COMPREHENSIVE PROJECT REPORT ANALYSIS OF PROFITABILITY OF TATA MOTORS LIMITED. Submitted to. Atmiya institute of technology & science

Transcription

1 A COMPREHENSIVE PROJECT REPORT ON ANALYSIS OF PROFITABILITY OF TATA MOTORS LIMITED Submitted to Atmiya institute of technology & science IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF THE AWARD FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION IN Gujarat Technological University UNDER THE GUIDANCE OF Project Guide Prof. (Dr.) Vijay H. Vyas (Prof. & Head) Submitted by MODI TANVIR R. KHORAJIYA MAHMADARIF I. ( ) ( ) [Batch: ] MBA SEMESTER III/IV Atmiya institute of technology & science MBA PROGRAMME Affiliated to Gujarat Technological University Ahmadabad 1

2 STUDENTS DECLARATION We, Modi Tanvir & Khorajiya Mahmadarif, hereby declare that the report for Comprehensive Project entitled ANALYSIS OF PROFITABILITY OF TATA MOTORS LIMITED is a result of our own work and our indebtedness to other work publications, references, if any, have been duly acknowledged. Place:.. Date: (MODI TANVIR) (KHORAJIYA MAHMADARIF) 2

3 PREFACE: In today s world of globalization, opportunities are plenty and they keep knocking at our doors all the time. One should be bold and ready to take risk and seek the opportunity and put them in action. The last few years we have witnessed of changes and rapid development all over the business world. The era of knowledge based competition is upon us. Today India has come out as a globalize country. The process of globalization has highly affected the corporate world. M.B.A. is a professional course. Practical study is very important because practical study is one of the components of the course. I have great pleasure in submitting our project report. The project report shall provide a sample amount of information and comprehensive knowledge of the TATA MOTORS LTD.. The subject practical studies particularly helps students to know the actual corporate world, the anxieties and stress associated with the job which cannot be understood sitting in a classroom. 3

4 ACKNOWLEDGEMENT: First of all we would like to thank Gujarat technological university for introducing this subject in our course which gives us practical knowledge about specified industry. So we are thankful. We believe an ocean is filled by drops and each and every drop should count, similarly we should count favor of all our helpers here but this not possible. So forgive us for the same. We also would like to thank Dr.Vikas Arora dean of management department of Atmiya institute of technology & science. Especially, we would like to thank prof.(dr)vijay H. vyas, H.O.D. of management department of Atmiya Institute of Science and Technology our mentor who guided us in our work. Thanking you, 4

5 TABLE OF CONTENT: sr. no Topic Page no PART 1: GENRAL INFORMATION 9 1 About of the company 10 2 Overview of world market 11 3 Overview of Indian market 12 4 Major companies in industry 13 5 Major Product of the company PART: 2 PRIMARY STUDY 6 Introduction of the study 21 7 Literature review 22 8 Problem statement 24 9 Objectives of the study Hypothesis Research methodology 11.1 Population Sampling Sampling design Coverage Data collection Data analysis & interpretation Result & findings Limitation of the study Conclusion & suggestion 39 Annexure Bibliography 5

6 LIST OF TABLE: Table. no Topic Page no 1 Table for gross profit margin 27 2 Table for operating profit margin 29 3 Table for net profit margin 31 4 Table for return on total asset 33 5 Table for net profit margin & return on net worth 35 List of chart: Chart. no Topic Page no 1 Relationship between gross profit &net sales 27 2 Relationship between operating profit &net sales 29 3 Relationship between net profit &net sales 31 4 Relationship between net profit &total assets 33 5 Relationship between net profit margin &return on net 35 worth 6

7 EXECUTIVE SUMMARY: TITLE Study on determining understandability of profitability analysis of TATA MOTORS LTD. AUTHORIZATION RECOMMENDATION As a part of Continuous Evaluation for Two Year MBA PROGRAMME complying to GTU Guidelines we were required to fulfill comprehensive project at an organization or at an institute. We are glad that we got opportunity to complete this project of TATA motors ltd. We studied the profitability analysis of TATA motors ltd. REVIEW Project was focused on the study of determining understandability of profitability analysis of TATA motors ltd., for identify the sales ability and profitability of the company We required details related to project which is helpful us for analysis and understanding the project which are as under : To study the profitability analysis of TATA motors ltd. Annual report of the company for last five years. Gross profit ratio, net profit ratio, operating profit, return on total assets, net worth of the last five years of the company. PROCESS We were briefed by our mentor on the first day about our project and its requirement. To fulfill objective of our comprehensive project, we met with project guide and discuss about our topic. He gave us proper guidelines about our project continuously during whole project time period and by the help of him we can complete our project completely and also understand analysis of the company for making to project effectively 7

8 CONCLUSION Finally the company is loss making or rather we can say decreasing their profitability but they have good future opportunities, it has took carefully at controlling the costs of goods sold and reduce its expenses to avoid facing difficult financial conditions in the future. 8

9 PART 1: GENRAL INFORMATION 9

10 ABOUT OF THE COMPANY: Tata Motors Limited (formerly TELCO, short for Tata Engineering and Locomotive Company) is an Indian multinational automotive manufacturing company headquartered in Mumbai, Maharashtra, India and a subsidiary of the Tata Group. Its products include passenger cars, trucks, vans, coaches, buses, construction equipment and military vehicles. It is the world's 17th-largest motor vehicle manufacturing company, fourth-largest truck manufacturer, and second-largest bus manufacturer by volume. Founded in 1945 as a manufacturer of locomotives, the company manufactured its first commercial vehicle in 1954 in collaboration with Daimler-Benz AG, which ended in Tata Motors entered the passenger vehicle market in 1991 with the launch of the Tata Sierra, becoming the first Indian manufacturer to achieve the capability of developing a competitive indigenous automobile. In 1998, Tata launched the first fully indigenous Indian passenger car, the Indica, and in 2008 launched the Tata Nano, the world's most affordable car. Tata Motors acquired the South Korean truck manufacturer Daewoo Commercial Vehicles Company in 2004 and purchased Jaguar Land Rover from Ford in

11 OVERVIEW OF WORLD MARKET: Indian Automotive Industry growth decades started in the 1970s. Between 1970 and 1984 cars were considered a luxury product; manufacturing was licensed, expansion was restricted; The automotive sector in each country faces a range of varying factors particular to their individual market conditions, and even the most pronounced growth markets in recent years are now experiencing contraction, including Brazil (-8.9%), Russia (-7.2%), India (-0.8%), Thailand (-23%) and Argentina (-34.3%). These large assembly markets are also the most dominant in terms of sales, where transaction prices remain high. The lure of additional profit through extended retail and service networks, and aftermarket / accessories opportunities highlight the need for sector participants to focus on both emerging areas as well as mature. The macroeconomic environment in China has remained tepid headed into the final quarter of 2014, with talk of stimulus measures to help revive the market. Given this context, the sustained growth in new light vehicle sales is even more impressive, reaching 13.6 million units through August. MPVs continue to drive much of the momentum, growing 47.5% year to date when compared to the first eight months of

12 OVERVIEW OF INDIAN MARKET: The automobile industry is one of the key drivers that boost the economic growth of the country. Since the de-licensing of the sector in 1991 and the subsequent opening up of 100 percent FDI through automatic route, Indian automobile sector has come a long way. Today, almost every global auto major has set up facilities in the country. The world standing for the Indian automobile sector, as per the Confederation of the Indian industry is as follows: Largest three-wheeler market Second largest two-wheeler market Tenth largest passenger car market Fourth largest tractor market Fifth largest commercial vehicle market Fifth largest bus and truck segment However, the year has seen a decline in the industry s otherwise smoothrunning growth. High inflation, soaring interest rates, low consumer sentiment and rising fuel prices along with economic slowdown are the major reason for the downturn of the industry. 12

13 MAJOR COMPANIES IN INDUSTRY: Mahindra & Mahindra Ashok Leyland General motors India Bajaj auto Force motor Volkswagen group sales India private limited Audi Ag Skoda auto Fiat automobiles Premier automobiles limited Tata motors limited Tata motors Jaguar cars & land rover 13

14 MAJOR PRODUCTS OF THE COMPANY: 1. TATA NANO: Announced as the most affordable production car in the world, Tata aimed for a price of one lakh rupees, or 100,000, Tata Motors announced in 2006 that the Nano would be manufactured in Singur, West Bengal. Local farmers soon began protesting the forced acquisition of their land the new factory entailed. Tata first delayed the Nano launch and later decided to build the car in a different state, Gujarat, instead. 2. TATA BOLT: 14

15 Tata Bolt is a new hatchback created by Tata Motors under its Falcon programme. The car was revealed at Indian Auto Expo 2014 along with its sedan version, the Tata Zest. The car is expected to be launched in Indian markets in the latter half of 2014 after the launch of its sedan version. The diesel version of Tata Bolt will be fitted with 1.3-litre quadrajet diesel engine which is already being used on Indica Vista and Manza where as the petrol version of Tata Bolt will be powered by a new 1.2-litre turbocharged, 89 bhp engine. The new car is based on existing platforms on which Vista and Manza are built. Tata Bolt will be built at Tata Motor's Pimpri-Chinchwad plant alongside the Tata Vista and the Tata Indica. 3. TATA VISTA: The Tata Indica Vista can be considered as the new, improved version of this really popular car. Tata Indica has sold a lot of units in the country, and the country's premium car manufacturer realized that it was high time that they improved the car, so that the net is cast wider. The Tata Indica Vista managed to cater to a wider range of consumers and it come fitted with lot of different features as well. 15

16 4. TATA INDICA: The Tata Indica is a supermini car produced by the Indian manufacturer Tata Motors since It is the first passenger car from Tata Motors and it is also considered India's first indigenously developed passenger car. As of August 2008, more than 910,000 units were produced and the platform had spawned off close to 1.2 million vehicles. The annual sales of Indica has been as high as 144,690 units in As of July 2009, monthly sales of Indica were around 8000 units. The models have also been exported to Europe, Africa and other countries since late in TATA MANZA: 16

17 Tata Manza is next generation sedan from the Indian car company Tata Motors Limited. The Tata Manza is also known as The Club Class Sedan. [2] There are eight variants available currently, four each in petrol and diesel. Manza was first launched on 14 October It was made available in 4 variants namely Aqua, Aura, Aura ABS and Elan, Aqua being the entry level variant and Elan being the top most variant. In October 2012, Manza was re-launched as Manza Club Class. 6. TATA WINGER The Winger is offered in six variants and two seating configuration: long or short wheelbase, high and low roof versions and also specialised ambulance and school bus versions, as well as the plain panel van. The top of the range is a flat roof, airconditioned variant is a ten-seater, while the remaining five versions are offered as either 13 or 14 seaters, taking the total number of variants to 11. The Winger is powered by a modified version of the 2.0 litre diesel engine that is currently offered on the Tata sumo. This 1948 cc engine comes with a turbo-charged, inter-cooled (TCIC) version in all the variants, except in the smaller length, entry-level Winger van. The non-turbo-charged version of the engine develops a peak power of 68 PS (50 kw) compared to the 90 PS (66 kw) that the TCIC version puts out. The Winger meets Bharat Stage III emission standards, except for the base variant, which is BS-II compliant 17

18 7. TATA ACE ZIP After the runaway success of Tata Ace, Tata Motors decided to launch a truck smaller than the Ace and at the price point of the three-wheeled goods carriers. It was to be a simple design with truck-like aggregates and was to replace the anachronistic threewheeled cargo auto rickshaws in the Indian market. After the success of tata ace and incorporation of the customer/user feedback, Tata has come up with a new ace in Tata Ace Zip. 8. TATA PRIMA: Tata Daewoo (officially Tata Daewoo Commercial Vehicle Company and formerly Daewoo Commercial Vehicle Company) is a commercial vehicle manufacturer 18

19 headquartered in Gunsan, Jeollabuk-do, South Korea, and a wholly owned subsidiary of Tata Motors. It is the second-largest heavy commercial vehicle manufacturer in South Korea and was acquired by Tata Motors in The principal reasons behind the acquisition were to reduce Tata's dependence on the Indian commercial vehicle market (which was responsible for around 94% of its sales in the MHCV segment and around 84% in the light commercial vehicle segment) and expand its product portfolio by leveraging on Daewoo's strengths in the heavy-tonnage sector. Tata Motors has jointly worked with Tata Daewoo to develop trucks such as Novus and World Truck and buses including GloBus and StarBus. In 2012, Tata began developing a new line to manufacture competitive and fuel-efficient commercial vehicles to face the competition posed by the entry of international brands such as Mercedes-Benz, Volvo, and Navistar into the Indian market. 19

20 PART: 2 PRIMARY STUDY 20

21 INTRODUCTION OF THE STUDY: Profitability is the primary goal of all business ventures. Without profitability the business will not survive in the long run. So measuring current and past profitability and projecting future profitability is very important. Profitability is measured with income and expenses. Income is money generated from the activities of the business. For example, if crops and livestock are produced and sold, income is generated. However, money coming into the business from activities like borrowing money does not create income. This is simply a cash transaction between the business and the lender to generate cash for operating the business or buying assets. Expenses are the cost of resources used up or consumed by the activities of the business. For example, seed corn is an expense of a farm business because it is used up in the production process. A resource such as a machine whose useful life is more than one year is used up over a period of years. Repayment of a loan is not an expense; it is merely a cash transfer between the business and the lender. Profitability is measured with an income statement. This is essentially a listing of income and expenses during a period of time (usually a year) for the entire business. An Income Statement is traditionally used to measure profitability of the business for the past accounting period. However, a pro forma income statement measures projected profitability of the business for the upcoming accounting period. A budget may be used when you want to project profitability for a particular project or a portion of a business. 21

22 LITERATURE REVIEW: Horne and Wachowicz, (2000) Working capital is an important tool for growth and profitability for corporations. If the levels of working capital are not enough, it could lead to shortages and problems with the day-to-day operations. Lazard s and Tryfonidis (2006) investigated the relationship of corporate profitability and working capital management for firms listed at Athens Stock Exchange. They reported that there is statistically significant relationship between profitability measured by gross operating profit And the Cash Conversion Cycle. Furthermore, Managers can create profit by correctly handling the individual components of working capital to an optimal level. Shah and Sana (2006) used Avery small sample of 7 oil and gas sector firms to investigate this relationship for period The results suggested that managers can generate positive return for the shareholders by effectively managing working capital. Ganesan (2007) selected telecommunication equipment industry to study the effectiveness of working capital management. The sample included for his research paper included 443annual financial statements of 349telecommunication equipment companies covering the period 2001 to The statistical tests used included correlation, regression analyses and Analysis of variance (ANOVA). The results showed those days of the working capital negatively affects the profitability of these firms but in reality it does not affect the transportability of firms in telecommunication equipment industry. Sen. M (2009) examined the ISE (Istanbul Stock Exchange) listed firms and checked out the relationship with the working capital. According to them there is negative 22

23 relationship among variables. His research uncovered the importance of the finance directors who act as moderators or catalysts to increase the productivity of the firm in other words they positively affect the firm s performance. 23

24 PROBLEM STATEMENT: There are so many industries contributing to economic development of nation and morden automobiles operations touch almost every sphere of economic activity. They have far reaching consequences on economic development of country. Automobile sector is one of the leading industries in manufacturing sector. Although the automobile sector is working effectively it does have to face many problems. One of the major problems faced by the automobile sector is inconsistency in the profit they earn. It is necessary to major the profitability of the organization which is affected by various factors. Profit is the motive of every organization that needs to be cared. Thus, it becomes necessary for every company to know its current trend of profit earned. In this context my research work is aligned towards measuring profitability of TATA MOTORS LTD. through various ratios based on the financial data of last five years. 24

25 OBJECTIVES OF THE STUDY: To study and evaluate the profit in relation to sales. To study the profitability in relation to investment. HYPOTHESIS: The following hypotheses were framed to conduct the analysis and Evaluate the profitability results of TATA MOTORS LIMITED. H01: there is no significant relationship between gross profit margin and net sales. H02: there is no significant relationship between operating profit and net sales. H03: there is no significant relationship between net profit and net sales. H04: there is no significant relationship between net profit and total assets. H05: there is no significant relationship between net profit and net worth. 25

26 RESEARCH METHODOLOGY: POPULATION: All automobile companies which are listed in stock market. SAMPLING: The sample was drawn from the list of companies coming under the automobile industry listed on the Bombay stock exchange. Which is TATA MOTORS LIMITED. SAMPLE DESIGN: Simple random sampling. COVERAGE: The selected study unit focuses on a number of profitability variables covering a time period of five years. DATA COLLECTION: We have used secondary data in my analysis. (Annual reports, balance sheet and p&l account) 26

27 DATA ANALYSIS & INTERPRETATION: Hypothesis 1: H0: There is no significant relationship between gross profit and net sales. Ha: There is a significant relationship between gross profit net sales. Year Gross profit Net sales Gross profit margin (Table no.1 Table for gross profit margin) gross profit net sales (Chart no.1 Relationship between gross profit &net sales) 27

28 Regression: Model R R Square Adjusted R Std. Error of Square Estimate Anova test: Model 1 Regression Residual Total Sum of Squares df Mean Squares F c F t Conclusion: Here, F c > F t. So Ho is rejected that means there is significant relationship between gross profit and net sales. Explanation: In year 2011 and 2012 there is increase with respect to 2010 in the sales of the company with this there is also increase in gross profit. In year 2013 and 2014 there is decrease in sales with respect to previous year and also decrease in gross profit. So we can say that there is significant relationship between sales and gross profi 28

29 Hypothesis 2: H0: There is no significant relationship between operating profit and net sales. Ha: There is a significant relationship between operating profit net sales. Year operating profit Net sales operating profit margin (Table no.2 Table for operating profit margin) opreating profit net sales (Chart no.2 Relationship between operating profit &net sales) 29

30 Regression: Model R R Square Adjusted R Std. Error of Square Estimate Anova test: Model 2 Regression Residual Total Sum of Squares df Mean Squares F c F t Conclusion: Here, F c > F t. So Ho is rejected that means there is significant relationship between operating profit and net sales. Explantion: In year 2011 there is increase in sales and there is also increase in operating profit with respect to year While in 2014 there is decrease in sales and there is also decrease in sales with respect to year 2013.So we can say that there is significant relationship between sales and operating profit. 30

31 Hypothesis 3: H0: There is no significant relationship between net profit and net sales. Ha: There is a significant relationship between net profit net sales. Year Net profit Net sales Net profit margin (Table no.3 Table for net profit margin) EAT net sales (Chart no.3 Relationship between net profit &net sales) 31

32 Regression: Model R R Square Adjusted R Std. Error of Square Estimate Anova test: Model 3 Regression Residual Total Sum of Squares df Mean Squares F c F t Conclusion: Here, F c < F t. So Ho is accepted that means there is no significant relationship between net profit and net sales. Explanation: Here there is continuous increase in sales but there is continuous decrease in net profit of the business with respect to year So we can say that there is no significant relationship between net profit and sales. 32

33 Hypothesis 4: H0: There is no significant relationship between net profit and total assets. Ha: There is a significant relationship between net profit and total assets. Year Net profit Total asset Return on total assets (Table no.4 Table for return on total asset) net profit total asset (Chart no.4 Relationship between net profit &total assets) 33

34 Regression: Model R R Square Adjusted R Std. Error of Square Estimate Anova test: Model 4 Regression Residual Total Sum of Squares df Mean Squares F c F t Conclusion: Here, F c < F t. So Ho is accepted that means there is no significant relationship between net profit and total assets. Explanation: In this the relationship between total assets and net profit is so it is very low so we can say that there is no significant relationship between net profit and total assets. In 2011There is increase in total asset while there is decrease in net profit with respect to year

35 Hypothesis 5: H0: There is no significant relationship between net profit margin and return on net worth. Ha: There is a significant relationship between net profit margin and return on net worth. Year Net profit Return on net margin worth (Table no.5 Table for net profit margin & return on net worth) net profit margin return on net worth (Chart no.5 Relationship between net profit margin &return on net worth) 35

36 Regression: Model R R Square Adjusted R Std. Error of Square Estimate Anova test: Model 5 Regression Residual Total Sum of Squares df Mean Squares F c F t Conclusion: Here, F c > F t. So Ho is rejected that means there is significant relationship between net profit margin and return on total asset. Explanation: The regression and the correlation of this is very highly positively correlated which is Another reason for this if there would be increase in return on net worth there is also increase in the net profit margin. 36

37 RESULTS & FINDINGS: In year 2010 the company having the gross profit margin which is highest but after a while there is decrease in that because there was not a proportionate change in gross profit in comparison of net sales of the company. Operating profit margin represents pure profit of the company. It increase negatively from 11.4 to 2.56 for the given period which is bad indication of the company performance. Net profit margin which measures how profitable a company s sales are after deducting all expenses interest, taxes & preferred stock dividends declines from 6.33 to 0.97 during the given period, which implies lower level of profitability of company. Return on total assets is a pure measure of the efficiency of a company in generating returns from its assets. So here there are declines from 7.13 to 0.99 during the given period, which shows negativity of the profitability of the company. Return on net worth which measures the returns earned on the common stock holder s investment in the company which is decrease from to 1.74 within given period. This indication reflects the bad performance of the management on the invested financial resources. The overall performance of TATA motors regarding profitability was bad, the company s customer base has been growing, and it has been declining earning an acceptable return on invested capital. 37

38 LIMITATION OF THE STUDY: This is study had the following limitation: Financial statements are based upon part performance and part events which can only be guides to the extent they can reasonably be considered as dues to the future. Here we have taken only one company so it is not proper and it is inadequate. We have done the analysis only for the last five years which will not represent the whole profitability of the company. Ratios do not provide a definite answer to financial problems. There is always the question of judgment as to what significance should be given to the figures. Thus, one must rely upon one s own good sense in selecting and evaluating the ratios. Here we have taken only one company so it is not proper thing to do the analysis so it is one the limitation of this. It is always a challenging job to find an adequate standard. The conclusions drawn from the ratios can be no better than the standards against which they are compared. 38

39 CONCLUSION & SUGGESTIONS: The sales revenue of the TATA motors ltd was high, but it was observed that the gross profit margin of the company was not increasing as per or there was not proportionate change in that as compare to net sales. Operating profit which represents the profit earned from producing and selling product was also low as compared to the sales volume of the company. Therefore, the company needs to reduce its expenses to be able to pay its debts and gain more earnings after taxes. Net profit margin which measures how profitable a company s sales are after deducting all expenses interest, taxes & preferred stock dividends declines from 6.33 to 0.97 during the given period, which implies lower level of profitability of company. Earning taxes, which are available for common stockholders, were also low as compared to the sales volume of the company. This is due to effect of high expenses on the cost of goods sold and other expenses. Finally the company is loss making or rather we can say decreasing their profitability but they have good future opportunities, it has took carefully at controlling the costs of goods sold and reduce its expenses to avoid facing difficult financial conditions in the future. 39

40 ANNXURE: BALANCE SHEET: (Rs in cr.) Particular March 2010 March 2011 March 2012 March 2013 March 2014 Source of funds Total share capital Equity share capital Share application money Preference share capital Reserves Net worth Secured loans Unsecured loans Total debt Total liabilities Application of funds Gross block Application of fund Less: accm.depreciation Net block Capital work in progress Investments Inventories

41 Sundry debtors Cash and bank balance Total current assets Loans and advances Fixed deposits Total CA, Loans & advances Deferred credit Current liabilities Provisions Total CL & provisions Net current assets Miscellaneous expenses Total assets Contingent liabilities Book value (Rs)

42 PROFIT & LOSS STATEMENT: (Rs in cr.) Particular Mar '14 Mar '13 Mar '12 Mar '11 Mar '10 Income 34, , , , ,173.3 Sales Turnover Excise Duty , Net Sales 34, , , , ,373.2 Other Income 3, , , Stock Adjustments Total Income 37, , , , ,200.7 Expenditure Raw Materials 26, , , , ,366.1 Power & Fuel Cost Employee Cost 2, , , , , Other Manufacturing Expenses , Selling and Admin Expenses , Miscellaneous Expenses 5, , , , , Preoperative Exp Capitalized Total Expenses 34, , , , ,

43 Operating Profit , , , , PBDIT 2, , , , , Interest 1, , , , , PBDT 1, , , , , Depreciation 2, , , , , Other Written Off Profit Before Tax - 1, , , , Extra-ordinary items PBT (Post Extra-ord Items) Tax - 1, , , , , Reported Net Profit , , , Total Value Addition 8, , , , , Preference Dividend Equity Dividend , , Corporate Dividend Tax Per share data (annualized) Shares in issue (lakh) 32, , , , , Earnings Per Share (Rs)

44 Equity Dividend (%) Book Value (Rs)

45 BIBLIOGRAPHY: Lazaridis, I., & Tryfonidis, D. (2006) Relationship between working capital management and profitability of listed companies in the stock exchange. Journal of Financial management and analysis, 19(1),pp Pandey, I.M.(2006). Financial management Text and Cases. 9 th Publishing House, New Delhi,pp Edition, Vikas Ruistagi, R.P.(1999). Financial Management, Theory Concepts and problems. Galgotia publisshing company, New Delhi, p.70. Pandey,S.(2012). Financial structure and Profitability of IFCI Ltd,: an emperical analysis. Indian journal of finance, 6(10), pp Websites: