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Cash 360

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

Aditya Birla Housing Finance Limited · FY24 (modeled)
Top 10 Indian Housing Finance Companies by AUM
1,200 employees · 0+ US sites · 1 countries
▲ Executive read· the answer, then the moves

Liquidity is sound at $1600M (≈ 94 weeks cover), but $-493.2M of working capital is trapped in receivables — pull DSO from 18d to 48d to self-fund the next deal rather than draw the $-444M of covenant capacity.

5 of 5 headline metrics improving vs prior · still off target: Liquidity Buffer $1.60B vs $1.80B, Free Cash Flow $980M vs $1.20B, Cash Conversion Cycle -4d vs 0d

Do now — ranked by urgency
  1. 1
    Retail Home Buyers (Gomti Nagar) credit exposureAct now
    Why it matters

    Move to credit hold pending paydown; reforecast ARR net of likely churn.

    What's driving it
    • Overdue AR
    • Signal: Alert
    FYI

    Distress filings + overdue AR; churn risk High on $6.4M account.

    Act →▤ open the overdue book
  2. 2
    Covenant headroom 0.9× (lev 4.6× vs 5.5×)Act now
    Why it matters

    Sets deal capacity and refinancing risk.

    What's driving it
    • Q1 (act)
    • Signal: Threshold
    FYI
    • Net-debt/EBITDA 4.6× against a 5.5× ceiling.
    • Owner: CFO · Treasury
    Act →
  3. 3
    3 brands running DSO > 65 daysWatch
    Why it matters

    Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.

    What's driving it
    • DSO
    • Signal: Alert
    FYI

    ISC (67d), Risk Analytics Suite (66d), Retail Home Buyers (Gomti Nagar) account (67d) lifting blended DSO.

    Act →▤ open the overdue book
  4. 4
    PMAY 2.0 Support base still in the troughWatch
    Why it matters

    Integration churn not yet offset by cross-sell.

    What's driving it
    • NRR 96 (<100)
    • Signal: Retention
    FYI
    • NRR 95→90→96; yr-1 churn 14%. In the trough — integration churn not yet offset.
    • Owner: Chief Customer Officer
    Act →▤ open high-churn contracts
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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🚪Exit Readiness· debt & deleverage path
Liquidity
$1600M
≈ 94 weeks cover
Free cash flow
$980M
66% EBITDA conversion
Cash conversion cycle
-4d
DSO 18 + DIO 18 − DPO 22
Working-capital unlock
$-493.2M
DSO 18→48d target
Exhibit 1

13-week direct cash flow forecast

Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $26.38M.

Above minimum
$31.25M
Opening cash
$224M
13-wk collections
$221M
13-wk disbursements
$34.1M
Closing cash
Exhibit 2

EBITDA → Free cash flow

$1480M EBITDA converts to $980M FCF (66%).

Exhibit 3

Cash collected

Monthly, $M.

Cash conversion cycle

Working-capital days

DSO — receivables18d
DIO — inventory18d
DPO — payables (offset)(22d)
Cash conversion cycle-4d
Where cash is trapped

Working-capital cash unlock

$7.8M

Normalizing laggard brands to 50-day DSO releases ~$7.8M one-time.

PMAY 2.0 Support67d
$1.8M
Lease Rental Discounting61d
$1.6M
Aditya Birla Home Loans56d
$1.5M
Risk Analytics Suite66d
$1.2M
Digital Loan Origination60d
$0.9M
LAP by ABHFL58d
$0.7M
ABHFL Construction Finance54d
$0.2M
Collections

AR aging

Total AR $107M

Current days$50.09M
1-30 days$26.65M
31-60 days$12.41M
61-90 days$9.01M
90+ days$8.55M

Overdue (>60d) = $17.6M.

Exhibit 4

Collections priority

Highest DSO first.

AccountRevenueDSOCredit risk
Retail Home Buyers (Gomti Nagar)$5.88M67dHigh
M. Gupta$11.86M63dMedium
Merchant Partners via BharatPe$3.77M59dMedium
S. Kumar$13.05M58dLow
Developers (Construction Finance)$6.62M55dMedium
IBM$8.92M52dMedium
UPS$10.39M49dLow
Exhibit 5

Supplier DPO

Working-capital lever.

SupplierSpendDPOOTIFRisk
ValuEdge$58.82M45d96%Low
BharatPe$53.31M42d93%Low
Vendor Audit Team$37.68M38d90%Medium
National Housing Bank$24.82M36d89%Medium
Vendor Management$21.14M40d95%Low
Collections CRM$17.46M44d92%Low
Exhibit 6

Leverage runway vs. covenant

Headroom = firepower

Deal capacity

Net-debt capacity to 5.5x
$-444M
≈ $-44M acquirable EBITDA @ ~10x
Net Debt / EBITDA5.8x
DSCR1.5x
Covenant Headroom1.3x
Cash Collected94.5%
Act on it

Where to go next

One click into the owning view — each reads the same live governed dataset.

🔄
Quote-to-Cash

The order-to-cash cycle — where cash is stuck.

Walk →
▤
Overdue AR

Open the aged invoice list to work the call sheet.

Work list →
🎛
Cash Scenario

Model DSO / DPO levers on working capital.

Forecast →
🚪
Exit & Debt

Deleveraging path and the equity bridge.

Open →