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IJIRST –International Journal for Innovative Research in Science & Technology| Volume 2 | Issue 11 | April 2016

ISSN (online): 2349-6010

A Comparative Analysis of Working Capital
Management Among Top 5 NSE Listed Indian
Steel Companies
R. Sivaranjani
PG Student
Department of Management Studies
Anna University (BIT Campus), Tiruchirappalli, Tamil Nadu,
India

Mrs. B. Kishori
Assistant Professor
Department of Management Studies
Anna University (BIT Campus), Tiruchirappalli, Tamil Nadu,
India

Abstract
A proper management of working capital is essential to a company’s fundamental financial health and operational success as a
business. A hallmark of good business management is the ability to utilize working capital management to maintain a solid balance
between growth, profitability and liquidity. In this study investigate the relationship between the firm’s working capital operating
cycle and profitability of the firm. This study is done on five steel company namely, Steel Authority of India Ltd., Tata Steel Ltd.,
JSW Steel Ltd., Steel authority of India Ltd. & Jindal Steel & Power Ltd. The study was done to know the comparative position
of steel companies in working capital management and applying various analyses such as correlation, regression, chi- square by
taking data from year 2011 to 2015.The study reveals that operating cycle are increasing the profitability of the company. Operating
cycle and profitability are having the linear relationship between both, JSW, placing the first place to handling operating cycle.
TATA is also having good operating cycle; JINDAL are gives the importance to maintain the operating cycle and getting more
profit, SAIL are maintain the best profitability for handling effective operating cycle, SEIL are given importance to increasing
profitability for minimize the cycle period.
Keywords: Working capital, Operating Cycle
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I.

INTRODUCTION

Indian steel industry plays a significant role in the country’s economic growth. The major contribution directs the attention that
steel is having a stronghold in the traditional sectors, such as infrastructure & constructions, automobile, transportation, industrial
applications etc. The liberalization of industrial policy and other initiatives taken by the Government have given a definite impetus
for entry, participation and growth of the private sector in the steel industry. While the existing units are being modernized/
expanded, a large number of new steel plants have also come up in different parts of the country based on modern, cost effective,
state of-the-art technologies. In the last few years, the rapid and stable growth of the demand side has also prompted domestic
entrepreneurs to set. At present, crude steel making capacity is 84 and India, the 4th largest producer1 of crude steel in the world,
has to its credit, the capability to produce a variety of grades and that too, of international quality standards up fresh green field
projects in different states of the country. Management of working capital is an important component of corporate financial
management because it directly affects the profitability of the firms. Net working capital trend is one of the devices for measuring
liquidity. Net working capital trend analysis is highly relevant as it presents the composite reflection of the trend analysis of current
assets and current liabilities. The direction of change in working capital position over the period of time is an indication of the
effectiveness or ineffectiveness of the working capital management. The study has been done on the basis of published annual
reports of operating five steel companies in India for a period of five years starting from 2011 and ending on 2015.Company may
have an optimal level of working capital that maximizes their value. Large inventory and generous trade credit policy may lead to
high sales. The larger inventory also reduces the risk of a stock-out. Trade credit may stimulate sales because it allows a firm to
access product quality before paying. Another component of working capital is accounts payables delaying payment of accounts
payable to suppliers allows firms to access the liquidity. A popular measure of working capital management is the net operating
cycle, that is, the time span between the expenditure for the purchases of raw materials and the collection of sales of finished goods.
Longer the time lag, the larger the investment in working capital. A long net operating cycle might increase profitability because
it leads to higher sales. However, corporate profitability might decrease with the net operating cycle, if the costs of higher
investment in working capital rise faster than the benefits of holding more inventories and/or granting more trade credit to
customers. The present work aims to examine the working capital management of steel companies in India.
About Steel Industry:
The iron and steel industry in India is one of the most essential industries in India which propels its industrial development. It has
helped in generation of several subsidiaries and small scale industries and also supports the power, transport, fuel and

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It is a fully integrated iron and steel maker. Tata Steel‘s vision is to be the global steel industry benchmark for value Creation and corporate citizenship. a medium and light structural mill at raigarh. for the third time by World Steel Dynamics in its annual listing in February. Orissa and Chhattisgarh and proposed steel making facilities in Vietnam and Bangladesh. galvanized products galvalume products . the automotive and construction industry are likely to lower domestic demand in the short term. Thermo mechanically treated(TMT) bars.Chandrabai. mining and infrastructure sectors. The company has the distinction of being India‘s largest producer of iron ore and of having the country‘s second largest mines network. rectangular bars. and MS wire products. Millennium Steel (renamed Tata Steel Thailand) and NatSteel Asia. 2011) Working capital management refers to efficient management of short term assets. including steel. silico manganese. power. computer software. railway. LITERATURE REVIEW 1) (T. power. II. The company was incorporated in 1999 and is based in Andhra Pradesh. and galvanized iron products. The company’s main products are ingots.78 crore. sheets and plates. The firm needs to invest more in components of working capital with increase in sales. Working capital indicates the liquidity position of the firm and suggests the extent to which the working capital maintained. SEIL: Steel exchange India limit engage in manufacturing and selling ingots using sponge iron and scrap/ pig iron.ijirst. Established in 1907. cold rolled coils and sheets. the effect of the worldwide economic slowdown can be felt in the dampened rate of growth. JINDAL: Jindal steel power ltd is an industrial powerhouse with a dominant presence in steel. SAIL manufactures and sells a broad range of steel products. The company operates through segments. South East Asia and the Pacific-rim countries. An enterprising sprit and the ability to discern future trends have been the driving force behind the company’s remarkable growth story.painted galvalume products. The company and its subsidiaries are engaged in the business of production and distribution of iron and steel products. This gives SAIL a competitive edge in terms of captive availability of iron ore. iron& steel. It was ranked the ‗World‘s Best Steel Maker‘. located principally in the eastern and central regions of India and situated close to domestic sources of raw materials. With higher inflation and interest rates. producing both basic and special steels for domestic construction. 2) (T. The company products portfolio across flat and long steel products include hot rolled(HR)coils. The company’s color coated products include corrugated sheets and profiles. Chhattissgarh and a2.5 MTPA steel melting shop and a plate at Anlgul.. the Tata Steel has created a manufacturing and marketing network in Europe. high carbon steel.: Tata Steel is the ninth largest company in India with a sales turnover of Rs 25117. power and other. The first private sector steel plant which started with a production capacity of 1. 2011)This study analyses the comparative study of working capital management in Indian Electrical Equipment Industry and it is limited to the companies BHEL and ABB Ltd represent public and private sector enterprises respectively. and dolomite which are inputs for steel making. special steels.6 MTPA wire rod mill and a 1 MTPA capacity bar mill At Patratu Jharkhand. pre. limestone. The steel industry in India features both public sector companies with strong incumbent footing as well as rapidly developing private enterprises. 2006. goods traded. Tata Steel is one of the few steel companies in the world that is Economic Value Added (EVA) positive. and raw material for steel sector. including the company‘s iron ore. high carbon steel wire products. coke petroleum. Odisha. The company has six manufacturing plants locate across India. India is the fifth largest producer of crude steel with 72 mtpa capacity. engineering. Relevant data has been extracted from the consecutive annual reports between financial years 2005-06 to 2009- All rights reserved by www. semis. Through investments in Corus. Part of the US $30 billion in the future and has several business initiatives running simultaneously across continents. Steel Authority of India Limited (SAIL) is the leading steel-making company in India. There is a direct relationship between a firm‘s growth and its working capital needs. mining construction activities. J. SAIL is ranked amongst the top ten public sector companies in India in terms of turnover. JSW Steel ltd: Jsw steel ltd is an India based holding company. Other business segment represents cement. rounds and blooms. Tata Steel Ltd. pre-painted galvanized products. Tata Steel has been conferred the Prime Minister of India‘s Trophy for the ‗Best Integrated Steel Plant‘five times. lubricants.org 822 . The company produces TMT bars and steel rebars. JSPL operates the largest coal-based sponge iron plant in the world and has installed capacity of 3 MTPA of steel at raigarh in Chhattisgarh.A Comparative Analysis of Working Capital Management Among Top 5 NSE Listed Indian Steel Companies (IJIRST/ Volume 2 / Issue 11/ 143) communication industries in the country. which the company sells under jsw colouron and colouron plus brand names.000 tons has today transformed into a global giant. The company also has three Greenfield steel projects in the states of Jharkhand. Indian steel companies are ramping up their capacity through both Greenfield and Brownfield projects. The government of India owns about 86 per cent of SAIL‘s equity and retains voting control of the Company. Tata Steel completed 100 glorious years of existence on August 26. and angels. long products. Founded by Jamsetji Nusserwanji Tata. Tata Steel is the world‘s 6th largest steel company with an existing annual crude steel capacity of 28 million tons. wires. 00. Although India‘s steel industry is growing at a rate higher than a lot of the other developing countries. Steel exchange India also trades in structural steel. limestone and dolomite mines. Steel Authority of India Limited: SAIL is the sixth largest company in India.Chandrabai D. power. SAIL produces iron and steel at five integrated plants and three special steel plants. automotive and defense industries and for sale in export markets. Singapore. wire rods and special steel bars. Also. 2007. Small companies are developing niche sectors like the production of sponge iron. it has set up a 0. It has operations in 24 countries and commercial presence in over 50 countries.

(OWOLABI. We used a sample of 131 companies listed in the Athens Stock Exchange (ASE) for the period of 2001-2004.The effect of different variables of working capital management including current ratio and collection days on Gross profit movement co-efficient was used for analysis. 2003)The objective of the research presented here is to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and medium-sized Spanish firms. material. The variables that were used in this study for the measurement of working capital management are number of days All rights reserved by www. Trends in working capital management and its impact on firms performance. in medicine industry compared to chemical industry. A company having a proper set of liquidity management policies and procedure will improve profits.Lalit Kumar Joshi S.Ramanaiah. which indicates that BhartiAirtel has maintained post optimal level of liquidity (i. The results show that. The results of our research showed that there is statistical significance between profitability. (Mumtaz) The main objective of this paper is to determine the impact of working capital management on firm’s performance in progressing market such as Karachi stock exchange. 2013)This study examines the effect of working capital management on the profitability of companies listed on the Ghana Stock Exchange. in medicine industry compared to chemical industry. The results. debt ratio makes more impact on reduction of working capital requirements. The Statistical society of this research is comprised of chemical industry and medicine industry that are listed in TSE.Motaals test also indicated significant improvement in liquidity performance during the study period. there exists significant negative relationship between liquidity and profitability. With this in mind. 34 companies. (Mr. measured through gross operating profit. In this study we found that there is a need of improvement in debtors and debt collection policy.872 SMEs covering the period 1996-2002. (Moradi. (Ebenezar. This indicates that as collection days are reduced there will be increase in profitability. In chemical industry. debt ratio makes more impact on reduction of net liquidity.. A firm is required to maintain a balance between liquidity and profitability while conducting its day to day operations. (Garcia-Teruel. demonstrate that managers can create value by reducing their firm’s number of days accounts receivable and inventories. compared to medicine industry (Haresh. 2012) Working capital is meant to support the day to day normal operations of an enterprise. 2010) Working Capital is described as capital available to meet the day –to-day operations. This working capital generates the elements of cost via. (Dr. Working capital management and profitablity: Evidence from India. Liquidity Management In MAA Fruits Pvt Ltd. (Lazaridis) In this paper we investigate the relationship of corporate profitability and working capital management. (Maria Elfani. The management of working capital affects the liquidity and profitability of the corporate firm and consequently its net worth. 15) Working Capital Management refers to the management of short term financing requirements of a firm.The current study show that. it could be a relatively high percentage of the total assets of the organization. and the cash conversion cycle. This includes ensuring the optimum balance can be achieved by minimizing the working capital requirements and realizing maximum possible revenue.A Comparative Analysis of Working Capital Management Among Top 5 NSE Listed Indian Steel Companies (IJIRST/ Volume 2 / Issue 11/ 143) 3) 4) 5) 6) 7) 8) 9) 10) 11) 12) 13) 14) 15) 16) 10 of both the companies. In this paper we utilized different variables for the analysis of working capital management and firm performance in KSE for a sample of 22 firms of chemical sector for the period of 6 years from 2005-2010. excess liquidity) during the period under study. 2012) Working capital refers to the firms investment in short terms assets. G. debt ratio makes more impact on reduction of net liquidity. G. wages and expenses.R.Ramana. An attempt has been made to measure the working capital performance with the help of ratio analysis . 2016)The present paper examines the working capital performance of BhartiAirtel during the period 2007-08 to 2014-15. The purpose of this paper is to establish a relationship that is statistical significant between profitability. reduce the risk of corporate failure and significantly improve its chances of survival.is describes as an investments of the firm’s capital in current assets and the use of current liability to the fund part of the investment.e. (Sharma M.K.. The management of should be try to proper utilization of debtor's and also try to maintain the debtors as per their requirement so liquidity will not interrupted. 2010)Working capital management as a financial strategy has its effects on liquidity as well as profitability of the firm. was selected for a period of five years from 2004-2009. 2011) The ultimate objective of any firm is to maximize the profit but increasing the profit at the cost of liquidity can bring serious problems too. Finally. and depending on the industry. and in material and medicine industries.G. 2006) A well designed and implemented working capital management is expected to contribute positively to the creation of a firm’s value. (Prof. which are robust to the presence of endogeneity. The study result show that the company enjoyed sound liquidity during the study period 2002-2006 but relationship between liquidity and profitability are statistically not significant. 2012) The main objective of the current study is comparing working capital management of two groups of listed companies in Tehran Stock Exchange. But examination of impact of LEV over WCR indicate that. (Napompech. In this study Nestle Nigeria Plc. 30 companies were selected and information related to these companies is gathered over 10 years (2001-2010). The management of working capital is important to the financial health of business of all sizes. The firm should be aggressive in the management of its working capital to improve profitability. Secondary data from the Ghana Stock Exchange on manufacturing companies within the Accra metropolis was used to examine whether working capital management influence the profitability of manufacturing companies in the country. 2012)Working capital the money needed for day to day operations of a firms .org 823 . (Padachi. in chemical industry. we collected a panel of 8. the cash conversion cycle and its components for listed firms in the ASE.ijirst. Effective liquidity management will enable organization to derive maximum benefits at minimum cost..

Goal programming is necessary to model the working capital decision. size. as a balance has to be achieved between the conflicting objectives of liquidity and profitability. Sales. The firms yield negative returns if they follow an aggressive working capital policy. The study used secondary data collected from all the 13 listed manufacturing firms in Ghana covering the period from 2005-2009. current asset ratio. V. Top five steel companies which selected by National Stock Exchange for the study. the study finds a significantly negative relationship between profitability and accounts receivable days.  To examine the profitability of selected steel company. Using panel data methodology. The purpose of this study is to examine the relationship between working capital management practices and profitability of listed manufacturing firms in Ghana. number of days inventory and the Size. 2013)Working capital management plays a vital role in the success of businesses because of its effect on profitability and liquidity. The relationship between the size and profitability is positive. the firms’ cash conversion cycle. However.In this study. following methodologies have been adopted. Moreover. and current asset turnover significantly positively influence profitability. (Al-Shubiri. The data of this study covers sixty periods as the total of quarterly financial statements of 55 manufacturing companies which were in operation in Istanbul Stock Exchange (ISE) between the years 1993 and 2007. Goal programming is appropriate because liquidity and profitability represent conflicting objectives of a firm. Data source: The data required for this study are listed steel companies in National Stock Exchange in INDIA. the effect of change in management efficiency in working capital management in to the change in working capital is compared by company size and sectors.  To examine the working capital efficiency of selected steel company. (SEN) In this study. Inventories.A Comparative Analysis of Working Capital Management Among Top 5 NSE Listed Indian Steel Companies (IJIRST/ Volume 2 / Issue 11/ 143) 17) 18) 19) 20) receivables. IV. This study is based on secondary data which is collected from annual reports (Income statement and balance sheet) of the companies.org 824 . METHODOLOGY OF THE STUDY To carry out the present study. The goal programming model proposed in this paper examines the trade-off between liquidity and profitability. Leverage. If the size of the firm is increased or decreased then the profitability increased or decreased respectively. III. (Dash)This paper proposes a goal programming model for working capital management. there are negative relationship between the profitability and the debt utilized by firms that support to pecking order theory. Study Period: We have chosen the study period ranging from 2010-11 to 2014-15. The list is as follows: All rights reserved by www.  To analyse the relationship between working capital efficiency and profitability of selected steel company. (Akoto. 2010)The study analyzes the working capital management practices and their impact on profitability and risk of industrial Jordanian firms for the period of 2004 to 2007. The result indicates a negative relationship between the profitability measures of firms and degree of aggressiveness of working capital investment and financing policy. management inefficiency in the issue of inventory management related with ISE companies is seen as a major result. The total sample of the study consists of 59 industrial firms listed on Amman Stock Exchange. Selection of Sample: Non-probability judgmental sampling technique has been used to select the samples. Equity.ijirst. OBJECTIVE OF THE STUDY The objective of the study is to examine the relationship between the working capital management efficiency and profitability of the steel industry in India. and GDP are the control variables. ANALYSIS AND DISCUSSION The analysis of working capital management of selected companies is arranged in the following parts: 1) correlation 2) regression 3) ANOVA 4) Chi-square analysis Sources of Data: The basic data for this current study has been collected from the company’s annual reports from the year 2011-2015.

Table – 6 Model Summary Model R R Square Adjusted R Square Std. operating cycle of the company and return on asset of the company are analysed.002 4 All rights reserved by www. Dependent Variable: ROA2 b.721b 1 Residual . TATA steel: Table – 5 Variables Entered/Removeda Model Variables Entered Variables Removed Method 1 OP2b .678b 1 Residual . All requested variables entered. Regression .608 . Upper B Std. Dependent Variable: ROA1 Interference: In this test. OP1 Table – 3 ANOVAa Model Sum of Squares df Mean Square F Sig. Dependent Variable: ROA1 b.060 10. OP1 Table – 4 Coefficientsa Unstandardized Standardized 95.003 .392 .221 .721 -.000 1 . Regression .002 . Predictors: (Constant).416 . Steel exchange of India ltd.04347 a. All requested variables entered. The calculated significant value is (.006 4 a. Enter a. Table – 2 Model Summary Model R R Square Adjusted R Square Std.001 . Tata Steel Ltd.221a . Error Beta Lower Bound Bound . OP2 Table – 7 ANOVAa Model Sum of Squares df Mean Square F Sig. regression.A Comparative Analysis of Working Capital Management Among Top 5 NSE Listed Indian Steel Companies (IJIRST/ Volume 2 / Issue 11/ 143) 1) 2) 3) 4) 5) Steel Authority of India Ltd. Jindal Steel & Power Ltd.154 .011 a.103 .256a .5).008 . Statistical Tools and Techniques: Analysis was done through Excel software & Statistical tool like a correlation. REGRESSION ANALYSIS JSW Steel: Model 1 (Constant) OP1 Table – 1 Variables Entered/Removeda Model Variables Entered Variables Removed Method 1 OP1b .799 .002 3 . Predictors: (Constant).ijirst. Error of the Estimate 1 .000 .002 Total . Predictors: (Constant). JSW Steel Ltd.000 . Error of the Estimate 1 . Enter a.210 .0% Confidence Interval for B Coefficients Coefficients t Sig.02420 a.001 Total .000 1 .066 -.org 825 .049 -.268 .006 3 . chi-square. Dependent Variable: ROA1 b.246 . There is no linear relationship between operating cycle and return on investment.721) greater than the significant value (0. VI.

089 -.004 . Predictors: (Constant). OP2 Table – 8 Coefficientsa Unstandardized Coefficients Standardized Coefficients t B Std.07087 a.553 . OP4 Table – 12 ANOVAa Sum of Squares df Mean Square .083 .379 . All requested variables entered.ijirst.678) less than the significant value (0. Steel authority of India limited: 1 Model Regression Residual Total Model 1 (Constant) OP3 Table – 9 Variables Entered/Removeda Variables Entered/Removeda Model Variables Entered Variables Removed Method 1 OP3b .939) greater than the significant value (0. JINDAL steel power: Model 1 Variables Entered OP4b Model 1 R .007 3 .939 -.727 -5. Error Beta .299a 1 Model Regression Residual Total Table – 12 Variables Entered/Removeda Variables Removed .001 -. Error Beta Lower Bound Upper Bound . B Std.007 .016 23.294 Sig. .256 . Model Summary R Square Adjusted R Square .0% Confidence Interval for B Lower Bound Upper Bound . Dependent Variable: ROA3 b.000 1 . The calculated value is (0. All requested variables entered.001 . operating cycle of the company and return on asset of the company are analysed. Dependent Variable: ROA2 b.678 95. Dependent Variable: ROA4 b. OP3 Coefficientsa Unstandardized Coefficients Standardized Coefficients 95. Error of the Estimate .312 .005 Interference: In this test. Dependent Variable: ROA3 b.214 a. Predictors: (Constant).459 a. OP3 Table – 11 ANOVAa Sum of Squares Df Mean Square F Sig. Predictors: (Constant).412 -.001 . The calculated value is (0. Predictors: (Constant).015 3 .093 . Dependent Variable: ROA2 Sig.A Comparative Analysis of Working Capital Management Among Top 5 NSE Listed Indian Steel Companies (IJIRST/ Volume 2 / Issue 11/ 143) Model 1 (Constant) OP2 a.04875 F .org 826 .5).008 4 Method Enter Std.626b All rights reserved by www.048a . There is a linear relationship between operating cycle and return on investment.002 .005 .001 1 .015 4 a. Table – 10 Model Summary Model R R Square Adjusted R Square Std.001 .330 .5).480E-5 . a.055 10. .000 . Enter a.002 -.939b . .000 . There is no linear relationship between operating cycle and return on investment.171 . Error of the Estimate 1 .0% Confidence Interval for B t Sig.002 . Dependent Variable: ROA3 Interference: In this test.002 a.002 .362 .048 -. operating cycle of the company and return on asset of the company are analysed.

68-72.302 . B.626) greater than the significant value (0.).542 a.179 a.236 .535 3. Ebenezer. (n. Dependent Variable: ROA4 Sig. The calculated value is (0. Dash.789 1. (2011). Dependent Variable: ROA5 b. 3. Analysis of the relationship between working capital policy and operating risk. The companies have to improve effective handling of inventory. K. accounts receivables. N.org 827 .011 -.0% Confidence Interval for B t Sig.877 -.485 OP5 -. Regression .198 1. Error of the Estimate 1 . Predictors: (Constant).870b 1 Residual .032 Interference: In this test.384 .009 . operating cycle of the company and return on asset of the company are analyzed. A liquidity-profitability trade of model for working capital management. Error Beta Lower Bound Upper Bound (Constant) .319 . Investment management and financial innovation. There is no linear relationship between operating cycle and return on investment. Based on the above analysis the significant positive relationship is found between two variables. Dependent Variable: ROA5 b.d. (2013). Model Summary Model R R Square Adjusted R Square Std. There is no linear relationship between operating cycle and return on investment Steel Exchange India limited: Model 1 Table – 13 Variables Entered/Removeda Model Variables Entered Variables Removed Method 1 OP5b . All rights reserved by www.A Comparative Analysis of Working Capital Management Among Top 5 NSE Listed Indian Steel Companies (IJIRST/ Volume 2 / Issue 11/ 143) Model 1 (Constant) OP4 a.103a . Al-Shubiri.870 -. All requested variables entered.626 95.293 Total .002 . Enter a.006 . OP4 Table – 12 Coefficientsa Unstandardized Coefficients Standardized Coefficients t B Std. Dependent Variable: ROA4 b. Dependent Variable: ROA5 .Ramanaiah. R.299 .304 -1. Jounal of economics and international finance. (2013).ijirst. 373-379.009 1 . OP5 Table – 14 ANOVAa Model Sum of Squares df Mean Square F Sig.032 . (2010). The relationship between working capital management and profitablity of listed manufacturing companies in India. Interantional journal of business and social research.246 . International journal of research in commerce and management. Working capital management and profitability.888 4 a. and accounts payables. Dr. OP5 Table – 15 Coefficientsa Coefficientsa Unstandardized Coefficients Standardized Coefficients 95. 2. Business acadamey journal .54134 a. Some of the important tool used to measure the working capital of these companies. CONCLUSION The study has analyzed the operating efficiency and profitability relationship of top five steel companies in India.002 . 25-34. . Error Beta .975 . Because these are important factor to increasing the profitability of the companies.001 .009 Interference: In this test.243 .103 -. M. Predictors: (Constant).036 . VII. REFERENCE [1] [2] [3] [4] [5] Akoto. The different analyses have identified efficiency of working capital management practices and are expected to assist managers in identifying areas where they might improve the financial performance of their operation.0% Confidence Interval for B Lower Bound Upper Bound -.5). Predictors: (Constant). B Std.5). The calculated value is (. Liquidity management in maa fruits private ltd. 167-176. 7.011 -. A.879 3 .G. operating cycle of the company and return on asset of the company are analysed.870) greater than the significant value (0.

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