seasonally lean quarter. Improvement in collection efficiency and focus on working capital management has led to a reduction of 90 days in receivable cycle and 37 days in working capital cycle (highest ever reduction seen in the last 4 years). We believe S Chand 3.0 program aimed at improving the working capital efficiency (engaging with quality channel partners, lowering inventory levels & improving the collection cycle) & lowering operating costs (rationalization of employee & other cost heads) has started yielding results. In addition, New Education Policy (draft already announced in May 2019) will...