A Study On Capital Structure and Financial Performance of Indian Textile Industry

International Journal of Management (IJM)
Volume 7, Issue 3, March-April 2016, pp.313322, Article ID: IJM_07_03_030

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IAEME Publication
A STUDY ON CAPITAL STRUCTURE AND

FINANCIAL PERFORMANCE OF INDIAN
TEXTILE INDUSTRY
Dr. K. K. Ramachandran
Director, Vice Principal,
GRD School of Commerce and International Business,
Dr.G.R. Damodaran College of science, Coimbatore, Tamilnadu
M. Madhumathy
Research scholar,
GRD School of Commerce and International Business,
Dr.G.R. Damodaran College of science, Coimbatore, Tamilnadu
ABSTRACT
The Capital structure is one of the most basic and important research
fields in theory of corporate finance. Capital structure of an organisation is
being affected by many features, and an organisation must try to decide most
favorable blend of investment or funding. Even after 57 years of Modigliani
and Miller irrelevance theorem, the basic question how firm chooses their
capital structure remains unclear. The Indian textile Industry has an
overwhelming presence in the economic life of the country. It is the second
largest textile industry in the world after China. Apart from providing one of
the basic necessities of life the cloth, the textile industry contributes to the
countrys industrial output and export earnings. In this paper an attempt is
made to identify the impact between capital structure and financial
performance of the textile industry.
Key words: Capital structure, Indian Textile industry, Profitability ratio,
Financial performance and Correlation
Cite this Article: Dr. K. K. Ramachandran and M. Madhumathy. A Study on
Capital Structure and Financial Performance of Indian Textile Industry.
International Journal of Management, 7(3), 2016, pp. 313322.
http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=7&IType=3
http://www.iaeme.com/IJM/index.asp
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Dr. K. K. Ramachandran and M. Madhumathy
INTRODUCTION
Capital structure is the most significant discipline of companys operations. Capital
structure represents the total long-term investment in a business firm. It includes
funds raised through ordinary shares, preference shares, bonds, debentures and term
loans from financial institutions, etc. Decision regarding the type of capital structure
of a company should play a critical role since capital has impacts on profitability and
solvency. Small companies often do not plan their capital structure; the capital
structure is allowed to develop without any formal planning. These companies may
do well in the short run; however, sooner or later they face considerable difficulties.
The unplanned capital structure does not permit a fiscal use of the funds for the
company, irrespective of its size. A company should therefore plan its capital
structure in such a way that it derives maximum advantage out of it and should easily
adjust to the changing conditions. The determination of an optimum capital structure
in practice is a formidable task, and has to go beyond the theory. A number of factors
influence the capital structure decision of a company. The judgment of the person or
group of persons making the capital structure decision plays a crucial role. Two
similar companies may have different capital structures, if the decision makers differ
in their judgment about the significance of various factors.
The Indian textile industry is one of the largest in the world with a massive raw
material and textile manufacturing base. Our economy is largely dependent on the
textile manufacturing and trade in addition to other major industries. It is second
largest in the world next to China. The Indian textile industry contributes to nearly 12
percent of Indias forex earnings. This is the only industry which has been posting
growth graph year after year. Though India is self-sufficient in textile industry, the
countrys share in the world market is a just four percent compared to 35 percent of
China. India needs to focus on scaling operation if this scenario has to change. It can
be achieved only through investments in the mega Textile Park, which can then be
single point manufacturing and disbursing centers for export needs. This can also be
a safe revenue model for the countrys textile needs. As of Indias position in the
global textile value chain, the numbers are impressive. India hosts roughly 25 percent
of the global spinning capacity. India produces 20 percent of global cotton supply
both for domestic use and for export. The country ranks number two in the global
textile and apparel exports. Above 27 percent of the foreign exchange earnings are on
account of exports of textiles and clothing alone. The textile industry accounts for 21
percent of the total employment generated in the economy.
The textile sector is highly diverse and has hand-spun and hand- woven segments
at one end of the spectrum, and capital intensive sophisticated modern mills on the
other.
TEXTILE SECTOR REMAINS HIGHLY-FRAGMENTED

The textile segment is highly fragmented and many large textile companies are also
conglomerates of medium-sized mills. According to the statistics released by the
Ministry of textiles, the entire textile industry is highly fragmented except the
spinning sub-segment. The organised sector contributes more than 95 percent of
spinning and about 5 percent of weaving fabric. Small scale industries perform the
bulk of weaving and processing operations. The unorganized sector forms the bulk of
the industry, comprising handlooms, power looms, hosiery and knitting, readymade
garments, khadi and carpet manufacturing units. The organised mill sector consists of
spinning mills involved only in spinning activities and composite mills where
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A Study on Capital Structure and Financial Performance of Indian Textile Industry
spinning, weaving and processing activities are carried out under a single roof. These
organised units are mostly independent and small scale in nature unlike the composite
units that undertake all activities together.
STATEMENT OF THE PROBLEM

In reality, capital structure of a firm is difficult to determine. Financial managers are
finding it challenging to determine the optimum capital structure. A firm has to issue
various securities in a countless mixture to come across particular combinations that
can maximize its overall value. If a wrong mix of finance is employed; the
performance and survival of the business enterprise may be seriously affected.
Survival and growth needs resources, but financing of these resources has limitation.
Therefore, the present study is undertaken to know the impact of capital structure on
the financial performance of selected Indian textile companies.
OBJECTIVES OF THE STUDY
To analyze the financial performance of selected textile companies.

To study the inter -company variation with regards to resorting to various sources of
finance
RESEARCH METHODOLOGY
Source of information
The study is based on secondary data. The main source of data is from Capitaline Plus
database; it has detailed financial and non-financial information of about 15,000 listed
and unlisted companies, annual reports of the sample unit and to supplement the data
different publications, various books, journals and different websites related to textile
industry have been used for better reliability.
Period of the study

The study covers a period of ten financial years from 2004-2005 to 2013-2014.
Sampling
Ten textile companies are taken for the study. They are Ambika Cotton Mills Limited,
Banswara Syntex Limited, Bannari Amman Spinning Mills, Bombay Rayon Fashion
Limited, Century Enka Limited, Kitex Garments Limited, KPR Mill Limited,
Mandhana Industries, Nitin Spinners Limited and Page Industries Limited. All ten
companies taken for the study are listed in the both Bombay Stock Exchange (BSE)
and National Stock Exchange (NSE) with a market capitalisation over 100 Crores.
Tools for Analysis

Percentage analysis and multiple correlation tests are applied to analyse the collected
data.
LIMITATIONS OF THE STUDY
The study carries all the limitations inherent with the secondary data and financial
information.
The study restricted to selected companies for the period of ten years only.
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Various accounting and statistical tool extensively used for the study have their own
incidental limitations.
REVIEW OF LITERATURE
Modigliani and Miller Approach (1958) according to them MM hypothesis is based
on the idea that no matter how you divide up the capital structure of a firm among
debt, equity, and other claim, there is a conservation of investment value. The total pie
does not change as it is divided into debt, equity, and other securities. The sum of the
parts must equal the whole; so regardless of financing mix, the total value of the firm
stays the same.
Anshu Handoo and Kapil Sharma (2009) conducted a research on A study on
determinants of capital structure in India they observed that, the trade off a company
makes between financial flexibility and fiscal discipline is the most important
consideration in determining its capital structure and far outweighs any tax benefits,
which are negligible for most large companies unless they have extremely low debt.
Hypotheses based on comparing the relationships between short term debt, long term
debt, and total debt and 10 explanatory variables that represent profitability, growth,
asset tangibility, size, cost of debt, liquidity, financial distress, tax rate debt serving
capacity, and age were developed to test which independent variable best explained
the capital structure of Indian companies.
Zhenting Lee, Shuting Liang and Anton Miglo (2014) in their study on Capital
structure of internet companies analysed that large internet companies usually have
low debt and small internet companies have high debt. They found that the trade-off
theory of capital structure, pecking order theory, market timing theory and other
theories cannot individually determine a firms capital structure and their use of
sources of financing accurately, but can complement each other.
Mubeen Mujahid and Kalsoom Akhtar (2014) conducted a study on Impact of
Capital structure on firms financial performance and shareholders wealth: Textile
sector of Pakistan concluded that the Capital structure of the firms have the
significant positive impact on the Firms Financial Performance and Shareholders
wealth. They have done the regression analysis on 6 years data from 2006 to 2011 of
Overall textile sector including 155 firms to analyze the impact of Capital structure on
the Firms Financial Performance and Shareholders wealth in Textile sector of
Pakistan. They have used Return on Equity (ROE) and Return on Assets (ROA) ratios
as Firms performance measures to assess the impact of Capital structure on the Firms
financial performance and EPS ratio as shareholders wealth measure to check the
affiliation between Capital structure of the firms and their shareholders wealth.
DEBT -EQUITY RATIO

The debt-equity ratio is determined to ascertain the soundness of the long term
financial policies of the company. It is also known as External-Internal equity ratio.
It can be calculated as the proportion of external equities to internal equities. Debt
Equity ratio indicates the degree of leverage of a company. Higher the ratio indicates
less protection for the creditors and depositors of the company.
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Table 1 Debt Equity ratio over the period of 2004 -2005 to 2013-2014
COMPANY NAME
MEAN SD
1. Ambika Cotton Mills Limited
1.41
0.78
2. Banswara syntax Limited
3.54
0.42
3.Bannari Amman Spinning Mills
1.85
0.76
4.Bombay Rayon Fashion Limited
1.15
0.45
5.Century Enka Limited
0.56
0.25
6.Kitex Garments Limited
2.33
1.49
7.KPR Mill Limited
1.78
2.33
8.Mandhana Industries
2.17
0.74
9.Nitin Spinners Limited
2.57
1.07
10. Page Industries Limited
0.71
0.50
Average
1.81
0.88
Source: Secondary data compiled from Capitaline Plus database.
CV
55.32
11.86
41.08
39.13
44.64
63.95
130.79
34.10
41.63
70.42
53.29
MIN
0.27
3
0.54
0.59
0.25
0.69
0.63
1.53
0.92
0.37
0.91
MAX
2.51
4.2
2.78
2
0.96
5.14
8.39
3.81
4.05
1.97
3.58
The table 1 shows that the lower debt-equity ratio in Century Enka Limited and
Page Industries Limited provides the greater long term financial safety to its creditors
whereas other companies provide less protection to their creditors because of their
higher debt -equity ratio. The deviation is less in Century Enka Limited (0.25) which
is very good, whereas in KPR Mill Limited (2.33) it is too high. The ratio was more
consistent in term of dispersion for Banswara Syntex Limited (CV: 11.86) and less
consistent for KPR Mill Limited (CV: 130.79).The minimum debt- equity ratio is
maintained by Ambika Cotton Mills Limited and Century Enka limited in the year
2014. The maximum debt -equity is by KPR Mill Limited in the year 2005 and Kitex
Garments Limited in 2007.
NET PROFIT MARGIN

Net profit margin also called profit margin is the most basic profitability ratio that
measures the percentage of net income of an entity to its net sales.Net profit margin is
used to compare profitability of competitors in the same industry. It can also be used
to determine the profitability potential of different industries. It depends on the extent
of competition, elasticity of demand, production differentiation, etc. of the relevant
product or market.
Table 2 Net Profit Margin over the period of 2004 -2005 to 2013-2014
COMPANY NAME
MEAN
SD
10.39
4.06
2.50
1.64
7.94
7.62
7.10
7.74
3.16
2.57
6.81
2.94
7.KPR Mill Limited
7.18
5.36
6.70
1.61
2.02
3.95
11.45
2.09
Average
6.53
3.96
CV
39.08
65.6
95.97
109.01
81.33
43.17
74.65
24.03
195.54
18.25
74.66
MIN
5.1
1
-3.54
-14.05
0.53
3.27
0.02
3.91
-5.37
5.79
-0.33
MAX
17.87
5.77
21.17
12.94
8.09
12.97
16.96
8.65
7.11
12.87
12.44
The table 2 shows that Page Industry Limited (11.45) and Ambika Cotton Mills
Limited (10.39) with higher ratio is more effective in cost control. The deviation is
low in Mandhana Industries (1.61) and was found very high in Bombay rayon fashion
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ltd (7.74) and Bannari Amman spinning mills(7.62).The highest coefficient of

variation was found in Nitin spinners limited(195.54)proving its less consistency and
Page industries limited (18.23)is more consistent. Bombay rayon fashion ltd (-14.05)
in the year 2014 has a loss. Six companies out of ten seem to have an above average
performance with regard to net profit.
RETURN ON CAPITAL EMPLOYED (ROCE)

It is also known as Return on Investment (ROI) .It indicates the return on the total
capital employed in the business. The return on capital employed measures the
proposition of adjusted earnings to the amount of capital and debt required for a
business to function.
Table 3 Return on Capital Employed over the period of 2004 -2005 to 2013-2014
COMPANY NAME
7.KPR Mill Limited
Average
MEAN
13.46
11.94
8.54
9.87
9.27
22.96
11.15
15.99
9.69
47.04
15.99
SD
5.03
2.22
5.61
4.02
5.80
6.10
6.22
2.39
8.06
14.65
6.01
CV
37.37
18.6
65.69
40.73
62.57
26.57
55.78
14.95
83.18
31.14
43.66
MIN
8.2
7.52
-0.24
2.41
3.32
15.13
2.05
12.08
2.47
29.28
8.22
MAX
21.75
15.26
16.5
16.5
22.24
33.65
20.48
19.82
25.17
73.71
26.50
From the above table it is understood that average ROCE ranges between 8.54
(Bannari Amman Spinning Mills) and 47.04(Page Industries limited) and the overall
average value is 15.99. The highest coefficient of variation was found in Nitin
spinners limited (83.18).Bannari Amman spinning Mills(-0.24) has the minimum
Return on Capital employed in the year 2012 and Page Industries limited (73.71)has a
maximum return on investment in the year 2006.
RETURN ON EQUITY (ROE)

Return on equity measures a corporation's profitability by revealing how much profit
a company generates with the money shareholders have invested. The amount of net
income returned as a percentage of shareholders equity.
Table 4 Return on Equity over the period of 2004 -2005 to 2013-2014
COMPANY NAME
7.KPR Mill Limited
AVERAGE
MEAN
15.94
14.08
11.24
9.23
6.80
30.63
12.77
23.89
4.93
49.43
17.89
SD
4.90
8.38
10.85
9.69
5.28
5.49
9.63
8.75
12.00
18.77
9.374
CV
30.78
59.52
96.55
104.99
77.65
17.92
75.44
36.62
243.55
37.98
78.1
MIN
7.78
5.29
-8.55
-15.11
1.37
24
0.12
11.31
-19.1
25.14
3.22
MAX
24.58
29.31
34.65
20.03
17.92
43.33
33.63
35.82
26.43
90.98
35.66
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From the above table it is understood that average ROE ranges between Nitin
Spinners limited (4.92) and page Industries limited (49.43) and overall average value
is 17.894.The Nitin spinners company is less consistent with the highest coefficient of
variation 243.55.Three companies show a negative return on equity and maximum
ROE is Page Industries limited (90.98) in the year 2006.
RETURN ON ASSETS (ROA)

Return on Asset is an indicator of how profitable a company is relative to its total
assets. ROA gives an idea as to how efficient management is at using its assets to
generate earnings. It is calculated by dividing a company's annual earnings by its total
assets
Table 5 Return on Assets over the period of 2004 -2005 to 2013-2014
COMPANY NAME
MEAN
SD
253.90
103.48
91.46
28.46
108.88
28.84
136.52
79.47
255.26
42.18
15.17
10.70
7.KPR Mill Limited
143.52
33.31
92.96
45.15
20.60
3.45
179.50
140.57
AVERAGE
129.77
51.56
CV
40.76
31.12
26.49
58.21
16.52
70.53
23.21
46.57
16.75
78.31
40.84
MIN
129.01
61.46
51.15
13.81
191.67
2.81
83.02
25.87
17.19
60.72
63.67
MAX
442.44
136.4
154.16
231.89
316.13
36.67
201.68
158.04
28.7
514.13
222.02
The table 5 shows that Century Enka Ltd (255.26) has higher return on assets
when compared to Kitex Garments Limited (15.17) which indicates inefficient use of
company assets .The coefficient of variation is more consistent in Century Enka
Limited (16.52) .Kitex Garments Limited is showing a minimum ROA of 2.81 and
Page Industries limited with maximum ROA of 514.13 in the year 2006.
EARNINGS PER SHARE (EPS)

Earnings per share also called net income per share, the portion of a company's profit
allocated to each outstanding share of common stock. Earnings per share serve as an
indicator of a company's profitability.
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Table 6 Earnings per Share over the period of 2004 -2005 to 2013-2014
COMPANY NAME
MEAN SD
40.60
22.03
13.05
8.80
11.18
9.80
8.76
15.19
17.76
14.96
4.46
3.25
7.KPR Mill Limited
25.35
23.99
19.66
7.86
1.26
2.87
111.36
135.71
AVERAGE
25.34
24.44
Source: Secondary data compiled from Capital online database.
CV
54.26
67.43
87.66
173.39
84.23
72.86
94.64
39.98
227.78
121.87
102.41
MIN
16.04
3.34
-10.39
-30.45
4.02
0.93
0.1
6.1
-3.46
15.27
0.15
MAX
81.94
31.77
24.63
21.49
48.04
12.08
78.39
32.27
7.59
467.25
80.54
The table 6 shows that Page Industries Limited (111.36) has highest Earning per
share, but the deviation is more in Page Industries Limited (135.71).The Coefficient
of variation is less consistent in Nitin spinners limited (227.78) ,Bombay Rayon
Fashion Ltd(173.39)and Page Industries limited (121.87) .The highest EPS was from
Page Industries limited(467.25) in the year 2006.
Table 7 Correlation Analysis of Variables associated with Capital Structure
Variables
Net Profit Margin
Return on Capital Employed
Return on net worth
Return on Asset
Earnings Per share
Correlations - R
-0.142*
-0.324*
-0.144*
-0.441*
-0.205*
r2
0.0201
0.1040
0.0210
0.1940
0.0420
*Significant at five per cent level

The table 7 shows that the five variables net profit margin, return on capital
employed, return on net worth, return on Assets and earnings per share are negatively
correlated and significant at five percent level. The coefficient of variation explains
19.4 percent variation in Debt-Equity ratio is due to Return on asset
FINDINGS
It can be observed from the analysis that Century Enka Limited and Page Industries
Limited provides a margin of safety to the creditors when compare to Nitin Spinners
Limited and Kitex Garments Limited. Page Industries Limited and Ambika Cotton
Mills Limited are efficient in managing the business affairs resulting in a good net
profit margin. The yield on capital, return on equity and earnings per share is high
with Page Industries Limited, when compare to all other companies. Century Enka
and Ambika Cotton Limited have efficiently managed its assets in generating the
companies earning. Net profit margin, return on capital employed, return on equity,
return on asset and earnings per share are negatively correlated.
SUGGESTION
The Indian textile industry should use more of internal source of financing to meet
their long term investment decision. If the company is being financed by its creditors
rather than from its own financial sources it might be a dangerous trend. It is
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suggested that the financial analysts and managers should emphasize on the optimum
level of capital structure and efficient utilization and allocation of resources in order
to increase the companys financial performance based on capital structure.
CONCLUSION
The best measure of a company is its profitability, for without it, it cannot grow, and
if it doesnt grow, then its stock will trend downward. Increasing profits are the best
indication that a company can pay dividends and that the share price will trend
upward. Creditors will loan money at a cheaper rate to a profitable company than to
an unprofitable one; consequently, profitable companies can use leverage to increase
stockholders equity even more.
A company considered too highly leveraged (too much debt versus equity) may
find its freedom of action restricted by its creditors and/or may have its profitability
hurt as a result of paying high interest costs. Of course, the worst-case scenario would
be having trouble meeting operating and debt liabilities during periods of adverse
economic conditions. A company in a highly competitive business, if hobbled by high
debt, may find its competitors taking advantage of its problems to grab more market
share. Unfortunately, there is no magic proportion of debt that a company can take on.
A company's reasonable, proportional use of debt and equity to support its assets is a
key indicator of balance sheet strength. A healthy capital structure that reflects a low
level of debt and a corresponding high level of equity is a very positive sign of
investment quality.
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International Journal of Management (IJM)

Volume 7, Issue 3, March-April 2016, pp.313322, Article ID: IJM_07_03_030

A STUDY ON CAPITAL STRUCTURE AND

Dr. K. K. Ramachandran and M. Madhumathy

TEXTILE SECTOR REMAINS HIGHLY-FRAGMENTED

A Study on Capital Structure and Financial Performance of Indian Textile Industry

STATEMENT OF THE PROBLEM

OBJECTIVES OF THE STUDY

To analyze the financial performance of selected textile companies.

Period of the study

Tools for Analysis

LIMITATIONS OF THE STUDY

Dr. K. K. Ramachandran and M. Madhumathy

DEBT -EQUITY RATIO

A Study on Capital Structure and Financial Performance of Indian Textile Industry

NET PROFIT MARGIN

Dr. K. K. Ramachandran and M. Madhumathy

ltd (7.74) and Bannari Amman spinning mills(7.62).The highest coefficient of

RETURN ON CAPITAL EMPLOYED (ROCE)

Source: Secondary data compiled from Capitaline Plus database.

RETURN ON EQUITY (ROE)

Source: Secondary data compiled from Capitaline Plus database.

A Study on Capital Structure and Financial Performance of Indian Textile Industry

RETURN ON ASSETS (ROA)

EARNINGS PER SHARE (EPS)

Dr. K. K. Ramachandran and M. Madhumathy

*Significant at five per cent level

A Study on Capital Structure and Financial Performance of Indian Textile Industry

InderSekhar Yadav, Panindra Goyari and Naresh Kumar Sharma, Determinants

Dr. K. K. Ramachandran and M. Madhumathy

Dr. Mauricia Miguel-Herrera and Dr. K.K.Ramachandran, International Branding

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