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A Comparative Study of
Financial Performance And
Growth Of TATA Steel Ltd and
JSW Steel Ltd.
BY
Abdulzahra slman
Under guidence
Mrs.Madhura Bhagwat
Presentation
Presentation
 Chapter 1- Nature and scope of the study.
 Chapter 2- Concept of financial performance.
 Chapter 3- Ratios analysis as a technique of
measuring financial performance.
 Chapter 4- Profile of the companies under study.
 Chapter 5 - Analysis and interpretation of data.
 Chapter 6- findings and suggestion.
Financial performance refers to the
degree to which financial objectives are
being or have been accomplished.
It is the process of measuring the result
of a firm’s policies and operation in
monetary term.
Positive of financial performance in
business activities of an entity will lead to
high profit, increase reserve and
goodwill is the stockmarket.
Ratio is a mathematical
relationship between any two
inter-related variables.
. Ratio is designed to show how one
number is related to another. Ratio
analysis is an instrument for diagnosis of
the financial health of an enterprise.
. In financial analysis, a ratio is used as an
index for evaluating the financial position
of the concern
 Profitability ratios
 Liquidity ratios
 Leverage ratios
 Turnover ration/activity ratios or
efficiency ratios
PROFITABILITY
RATIO
0
5
10
15
20
25
2010 2011 2012 2013 2014
JSW
TATA
×100
0
5
10
15
20
25
30
35
40
2010 2011 2012 2013 2014
JSW
TATA
×100
=
JSW 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
EAT+Interest 2881.66 2705.85 2812.27 3525.7 4074.63
capital employed 30878.28 41558.38 50591.11 54615.35 68425.68
RCE Ratio % 9.332320324 6.510961207 5.55882249 6.45551113 5.95482573
TATA 2010 2011 2012 2013 2014
EAT+Interest 6554.48 8166.18 8621.84 4650.4 6939.74
capital employed 73232.39 89551.7 96191.06 101876.93 111040.41
RCE Ratio % 8.950247288 9.118955866 8.96324461 6.91004332 6.24974277
×100
JSW 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
Profit after tax 2022.74 2010.67 1625.86 1801.22 1334.51
net worth 9709.23 16695.89 18497.49 19937.37 24284.18
ROE % 20.83316597 12.04290397 8.78962497 9.0343912 5.49538836
TATA 2010 2011 2012 2013 2014
Profit after tax 5046.8 6868.69 9857.35 5062.97 6412.19
net worth 36961.8 46766.43 52621.36 55209.68 61147.99
ROE % 13.65409693 14.68722329 18.7326021 9.17043895 10.4863463
0
20
40
60
80
100
120
2010 2011 2012 2013 2014
JSW
TATA
×100
=
0
0.02
0.04
0.06
0.08
0.1
0.12
0.14
0.16
0.18
2010 2011 2012 2013 2014
JSW
TATA
Presentation
JSW Steel Ltd. 2009-10 2010-11 2011-12 2012-13 2013-14
Current assets 10188.37 8934.27 14346.61 14322.34 14998.81
current liabilities 10064.73 12676.45 17437.82 15559.92 20671.6
current ratio 1.012284483 0.704792746 0.822729561 0.920463601 0.725575669
TATA Steel Ltd. 2010 2011 2012 2013 2014
Current assets 12246.69 18113.02 12864.5 11530.6 11564.6
current liabilities 8999.61 13095.89 16903.64 16488.65 18881.78
current ratio 1.360802301 1.383107219 0.761049099 0.69930528 0.612474036
JSW Steel Ltd. 2010 2011 2012 2013 2014
quick assets 2973.75 6049.96 9167.53 9523.24 8802.24
current liabilities 10064.73 12676.45 17437.82 15559.92 20671.6
quick ratio 0.295462471 0.477259801 0.52572684 0.612036566 0.425813193
TATA Steel Ltd. 2010 2011 2012 2013 2014
quick assets 2453.99 3953.76 4858.99 5257.94 6007.81
current liabilities 8999.61 13095.89 16903.64 16488.65 18881.78
quick ratio 0.272677372 0.301908461 0.287452288 0.318882383 0.318180277
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
2010 2011 2012 2013 2014
JSW
TATA
Presentation
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
2010 2011 2012 2013 2014
JSW
TATA
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
2010 2011 2012 2013 2014
JSW
TATA
JSW 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
totalliabilities 21171.94 24333.11 32093.62 34677.98 44141.5
totalassets 30878.8 41558.38 50591.11 54615.35 68425.68
TL To TA 0.6856465 0.585516 0.634373 0.6349493 0.645101371
TATA 2010 2011 2012 2013 2014
totalliabilities 36270.59 41107.09 41294.7 44392.25 44392.25
totalassets 73232.39 89551.72 96191.06 101876.93 111040.41
TL To TA 0.4952807 0.459032 0.429299 0.4357439 0.399784637
0
1
2
3
4
5
6
7
8
9
2010 2011 2012 2013 2014
JSW
TATA
Turnover ratio / Activity
ratio / Efficiency ratio
JSW 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
CostofGS 13929.58 18889.71 21365.67 23098.37 27756.11
averagestook 2585.77 3362.09 4658.75 4989.09 5497.84
inventoryTR 5.3870143 5.618443 4.586138 4.6297762 5.048548157
TATA 2010 2011 2012 2013 2014
CostofGS 16396 18162.27 11050.43 13534.39 13548.24
averagestook 2661.14 3515.76 4406.38 5058.47 5632.88
inventoryTR 6.1612692 5.165958 2.507825 2.6755897 2.405206573
0
10
20
30
40
50
60
70
80
2010 2011 2012 2013 2014
JSW
TATA
It in net sales’valume
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
2010 2011 2012 2013 2014
JSW
TATA
increase of capital employed
0
20000
40000
60000
80000
100000
120000
2010 2011 2012 2013 2014
JSW
TATA
There is increase in JSW’s debt at 102%. It automatically
led to an increase of the interest at 219%, this finally led to
reduction of the net profit at (-34%), and earnings per share.
While TATA’s net profit increased at 27% during the last five
years , and interest at 50.6%,
JSW had an increase in the current liabilities at 171.2%
during the period
While TATA had an increase in current liabilities at 109.8%
during the period
JSW had increasing in company’s debt at 108%,
There was an increase in share capital of JSW last year at
89.5%, and increase of capital reserve i.e. 44%.
For TATA, there is increase in debt of company at 74.6%
for last 5 years.
Findings
TATA’s share capital increased at 9.5%, and
capital reserve increased at 66.8% in first 2 years
of period
Debtor turnover ratio for JSW decreased from
44.5 times to 22.1 times during the period
TATA’s debt turnover ratio was fine till 2010-
11which reached 68.1 times yearly, and reduced
to 53.2 in last 3 years
JSW was in an expansion phase in its sales
which increased at 148.8% during the period
TATA got marginal expansion at 66.7% in its
sales during the period
Findings
•JSW had expanded its capital employed at 121%
((from 30878.28 to 68425.68 crores)). This growth
came from an increase of equity at 150%, and
liabilities at 64.5%
•TATA had growth in capital employed at 98.2%.
•TATA’s growth was in slower index, but the company
maintained the good financial position, while JSW had
faster index growth, but it has come with increase in
financial risk.
•There was a reduction in global demand for iron steel
in last 4 years, which affected upon JSW’s financial
position more than TATA’s financial position.
Findings
 JSW steel should try to repay a large part of
the debt, at the earliest. This will lead to
reduced interest burden and enhanced
profitability.
 . JSW must only expand to an extent where
the increased production can be sold in local
and global markets
 JSW must try to increase its market share, so
that the increased production can be sold
and generate profits.
 JSW should review its debtor’s policy to
control its debt and avoid high bad debt in
future.
 JSW should maintain more cash and
marketable securities which will enable the
company to face any unexpected problem
or contingencies in future.
 Tata has been adversely effected by adverse
macro-economic condition, it has to look for
alternative market whether than domestic or
global market,
 Tata Steel should continue its good
performance and try to increase its market
share
 Tata should get high profit and high dividend
as compared to competitors to improve its
share price in security’s market.
 Tata should make better utilization of its
inventory and have proper inventory
management system in place. This will lead to
increase in efficiency
 Both of Tata steel and JSW steel are in global
market level, these led the company’s sales
to influence in any crisis happened in any
market of its production. Moreover, in any
developed countries, the infrastructure is at a
top level. Hence, the demand on iron steel is
very less, so both companies should look up
to alternative market in developing countries
Presentation
Presentation
Presentation

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Presentation

  • 1. A Comparative Study of Financial Performance And Growth Of TATA Steel Ltd and JSW Steel Ltd. BY Abdulzahra slman Under guidence Mrs.Madhura Bhagwat
  • 4.  Chapter 1- Nature and scope of the study.  Chapter 2- Concept of financial performance.  Chapter 3- Ratios analysis as a technique of measuring financial performance.  Chapter 4- Profile of the companies under study.  Chapter 5 - Analysis and interpretation of data.  Chapter 6- findings and suggestion.
  • 5. Financial performance refers to the degree to which financial objectives are being or have been accomplished. It is the process of measuring the result of a firm’s policies and operation in monetary term. Positive of financial performance in business activities of an entity will lead to high profit, increase reserve and goodwill is the stockmarket.
  • 6. Ratio is a mathematical relationship between any two inter-related variables. . Ratio is designed to show how one number is related to another. Ratio analysis is an instrument for diagnosis of the financial health of an enterprise. . In financial analysis, a ratio is used as an index for evaluating the financial position of the concern
  • 7.  Profitability ratios  Liquidity ratios  Leverage ratios  Turnover ration/activity ratios or efficiency ratios
  • 9. 0 5 10 15 20 25 2010 2011 2012 2013 2014 JSW TATA ×100
  • 10. 0 5 10 15 20 25 30 35 40 2010 2011 2012 2013 2014 JSW TATA ×100
  • 11. = JSW 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 EAT+Interest 2881.66 2705.85 2812.27 3525.7 4074.63 capital employed 30878.28 41558.38 50591.11 54615.35 68425.68 RCE Ratio % 9.332320324 6.510961207 5.55882249 6.45551113 5.95482573 TATA 2010 2011 2012 2013 2014 EAT+Interest 6554.48 8166.18 8621.84 4650.4 6939.74 capital employed 73232.39 89551.7 96191.06 101876.93 111040.41 RCE Ratio % 8.950247288 9.118955866 8.96324461 6.91004332 6.24974277
  • 12. ×100 JSW 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 Profit after tax 2022.74 2010.67 1625.86 1801.22 1334.51 net worth 9709.23 16695.89 18497.49 19937.37 24284.18 ROE % 20.83316597 12.04290397 8.78962497 9.0343912 5.49538836 TATA 2010 2011 2012 2013 2014 Profit after tax 5046.8 6868.69 9857.35 5062.97 6412.19 net worth 36961.8 46766.43 52621.36 55209.68 61147.99 ROE % 13.65409693 14.68722329 18.7326021 9.17043895 10.4863463
  • 13. 0 20 40 60 80 100 120 2010 2011 2012 2013 2014 JSW TATA ×100
  • 16. JSW Steel Ltd. 2009-10 2010-11 2011-12 2012-13 2013-14 Current assets 10188.37 8934.27 14346.61 14322.34 14998.81 current liabilities 10064.73 12676.45 17437.82 15559.92 20671.6 current ratio 1.012284483 0.704792746 0.822729561 0.920463601 0.725575669 TATA Steel Ltd. 2010 2011 2012 2013 2014 Current assets 12246.69 18113.02 12864.5 11530.6 11564.6 current liabilities 8999.61 13095.89 16903.64 16488.65 18881.78 current ratio 1.360802301 1.383107219 0.761049099 0.69930528 0.612474036
  • 17. JSW Steel Ltd. 2010 2011 2012 2013 2014 quick assets 2973.75 6049.96 9167.53 9523.24 8802.24 current liabilities 10064.73 12676.45 17437.82 15559.92 20671.6 quick ratio 0.295462471 0.477259801 0.52572684 0.612036566 0.425813193 TATA Steel Ltd. 2010 2011 2012 2013 2014 quick assets 2453.99 3953.76 4858.99 5257.94 6007.81 current liabilities 8999.61 13095.89 16903.64 16488.65 18881.78 quick ratio 0.272677372 0.301908461 0.287452288 0.318882383 0.318180277
  • 22. JSW 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 totalliabilities 21171.94 24333.11 32093.62 34677.98 44141.5 totalassets 30878.8 41558.38 50591.11 54615.35 68425.68 TL To TA 0.6856465 0.585516 0.634373 0.6349493 0.645101371 TATA 2010 2011 2012 2013 2014 totalliabilities 36270.59 41107.09 41294.7 44392.25 44392.25 totalassets 73232.39 89551.72 96191.06 101876.93 111040.41 TL To TA 0.4952807 0.459032 0.429299 0.4357439 0.399784637
  • 24. Turnover ratio / Activity ratio / Efficiency ratio
  • 25. JSW 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 CostofGS 13929.58 18889.71 21365.67 23098.37 27756.11 averagestook 2585.77 3362.09 4658.75 4989.09 5497.84 inventoryTR 5.3870143 5.618443 4.586138 4.6297762 5.048548157 TATA 2010 2011 2012 2013 2014 CostofGS 16396 18162.27 11050.43 13534.39 13548.24 averagestook 2661.14 3515.76 4406.38 5058.47 5632.88 inventoryTR 6.1612692 5.165958 2.507825 2.6755897 2.405206573
  • 27. It in net sales’valume 0 5000 10000 15000 20000 25000 30000 35000 40000 45000 50000 2010 2011 2012 2013 2014 JSW TATA
  • 28. increase of capital employed 0 20000 40000 60000 80000 100000 120000 2010 2011 2012 2013 2014 JSW TATA
  • 29. There is increase in JSW’s debt at 102%. It automatically led to an increase of the interest at 219%, this finally led to reduction of the net profit at (-34%), and earnings per share. While TATA’s net profit increased at 27% during the last five years , and interest at 50.6%, JSW had an increase in the current liabilities at 171.2% during the period While TATA had an increase in current liabilities at 109.8% during the period JSW had increasing in company’s debt at 108%, There was an increase in share capital of JSW last year at 89.5%, and increase of capital reserve i.e. 44%. For TATA, there is increase in debt of company at 74.6% for last 5 years. Findings
  • 30. TATA’s share capital increased at 9.5%, and capital reserve increased at 66.8% in first 2 years of period Debtor turnover ratio for JSW decreased from 44.5 times to 22.1 times during the period TATA’s debt turnover ratio was fine till 2010- 11which reached 68.1 times yearly, and reduced to 53.2 in last 3 years JSW was in an expansion phase in its sales which increased at 148.8% during the period TATA got marginal expansion at 66.7% in its sales during the period Findings
  • 31. •JSW had expanded its capital employed at 121% ((from 30878.28 to 68425.68 crores)). This growth came from an increase of equity at 150%, and liabilities at 64.5% •TATA had growth in capital employed at 98.2%. •TATA’s growth was in slower index, but the company maintained the good financial position, while JSW had faster index growth, but it has come with increase in financial risk. •There was a reduction in global demand for iron steel in last 4 years, which affected upon JSW’s financial position more than TATA’s financial position. Findings
  • 32.  JSW steel should try to repay a large part of the debt, at the earliest. This will lead to reduced interest burden and enhanced profitability.  . JSW must only expand to an extent where the increased production can be sold in local and global markets  JSW must try to increase its market share, so that the increased production can be sold and generate profits.
  • 33.  JSW should review its debtor’s policy to control its debt and avoid high bad debt in future.  JSW should maintain more cash and marketable securities which will enable the company to face any unexpected problem or contingencies in future.  Tata has been adversely effected by adverse macro-economic condition, it has to look for alternative market whether than domestic or global market,
  • 34.  Tata Steel should continue its good performance and try to increase its market share  Tata should get high profit and high dividend as compared to competitors to improve its share price in security’s market.  Tata should make better utilization of its inventory and have proper inventory management system in place. This will lead to increase in efficiency
  • 35.  Both of Tata steel and JSW steel are in global market level, these led the company’s sales to influence in any crisis happened in any market of its production. Moreover, in any developed countries, the infrastructure is at a top level. Hence, the demand on iron steel is very less, so both companies should look up to alternative market in developing countries