A STUDY OF WORKING CAPITAL MANAGEMENT AT

AGARWALS STEEL ENTERPRISES

Submitted by

KAMALI P
Reg No: 421222631021

Of
KARPAGA VINAYAGA
COLLEGE OF ENGINEERING & TECHNOLOGY
MADHURANTHAGAM – 603308
A PROJECT REPORT
Submitted to the

Faculty of Management Studies

In Partial Fulfillment of the Requirements for the Award of the Degree

of

MASTER OF BUSINESS ADMINISTRATION

ANNA UNIVERSITY
CHENNAI 600 025

MAY -2024
 KARPAGA VINAYAGA COLLEGE OF ENGINEERING
ANDTECHNOLOGY,
Department to Management Studies

BONAFIDE CERTIFICATE

Certified that the Project report titled “A STUDY ON WORKING CAPITAL MANAGEMENT AT
AGARWALS STEEL ENTERPRISES” is the bonafide work of KAMALI. P, Reg No: 421222631021
who carried out the research under my supervision. Certified further that to the best of my knowledge the
work reported herein does not form part of any other project report or dissertation on the basis of which a
degree or award was conferred on an earlier occasion on this or any other candidate.

(GUIDE) HEAD OF THE DEPARTMENT

INTERNAL EXAMINAR EXTERNAL EXAMINAR

Ⅰ
 DECLARATION

I, the undersigned, hereby declare that the Project Report entitled “A STUDY OF
WORKING CAPITAL MANAGEMENT IN AGARWALS STEEL ENTERPRSISE
“written and submitted by me to the ANNA UNIVERSITY, CHENNAI in partial
fulfillment of the requirements of the award of Master of Business Administration under
the guidance of DR. S. Senthil Kumar, Assistant Professor, Department of
Management Studies is my original work and the conclusion drawn therein based on the
material collected by myself.

KAMALI.P

Place:

Date:

Ⅱ
 ACKNOWLEDGEMENT

With profound gratitude and due regards, I whole heartedly and sincerely acknowledge with thanks the
opportunity provided to me by our Respectful Director, Tmt. Meenakshi Annamalai for allowing me
to do this project in partial fulfillment for the degree of Master of Business Administration under Anna
University, Chennai.

I thank our dedicated Dr. P. Kasinatha Pandian, Principal for his valuable suggestions and timely
advice which helped me in completing this project on schedule.

I thank our dedicated Dr. L. Subbaraj, DEAN for his valuable suggestions and timely advice which
helped me in completing this project on schedule.

I thank our Dr. S. SHAHUL AMEED, Professor and Head of the Department for his motivation,
guidance and useful tips for completing the project.

I would like to extend my hearty gratitude to Dr. S. Senthil Kumar Associate Professor, Mrs. R.
Elavarasi, Assistant Professor, Mrs .J. Melosiya Assistant Professor, Dr. Praveenkumar Assistant
professor and Mrs. Preetha Assistant Professor Department of Management Studies for instructing,
guiding and encouraging me in carrying out this project work.

I would like to thanks to AGARWALS STEEL ENTERPRISES for guiding, supporting and
encouraging for doing the project in our company.

I am highly indebted to my parents and all my dear ones without whose constant love and
encouragement all these would not have been possible.

Ⅲ
 ABSTRACT

Working Capital is the required for carrying out day to day business operations. The present day
competitive market environment calls for an efficient management of working capital. 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. The Project titled ‘A Study of
Working Capital Management in Agarwal Steel Enterprises aims to study the various aspects of Working
Capital Management. This study is based on Agarwal Steel Enterprises (ASE) chennai, which is a steel

trading company involved in providing exemplary service in distributing flat and long products in and
around Tamilnadu. The period considered for the study is five years i.e from Financial year 2018-19 to
2022-23. The research methodology adopted for this study is secondary source of data which include
annual reports and other proprietary reports of Agarwal Steel Enterprises. This project tries to evaluate
how the management of working capital is done in Agarwal Steel Enterprises through Intra Firm Ratio
Analysis and Comparative Statement Analysis. The study of working capital management has shown that
Agarwal Steel Enterprises has a fairly strong working capital position. The Company is also enjoying
reasonable profits.

Ⅳ
 TABLE OF CONTENTS

CHAPTER CONTENTS PAGE NO

TITLE PAGE Ⅰ
Ⅱ
BONAFIDE CERTIFICATE Ⅲ
ACKNOWLEDGEMENT Ⅳ
ABSTRACT Ⅴ
LIST OF TABLE Ⅵ
LIST OF FIGURES

CHAPTER – I 1
1.1 INTRODUCTION
1.2 OBJECTIVES OF THE STUDY 6
I
1.3 NEED OF THE STUDY 7
1.4 SCOPE OF THE STUDY 8
1.5 LIMITATIONS OF THE STUDY 9
1.6 COMPANY PROFILE 10

CHAPTER -II
II 13
REVIEW OF LITERATURE

CHAPTER - III 17
III
RESEARCH METHODOLOGY

IV CHAPTER - IV 22
DATA ANALYSIS & INTERPRETATION

CHAPTER -V
52
V 5.1 FINDINGS
5.2 SUGGESTIONS 54
5.3 CONCLUSION 55

CHAPTER - VI 56
ANNEXURE
VI 59
QUESTIONNAIRE
BIBLIOGRAPHY
 List of Tables

Sr. Particulars Page No.

No.

1 Current Ratio 20

2 Quick Ratio 21

3 Working Capital Turnover Ratio 26

4 Inventory Turnover Ratio 27

29
5 Trade Receivables Turnover Ratio

6 Trade Payables Turnover Ratio 32

7 Net Operating Cycle 33

8 Gross Profit Ratio 35

9 Net Profit Ratio 36

 List of Figures

Sr. Particulars Page No.

No.

1 Operating cycle of the business 2

2 Classification of Working Capital 3

3 Current Ratio 20

4 Quick Ratio 21

5 Comparison of Current Assets &Current Liabilities 22

6 Inventory 22

7 Trade Receivables 23

8 Trade Payables 24

9 Cash & Cash Equivalents 25

10 Working Capital Turnover Ratio 26

11 Inventory Turnover Ratio 28

12 Inventory Holding Period 28

13 Trade Receivables Turnover Ratio 30

14 Average Collection Period 31

15 Trade Payables Turnover Ratio 32

16 Average Payment Period 33

17 Net Operating Cycle 34

18 Gross Profit Ratio 35

19 Net Profit Ratio 36

 CHAPTER - 1

INTRODUCTION

Working capital management refers to a company's managerial accounting strategy designed to

monitor and utilize the two components of working capital, current assets and current liabilities, to
ensure the most financially efficient operation of the company. The primary purpose of working
capital management is to make sure the company always maintains sufficient cash flow to meet
its short-term operating costs and short-term debt obligations.

Working capital management is concerned with the problems that arise in attempting to manage
the current assets, the current liabilities and the interrelationship that exists between them. The
term current assets refer to those assets which in the ordinary course of business can be, or will be,
converted in to cash within one year without undergoing a diminution in value and without
disrupting the operation of the firm.

DEFINITIONS

The term working capital is commonly used for the capital required for day-to-day working in a
business concern, such as for purchasing raw material, for meeting day- to-day expenditure on
salaries, wages, rents rates, advertising etc. But there is much disagreement among various
financial authorities (Financiers, accountants, businessmen and economists) as to the exact
meaning of the term working capital.

Working capital is defined as, the excess of current assets over current liabilities and provisions.

 CONCEPT OF WORKING CAPITAL MANAGEMENT

Financial management can be divided into two broad areas of responsibility as the management of
long-term capital and the management of short-term funds or working capital. Working capital means
the funds available and used for day-to-day operations of an enterprise. It consists broadly of that
portion of assets of a business which are used in or related to its current operations.

Efficient management of working capital is an essential pre–requisite for the successful operation

1
of a business enterprise and improving its rate of return on the capital invested in short-term assets.

The components of Working Capital Management are as follows:

 Cash Management
 Inventory Management
 Receivables Management
 Payables Management

 WORKING CAPITAL CYCLE

Every business organization needs adequate working capital because the conversion of cash into
finished goods to debtors and back to cash is not instantaneous. The continuing flow from cash to
suppliers, to inventory, to accounts receivable and back into cash is called the working capital cycle
or operating cycle. In other words, the term operating cycle refers to the length of time which begins
with the acquisition of raw materials of a firm and ends with the final realization of cash from
debtors. The amount of working capital depends upon the length of working capital cycle. Longer the
working cycle, higher is the need of working capital to be maintained. This is because the fund will
then remain tied-up in various items of current assets for a longer period. The length of operating
cycle varies from industry to industry and from business to business.

Figure 1

2
  TYPES OF WORKING CAPITAL

According to the needs of business, the working capital may be classified as follows:

WORKING
CAPITAL

BASISOF
BASIS OFTIME
CONCEPT

GROSS PERMANENT VARIABLE

NETWORKING
WORKING WORKINGC WORKING
CAPITAL
CAPITAL APITAL CAPITAL

RESERVE REGULAR SEASONAL SPECIAL

MARGIN WORKING WORKING WORKING
CAPITAL CAPITAL CAPITAL CAPITAL

Figure 2 Classification of Working Capital

A. ON THE BASIS OF PERIODICITY:

On the basis of periodicity working capital can be divided under two categories as under:

1) Permanent working capital: This refers to that minimum amount of investment in all current
assets which is required at all times to carry out minimum level of business activities.

i) Regular Working capital: Minimum amount of working capital required to keep the primary
circulation. Some amount of cash is necessary for the payment of wages, salaries etc.

ii) Reserve Margin Working capital: Additional working capital may also be required for
contingencies that may arise any time. The reserve working capital is the excess of capital over the
needs of the regular working capital is kept aside as reserve for contingencies, such as strike,
business depression etc.

3
 2) Variable or Temporary Working Capital: The amount of such working capital keeps on
fluctuating from time to time on the basis of business activities. In other words, it represents
additional current assets required at different times during the operating year. For example, extra
inventory has to be maintained to support sales during peak sales period. The variable working
capital may also be subdivided into following two sub-groups:

i) Seasonal Variable Working capital: Seasonal working capital is the additional amount which is
required during the active business seasons of the year. Raw materials like raw-cotton or jute or
sugarcane are purchased in particular season. The industry has to borrow funds for short period. It is
particularly suited to a business of a seasonal nature. In short, seasonal working capital is required to
meet the seasonal liquidity of the business.

ii) Special variable working capital: Additional working capital may also be needed to provide
additional current assets to meet the unexpected events or special operations such as extensive
marketing campaigns or carrying of special job etc.

B. ON THE BASIS OF CONCEPT:

On the basis of concept working capital is divided into two categories as under:

1) Gross Working Capital: Gross working capital refers to total investment in current assets. The
current assets employed in business give the idea about the utilization of working capital and idea
about the economic position of the company. Gross working capital concept is popular and
acceptable concept in the field of finance.

2) Net Working Capital: Networking capital means current assets minus current liabilities. The
difference between current assets and current liabilities is called the net working capital. If the
networking capital is positive, business is able to meet its current liabilities. Networking capital
concept provides the measurement for determining the creditworthiness of company.

 FACTORS DETERMINING WORKING CAPITAL

The following factors determine the requirement of working capital

4
1. Nature of the business: The quantum of working capital requirements in the concern
basically depends upon the nature of its business. The public utility concern such as railways
and electricity boards need a very limited working capital they provide cash sales only.
Trading and financial firm require relatively large amount, whereas manufacturing
undertaking require sizeable working capital
2. Size of the business: The working capital of the concern is directly influenced by the
size of the business. The greater the size of the business unit, the larger the amount of working
capital required.
3. Manufacturing process: The level of the working capital depends upon the time
required to manufacture goods. Longer the processing period to manufacture, the larger will
be the amount of working capital required.
4. Volumes of sales: Volumes of the sales are the unique factor affecting the size and
components of the working capital. The volume of sales and working capital are directly
related to each other. When the volume of sales increases the investment on working capital
also increases.
5. Seasonal variation: In certain industrial concern raw material are not available
throughout the year. They have to buy these materials to ensure uninterrupted flow of
production, in that case sizeable amount of working capital is required.
6. Production cycle: It means the time required to convert raw materials to finished
goods. The longer the operating cycle, the larger will be the amount of working capital
requirements.
7. Price level changes: Usually a firm will have to maintain a high amount of working
capital during periods of rising prices, as more funds are required to maintain the same current
assets.

5
 OBJECTIVE OF THE STUDY

 To analyze the effective utilization of working capital

 To evaluate the performance of receivables and cash management

 To examine whether the requirements of Working Capital is uniform among selected

Companies.

 The study aims is to find out the day to day finance, efficiency and trend of working
capital over the last three years of Agarwal steel enterprises.

6
 NEED OF THE STUDY

Working capital is needed till a firm gets cash on sale of finished products.
It depends on two factors:

1. Manufacturing cycle i.e. time required for converting the raw material into finished
product.

2. Credit policy i.e. credit period given to Customers and credit period allowed by
creditors

7
SCOPE OF THE STUDY

 The study is conducted on Agarwal steel enterprises. The study of working capital
management is purely based on secondary data and all the information is available within
the company itself in the form of records. To get proper understanding of this concept, I
have done the study of the balance sheets, profit and loss A/C. So, scope of the study is
limited up to the availability of official records and information provided by the finance
department. The study is supposed to be related to the period of last five years.

 The main scope of the study was to put into practical the theoretical aspect of the study into
real lifework experience.

 The study of working capital is based on tools like Ratio Analysis, Statement of changes
in working capital. Further the study is based on last three years balance sheet.

8
LIMITATIONS OF THE STUDY

 The study is restricted for a period of three years only commencing from 2018-2023.
So it shows limited period data is considered.
 As the financial information is confidential, they do not want to share accuratedata or
information.

 Study duration is very short.

9
 COMPANY PROFILE

AGARWAL STEEL ENTERPRISES

Agarwal Steel Enterprises is a steel trading company providing exemplary service in
distributing flat and long products in and around Tamilnadu since last 50 years. Started in 1988
with an MOU with Steel Authority of India limited, working tirelessly in establishing itself and
creating a satisfied customer base, AgarwalSteel Enterprises has always strived to fulfill
customer require‐ ments and has tried to bridge the gap between the main produc‐ ers who
supply huge volumes and customers who require various thickness in small lots in various cut to
length sizes. In 2001 look‐ ing at the huge demand for steel we signed an MOU with JSW –one
of the largest private producers of steel for its Hot Rolled products and have been with them
ever since.

Agarwal Steel Enterprises emphasizes more on flat products so that it can provide end to end solutions
by supplying customized sizes, Agarwal Steel Enterprises set up its CTL line in 2010 at vichoor,
Tamilnadu to service its customers through its service center with a state of the art cut to length lines.

We are comparatively at a very advantageous position to the buyers getting the following benefits.

 Proactive To Customer Needs

 Dispatches In Time
 Emphasis On Quality
 Supply Of Customized Sizes
 One Stop‐Shop For All Steel Products

10
 PRODUCTS OFFERED

We are dealing in following materials.

Hot Rolled COILS(1.6mm to Hot Rolled PLATES(1.6mm PM PLATES

12mm) to 25mm)
Hot Rolled PO STRUCTURAL SS of All Grades.
STEELS

Cold Rolled COILS/ Cold Rolled

SLIT COILS/BLANKS etc.

HOT ROLLED STEEL

We offer a wide range of hot rolled plates with excellentwelding properties
and guaranteed strength, making it suitable for several end use applications.
It’s available
in 1.2 mm to 25 mm thickness.

Applications: HR is primarily used for making pipes, and have many direct industrial and
manufacturing applications including the constructing of tanks, railways cars, bicycle
frames, ship, engineering and military equipment and automobiles and
Truck wheel caps, frames and body parts, LPG cylinders and shuttering plates.

COLD ROLLED

Our cold rolled closed annealed, coils and sheets are produced through the cutting–edge
cold rolling mills.(CRM). Easy formability, high –quality surface finish, consistent
surface texture, with the optimum balance between texture and smoothness makes JSW’S
CRCA theproduct of choice.

Applications: CR is primarily used in automobiles, appliances, furniture, precision tubes,containers,

electrical panels, galvanising general engineering etc. CR is further used for galvanising, colour
coating and tinning.

11
 LASER CUTTING MACHINE
Our 6kw CNC Laser machine helps us in serving our customerswith quality
enginerring solutions. CNC technology in Laser machine enhances the process with
accurate dimenstions of theproduct.

We use quality sheet material that is procured from reliable sources.V

requirements of our customers can be availed in our CNC laser machine.Our
objective is to provide good quality engineering solution to our customers in
quick timefor new component development using current generation
manufacturing techniques at reasonable prices.

We have highly qualified professional engineers , well trained manpower to operate the machine.

Product Description:- Bystronic DNE 6 kW Fiber

Model Laser Cutting Machine
with Pallet Changer & Closed Type

Max. Laser Power 6000W

Working Area 2500*6500mm
Cutting Thickness ±0.02mm
Laser Head Precitech pro
contraoller Beckhoff
software Sigma nest pro

12
 CHAPTER- II

REVIEW OF LITERATURE

Raoand Rao (1991) in their study among a few public enterprises belonging to manufacturing sector
in the state of Karnataka, have attempted to probe in to the capacity of the various techniques I
evaluating working capital efficiency of business enterprises. The study revealed that the investment
working capital was considerably high when compared to the total investment. The Tandon
Committee norms were found to be yielding better results among the surveyed companies. However,
the study also revealed that the working capital planning and control was found to be disorderly and
ineffective and hence, the urgent need for full focus on working capital management.

Singh (2004) study on Working capital in Lupin Laboratories Ltd. attempted to assess the
significance of management of working capital through working capital ratio and operating cycle.
Having analyzed seven years data(1995 –2002),he concluded that the liquidity position of the
company was good, mean percentage of current assets was very high when compared to the
percentage of net fixed assets and the operating cycle showed declining trend. The element wise
analysis of working capital also revealed that trade debtors constituted the highest percentage of
current assets followed by loan and advances, inventories and cash and bank balances.

Parasuraman (2004) study attempts to understand the relationship between credit period given by
companies and their actual performance in terms of sales and profitability. He has also attempted to
find average level of other key financial parameters connected to working capital management.
Having laid the emphasis on Indian Pharmaceutical companies, he found out that leading companies
have employed greater working capital for enhancing profitability. The study also revealed the day
sales outstanding had gone up in the sample companies. The study inferred that the top pharmacy
companies strategies on their working capital policy to relax the credit policy to achieve greater sales
and greater profits.

Arindam Ghosh(2007) “ Working Capital Management Practice in some selected industries in

India – A case study of impact of working capital ratios on profitability in Cement Industry”.
The study which attempted to examine the efficiency of working capital management of the
Indian cement companies during 92-93 to 2001–02.

13
Thappa Sankar (2007) focuses on the importance of proper working capital management of Sun
Pharmaceutical Company. The paper throws light on the concepts of working capital, working
capital policy, components of working capital and factors affecting working capital in the Sun
Pharma Industries Ltd during the last five years, and identifies certain factors which are
responsiblefortheimprovementofworkingcapitalofthecompany.Thearticleconcludeswith a warning
to the Company that if satisfactory level of working capital is not maintained, the company would
become bankrupt.

Kushwah, Mathur &Ball(2009) The study undergone to evaluate the working capital
management and direction in selected five major cement companies i.e. ACC, Grasim, Ambuja

Prismand Ultra- Tech.. For there search purpose secondary data are used like authors collected
thefinancialstatementofselectedcementscompaniesfortheyearsfrom2007to2009. There is liquidity
ratios and activities ratios are used to analyze the condition of working capital of the companies.
The study revealed the truth of study is that, most companies not maintain their working capital in
a systematic way while overall ACC shows appropriate management of working capital.

Kaur Harsh V. and Singh Sukhdev (2013) This article focuses on cash conversion efficiency and
setting up the operating cycle days. The study tests the relationship between the working capital
attain and profitability calculated by in come to current assets and income to average total assets.
Authors did study with companies listed in BSE 200 that is spread over 19 industries
for the period 2000 to 2010.At the end, the study lay emphasis on that proficient management of
working capital notably affects profitability.

Mr. V. Venkatachalam (2016), the researcher conducted a study on “Working Capital Management
on Mahindra and Mahindra Private Limited”. The main objective of the study is to analyze whether
the companies are viable in the long run through ratio analysis and statement of changes in working
capital. He concluded that the overall working stability-soundness of the company has improved over
the years very well.

Akash B. Selkari and Omdeo Ghyar (2016) conducted a “Study on Working capital of
Mahindra and MahindraLtd”foraperiodof3yearsfrom2015-18.Tostudytheworking capital of the
company ratio analysis technique was used. They came to an end that the
workingcapitalofthecompanywassatisfactorybecauseofmaintainingproperinventorylevels, cash,
and other current assets and a decrease in the current liabilities and provisions

14
Singhetal.(2017)indicatedthatWCMisnegativelyconnectedwithcorporateprofitability, which
means an aggressive WCM policy leads to higher profitability

Dr. V. Bhuvaneswari (2020) highlighted the working capital which will determine whether the
position of the company from the working capital point of view is sound and satisfactory. She
concluded that the overall working stability, soundness and overall financial performance have
improved over the years.

Working capital management analysis of selected textile industries from PS.deepa.Thispaper

compares various spinning industries in Coimbatore city by using ratio analysis and for which the
secondary data has been working capital is part of the total capital employed by a company and is
often defined as the difference between short-term liabilities and short-term assets.

Working capital management on profitability and corporate performance by Harisha.B States that working
capital management is a major issue faced in the financial decision making process.The main purpose of this
study is to examine and analyze the effect of types of working capital management techniques on the firm's
profitability

. Working capital management an overview form Dr.Sreemoyee Guah Roy on July 2016.The project revealed
that the working capital has a direct impact on cash flow in a business.Companies must seek granular details to
identify the underlying driver's of working capital."the better a company manage it's working capital ,The less
the company needs to borrow"

International journal for research trends and innovation from Alak Kumar Das.The main objective of this
study are to measure the association between quick ratio and CCC as well as current ratio and CCC.This study
also tries to find out the impact of working capital management efficiency on liquidity position of the sample
companies.

A study on efficiency of working capital management of selected IT companies from Dr.A.Muthu Samy. This
Paper examines the utilization of working capital management and the way improved and operational
efficiency, optimized.It provides faster and more efficient methods of getting a job done.

Efficiency analysis of working capital management(A study of selected FMCG companies in India) by
E.lokeswari.The study undertakes the comparative analysis and evaluation of working capital management
through the employment of numerous parameters of current ratio and payable turnover.The analysis was done
on the data sourced from the annual report.

Working capital management-it's impact on liquidity and profitability-A study of coal India ltd by Mr.
Shivakumar. The study covers five years data from 2010-11 to 2014-15 for the analysis ratio indicating
working capital performance and some statistical techniques are employed.

15
Working capital management and corporate performance of manufacturing sector in Pakistan from Abdul
raheman. This paper analyzes the impact of working capital management on firm's performance in Pakistan
for a period of 1998-2007.The study also conclude that firm's in Pakistan are following conservative working
capital management policy and the firm's are needed to concentrate and improve their collection and payment
policy. Working capital management: Is it really affects the profitability? Evidence from Pakistan by Asghar
Ali .In this research article 15 research papers of different scholars have been studied and compared. The
result showed impact of working capital on profitability and supported the hypotheses

Akash B. Selkari and Omdeo Ghyar (2016) conducted a “Study on Working capital of
Mahindra and Mahindra Ltd” for a period of 3 years from 2015-18.Tostudytheworking capital of
the company ratio analysis technique was used. They came to an end that the
workingcapitalofthecompanywassatisfactorybecauseofmaintainingproperinventorylevels, cash,
and other current assets and a decrease in the current liabilities and provisions

Singhetal.(2017)indicatedthatWCMisnegativelyconnectedwithcorporateprofitability, which
means an aggressive WCM policy leads to higher profitability

Dr.V.Bhuvaneswari(2020)highlightedtheworkingcapitalwhichwilldeterminewhether
thepositionofthe company from theworking capital point of view is sound and satisfactory. She
concluded that the overall working stability, soundness and overall financial performance have
improved over the years.

Akash B. Selkari and Omdeo Ghyar (2016) conducted a “Study on Working capital of
Mahindra and MahindraLtd”foraperiodof3yearsfrom2015-18.Tostudytheworking capital of the
company ratio analysis technique was used. They came to an end that the working capital of the
company was satisfactory because of maintaining roperinventorylevels, cash, and other current
assets and a decrease in the current liabilities and provisions

Singhetal.(2017)indicatedthatWCMisnegativelyconnectedwithcorporateprofitability, which
means an aggressive WCM policy leads to higher profitability

Dr.V.Bhuvaneswari(2020)highlightedtheworkingcapitalwhichwilldeterminewhether the
position of the company from the working capital point of view is sound and satisfactory. She
concluded that the overall working stability, soundness and overall financial performance have
improved over the years.

16