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4689 09.Mr. Ashok Ku Aayushi International Interdisciplinary Research Journal (AIIRJ) PEER REVIEW IMPACT FACTOR ISSN VOL- VII ISSUE- IX SEPTEMBER 2020 e-JOURNAL 6.293 2349-638x A CRITICAL ANALYSIS OF THE STEEL INDUSTRY WITH SPECIAL REFERENCE TO FINANCIAL PERFORMANCE Mr. Ashok Kumar Research Scholar, Department of Commerce and Management Maharshi Arvind University, Jaipur (Raj.) ABSTRACT This research paper examines the financial performance of identified units in the steel industry in India in terms of financial ratios such as Liquidity, Solvency, Activity and Profitability position. A group companies listed in the stock exchanges in India namely, Tata Steel Ltd., Jindal Steel & Power Ltd., J S W Steel Ltd., and Steel Authority of India Ltd. are selected for this study. To evaluate the impact of selected variables on the financial performance of identified units in the steel industry, ANOVA-Test analysis is used. Key words: Financial Performance, Steel Industry, Financial Ratio INTRODUCTION Steel is crucial to the development of any modern world’s third largest crude steel producer and is the largest producer of direct reduced iron (DRI) or economy and is considered to be the backbone of sponge iron in the world. Crude steel production rose human civilization. The level of per capita at a compounded annual growth rate (CAGR) of consumption of steel is treated as an important index 5.71% annually from 78.415 million tonnes in 2014- of the level of socioeconomic development and 15 to 97.936 million tonnes in 2018- 19.During living standards of the people in any country. It is a January-December 2019, the country's crude steel product of a large and technologically complex production crossed the 100 million tonnes (MT) industry having strong forward and backward mark for the first time in history, reaching linkages in terms of material flows and income 101.371MT (provisional; source: JPC), a growth of generation. 6.18% over same period of 2018. India’s finished Steel industry is the backbone of the steel exports 8.24 MT, while imports dipped by 36.6 country’s growth and development as the rate of per cent to 7.42 MT in 2018-19. Finished steel consumption of steel indicates the level of socio exports increased 52.9 per cent in April-December economic development in the country and the 2019 to 7.606 MT, while imports rose 10.9 per cent standard of living of the people of the country. The to 6.096 MT during the same period. Total demand for steel is mainly driven by automobile, consumption of finished steel increased by 5.2 per infrastructure and construction industries, accounting cent year-on-year at 64.867 MT during April- for over 75 per cent of the total steel consumed in the December 2019. country. It has a pivotal role in making ‘Make in The operational performance and India’ vision of the Government of India to a consumption of total finished steel (alloy + non mission. Thus steel has a phenomenal presence in the alloy) and production of crude steel for the last five growth agenda of the country and also in the day to years and April-December 2019-20 (provisional) are day life of the people. shown in the table below: Indian Steel industry contributes nearly 2 percent to the country’s gross domestic product (GDP) and forms 16 percent of the Indian manufacturing sector. It employs nearly 25 lakhs people in the steel/allied sector. Currently India is the Email id’s:- [email protected],[email protected] I Mob.08999250451 Page No. website :- www.aiirjournal.com 46 Aayushi International Interdisciplinary Research Journal (AIIRJ) PEER REVIEW IMPACT FACTOR ISSN VOL- VII ISSUE- IX SEPTEMBER 2020 e-JOURNAL 6.293 2349-638x Table-1: Production of Finished Steel profits coupled with rising interest rates by RBI to (alloy/stainless +non-alloy) and Crude Steel(in combat inflation. The profit after tax (PAT) of all million tones) leading steel players have declined in nominal terms Ite 201 201 201 201 201 April- from 2016-17 onwards which is witnessed from the m 4-15 5-16 6-17 7-18 8-19 Decemb Table:2 given below: er 2019- Table-2 : PAT of leading players (Rs. Crores) 20 Company Profit/Loss After Tax Finished Steel 206-17 2017-18 2018-19 Product 89.6 95.5 100. 102. 115. 86.6 TATA 3925.52 3049.32 4168.57 ion 21 77 681 904 91 99 STEEL (1.4 JSW STEEL 1719.70 850.76 3454.05 ) JSPL 1454.59 1998.63 2540.22 Import 7.92 5.45 9.32 11.7 7.22 6.0 SAIL 2093 4021 2833 s 5 12 7 97 Source: PAT figures are taken from Consolidated (11. financial results from Bombay Stock Exchange 0) (BSE) Exports 5.36 5.98 5.59 4.07 8.24 7.6 8 5 6 9 3 06 The declining profit margin of the corporate (52. and the rising bad assets in the book of banks also 9) nosedived the credit growth rate of the banks to the Consum 73.4 74.0 76.9 81.5 84.0 64.8 iron and steel industry as banks are being ption 83 96 92 25 42 68 overcautious while lending to this sector. Steel sector (5.2 is the largest defaulter both in terms of corporate and ) amount outstanding as evident from the recent report Crude Steel released by Insolvency and Bankruptcy Board of Produc 78.4 81.6 88. 89.7 97.9 75.6 India (IBBI). tion 15 94 98 91 36 42 (4.8) REVIEW OF LITERATURE Rooh Ollah Arab, Seyed Saadat Masoumi Source: JPC; * Provisional; Figures in bracket () and Azadeh Barati (2015) analysed the performance indicate % change over same period of last year of the iron and steel companies in respect of liquidity, solvency, profitability and activity over the The steel industry showed a stellar period starting from 2003-04 to 2012-13.Five performance between 2003-04 and 2007-08.During companies were selected for the study : Steel this period the production and consumption grew at a Authority of India Ltd., Tata Steel Ltd., J S W Steel compounded annual growth rate (CAGR) of 8.3 per Ltd, Jindal Steel & Alloy Ltd. and Bhushan Steel cent and 12 per cent respectively. The phenomenal Ltd. To test the hypothesis One way ANOVA test growth story of the Indian steel industry from 2003- was conducted on sixteen different ratios selected 07 is overshadowed by the recent doldrums in the from different segment like liquidity, solvency, steel sector which is witnessed by the spike in the activity and profitability such as current ratio, quick amount of stressed assets in the iron and steel ratio, absolute cash ratio, financial institutions and industry in the last couple of years. During the period creditors selling goods on debt-equity ratio, total of boom in the economy many steel companies went assets to debts ratio, proprietary ratio, interest for expansion projects heavily backed by borrowed coverage ratio, total asset turnover, inventory or capital from banks. The highly leveraged capital stock turnover ratio, debtors turnover ratio, creditor structure made it difficult for the steel companies to turnover ratio, gross profit margin, net profit margin, meet their debt service obligations due to falling operating ratio, return on investment and earning per Email id’s:- [email protected],[email protected] I Mob.08999250451 Page No. website :- www.aiirjournal.com 47 Aayushi International Interdisciplinary Research Journal (AIIRJ) PEER REVIEW IMPACT FACTOR ISSN VOL- VII ISSUE- IX SEPTEMBER 2020 e-JOURNAL 6.293 2349-638x share .The analysis revealed that there exists Sampling: substantial difference in the financial performance of For the study of financial performance of the identified units studied under the iron and steel steel industry of India, following large sector steel industry. Dr. C. Balakrishnan (2016) evaluated the entitites listed in BSE are selected: Tata Steel, JSW financial performance of the steel industry on the Steel, Jindal Steel and Power Ltd, Steel Authority of parameters like profitability, asset utilization , India Ltd, are chosen growth of performance, financial strength and Data Analysis: financial health over the period from 2003-04 to Anova-Test analysis is conducted on sixteen 2012-13. Ten companies were selected for the study: financial ratios (variables) selected from the Steel Authority of India Limited (SAIL) Tata Steel aforementioned segments like liquidity, solvency, Limited (TSL) Uttam Galva Steels Limited (UGSL) activity and profitability term indebtedness of a firm JSW Steel Limited (JSW) Jindal Stainless Limited includes debenture holders, such as current ratio, (JSL) Essar Steel Company Bhushan Steel Ltd (BSL) quick ratio, absolute cash ratio, debt-equity ratio, Rhastrya Steel Company Sunflag Iron & Steel total assets to debts ratio, proprietary ratio, interest Company Limited Surya Roshni Limited .Multiple coverage ratio, total asset turnover, inventory Regression model and One –way ANOVA tests were turnover ratio, debtors turnover ratio, creditor employed for analysis and interpretation of data. The turnover ratio, gross profit margin, net profit margin, major findings were that the assets of the selected operating ratio, return on investment and earning per companies increased over the time period of study share. but the asset turnover ratio declined over the period. HYPOTHESIS OF STUDY The current ratio, quick ratio and the inventory The following hypotheses are framed for the study: turnover ratio positively influenced the return on H1 There is no significant difference in the equity. Thus in order to compete globally continuous financial performance of identified units in monitoring of financial performance of the steel the steel industry in India with respect to companies and rational financial decision making is liquidity position.
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