Given the subdued market conditions, the working capital cycle may witness certain deterioration owing to higher inventory days. However, SSML continues to focus on stringent control on cash conversion cycles through better management of receivable days. Also, with no major capex plans in the near term, debt is expected to remain at levels similar to FY19 for the current fiscal. We roll over our estimates to FY22E and build in revenue and earnings CAGR of 4.2%, 10.4% YoY, respectively, in FY19-22E. We expect revenue growth to remain under pressure owing to challenging market...