THEME 04 / HINDUSTAN ZINC LTD / CASH COMMAND CENTER
Cash & Liquidity Command Center
Key question: Can cash move where it needs to move?
On track7
- Available liquidity₹12,600 Cr
- Covenant headroom14%
- DPO48 d
Deteriorating3
- DSO34 d ← 30
- Inventory days27 d ← 23
- Free cash flow−₹212 Cr
Improving1
- Hedging effectiveness94%
Requires intervention2
- Overdue export receivables₹186 Cr
- Unbilled dispatch > 3d₹64 Cr
04.1
Production-to-cash lifecycle
01
Production
7,840
71.4 kt refined · 96.2% plan
02
Dispatch
7,748
98.8% conversion
03
Billing
7,684
₹64 Cr unbilled > 3 days
04
Collection
7,166
₹186 Cr overdue
05
Cash
9,840
closing balance
06
Upstreaming
1,260
Q3 dividend plan · ₹140 Cr at risk
!
Leakage concentrated at collection. Two export customers account for ₹151 Cr of ₹186 Cr overdue. Escalation ESC-0412 open with Head Sales; recovery would restore FCF to within 4% of plan.
04.2
Cash & liquidity
Cash BalanceA
9,840₹ Cr
Unrestricted ₹8,910 Cr
✓ CERTIFIED07:05CONF 99%Treasurer
Available LiquidityB
12,600₹ Cr
incl. undrawn lines ₹2,760 Cr
✓ CERTIFIED06:50Treasurer
Operating Cash FlowB
2,086₹ Cr
−8.1% vs plan
✓ CERTIFIED06:50Entity CFO
Cash Upstream at RiskFCST
140₹ Cr
Driver: collections · Owner assigned
FORECASTCONF 82%Entity CFO
04.3
Working capital · Liquidity · Treasury
Working capital
| Net working capital | ₹1,942 Cr |
| WC movement (MTD) | +₹312 Cr |
| Overdue receivables | ₹186 Cr |
Liquidity & financing
| Liquidity runway | 14.2 mo | OK |
| Covenant headroom · ND/EBITDA | 14% | 23 d to limit |
| Covenant headroom · DSCR | 38% | OK |
| Debt maturity (12 mo) | ₹2,150 Cr | Planned |
| Financing exposure | ₹6,480 Cr | Stable |
| Free cash flow | ₹1,148 Cr | Pending cert |
Treasury & daily cash
| Daily collections (yesterday) | ₹214 Cr | −18% |
| Cash released (WC actions) | ₹96 Cr | MTD |
| FX exposure (net USD) | $412 M | Open |
| Hedging effectiveness | 94% | Improving |
| Commodity hedge cover (Q3) | 22% | Below policy 30% |
04.4
Production-to-cash conversion
| # | KPI | Purpose | Actual | Target | Status | Owner |
|---|---|---|---|---|---|---|
| OPS-PC2C-01 | Unbilled Dispatch Value | Dispatched value not yet billed | ₹64 Cr | < ₹25 Cr | Act | Commercial Head |
| OPS-PC2C-02 | Dispatch-to-Billing Conversion | Share of dispatched value billed | 99.2% | 99.5% | Watch | Commercial Head |
| OPS-PC2C-03 | Billing-to-Collection Cycle | Days from billing to cash | 34 d | 30 d | Deteriorating | Head Sales |
| OPS-PC2C-04 | Production-to-Cash Conversion | Production value converted to cash | 91.4% | 95% | Watch | Entity CFO |
| OPS-PC2C-05 | Operational Cash Exposure | Cash effect of operational constraints | ₹48 Cr | — | Dariba outage | Head Ops |
| OPS-PC2C-06 | Cash Impact of Production Variance | Cash effect of production deviation | −₹156 Cr | — | Forecast | FP&A Lead |