Advanced International Journal of Multidisciplinary Research

E-ISSN: 2584-0487 •   Impact Factor: 9.11

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Working Capital Management and Corporate Profitability: An Empirical Study Based on Secondary Financial Data

Author(s) CA Pravin Pawar, CS Gopalkrishna Chodnekar, CMA CS Shezad Lalani
Country India
Abstract This paper is an analysis of the working-capital management and its relationship with corporate profitability in five major consumer goods companies in India - Hindustan Unilever Limited, ITC Limited, Nestlé India Limited, Dabur India Limited and Britannia Industries Limited. The key working capital measure is the cash conversion cycle (CCC) and the profitability measure is return on assets (ROA), with the current ratio and debt ratio as supporting measures, and sales growth and net profit margin as supporting measures of profitability. The updated paper features new research from the last few years, including 2023-25, and an additional corporate-structure update and financial status assessment, based on the official documents of the company, for the fiscal year 2024-25. The recent layer is specially excluded from the illustrative regression as reporting boundaries or fiscal periods may undergo changes for the mechanical year to year comparisons, particularly Hotels demerger from ITC, Portfolios restructuring and decision to demerge Ice Cream from HUL and the change in financial year from Mar-Apr to April-March by Nestlé India. Descriptive statistics, Pearson correlations, company comparisons and fixed-effects ordinary least squares models are used for the illustrative panel. The trend of the illustrative results remains the same: negative association between CCC and ROA. The revised interpretation is that working-capital efficiency is a factor, but the current longitudinal analysis should also assume that matters of the corporate perimeter, length of the fiscal year and one-off restructuring events are not background information, but data-quality conditions.
Keywords working capital management, cash conversion cycle, corporate profitability, return on assets, FMCG, corporate structure, FY2024-25, secondary financial data
Discipline Other
Published In Volume 4, Issue 5, September-October 2026
Published On 2026-09-08
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