IJIRSTV2I11198-Analysis of WCM in Steel Industry PDF

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 Mrs. B. Kishori
PG Student Assistant Professor
Department of Management Studies Department of Management Studies
Anna University (BIT Campus), Tiruchirappalli, Tamil Nadu, Anna University (BIT Campus), Tiruchirappalli, Tamil Nadu,
India 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
_______________________________________________________________________________________________________
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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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. Although India‘s steel industry is growing at a rate higher than a lot of the other
developing countries, the effect of the worldwide economic slowdown can be felt in the dampened rate of growth. With higher
inflation and interest rates, the automotive and construction industry are likely to lower domestic demand in the short term. Indian
steel companies are ramping up their capacity through both Greenfield and Brownfield projects. Small companies are developing
niche sectors like the production of sponge iron. India is the fifth largest producer of crude steel with 72 mtpa capacity. The steel
industry in India features both public sector companies with strong incumbent footing as well as rapidly developing private
enterprises.
Steel Authority of India Limited:
SAIL is the sixth largest company in India. Steel Authority of India Limited (SAIL) is the leading steel-making company in India.
It is a fully integrated iron and steel maker, producing both basic and special steels for domestic construction, engineering, power,
railway, automotive and defense industries and for sale in export markets. SAIL is ranked amongst the top ten public sector
companies in India in terms of turnover. SAIL manufactures and sells a broad range of steel products. The government of India
owns about 86 per cent of SAIL‘s equity and retains voting control of the Company. SAIL produces iron and steel at five integrated
plants and three special steel plants, located principally in the eastern and central regions of India and situated close to domestic
sources of raw materials, including the company‘s iron ore, limestone and dolomite mines. The company has the distinction of
being India‘s largest producer of iron ore and of having the country‘s second largest mines network. This gives SAIL a competitive
edge in terms of captive availability of iron ore, limestone, and dolomite which are inputs for steel making.
Tata Steel Ltd.:
Tata Steel is the ninth largest company in India with a sales turnover of Rs 25117.78 crore. Established in 1907, Tata Steel is the
world‘s 6th largest steel company with an existing annual crude steel capacity of 28 million tons. It has operations in 24 countries
and commercial presence in over 50 countries. Founded by Jamsetji Nusserwanji Tata, Tata Steel completed 100 glorious years of
existence on August 26, 2007. The first private sector steel plant which started with a production capacity of 1, 00,000 tons has
today transformed into a global giant. The company also has three Greenfield steel projects in the states of Jharkhand, Orissa and
Chhattisgarh and proposed steel making facilities in Vietnam and Bangladesh. Through investments in Corus, Millennium Steel
(renamed Tata Steel Thailand) and NatSteel Asia, Singapore, the Tata Steel has created a manufacturing and marketing network
in Europe, South East Asia and the Pacific-rim countries. Tata Steel‘s vision is to be the global steel industry benchmark for value
Creation and corporate citizenship. Tata Steel is one of the few steel companies in the world that is Economic Value Added (EVA)
positive. It was ranked the ‗World‘s Best Steel Maker‘, for the third time by World Steel Dynamics in its annual listing in February,
2006. Tata Steel has been conferred the Prime Minister of India‘s Trophy for the ‗Best Integrated Steel Plant‘five times.
JSW Steel ltd:
Jsw steel ltd is an India based holding company. The company and its subsidiaries are engaged in the business of production and
distribution of iron and steel products. The company operates through segments, including steel, power and other. Other business
segment represents cement, mining construction activities. The company has six manufacturing plants locate across India. The
company products portfolio across flat and long steel products include hot rolled(HR)coils, sheets and plates; cold rolled coils and
sheets; galvanized products galvalume products ; pre-painted galvanized products; pre- painted galvalume products; Thermo
mechanically treated(TMT) bars; wire rods and special steel bars; rounds and blooms, and angels. The company’s color coated
products include corrugated sheets and profiles, which the company sells under jsw colouron and colouron plus brand names.
SEIL:
Steel exchange India limit engage in manufacturing and selling ingots using sponge iron and scrap/ pig iron. The company produces
TMT bars and steel rebars; and MS wire products, high carbon steel wire products, and galvanized iron products. Steel exchange
India also trades in structural steel, long products, special steels, semis, and raw material for steel sector. The company was
incorporated in 1999 and is based in Andhra Pradesh. The company’s main products are ingots, rectangular bars, iron& steel, coke
petroleum, lubricants, silico manganese, power, computer software, wires, high carbon steel, goods traded.
JINDAL:
Jindal steel power ltd is an industrial powerhouse with a dominant presence in steel, power, mining and infrastructure sectors. Part
of the US $30 billion in the future and has several business initiatives running simultaneously across continents. 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. Also, it
has set up a 0.6 MTPA wire rod mill and a 1 MTPA capacity bar mill At Patratu Jharkhand, a medium and light structural mill at
raigarh, Chhattissgarh and a2.5 MTPA steel melting shop and a plate at Anlgul, Odisha. An enterprising sprit and the ability to
discern future trends have been the driving force behind the company’s remarkable growth story.
II. LITERATURE REVIEW
1) (T.Chandrabai D. J., 2011) Working capital management refers to efficient management of short term assets. There is a direct
relationship between a firm‘s growth and its working capital needs. 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.
2) (T.Chandrabai, 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. Relevant data has been extracted from the consecutive annual reports between financial years 2005-06 to 2009-

10 of both the companies. In this study we found that there is a need of improvement in debtors and debt collection policy.
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.
3) (Prof.K.R.Ramana, 15) Working Capital Management refers to the management of short term financing requirements of a
firm. This includes ensuring the optimum balance can be achieved by minimizing the working capital requirements and
realizing maximum possible revenue.
4) (Ebenezar, 2013)This study examines the effect of working capital management on the profitability of companies listed on
the Ghana Stock Exchange. 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.
5) (OWOLABI, 2010)Working capital management as a financial strategy has its effects on liquidity as well as profitability of
the firm. In this study Nestle Nigeria Plc. was selected for a period of five years from 2004-2009.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. This indicates that as collection days are reduced there will be increase in profitability. The firm should
be aggressive in the management of its working capital to improve profitability.
6) (Maria Elfani, 2010) Working Capital is described as capital available to meet the day –to-day operations, and depending on
the industry, it could be a relatively high percentage of the total assets of the organization.
7) (Sharma M. G., 2016)The present paper examines the working capital performance of BhartiAirtel during the period 2007-08
to 2014-15. An attempt has been made to measure the working capital performance with the help of ratio analysis .Motaals
test also indicated significant improvement in liquidity performance during the study period. Finally, there exists significant
negative relationship between liquidity and profitability, which indicates that BhartiAirtel has maintained post optimal level
of liquidity (i.e., excess liquidity) during the period under study.
8) (Mr.Lalit Kumar Joshi S. G., 2012) Working capital is meant to support the day to day normal operations of an enterprise.
This working capital generates the elements of cost via, material, wages and expenses.
9) (Dr.G.Ramanaiah, Liquidity Management In MAA Fruits Pvt Ltd, 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. A company having a proper set of
liquidity management policies and procedure will improve profits, reduce the risk of corporate failure and significantly
improve its chances of survival. Effective liquidity management will enable organization to derive maximum benefits at
minimum cost. 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.
10) (Padachi, Trends in working capital management and its impact on firms performance, 2006) A well designed and
implemented working capital management is expected to contribute positively to the creation of a firm’s value. A firm is
required to maintain a balance between liquidity and profitability while conducting its day to day operations.
11) (Moradi, 2012) The main objective of the current study is comparing working capital management of two groups of listed
companies in Tehran Stock Exchange. The results show that, in medicine industry compared to chemical industry, debt ratio
makes more impact on reduction of net liquidity. The Statistical society of this research is comprised of chemical industry and
medicine industry that are listed in TSE. In chemical industry, 34 companies, and in material and medicine industries, 30
companies were selected and information related to these companies is gathered over 10 years (2001-2010).The current study
show that, in medicine industry compared to chemical industry, debt ratio makes more impact on reduction of net liquidity.
But examination of impact of LEV over WCR indicate that, in chemical industry, debt ratio makes more impact on reduction
of working capital requirements, compared to medicine industry
12) (Haresh, Working capital management and profitablity: Evidence from India, 2012) Working capital refers to the firms
investment in short terms assets. The management of working capital is important to the financial health of business of all
sizes. The management of working capital affects the liquidity and profitability of the corporate firm and consequently its net
worth.
13) (Napompech, 2012)Working capital the money needed for day to day operations of a firms ,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.
14) (Lazaridis) In this paper we investigate the relationship of corporate profitability and working capital management. We used
a sample of 131 companies listed in the Athens Stock Exchange (ASE) for the period of 2001-2004. The purpose of this paper
is to establish a relationship that is statistical significant between profitability, the cash conversion cycle and its components
for listed firms in the ASE. The results of our research showed that there is statistical significance between profitability,
measured through gross operating profit, and the cash conversion cycle.
15) (Garcia-Teruel, 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. With this in mind, we collected
a panel of 8,872 SMEs covering the period 1996-2002. The results, which are robust to the presence of endogeneity,
demonstrate that managers can create value by reducing their firm’s number of days accounts receivable and inventories.
16) (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. 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. The variables that were used in this study for the measurement of working capital management are number of days

receivables, number of days inventory and the Size, Leverage, Inventories, Equity, Sales, and GDP are the control variables.
The relationship between the size and profitability is positive. If the size of the firm is increased or decreased then the
profitability increased or decreased respectively. Moreover, there are negative relationship between the profitability and the
debt utilized by firms that support to pecking order theory.
17) (Dash)This paper proposes a goal programming model for working capital management. Goal programming is necessary to
model the working capital decision, as a balance has to be achieved between the conflicting objectives of liquidity and
profitability. The goal programming model proposed in this paper examines the trade-off between liquidity and profitability.
Goal programming is appropriate because liquidity and profitability represent conflicting objectives of a firm.
18) (Al-Shubiri, 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 total sample of the study consists of 59 industrial firms listed
on Amman Stock Exchange. The result indicates a negative relationship between the profitability measures of firms and degree
of aggressiveness of working capital investment and financing policy. The firms yield negative returns if they follow an
aggressive working capital policy.
19) (SEN) In this study, 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. 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.In this study, management inefficiency in the issue of inventory management related with ISE companies is seen as
a major result.
20) (Akoto, 2013)Working capital management plays a vital role in the success of businesses because of its effect on profitability
and liquidity. The purpose of this study is to examine the relationship between working capital management practices and
profitability of listed manufacturing firms in Ghana. The study used secondary data collected from all the 13 listed
manufacturing firms in Ghana covering the period from 2005-2009. Using panel data methodology, the study finds a
significantly negative relationship between profitability and accounts receivable days. However, the firms’ cash conversion
cycle, current asset ratio, size, and current asset turnover significantly positively influence profitability.
III. 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.
 To examine the working capital efficiency of selected steel company.
 To examine the profitability of selected steel company.
 To analyse the relationship between working capital efficiency and profitability of selected steel company.
IV. METHODOLOGY OF THE STUDY
To carry out the present study, following methodologies have been adopted.
Data source:
The data required for this study are listed steel companies in National Stock Exchange in INDIA. This study is based on secondary
data which is collected from annual reports (Income statement and balance sheet) of the companies.
Study Period:
We have chosen the study period ranging from 2010-11 to 2014-15.
V. 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.
Selection of Sample:
Non-probability judgmental sampling technique has been used to select the samples. Top five steel companies which selected by
National Stock Exchange for the study. The list is as follows:

1) Steel Authority of India Ltd.

2) Tata Steel Ltd.
3) JSW Steel Ltd.
4) Steel exchange of India ltd.
5) Jindal Steel & Power Ltd.
Statistical Tools and Techniques:
Analysis was done through Excel software & Statistical tool like a correlation, regression, chi-square.
VI. REGRESSION ANALYSIS
JSW Steel:
Table – 1
Variables Entered/Removeda
Model Variables Entered Variables Removed Method
1 OP1b . Enter
a. Dependent Variable: ROA1
b. All requested variables entered.
Table – 2
Model Summary
Model R R Square Adjusted R Square Std. Error of the Estimate
1 .221a .049 -.268 .04347
a. Predictors: (Constant), OP1
Table – 3
ANOVAa
Model Sum of Squares df Mean Square F Sig.
Regression .000 1 .000 .154 .721b
1 Residual .006 3 .002
Total .006 4
b. Predictors: (Constant), OP1
Table – 4
Coefficientsa
Unstandardized Standardized
95.0% Confidence Interval for B
Coefficients Coefficients
Model t Sig.
Upper
B Std. Error Beta Lower Bound
Bound
(Constant) .608 .060 10.103 .002 .416 .799
1
OP1 .001 .003 .221 .392 .721 -.008 .011
Interference:
In this test, operating cycle of the company and return on asset of the company are analysed. The calculated significant value is
(.721) greater than the significant value (0.5). There is no linear relationship between operating cycle and return on investment.
TATA steel:
Table – 5
1 OP2b . Enter
Table – 6
Model Summary
1 .256a .066 -.246 .02420
Table – 7
ANOVAa
Regression .000 1 .000 .210 .678b
1 Residual .002 3 .001
Total .002 4


Table – 8
Coefficientsa
Unstandardized Coefficients Standardized Coefficients 95.0% Confidence Interval for B
Model t Sig.
B Std. Error Beta Lower Bound Upper Bound
(Constant) .362 .016 23.171 .000 .312 .412
1
OP2 .001 .001 .256 .459 .678 -.004 .005
Interference:
In this test, operating cycle of the company and return on asset of the company are analysed. The calculated value is (0.678) less
than the significant value (0.5). There is a linear relationship between operating cycle and return on investment.
Steel authority of India limited:
Table – 9
1 OP3b . Enter
Table – 10
Model Summary
1 .048a .002 -.330 .07087
Table – 11
ANOVAa
Model Sum of Squares Df Mean Square F Sig.
Regression .000 1 .000 .007 .939b
1 Residual .015 3 .005
Total .015 4
Coefficientsa
Model t Sig.
(Constant) .553 .055 10.093 .002 .379 .727
1
OP3 -5.480E-5 .001 -.048 -.083 .939 -.002 .002
Interference:
In this test, operating cycle of the company and return on asset of the company are analysed. The calculated value is (0.939) greater
than the significant value (0.5). There is no linear relationship between operating cycle and return on investment.
JINDAL steel power:
Table – 12
1 OP4b . Enter
Model Summary
1 .299a .089 -.214 .04875
Table – 12
ANOVAa
Regression .001 1 .001 .294 .626b
1 Residual .007 3 .002
Total .008 4


Table – 12
Coefficientsa
Model t Sig.
(Constant) .246 .198 1.243 .302 -.384 .877
1
OP4 .001 .002 .299 .542 .626 -.006 .009
Interference:
In this test, operating cycle of the company and return on asset of the company are analysed. The calculated value is (0.626) greater
than the significant value (0.5). There is no linear relationship between operating cycle and return on investment
Steel Exchange India limited:
Table – 13
1 OP5b . Enter
Model Summary
1 .103a .011 -.319 .54134
Table – 14
ANOVAa
Regression .009 1 .009 .032 .870b
1 Residual .879 3 .293
Total .888 4
Table – 15
Coefficientsa
Coefficientsa
Model t Sig.
(Constant) .975 .789 1.236 .304 -1.535 3.485
1
OP5 -.002 .011 -.103 -.179 .870 -.036 .032
Interference:
In this test, operating cycle of the company and return on asset of the company are analyzed. The calculated value is (.870) greater
than the significant value (0.5). There is no linear relationship between operating cycle and return on investment.
VII. CONCLUSION
The study has analyzed the operating efficiency and profitability relationship of top five steel companies in India. Some of the
important tool used to measure the working capital of these companies. Based on the above analysis the significant positive
relationship is found between two variables. 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. The companies have to improve effective handling of inventory, accounts receivables, and accounts payables. Because
these are important factor to increasing the profitability of the companies.
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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

All rights reserved by www.ijirst.org 821

II. LITERATURE REVIEW

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III. OBJECTIVE OF THE STUDY

IV. METHODOLOGY OF THE STUDY

V. ANALYSIS AND DISCUSSION

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1) Steel Authority of India Ltd.

VI. REGRESSION ANALYSIS

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a. Dependent Variable: ROA2

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a. Dependent Variable: ROA4

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[6] Garcia-Teruel, P. J. (2003). Effects of working capital management on SME profitability.

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