IJRMEC Volume2, Issue 11 (November 2012) ISSN: 2250-057X

FINANCIAL PERFORMANCE OF TEXTILE INDUSTRY: A STUDY ON

LISTED COMPANIES OF TAMIL NADU

Marimuthu, K.N
University of Hyderabad, Hyderabad, India

ABSTRACT
Indian textile industry is the second largest industry in the world after China. It generates
employment for more than 35 million people and excise collections nearly 9 percent and it
contributes to 16 percent share of the country’s export. About 27 percent of the country’s foreign
exchange comes from the textile exports. It contributes to nearly 14 percentage of the total
industrial production of the country. Coimbatore is known as Manchester of South India. 76% of
India's total textile market is from Erode (Tex-City or Loom-City of India) and 56% of knitwear
exports come from Tirupur. Each company could invest on the basis of current performance
compared with previous year or with other company. Decision making, additional investment,
liquidity position changes in working capital depend upon the performance & return of company
reports. Funds are highly required for day-to-day business operations of the firm and how to
utilize it and in what way should avoid loses from the investment are discussed here plus, it
happens by ineffective management. The objective of the paper is to analyze the performance of
textile industry in the selected companies from Tamil Nadu. In addition, the data collected from
the CMIE and used the tools of ANOVA and descriptive statistics.
Keywords: Working Capital, Profitability and Efficiency, ANOVA, Textile Performance

1. INTRODUCTION
Financial Managements’ two important decisions on working capital/current assets monitor and
fixed assets/capital timing changes as per requirement of the management. It may reduce the
high risk and increase the profit. Working capital is an excess of current assets over current
liabilities. Working capital shows strength of business in short period of time. If a company have
some amount in the form of working capital, it means Company has liquid assets. With this
money company can face every crises position in market." This study focuses on working capital
and financial performance of Tamilnadu textile industry, for the reason that more than 20% of
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the units located in tamilnadu as well as exporting highly 65% of apparel and knitwear from
Coimbatore.
Indian textile industry is the second largest industry in the world after China and it is self reliant
and independent industry and has greater diversification and versatility. As per AEPC, this
industry contributes nearly 3 to 4 percentages to GDP; Next to agricultural sector, it generates
employment for more than 35 million people and excise collections nearly 9 percent and it
contributes to 16 percent share of the country’s export. About 27 percent of the country’s foreign
exchange comes from the textile exports. It contributes to nearly 14 percentage of the total
industrial production of the country.

2. REVIEW OF LITERATURE
Rakesh and Kulkarni (2012) analyzed the Gujarat textile industry working capital evaluation on
selected five company for the eleven years and performed ratio analysis, descriptive statistics etc.
The study concluded with all the company financial performance with sound effective as well as
current and quick ratio, current asset on total asset, sales, turnover etc. are analyzed with the help
of hypothesis and used ANOVA. In this research also researcher followed this attributes.
Zahid and nanik (2011) concludes the overall performance of the textile sector was adversely
affected by crisis through analysis of income statement, debt payment ability, management and
inventory sales, receivables, productivity, fixed assets, etc.
Nusrat and Assocham (2008) analyzed the performance of sector analysis on 28 textile
companies from Mumbai Stock Exchange with the attributes of net sales, net profit, interest cost,
raw material, power and fuel cost.
Virambhai (2010) textile industry productivity and financial efficiency focused on industry’s
current position and its performance. It concluded the company/management should try to
increase the production, minimize the cost and operating expenses, exercise proper control on
liquidity position, reduction of power, fuel, borrowing funds, overheads, interest burden, etc.
Ajay Kumar (2011) discussed on Indian textile industry analysis with inflation, textile
production, sales, Income, PAT, Income, etc. and found the export and import performance in
the crisis period.
Shruti Jhawar (2009) prescribed the Indian textile industry mission, vision, history of textile
industry in addition; it discussed the case study of textile industry performance evaluation etc.

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Swaran and Bansal (2010) evaluated on co-operative sector comparative study and performed
working capital management and used ratio analysis, t-test and operating cycle analysis etc. it
concluded with both sector should concentrate on their liquidity and current assets utilization and
concentrates working capital management techniques, implementation, profitability measures
etc.

3. OBJECTIVES OF THE STUDY

To analyses the performance of Tamilnadu Textile Industry on selected companies and to view
the position’s of profitability ratios.

4. METHODOLOGY OF THE STUDY

The five textile companies have been selected on the basis of highly engaged net worth in the
year 2011 from the CMIE listed company out of 19. The companies {Ambika Cotton Mills
Limited (ACML), Bannari Amman Spinning Mills Limited (BASML), K P R Mill Limited
(KPRML), Rajapalayam Mills Limited (RML) and Shiva Texyarn Limited (STL)} data had been
extracted from Centre for Monitoring and Indian Economy (CMIE) Prowess, annual reports,
journals and publications etc. for the period of 2001-02 to 2010-11. For the purpose of analysis,
both financial and statistical tools have been used.

5. HYPOTHESIS OF THE STUDY

Ho: there is no significant difference on average current ratio of Tamil Nadu Textile Companies
Ho: there is no significant difference on average quick ratio of Tamil Nadu Textile Companies
Ho: there is no significant difference on average debt-equity ratio of Tamil Nadu Textile
Companies
Ho: there is no significant difference on average interest coverage ratio of Tamil Nadu Textile
Companies
Ho: there is no significant difference on average debtor’s ratio of Tamil Nadu Textile Companies
Ho: there is no significant difference on average creditor’s ratio of Tamil Nadu Textile
Companies

6. 1 ANALYSIS AND INTERPRETATIONS

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Financial Statements generally reflect the running position/conditions of company as well as it

refers two statements: Balance Sheet and Income Statement. Financial statement is an organized
collection of data according to logical plus steady accounting procedures. However, financial
statement does not reflect data related financial perorations of the firm. But it will help to find
the sound factors; profitability and financial soundness. It is important tool to evaluate the
financial performance analyses. In this study, the financial health of selected textile companies is
measured from the following perspectives. These company chosen from the reason of high net
worth out of 19 listed company in the year 2011. The below chart clearly shows that five
companies’ industrial performance as per the respective annual income statement, total income
and expenses, total assets and liabilities, current assets and liabilities, sales and net worth.

Balance Sheet and Income Statement of Selected Textile Company (variables) of Tamil
Nadu
Mean (Average 10Yrs, Rs.Mn) ACML BASML KPRML RML STL Mean
Total income 1413.064 1819.355 4483.74 1986.245 1378.764 2216.233
Sales 1384.309 1772.064 4384.94 1889.727 1259.527 2138.113
Total expenses 1288.718 1737.573 4206.5 1903.382 1330.1 2093.255
Total liabilities 2870.045 3603.155 7145 3703.909 2837.464 4031.915
Current liabilities & provisions 341.8909 180.4909 954.68 275.8182 224.4091 395.4578
Total assets 2870.045 3603.155 7145 3703.909 2837.464 4031.915
Current assets 1045.318 1002.791 2039.12 1183.991 972.1727 1248.679
Net worth 878.7273 1029.573 2731.83 967.4455 952.3091 1311.977
Mean 1511.515 1843.519 4136.351 1951.803 1474.026 2183.443
Working Capital=CA/CL*100 305.7461 555.5908 213.592 429.265 433.2145 315.7552
Source: Computed from the CMIE Prowess Data Note: Each company 10 years Average

Working capital shows the growth up-trend of textile companies through high utilization except
KPRML. Plus the all companies average mean of working capital is 315.75 and there is a vast
difference between total income and sales brings the profit of the company. The high and low net
worth of KPRML and ACML outcome reflects on the sales as 4384.94 and 1384.31 as well as
total income as 4483.74 and 1413.064 respectively.

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The current ratio of Tamilnadu selected textile companies varied between highest (5.2) to lowest
(0.95) times from the eleven years average ratios plus the mean reveals that year-wise down
trend in current ratio as well as companies are highly utilizing the working capital for the growth
of industry. ACML, KPRML & RML could not able to maintain current ratio in the above
average ratio, meanwhile BASML and STL are somewhat maintaining their current ratios.
Further in the last two years are showing the down trend of all companies average times
compared with previous years. It highly reflects the variation of standard deviation of compiled
current ratio times of eleven years.

Current Ratio of Selected Textile Company of Tamil Nadu

Current Ratio (Times) Quick Ratio
ACML BASML KPRML RML STL ACML BASML KPRML RML STL
2001-Mar 1.36 5.2 2.66 1.32 2.98 0.19 0.63 1.6 0.3 1.21
2002-Mar 1.17 3.81 2.16 0.95 2.98 0.1 1.21 0.99 0.44 1.21
2003-Mar 1.36 2.24 1.63 1.03 3.21 0.11 0.2 0.63 0.47 1.61
2004-Mar 1.4 2.4 NA 1.19 2.89 0.12 0.13 0 0.49 0.97
2005-Mar 1.3 2.83 1.24 1.48 2.39 0.17 0.43 0.81 0.64 0.8
2006-Mar 1.6 4.51 1.08 1.68 1.95 0.19 1.72 0.45 0.56 0.53
2007-Mar 1.55 2.42 1.41 1.68 1.9 0.19 1 0.61 0.78 0.43
2008-Mar 1.48 1.61 1.66 1.57 1.68 0.4 0.56 0.84 0.79 0.68
2009-Mar 1.38 1.86 1.41 0.96 1.37 0.21 0.63 0.62 0.64 0.65
2010-Mar 1.32 1.65 1.68 1.19 1.27 0.29 0.66 1.01 0.71 0.53
2011-Mar 1.28 1.4 1.36 1.38 1.58 0.24 0.38 0.56 0.75 0.55
Min 1.17 1.40 1.08 0.95 1.27 0.10 0.13 0.00 0.30 0.43
Max 1.60 5.20 2.66 1.68 3.21 0.40 1.72 1.60 0.79 1.61
Mean 1.38 2.72 1.63 1.31 2.20 0.20 0.69 0.74 0.60 0.83
Median 1.36 2.40 1.52 1.32 1.95 0.19 0.63 0.63 0.64 0.68
STDEV 0.12 1.26 0.47 0.27 0.71 0.09 0.47 0.40 0.16 0.37
Source: Computed from CMIE Prowess, NA: Not Available

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One-Way ANOVA: Single Factor Analysis of Current Ratio

Source of Variation SS df MS F P-value F crit
Between Groups 15.77598 4 3.943994 8.118859 4.18E-05 2.561124
Within Groups 23.80331 49 0.485782
Total 39.57928 53
Ho: Current Ratio does not differ significantly
Ha: Current Ratio does differ significantly
It concludes that the average current ratios of Tamilnadu selected textile companies do differ
significantly. We reject Ho (Fcal > Fcrit) and accept alternative Ha. Since, the calculated value of
F is 8.12 which are more than the table value of Fcrit 2.56.
Quick ratio of Tamilnadu selected textile companies maximum is 1.72 and the minimum is 0.00
plus mean reflect the continuously maintaining company’s growth with the average in every year
smoothly. In the initial few years every company maintained the quick ratio with less growth,
then coming years are maintained the industry average except ACML. During the study period
KPRML, RML and STL are maintained the above level of average compare with ACML and
BASML. It concludes that the average quick ratios of the selected textile companies do differ
significantly. We reject Ho (Fcal > Fcrit) and accept alternative Ha. Since, the calculated value of
F is 6.01 which are more than the table value of Fcrit 2.55.

ANOVA: Single Factor Analysis of Quick Ratio

Source of Variation SS df MS F P-value F crit
Between Groups 2.637629 4 0.659407 6.010149 0.000498 2.557179
Within Groups 5.485782 50 0.109716
Total 8.123411 54

The debt-equity ratio is the combination of debt and equity capital of company’s capital depends
upon owners and preference/creditor’s capital. The table represents the proportion of borrowed
funds ratio in the company total capital as well as highest mean is 3.59 maintain by KPRML and

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lowest mean is 1.51 by STL. Debt-equity ratio mean inferred that lowest 1.51times (STL) has a
least proportion compare with other companies capital.

Interest Coverage & Debt-Equity Ratio of Selected Textile Company of Tamil Nadu
Debt to equity ratio Interest Cover Ratio
ACML BASML KPRML RML STL ACML BASML KPRML RML STL
2001-Mar 1.07 1.98 2.27 1.39 1.26 2.48 3.72 2.92 3.06 1.13
2002-Mar 0.88 1.49 1.73 1.63 1.26 1.8 2.74 1.44 2.15 1.13
2003-Mar 0.76 0.83 2.04 1.62 1.14 2.8 6.26 2.3 2.17 1.14
2004-Mar 1.31 0.81 NA 1.73 1.01 3.58 13.64 NA 2.57 1.37
2005-Mar 1.63 1.05 22.91 1.4 1.38 4.18 13.66 1.01 2.64 1.8
2006-Mar 1.45 0.57 1.39 2.14 1.15 4.22 10.11 8.93 3.26 1.51
2007-Mar 2.06 1.64 1.25 2.19 0.82 3.51 8.24 5.73 2.94 3.6
2008-Mar 2.51 2.65 1.23 2.68 0.83 2.44 3.15 6.19 1.92 2.82
2009-Mar 2.08 2.62 1.04 3.36 1.93 1.74 1.67 1.51 1.15 2.1
2010-Mar 1.72 2.73 0.85 2.81 3.05 2.44 2.15 3.69 1.5 1.73
2011-Mar 1.48 2.47 1.19 2.76 2.83 4.88 4.26 4.07 2.35 3.07
Min 0.76 0.57 0.85 1.39 0.82 1.74 1.67 1.01 1.15 1.13
Max 2.51 2.73 22.91 3.36 3.05 4.88 13.66 8.93 3.26 3.60
Mean 1.54 1.71 3.59 2.16 1.51 3.10 6.33 3.78 2.34 1.95
Median 1.48 1.64 1.32 2.14 1.26 2.80 4.26 3.31 2.35 1.73
STDEV 0.54 0.82 6.80 0.66 0.77 1.04 4.45 2.53 0.65 0.86
Source: Computed from CMIE Prowess, NA: Not Available
Interest Cover ratio determine the company pay interest on outstanding debt and it calculated by
dividing company’s earnings before interest and taxes of one period by other period interest
expenses of company. And most of the company getting burden through debt expenses but here
ACML, BASML and KPRML are high alternatively by RML and STL are very less. It is
important to look at prior trends of a particular company as the interest coverage ratio does not
consider future projected earnings.

ANOVA: Single Factor Analysis of Debt-Equity Ratio

Source of Variation SS df MS F P-value F crit
Between Groups 31.06009 4 7.765023 0.871716 0.487668 2.561124
Within Groups 436.4795 49 8.907744

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Total 467.5395 53
Debt-equity ratios of the selected textile companies do differ significantly. We accept Ho (Fcal <
Fcrit) and reject alternative Ha. Since, the calculated value of F is 0.87 which are less than the
table value of Fcrit 2.56.
ANOVA: Single Factor Analysis of Interest Cover Ratio
Source of Variation SS df MS F P-value F crit
Between Groups 131.9413 4 32.98531 5.807482 0.00066 2.561124
Within Groups 278.31 49 5.679796
Total 410.2513 53
Since the calculated value of F is 5.81 which is less than the table value of 2.56 (CV>TV at
0.05% significance level), the null hypothesis is rejected and hence it is concluded that the
Interest coverage position of selected company do differ significantly.
Debtors & Creditors Ratio of Selected Textile Company of Tamil Nadu
Debtors (Days) Creditors (Days)
ACML BASML KPRML RML STL ACML BASML KPRML RML STL
2001-Mar 8.14 NA 26.85 5.44 57.28 17.61 6.72 72.51 24.9 95.66
2002-Mar 3.82 15.77 27.86 6.71 57.28 83.93 16.51 35.42 22.58 95.66
2003-Mar 1.92 15.23 22.91 8.13 48.38 158.27 15.67 63.83 22.39 76.35
2004-Mar 2.51 9.63 NA 9.41 38.71 119.04 17.77 NA 17.14 64.33
2005-Mar 5.22 11.82 NA 12.44 30.16 141.69 34.39 343.84 93.17 64.97
2006-Mar 6.85 11.89 27.25 16.35 31.63 171.26 38.97 133.37 126.62 39.12
2007-Mar 9.44 12.45 37.85 17.97 25.23 146.09 42.9 133.66 63.5 39.16
2008-Mar 10.43 16.45 47.5 28.22 30.66 102.99 24.41 44.93 52.28 25.41
2009-Mar 11.65 21.08 52.35 32.95 55.95 84.31 56.65 102.76 41.52 99.11
2010-Mar 26.04 24.68 49.54 31.1 46.63 126.84 27.99 54.06 44.93 36.37
2011-Mar 25.45 21.71 42.54 36.71 32.32 85.23 29.48 67.53 35.9 24.51
Min 1.92 9.63 22.91 5.44 25.23 17.61 6.72 35.42 17.14 24.51
Max 26.04 24.68 52.35 36.71 57.28 171.26 56.65 343.84 126.62 99.11
Mean 10.13 16.07 37.18 18.68 41.29 112.48 28.31 105.19 49.54 60.06
Median 8.14 15.50 37.85 16.35 38.71 119.04 27.99 70.02 41.52 64.33

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STDEV 8.34 4.97 11.26 11.55 12.17 43.85 14.35 90.60 33.82 28.75
Source: Computed from CMIE Prowess NA: Not Available
Debtor day’s ratio focuses on the time it takes for trade debtors to settle their bills and it indicates
whether debtors are being allowed excessive credit. Creditor day’s alternatively the average time
it takes a business to settle its debts with trade supplier. It is similar to ratio of debtor days and it
gives an insight into whether a business is taking full advantage of trade credit available to it.
This ratio reflects the general problems with debt and credit collection or the financial position of
major companies. The efficient and timely collection of customer debts is a vital part of cash
flow management, so this is a ratio which is very closely watched in many businesses. The
highest mean of creditor is 112.48 (ACML) and lowest means is (BASML) 28.31 times as well
as in debtor 41.29 (STL) and 10.13 times (ACML). Here both debtor and creditor funds
increasing for the company performance in the last few year.
ANOVA: Single Factor Analysis of Debtors (Days) Ratio
Source of Variation SS df MS F P-value F crit
Between Groups 7902.982 4 1975.745 19.5649 1.55E-09 2.56954
Within Groups 4746.257 47 100.9842
Total 12649.24 51
Debtors Ratio concludes that the average current ratios of Tamilnadu selected textile companies
do differ significantly. We reject Ho (Fcal > Fcrit) and accept alternative Ha. So, the calculated
value of F is 19.56, which is more than the table value of Fcrit 2.56.
ANOVA: Single Factor Analysis of Creditors (Days) Ratio
Source of Variation SS df MS F P-value F crit
Between Groups 57026.32 4 14256.58 6.081536 0.000469 2.561124
Within Groups 114867.8 49 2344.24
Total 171894.1 53
Since the calculated value of F is 6.08 which is less than the table value of 2.56 (CV>TV at
0.05% significance level), the null hypothesis is rejected and hence it is concluded that the
creditors position of selected company do differ significantly.

6.2 Profits on selected Textile Companies of Tamil Nadu

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Profit is the amount of money remaining after all the expenses of running the business are paid.
It is the difference between total income and total expenses. One business can lose money and
still keeps going by drawing on previously accumulated cash reserves. Sometimes company may
get loss through technology, usage of venture capital funds and long term etc. This table shows
operating profit of mean is Rs.511.18mn and the highest profit of KPRML (Rs.978.45mn) and
the lowest one is STL Rs.324.32mn. Profit after Tax is very important which company earned
the high profit (KPRML) and which one is less earn. Further as per this result only
shareholders/investor can make advance steps such as; compensation of owners and employers,
stock price impact, growth and efficiency depend upon the profit, cash flow for future
development and technological application etc.
Profits (Rs.Mn Average 10Yrs) ACML BASML KPRML RML STL Mean
PBDITA (Operating profit) 369.7 376.1 978.5 507.3 324.3 511.2
PBDITA net of P&E 377.4 381.9 971.5 503.4 318.2 510.5
Profit after tax (PAT) 134.7 133.7 349.8 119.5 80.4 163.6
PAT net of P&E 142.4 139.5 342.9 115.5 74.2 162.9
Mean 256.1 257.8 660.7 311.4 199.3 337.0
Profitability Ratios (in Times, Average 10Yrs) ACML BASML KPRML RML STL Mean
PBDITA net of P&E as % of Total inc net of P&E 25.3 20.6 20.7 25.0 24.4 23.2
PAT net of P&E as % of Total income net of P&E 10.1 8.2 6.1 6.0 4.8 7.1
PAT net of P&E as % of Avg. net worth 17.6 15.4 19.4 12.7 7.3 14.5
PAT as % of Avg. net worth 16.8 18.1 20.7 13.2 8.3 15.4
PAT net of P&E as % of Avg. total assets 6.1 5.7 5.9 3.8 2.4 4.8
PAT as % of Avg. total assets 5.9 7.1 6.2 4.0 2.9 5.2
Mean 13.6 12.5 13.1 10.8 8.3 11.7
Efficiency Ratios (in Times, Average 10Yrs) ACML BASML KPRML RML STL Mean
Total Income / Avg. Total Assets 0.6 0.7 1.0 0.6 0.5 0.7
Total Income / Compensation to Employees 22.3 33.6 26.8 11.9 25.1 24.0
Mean 11.5 17.2 13.9 6.3 12.8 12.3
Source: Computed from CMIE Prowess

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A liquidity ratio indicates the firm’s short term financial situation expressing the extent to which
a firm is able to know bottom line condition current year compare with previous year.
Profitability ratio provides useful information/combination of liquidity, operating performance
and debt management etc. It may measure the profit margin, return on total asset and equity etc.
Efficiency ratio provides an indication of a firm’s receivables and efficient usage and controls its
assets, pays its suppliers and uses its equity borrowed funds etc. Comparing a firm to the
aggregate economy is important because fluctuations can influence the profitability of the firm.
Firm profits may impact with the firm of both internal and external factors. Profitability ratio are
calculated Profit after Tax net of price earnings ratio on other attributes highest and lowest like
net worth(20.7 & 8.3), total assets (7.1 & 2.9), average total asset (6.1 & 2.4) and percentage of
total income net of P&E etc (10.1 & 4.8).

7. FINDINGS AND SUGGESTIONS

 Financial performance is highly modified as well as performing company of KPRML and
RML, playing very well in the competitive market & bringing good financial activities with
good presentation out of five companies.
 Investors should invest in the long term perspective and constant on their profit margin is
very important
 All company should consider short-term outlook for investment for the reasons as; less
concentration of earning capacity, highest debt proportion, less yield on assets etc.
 The study analyzed the structure of income statement, balance sheet and working capital
with the eleven year averages. The study also indicates current ratio, quick ratio, debt-equity
ratio, interest cover, creditor and debtor’s ratio though tables.
 The sample companies having the good performance in the current and quick ratio expect
interest coverage ratio.
 All these companies should concentrate on their liquidity position, receivables, payables,
particularly on working capital.

8. CONCLUSION
The objective of fundamental analysis is to bring growth and development on industry financial
performances and its main paramount is investment decision makings as per expediency. Present
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study conducted on evaluation of textile industry selected Tamilandu companies and it reveals
the better performance out of 1376 companies in India under CMIE Prowess. Therefore, there is
more importance to give the company industrial activity performances as per requirement,
earning capacity, and share price and profits etc. The study finally reveals that KPRML is
efficient in generating income, assets and its overall efficiency is good.

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