits, and vegetables. During Agricultural Year 2024-25, foodgrain production reached a record high, supported by improved acreage, productivity enhancements, and favourable weather conditions. Horticulture production also remained robust, reflecting the continued shift toward high-value crops and diversification.

Sectoral Performance and Macroeconomic Contribution

As per the First Advance Estimates released by the National Statistical Office (NSO), real Gross Value Added (GVA) from agriculture and allied activities is estimated to grow by 3.1% in FY 2025-26, reflecting a moderation from the high base of the prior year, but remaining resilient amid global uncertainty and commodity price normalization. The moderation in nominal GVA growth has been largely attributed to muted food price inflation, rather than a decline in physical output, underscoring continued volume strength in farm production.

Production Trends and Crop Dynamics

The Second Advance Estimates for 2025-26 (Kharif and Rabi) reflect sustained output levels across major crops, with rice, wheat, maize, pulses, oilseeds, and millets continuing to show favorable production trends, supported by productivity gains, technology adoption, and improved agronomic practices. However, select commercial crops, including cotton and sugarcane, have exhibited regional variability, influenced by acreage shifts, weather conditions, and relative price realizations.

Structural Transformation and Technology Adoption

Indian agriculture continues to undergo a structural transformation, driven by increased adoption of precision agriculture, digital platforms, and climate-smart farming practices. Technologies such as IoT- enabled sensors, drones, satellite-based crop monitoring, AI-driven advisory systems, and data led supply chain integration are increasingly being deployed to enhance yields, optimize input usage, and reduce climate volatility risks. Parallel growth in agri-tech, agri-fintech, and organized agri-logistics is supporting greater market linkages and value addition, particularly in horticulture, livestock, fisheries, and processed foods.

Policy and Regulatory Environment - Agriculture and Rural Economy

The Union Budget 2026-27 reiterates the Governments commitment to agriculture as a central pillar of Indias growth strategy, with a renewed emphasis on enhancing farm incomes, productivity, diversification, and rural resilience, while leveraging technology and institutional reforms. Agriculture and allied activities continue to receive focused policy support within the broader framework of Sabka-Sath, Sabka-Vikas, aligning economic growth with inclusion and sustainability.

A key theme of the Budget is the transition from subsistence agriculture toward high-value, market-linked agri-food systems. Policy interventions span crop productivity, horticulture, animal husbandry, fisheries, rural infrastructure, and technology-enabled advisory frameworks-creating a supportive ecosystem for integrated agri business models.

The Government has announced a series of targeted initiatives to improve agricultural productivity and farmer incomes, including integrated development of 500 reservoirs and Amrit Sarovars, aimed at strengthening irrigation coverage and water security. Complementing this, the Budget places strong emphasis on high-value agriculture, with dedicated programs supporting coconut, cashew, cocoa, sandalwood, and horticulture crops, alongside rejuvenation of old orchards and promotion of high density plantations.

In the allied sectors, the Budget reinforces growth drivers that are structurally favorable for agri- conglomerates. The fisheries value chain is proposed to be strengthened through improved coastal infrastructure, market linkages, and support to Fish FPOs, start ups, and women-led enterprises. In animal husbandry, the Government has announced a loan-linked capital subsidy scheme to encourage private sector participation in veterinary and para veterinary colleges, breeding facilities, diagnostic laboratories, and veterinary hospitals-addressing long standing capacity gaps and improving farm level productivity and biosecurity.

Technology-led agriculture emerges as a key policy priority, with the proposed launch of Bharat VISTAAR-an AI-enabled, multilingual digital platform integrating AgriStack databases with ICARs agricultural best practice packages. This initiative is designed to enable data driven decision making at the farm level, improve access to advisory services, and enhance adoption of modern agronomic practices. Over the medium term, such platforms are expected to materially improve yield outcomes, input efficiency, and resilience to climate variability.

Overall, the Union Budget 2026-27 provides a stable and supportive policy backdrop for the agri-food sector, reinforcing Indias long-term objective of building a globally competitive, technology enabled, and sustainable agricultural economy. For integrated agri-business groups, the convergence of productivity focused interventions, high value crop promotion, allied sector expansion, and digital agriculture initiatives is expected to create scalable growth opportunities across the value chain, while enhancing resilience against climatic and market volatility over the medium to long term.

Outlook

Despite near-term headwinds arising from weather uncertainty and external geopolitical factors, the Indian agricultural sector is structurally well positioned over the medium term. The initial long range forecast for the 2026 southwest monsoon indicates a below normal rainfall outlook, raising downside risks to kharif sowing and rural sentiment. The evolving monsoon trajectory remains a key monitorable for the sector.

Strong fundamentals, continued policy support, adoption of technology-led farming practices, and expanding domestic and export demand for agri-products are expected to sustain growth and create opportunities across the agri-value chain. For integrated agri-business groups, this evolving landscape offers opportunities to deepen farmer engagement, expand value-added portfolios, and build resilient, technology-enabled supply chains, aligned with long-term national priorities.

SEGMENT-WISE BUSINESS PERFORMANCE AND OUTLOOK

Animal Nutrition

The Animal Nutrition business continued to be the largest contributor to the Companys revenues in FY 2025-26. The segment delivered strong volume-led growth across cattle feed, layer feed, aqua feed & specialty nutrition products, supported by deep farmer engagement, strong brand equity and an improving product mix. Volume momentum was particularly strong in cattle feed, aided by targeted nutritional propositions, strong brand equity and expanded on-ground outreach, while layer and specialty feeds benefited from focused portfolio actions and operating discipline.

During the year, the business strengthened its innovation pipeline with the launch of Dhanalaxmi G, a premium cattle feed designed for high-yielding cows and buffaloes, and Bypro Plus, an enhanced protein formulation under the trusted Bypro franchise. These new products witnessed encouraging early adoption in their initial launch markets and reinforced the Companys focus on scientific, outcome-led nutrition solutions.

Profitability improved significantly during the year, driven by moderation in key raw material prices, better product mix, sustained volume growth and continued operational efficiencies. The Companys sustained investments in R&D, customized nutrition solutions and farmer-centric advisory reinforced its leadership position across key markets and strengthened long-term competitiveness.

The revenue and profitability of the Bangladesh operations under ACI GAVL were impacted by input cost volatility, currency fluctuations and a period of political instability in the country. The business expanded its nutrition portfolio and product propositions, particularly in poultry and cattle feed through launch of improved and new products, to better address evolving local market requirements.

With the conclusion of elections, the operating environment is expected to normalize, providing greater stability and improved visibility for the business. The underlying demand fundamentals remain strong, and the long term outlook for ACI GAVL continues to be positive, driven by structural growth in the livestock sector, increasing formalization of feed consumption and rising acceptance of high quality, performance oriented nutrition solutions.

Crop Care Business

The Crop Care business operated in a challenging domestic agrochemical environment during the year, with demand impacted by a combination of adverse weather conditions, shifts in acreage and heightened competitive and regulatory intensity across certain key crops. Crops such as cotton, chilies and grapes experienced periods of disruption, which weighed on volumes and near-term performance.

Despite these headwinds, the Company continued to execute on its strategy of differentiated in-house formulations, selective in-licensing and customer-centric demand generation, helping sustain engagement in priority markets. Product launches in herbicides and insecticides, including newer introductions such as Ashitaka in maize and Takai in paddy, were supported by extensive farmer outreach and field-level demonstrations, reinforcing brand equity and strengthening portfolio relevance during the year.

Importantly, the period marked a strategic step towards expanding crop coverage beyond traditional focus areas, with the successful introduction of products in maize and paddy, crops that were not meaningfully addressed earlier. This deliberate portfolio broadening enhances diversification, reduces dependence on a limited set of crops and creates additional growth levers as demand conditions stabilize.

Looking ahead, the Company remains focused on driving recovery and sustainable growth through innovation-led portfolio expansion, increased R&D investments, strategic collaborations and deeper penetration across a wider range of crops and use-cases, while continuing to strengthen execution discipline and improve working capital efficiency.

Your Companys subsidiary Astec LifeSciences Limited witnessed a meaningful turnaround during FY 2025-26, marked by a significant reduction in losses and achievement of EBITDA break even for the year. This improvement was driven by higher volumes across both the enterprise and Contract Development and Manufacturing (CDMO) portfolios, supported by improved realizations, better demand conditions, and enhanced capacity utilization compared to the previous year. The normalization of channel inventories, disciplined business development efforts, and improved operating leverage contributed to stabilizing performance following the challenges experienced in FY 2024-25, when the business was impacted by de-stocking, demand-supply imbalances, and pricing pressures.

Looking ahead, accelerating the CDMO business remains a key strategic priority for Astec. The Company will continue to leverage its state-of-the-art "Adi Godrej Centre for Chemical Research and Development" to deepen customer partnerships, support R&D-led scale-up, and expand its pipeline of complex and differentiated molecules. Parallelly, Astec will pursue select high margin opportunities within the enterprise portfolio, targeting products and chemistries where it can build sustainable competitive advantage through process innovation, cost leadership, and speed-to-market.

With a strong R&D backbone, diversified chemistry capabilities, and a sharpened business development focus, Astec is well positioned to drive higher asset utilization, improve profitability, and build a more resilient earnings profile over the medium term while maintaining a balanced mix between CDMO growth and value accretive enterprise opportunities.

Oil Palm Business

The Oil Palm business delivered a strong and standout performance in FY 2025-26, supported by a favorable operating environment and continued excellence in execution. Higher Fresh Fruit Bunch (FFB) arrivals, sustained improvement in oil extraction ratio, and disciplined cost management, combined with supportive realizations for crude palm oil and allied products, translated into robust growth in revenues and profitability during the year. The business emerged as a key contributor to the Companys overall performance, reflecting the benefits of scale, operational leverage, and a maturing asset base.

This performance was underpinned by the Companys sustained investments across the value chain, including plantation development, nursery operations, and deep farmer engagement. Continued focus on scientific agronomy, productivity enhancement, and process efficiencies led to improved plantation yields and mill performance. Strengthened execution across upstream operations, complemented by downstream optimization, contributed meaningfully to margin expansion and cash generation.

Farmer engagement remains central to the Oil Palm growth model. During FY 2025-26, the Company expanded its Samadhan centre network by setting up 10 new centres, including 5 in the North East, taking the total to 24 Samadhan centres. These centres play a crucial role in enabling the adoption of good agricultural practices, disseminating scientific agronomic interventions, and improving on farm productivity. By supporting farmers with timely advisory, inputs, and technical guidance, the Samadhan centres are driving sustainable yield improvement, higher farmer incomes, and long term plantation productivity, creating shared value for farmers and the Company.

Looking ahead, the Company is fully committed to further margin expansion through downstream integration and value-added opportunities. In line with this strategy, work on the Palm Kernel Oil (PKO) refinery is progressing well and is in full swing, with the facility expected to commence operations in FY 2026-27. The PKO refinery is a key strategic initiative that will enable the Company to diversify its product portfolio, enhance realizations, and capture a higher share of the value chain, while improving earnings resilience across commodity cycles.

While the Oil Palm business remains long gestation by nature, the momentum achieved during the year highlights the structural strength and long-term scalability of the business model. Supported by a strong policy environment focused on reducing edible oil imports, rising domestic demand, improving plantation yields, and continued investments in R&D and downstream capabilities, the Company is well positioned to deliver sustained growth, superior margins, and attractive returns over the medium to long-term. The Oil Palm business continues to represent a compelling long-term value creation platform, anchored in farmer partnership, operational excellence, and disciplined capital deployment.

Dairy Business

The Dairy business faced a significantly challenging operating environment in FY 2025-26, with performance adversely impacted by a combination of external and cost-related factors. Unseasonal rain during Q1 disrupted demand patterns, while sustained inflation in milk procurement prices exerted meaningful pressure on margins. These factors, together with heightened competitive intensity in certain markets, weighed on the overall financial performance of the business.

In response, the Company undertook focused measures centered on cost control, operating efficiencies and portfolio optimization, which helped partially mitigate the impact. At the same time, the business continued to advance its brand-led and value-added strategy, supported by a disciplined approach to innovation. During the year, new product introductions-including affordable penetration packs and protein focused offerings such as

99 paneer and 20 Badam Milk were launched to address evolving consumer preferences, strengthen brand relevance and expand reach across consumption segments.

Notwithstanding the near term challenges, demand for branded dairy products remains structurally favorable, supported by rising urbanization, increasing health and nutrition awareness and a growing shift towards organized players. The Company continues to invest in strengthening its milk sourcing infrastructure, quality assurance systems and processing capabilities, positioning the Dairy business to participate effectively in long term growth opportunities as operating conditions stabilize and input cost pressures moderate.

Poultry & Processed Foods Business

The Poultry and Processed Foods business demonstrated resilience during FY 2025-26, operating in a dynamic environment characterized by feed cost volatility and pricing pressures. Consumption demand showed gradual improvement over the course of the year, reflecting recovery in end-markets. While profitability remained influenced by fluctuations in input costs and competitive intensity, the business continued to focus on disciplined execution and strategic actions aimed at strengthening its medium term performance.

Against this backdrop, the Company remained focused on accelerating its strategic shift towards branded and value-added processed foods, with a clear emphasis on brand building and innovation. Continued investments behind brands, expansion of the product portfolio and selective new product launches across ready-to-cook and ready-to-eat categories supported higher salience of branded offerings. These initiatives were complemented by increased focus on operating efficiency measures aimed at improving the quality and sustainability of earnings.

The increasing contribution of branded products, supported by wider distribution, focused marketing investments and new product introductions, reinforces the Companys long-term strategy of building a differentiated processed foods franchise. Over the medium to long-term, favorable consumption trends for protein-rich, convenient and branded foods are expected to support growth, with the business well positioned to benefit as input cost volatility moderates and operating leverage improves.

OPPORTUNITIES, STRENGTHS, THREATS, RISKS & CONCERNS:

Opportunities and Strengths

- Scale, cost leadership and formalization tailwinds

A significant proportion of the sectors in which the Company operates-animal nutrition, dairy, agrochemicals, poultry and processed foods-continue to remain fragmented and partially unorganized. The Companys scale, cost leadership, integrated supply chain and strong balance sheet position it well to gain market share as regulatory scrutiny, working capital constraints and access to funding accelerate consolidation in favor of organized players. Over the medium term, supply chain rationalization and the exit of weaker participants are expected to benefit companies with strong execution capabilities and financial resilience.

- Pan-India footprint with diversified operating platform

The Companys pan India presence across multiple agri-based verticals, supported by strategically located manufacturing facilities, R&D centers and an extensive distribution network, provides structural advantages. This diversified footprint enables quicker identification of regional demand trends, faster rollout of new products and mitigation of geographic and climatic variability. The nationwide operating platform also provides flexibility to optimize sourcing, logistics and cost structures, while reducing concentration risks related to geography or crop patterns.

- Diversified portfolio with operational and strategic synergies

The Companys diversified business model across animal feed, crop care, dairy, poultry, processed foods and allied agri businesses provides a natural hedge against volatility in any single segment or crop. Shared capabilities across procurement, research, manufacturing, supply chain, finance, digital platforms and governance functions deliver operational efficiencies, capital optimization and faster cross learning. This portfolio-based structure enhances the Companys ability to redeploy capital and management focus towards segments offering superior risk-adjusted returns over time.

- Strong R&D, innovation and product development capabilities

Focused investments in R&D remain central to the Companys competitive positioning. Ongoing efforts aim to improve product efficacy, yield outcomes, feed efficiency, nutrition outcomes and formulation differentiation, while addressing evolving regulatory and environmental requirements. Through Astec LifeSciences Limited, the Company also benefits from access to advanced agrochemical R&D capabilities, particularly in active ingredients and process chemistry. Continued investments in innovation, sustainable solutions and performance-oriented products are expected to support long-term growth and margin resilience.

- Inorganic growth and portfolio expansion opportunities

The Company continues to actively evaluate inorganic growth opportunities aligned to its strategic priorities, including adjacencies, capability enhancement and portfolio strengthening. Potential acquisitions, partnerships or technology tie-ups may be considered where they offer scale, market access, operating leverage or entry into higher-value segments, while maintaining financial discipline and governance standards.

- Technology-led engagement, digitalization and AI enablement

Rapid digital adoption across Indian agriculture presents meaningful opportunities for deeper farmer engagement, improved decision-making and enhanced market access. The Company continues to invest in digital platforms, analytics and AI-enabled tools to strengthen demand forecasting, customer engagement, product advisories and operational efficiency. These initiatives are expected to enhance customer stickiness, improve working capital efficiency and create differentiated growth avenues over the medium term.

Threats, Risks & Concerns

- Climate change and increasing weather volatility

Climate change has emerged as a key long term risk for agri-linked businesses. Increasing frequency of unseasonal rainfall, heat stress, droughts, floods and shifting monsoon patterns can materially impact crop acreage, animal productivity, feed availability and demand cycles. Such variability can affect volumes, raw material availability, cost structures and farmer purchasing behavior, thereby influencing the Companys operating performance across multiple verticals.

- Geo-political developments and supply chain disruption

Ongoing global geo-political tensions, trade disruptions and regional instability continue to pose risks in the form of supply chain interruptions, increased freight costs, volatility in commodity prices, foreign exchange fluctuations and constrained availability of key inputs such as grains, oilseeds, energy and agrochemical raw materials. While the Company continues to diversify sourcing and optimize inventories, prolonged disruptions could impact input costs and margins.

- Raw material availability, price volatility and supplier dependency

The Companys businesses are dependent on the availability of quality raw materials at competitive prices. Prices of key inputs such as maize, soya, oilcakes, milk, energy, packaging materials and chemical intermediates are subject to volatility driven by weather, global demand-supply dynamics, currency movements, trade policies and regulatory changes. Dependence on third party suppliers and logistics partners exposes the Company to risks related to supply disruptions, cost escalation and delivery delays.

- Regulatory, policy and compliance risks

The agri, food and agrochemical sectors are subject to evolving regulatory oversight related to product approvals, pricing controls, environmental norms, sustainability disclosures, product safety, labelling and quality standards. Changes in regulatory frameworks, delays in approvals or restrictive policy actions may impact product launches, cost structures and business continuity. Increasing ESG related expectations also necessitate continuous investments in compliance, sustainability and reporting systems.

- Capital allocation, execution and people risks

Managing diversified operations across multiple geographies and business verticals requires strong execution discipline, leadership depth and robust internal controls. Risks related to talent availability, succession planning, digital capability absorption, project execution and integration of new initiatives may impact long-term value creation if not managed effectively.

DISCLAIMER:

The statements in the "Management Discussion and Analysis Report" describe the Companys objectives, projections, expectations, estimates or forecasts which may be "forward-looking statements" within the meaning of the applicable laws and regulations. Actual results may differ substantially or materially from those expressed or implied therein due to risks and uncertainties. Important factors that could influence the Companys operations, inter alia, include global and domestic demand and supply conditions affecting selling prices of finished goods, input availability and prices, changes in government regulations, tax laws, economic, political developments within the country and other factors such as litigations and industrial relations.

COMPANYS FINANCIAL PERFORMANCE

Consolidated Performance:

For the FY 2025-26, your Company reported Consolidated Total Income of 10,339 Crore as compared to 9,426 Crore in the previous Financial Year. Profit Before Tax* was 569 Crore in FY 2025-26 as compared to 485 Crore in the previous Financial Year.

The key highlights of Consolidated Financials for the Financial Year ended March 31, 2026 are as under:

Particulars (in Crore)	FY 2025-26	FY 2024-25
Total Income	10,339	9,426
Earnings Before Interest, Tax, Depreciation and Amortization*	936	845
Profit Before Tax*	569	485
Profit After Tax*	439	386
Total Comprehensive Income	446	399
* Excluding non-recurring & exceptional items

Key Financial Ratios

The key financial ratios for Consolidated financials are as per the below table:

Particulars (in Crore)	FY 2025-26	FY 2024-25
Debtors Turnover Ratio	16.4	17.2
Inventory Turnover Ratio	7.8	7.1
Interest Coverage Ratio	5.4	4.8
Current Ratio	1.0	1.0
Debt Equity Ratio	0.7	0.5
Operating Profit Margin (%)	8.4%	8.7%
Net Profit Margin (%)	4.4%	4.3%
Return on Net Worth (%)	18.7%	14.6%

The formulae used for computation of key financial ratios are as follows:

Debtors Turnover Ratio	Net Sales / Average Trade Receivable
Inventory Turnover Ratio	Net Sales / Average Inventory
Interest Coverage Ratio	Profit Before Interest and Taxes / Finance Costs
Current Ratio	Current Assets / Current Liabilities
Debt Equity Ratio	Total Debt / Shareholders Equity
Operating Profit Margin (%)	(EBITDA - Other Income) / Revenue from Operations
Net Profit Margin (%)	Profit After Tax / Net Sales
Return A on Net Worth (%) Profit