Cash 360

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

Toyota Tsusho India Private Limited · FY25 (Mar'25, MCA-filed)

India arm of Toyota Tsusho — the Toyota Group's general trading company (sōgō shōsha)

238 employees · 10+ offices, service centres & hubs · 20 export markets

▲ Executive read· the answer, then the moves

The balance sheet is strong — total assets ₹2,060 Cr on ₹4,529 Cr sales (asset turnover ~2.2×), but ₹86.9 Cr of working capital is trapped in receivables, with more in inventory. Pull DSO from 52d to 45d to help self-fund new-energy, rare-earths & recycling capex rather than lean on the ₹218 Cr of covenant headroom.

4 of 5 headline metrics improving vs prior · still off target: Free Cash Flow ₹40 Cr vs ₹70 Cr, Cash Conversion Cycle 47d vs 40d, Debtor Days (DSO) 52d vs 45d

Do now — ranked by urgency

1
Steel / aluminium price volatility on thin trading marginAct now
Why it matters
Pass-through pricing & hedging; shift mix to value-added supply, recycling & higher-margin lines.
What's driving it
Trading margin
Signal: Alert
FYI
Metals is ~40% of revenue at ~2.0% EBITDA; a commodity-price swing compresses an already-thin spread.
Act →
2
Unlock ₹86.9 Cr by pulling DSO to the 45d targetWatch
Why it matters
Every day of DSO above 45d ties up working capital; closing the gap releases ≈ ₹86.9 Cr of one-time cash.
What's driving it
DSO 52d vs 45d target
Overdue >60d = ₹45.0 Cr of ₹645 Cr AR
FYI
Normalizing laggard divisions to 45d DSO releases ≈ ₹65.6 Cr
Owner: Treasury
Work the overdue book →▤ open the overdue receivables
3
Working-capital intensity is the real capital storyWatch
Why it matters
Tighten debtor days, accelerate collections & optimise inventory to free working capital.
What's driving it
Cash Conversion Cycle
Signal: Alert
FYI
Total assets ₹2,060 Cr on ₹4,529 Cr sales; debtor days 52 + inventory funding tie up working capital.
Act →
4
EV / battery localisation (early) — PlannedWatch
Why it matters
Unbanked EBITDA & capex-ROI until captured.
What's driving it
₹8 Cr run-rate targeted
Signal: Savings program
FYI
EV charger & battery-recycling localisation — optionality, not yet scaled in India.
Owner: CFO
Act →

📈 Profitable trading growth & margin qualityStep 5 of 7 · working-capital velocity & low leverage◀ Finance 360 Divisions & Group Entities ▶All journeys

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↗ Where this connects — act / drill across

▤Evidence· open the overdue-invoice list 🧩Customer Master· term conflicts driving AR 👥OEM & Customer· DSO by account 🚪Strategic Value & Group Synergy· debt & deleverage path

Total assets

₹2,060 Cr

asset turnover ~2.2×

Free cash flow

₹40 Cr

37% EBITDA conversion

Cash conversion cycle

47d

DSO 52 + DIO 35 − DPO 40

Working-capital unlock

₹86.9 Cr

DSO 52→45d target

Exhibit 1

13-week direct cash flow forecast

Net weekly cash (bars) and ending cash (line) vs. ₹30 Cr minimum. Forecast trough: ₹50 Cr.

Above minimum

₹50 Cr

Opening cash

₹1,161 Cr

13-wk collections

₹1,147 Cr

13-wk disbursements

₹64 Cr

Closing cash

Exhibit 2

EBITDA → Free cash flow

₹109 Cr EBITDA converts to ₹40 Cr FCF (37%).

Exhibit 3

Cash collected

Monthly, ₹ Cr.

Cash conversion cycle

Working-capital days

DSO — receivables52d

DIO — inventory35d

DPO — payables (offset)(40d)

Cash conversion cycle47d

Where cash is trapped

Working-capital cash unlock

₹65.6 Cr

Normalizing laggard divisions to 45-day DSO releases ~₹65.6 Cr one-time.

Steel Service Centre (TTSS)52d

₹22.6 Cr

Auto Parts & JIT Logistics50d

₹18.6 Cr

Circular Economy & Recycling54d

₹7.9 Cr

Chemicals & Electronics (NEXTY)50d

₹6.4 Cr

Rare Earths (TREI)55d

₹5.8 Cr

Green Energy (CleanMax Toyotsu)58d

₹2.1 Cr

Airbags & Safety (TASI)48d

₹2.1 Cr

Collections

AR aging

Total AR ₹645 Cr

Current days₹380 Cr

1-30 days₹150 Cr

31-60 days₹70 Cr

61-90 days₹28 Cr

90+ days₹17 Cr

Overdue (>60d) = ₹45.0 Cr.

Exhibit 4

Collections priority

Highest DSO first.

Account	Revenue	DSO	Credit risk
Metals & industrial customers	₹560 Cr	55d	Medium
Tier-1 / component makers	₹640 Cr	54d	Low
Other OEMs (Hyundai / Tata / …)	₹700 Cr	52d	Medium
Maruti Suzuki	₹620 Cr	50d	Low
Chemicals / electronics customers	₹359 Cr	50d	Low
Toyota Kirloskar Motor (TKM)	₹1,650 Cr	48d	Medium

Exhibit 5

Supplier DPO

Working-capital lever.

Supplier	Spend	DPO	OTIF	Risk
Steel & metals producers (domestic + import)	₹1,700 Cr	45d	95%	High
Toyota-group / Japanese parts principals (JIT / CKD)	₹1,150 Cr	40d	97%	Medium
Chemicals & materials principals	₹550 Cr	50d	93%	Medium
Electronics / semiconductor principals (NEXTY)	₹380 Cr	55d	92%	High
Logistics & freight partners (TTBIL / TVSTTS)	₹300 Cr	42d	96%	Low
Machinery / equipment & energy OEMs	₹230 Cr	48d	91%	Medium