Markrting Strag

International Journal of Mechanical Engineering and Technology (IJMET)
Volume 9, Issue 5, May 2018, pp. 246–258, Article ID: IJMET_09_05_028

Available online at http://www.iaeme.com/ijmet/issues.asp?JType=IJMET&VType=9&IType=5
ISSN Print: 0976-6340 and ISSN Online: 0976-6359
© IAEME Publication Scopus Indexed
A STUDY ON THE PERFORMANCE OF KOTAK

MAHINDRA BANK FOR PRE AND POST-
PERIOD
Kantamaneni HemaDivya. T
Assistant Professor, Koneru Lakshmaiah Educational foundation (K L University) Green
Fields, Vaddeswaram, Guntur district, Andhra Pradesh, India
Goutham Reddy
MBA Student, KLU Business School, KoneruLakshmaiah Educational foundation (K L
University) Green Fields, Vaddeswaram, Guntur district, Andhra Pradesh, India
Sai Sabareesh
MBA Student, KLU Business School, KoneruLakshmaiah Educational foundation (K L
University) Green Fields, Vaddeswaram, Guntur district, Andhra Pradesh, India
ABSTRACT
Purpose – The purpose of this paper is to study on the performance of Kotak
Mahindra bank for pre and post- period. Design/methodology/approach – Based on
the review of literature, the study is aimed at evaluating the performance of pre and
post-merger of Kotak Mahindra Bank. The period taken for pre-merger is four years
and post-merger is one year. Performance is evaluated on the basis of quick ratio,
current ratio, debt equity ratio, Cash to current Liabilities, deposits over 1year to 3
years, Borrowings over 1 year to 3 years, Loans and advances and net Profit Margin.
Findings –loan advances in post-merger is higher than the loan advances in pre-
merger period which is statistically significant. The debt equity ratio is gradually
decreasing and in post-merger period it started increasing. Originality- To evaluate
the liquidity position of pre and post- period of Mergers and Acquisitions of Kotak
Mahindra bank
Keywords: Capital Market, Investment Decisions, Time series, Stock Price, Bankex
Cite this Article: Kantamaneni, HemaDivya T, Goutham Reddy and Sai Sabareesh, A
Study on the performance of Kotak Mahindra bank for pre and post- period,
International Journal of Mechanical Engineering and Technology, 9(5), 2018,
pp. 246–258.
http://www.iaeme.com/IJMET/issues.asp?JType=IJMET&VType=9&IType=5
http://www.iaeme.com/IJMET/index.asp 246 editor@iaeme.com

Kantamaneni, HemaDivya T, Goutham Reddy and Sai Sabareesh
1. INTRODUCTION
Bank in general terminology is referred to as a financial institute or a corporation which is
authorized by the state or central government to deal with money by accepting deposits,
giving out loan and investing in securities. The main role of banks is the growth of economy
by providing funds for investment. In recent times banking sector has been undergoing a lot
of changes in terms of regulations and effects of globalization. These Changes have affected
this sector both structurally and strategically. With the changing Environment, many different
strategies have been adopted by this sector in order to remain efficient and to surge ahead in
the global arena. One such profitable strategy is the process of consolidation of the banks.
There are several ways to consolidate the banking industry; the most common adopted by
banks is merger.
2. REVIEW OF LITERATURE
Dr. M. Ravichandran (2016) study is mainly concentrated on the financial performance and
profitability of the banks after their merger by taking the merger of Centurion bank of Punjab
with HDFC Bank to determine the impact of merger on performance of investment variables
during pre and post-merger, to know the financial performance of the banks after merger and
to analyze the profitability of the study unit during pre and post-merger.
Research concluded that there is a significant difference in Earnings per Share, Total
Capital ratio, Return on Average Net worth, Dividend Payout ratio, Tier 1 Capital ratio, Book
Value Per Share, Dividend Per Share, Price to Earnings ratio, Market Price Per Share between
before and after merger. After merger it shows an increase in the financial performance.
Simranjeet Singh (2015) tried to analyze whether the ICICI Bank have achieved financial
performance efficiency during post-merger period in the area of profitability, financial
leverage, liquidity and capital market standards. The main objectives are to analyze the impact
of merger of Bank of Rajasthan on the financial performance of ICICI Bank and to analyze
the impact of merger of Sangli Bank on the financial performance of ICICI Bank. Variables
like Net profit margin, ROI, ROA, ROE, Debt/Equity ratio, Current ratio, Acid test ratio and
EPS has considered as most important and reliable ratio to check the financial performance of
ICICI Bank. The study found in terms of Profitability ICICI Bank performs better in Return
on Advances and Ratio of Operating Profit to Total Assets after both merger cases. In
Financial Leverage Standards, Total Debt/Equity Ratio was significantly changed in one case,
and same response has found in Liquidity Standards. Overall it is conclude that, out of total
performance ratios of ICICI Bank half of ratios have significantly changed after mergers in
both sample cases. While other half of ratios have not significantly changed after merger,
because null hypothesis is accepted in both cases.
Gurbaksh Singh and Sunil Gupta (2015) tried to analyze the impact of M&A’s on
productivity and profitability of consolidation in the Indian Banking sector. The study has
undertaken the performance, strengthens and weakness of the sample two banks i.e. one
public and one private sector banks based on the financial ratios from the perspective of pre
and post – merger grounds. From 2004-05 to 201415. With the help of statistical tools are
arithmetic mean, standard deviation; t-test and p-value etc. Various ratios were analyzed in
terms of before and after merger. Findings show that for ICICI Bank variables like Net Profit
Margin, Operating Profit Margin, Return on Capital Employed, Return on Net Worth, Interest
Coverage, Deposit per Employee and Credit Deposit Ratio are found to be significant and
insignificant difference is found with respect to Gross Profit Margin, Dept-Equity Ratio,
Current Ratio, Quick Ratio, Earnings per Share and Business per Branch as where incase of
State Bank of India it is concluded that there is non-significant difference in respect to Gross
Profit margin, Operating Margin, Return on Capital Employed, Dept-Equity, Interest

A Study on the performance of Kotak Mahindra bank for pre and post- period
Coverage and Current Ratio but there is significant difference with respect to Net Profit
Margin, Return on Net Worth, Quick Ratio, Credit Deposit Ratio, Earnings per Share, Deposit
per Employee, Credit per Employee, and Business per Branch. Such findings of the study
reflect that, more emphasis can be laid on those factors, which are positively associated with
profitability, and an effort can be made to constrain the factors which affect profitability in a
positive or negative way in the financial performance of banks before and after merger. The
other aspects like taxation vision, accounting research and valuation of market risks, Human
Resources and legal and strategic aspects etc. relates to mergers and acquisitions are avoided.
The study concluded that the banks have been positive effects when distinguished between
pre – mergers and post- merger period.
Dr. (Mrs.) G.Santhiyavalli and K.Abirami(2014) focuses on pre and post-merger financial
performance of acquiring banks with the help of financial parameters like return on equity, net
interest margin, net profit, burden ratio, business per employee, profit per employee, advance
deposit ratio, investment deposit ratio and the overall impact of mergers and acquisitions on
acquiring bank. Paired t-test is used for testing the statistical significance of the ratios of the
select banks. The results of the study indicate that the banks have been positively impacted by
the event of mergers and acquisitions. The results suggest that banks had improved efficiency
and increased the shareholders’ value through strategic mergers.
Devarajappa S. (2012) tried to compare the pre and post-merger financial performance of
merged banks with the help of financial parameters like, Gross Profit margin, Net Profit
margin, operating Profit margin, Return on Capital Employed, Return on Equity, and Debt
Equity Ratio. Research has taken one case of merger as Sample i.e., merger of HDFC Bank
ltd & Centurion Bank of Punjab. The pre-merger (three years prior) and post-merger (after
three years) of the financial ratios being compared. Independent T-test used for testing the
statistical significance and this test is applied not only for ratio analysis but also effect of
merger on the performance of banks. This performance being tested on the basis of two
grounds i.e. Pre-merger and Post- merger. Finally the study indicates that the banks have been
positively affected by the event of merger. The findings of this study are that some ratios
indicate no effect but most of the ratios shows the positive effect and increased the
performance of banks after merger announcement. Finally the study concluded that return on
equity, debt –equity ratio and Gross Profit margin shows the improvement after the merger
Dr. P. Chellasamy and N Ponsabariraj ( 2014) aims to compare pre and post-merger
financial performance of merged banks with the help of financial parameters like net profit to
total income, net profit to working capital, return on assets and return on equity which
includes profitability analysis, current ratio and liquidity ratio which includes liquidity
analysis. The study covers the area of performance evaluation of Merger and Acquisitions in
Indian banking sector during the period from 1999-2000 to 2010-2011. The researcher want
to use in this study was paired t-test to find out the significant relationship between the
profitability and liquidity performance of pre and post- Merger and Acquisitions of select
scheduled commercial banks in India. The study conclude that the banks have been no greater
changes when compare with pre- Merger and Acquisitions period.
V Radha Naga Sai and Dr. Syed Tabassum Sultana (2013) in their paper evaluate the
performance of the selected two banks based on the financial ratios from the perspective of
pre and post-merger. To analyze the impact of merger paired t-test was applied to the various
financial ratios for before and after merger data. Based on the analysis of Indian overseas
bank data, it can be concluded that Net profit margin, Operating profit margin, Return on
capital employed, Return on equity and Debt Equity ratio there is significant difference but no
significant difference with respect to Gross profit margin. Based on the analysis of HDFC
bank data it can be concluded that Net profit margin, Operating profit margin, Return on

capital employed, Return on equity and Debt Equity ratio there is no significant difference in
these ratios before after merger. But significant difference with respect to Gross profit margin.
Dr. (Smt). A.N.Tamragundi and Devarajappa S (2016) in this paper examines the impact
of mergers on performance of selected commercial banks in India. The impact of mergers on
performance of the banks has been evaluated from three prospective i) Physical Performance
of merged banks, ii) Financial Performance of Merged Banks and iii) Share price performance
by taking 6 Indian commercial banks merged during the period 2004 to 2008 were selected
out of which, three are merger of public sector banks with private sector banks and three are
merger of private banks with private banks and data have been collected from CMIE data
base at IIM, Bangalore and Bank’s annual reports. Statistical tool like, Mean, Standard
deviation and T-Test have been used for analyzing the performance and testing. Finally, the
study concludes that, Merger is a useful strategy, through this Banks can expand their
operations, serve larger customer base, increases profitability, liquidity and efficiency but the
overall growth and financial illness of the bank can’t be solved from mergers.
3. OBJECTIVE OF THE STUDY

The following are the objectives of the study
1. To analyze the performance Kotak Mahindra bank in terms of selected ratios.
2. To evaluate the performance of Kotak Mahindra bank in terms of selected ratios
taking in t consideration pre and post- period of Mergers.
3.1. Sample Selection

Since the study aimed at evaluating the performance of pre and post-merger of Kotak
Mahindra Bank. ING VYSYA bank has been merged with Kotak Mahindra bank after
2015.So the period taken pre-merger is four years and post-merger is one year.
3.2. Sample Size

The data for the study is collected for five years from financial year 2011-12 to 2015-16.
3.3. Research gap

According to the Reserve Bank of India’s Annual Report it is witnessed that maximum
mergers in financial services (15.70 per cent) and the acquisition activity was also the largest
(17.90 per cent) in the sector. It was due to impact of liberalization in service sector. Bank
Mergers and Acquisitions are not a new phenomenon for Indian banking industry. Since 1961
there have been as many as 79 amalgamations between banks in India, out of which 46 took
place before nationalization of banks in 1969 while the remaining 33 occurred in post-
liberalization period. Initially, bank Mergers and Acquisitions were viewed as a regulatory
mandate from the Reserve Bank of India wherein the central bank forced a profitable bank to
embrace the sick bank to revitalize the latter.
In the pre period of 1999 the amalgamation of banks was primarily triggered by the weak
financial of the bank being merged, whereas in the post period of 1999 is there have also been
mergers between healthy banks driven by business and commercial consideration. The
government also proposed to recapitalize the weak banks (SujitSikidar 1996). The
recapitalized of weak banks has not yielded the expected results in the past and hence should
be linked to be a viable and time bound restructuring plan. With this backdrop, in the present
study, the researcher has made an attempt to analyze the performance evaluation of Mergers
and Acquisitions of Kotak Mahindra bank with IngVysya bank in India. Hence, the researcher
wants to know the answers for the following research questions.

• What is the performance of pre and post- period of Merger of Kotak Mahindra
bank in terms of profitability?
• What is the performance evaluation on liquidity position of pre and post- period of
Mergers and Acquisitions of Kotak Mahindra bank?
3.4. Source of data

The study is based on secondary data. The secondary data is collected data from the annual
reports of the banks included in sample. It also collected from the RBI, SEBI, from various
journals, magazines, newspapers and Kotak Mahindra bank Annual Reports.
3.5. Significance of the study

The following study is important for
3.5.1. Investors
This study is important for the investors to know the financial performance and pre and post-
merger performances of banks. By this study they can think whether to invest or not to invest
in these banks.
3.5.2. Bankers
By this study bankers can know whether these type of mergers and acquisitions get succeeded
or not. They can do comparative analysis to their banks with respect to mergers and
acquisitions.
3.5.3. Government
By this study government can know what the financial performance of banks in pre-merger
and post-merger. So that they can take reasonable steps to control the problems occurred in
banks.
4. HYPOTHESES
The following hypotheses have been framed in the present study:
H11: The mean of Quick ratio is not equal for premerger and post-merger.
H12: The mean of current ratio is not equal for premerger and post-merger.
H13: The mean of debt to equity ratio is not equal for premerger and post-merger.
H14: The mean of cash to current liabilities is not equal for premerger and post-merger.
H15: The mean of DepositsOveroneyearto3years is not equal for premerger and post-
merger.
H16: The mean of BorrowingsOveroneyearto3years is not equal for premerger and post-
merger.
H17: The mean of Loan advances over one year to3years is not equal for premerger and
post-merger.
H18: The mean of Net profit margin is not equal for premerger and post-merger.
4.1. Statistical tools used in the study

Independent Sample T Test is used which helps you compare whether two groups have
different average values.

4.2. Data analysis

Table 1.1 Numbers of Deposits
Year Deposits
2012 128261.3
2013 145733.1
2014 206254.8
2015 280249.5
2016 411464.5
Chart 1.1 No of Deposits

Interpretation: From the above chart the deposits for 2012 are 128261.3, for 2013 are
145733.1, for 2014 are 206254.8, for 2015 are 280249.5 and for 2016 are 411464.5. From the
above chart it is clear that deposits of Kotak Mahindra bank in post-merger period (i.e.,
deposits of 2016) is higher than the deposits of pre-merger (deposits from 2012 - 2015).
Table 1.2 Quick ratio

Year Quick ratio (times)
2012 0.97
2013 1.06
2014 1.42
2015 1.48
2016 1.99
Chart 1.2 quick ratios
Interpretation: From the above chart we know that the quick ratio for 2012 is 0.97, for
2013 is 1.06, for 2014 is 1.42, for 2015 is 1.48 and for 2016 is 1.99. From the above chart it is
evident that the quick ratio for post-merger period is higher when compared to quick ratio of
pre-merger period.
Table 1.3 No of branches

Year No. of branches
2012 355
2013 438
2014 605
2015 684
2016 1333

Chart 1.3 No of branches

Interpretation: From the above table we came to know that the number of branches in
2012 are 355, in 2012 are 438 in 2013 are 605, in 2014 are 605, in 2015 are 684 and in2016
are 1333. From the above chart it is clear that no of branches in the post-merger period are
higher than the no of branches in pre-merger period.
Table 1.4 net profit margins

Year Net profit margin
2012 14.98
2013 14.65
2014 14.29
2015 14.52
2016 10.42
Chart 1.4 net profit margins

Interpretation: From the above table net profit margin for 2012 is 14.98, for 2013 is
14.65, for 2014 is 14.29, for 2015 is 14.52 and for 2016 is 10.42. From the above chart it is
clear that net profit margin is gradually decreased. When compared to net profit margin of
pre-merger period is higher than the net profit margin of post-merger.
Table 1.5 No. of employees

Year No. of employees
2012 12000
2013 13500
2014 16000
2015 18335
2016 31410
Chart 1.5 No. of employees

Interpretation: From the above table no of employees for the year 2012 are 12000, for
2013 are 13500, for 2014 are 16000, for 2015 are 18335 and for 2016 are 31410. From the
above chart it is clear that no of employees in post-merger is higher than the no of employees
in pre-merger period.
Table 1.6 Loan advances

Year Loan advances
2012 144691.5
2013 189775.5
2014 210957.5
2015 267075.3
2016 513480.6
Chart 1.6 Loan advances

Interpretation: From the above table the loan advances for 2012 are 144691.5, for 2013
are 189775.5, for 2014 are 210957.5, for 2015 are 267075.3, and for 2016 are 513480.6. From
the above chart it is clear that the loan advances in post-merger is higher than the loan
advances in pre-merger period.
Table 1.7 Borrowings

Year Borrowings
2012 20340.8
2013 21663.9
2014 18211
2015 9534.6
2016 32861.6
Chart 1.7 Borrowings

Interpretation: From the above table the borrowings for2012 are 20340.8, for 2013 are
21663.9, in 2014 are 18211, in 2015 are 9534.6, and in 2016 are 32861.6. From the above
chart the borrowings in post-merger period are high and gradually increasing when compared
to borrowings of 2015.

Table 1.8 Cash to current liabilities

Year Cash to current liabilities (times)
2012 0.58
2013 0.69
2014 1.09
2015 0.94
2016 1.05
Chart 1.8 Cash to current liabilities

Interpretation: From the above table cash to current liabilities ratio in 2012 is 0.58, in
2013 is 0.69, in 2014 is 1.09, in 2015 is 0.94 and in 2016 is 1.05 times. From the above chart
it is clear that cash to current liabilities ratio is gradually increasing.
Table 1.9 Debt to equity ratio

Year Debt to equity ratio (times)
2012 2.08
2013 2.16
2014 1.05
2015 0.86
2016 0.88
Chart 1.9 Debt to equity ratio

Interpretation: From the above table debt equity ratio in 2012 is 2.08, in 2013 is 2.16, in
2014 is 1.05, in 2015 is 0.86, and in 2016 is 0.88. From the above chart it is clear that the
debt equity ratio is gradually decreasing and in post-merger period it starts increasing.
Table 1.10 Current ratio

Year Current ratio (times)
2012 0.97
2013 1.06
2014 1.42
2015 1.48
2016 1.99

Chart 1.10 Current ratio

Interpretation: From the above table current ratio in 2012is 0.97, in 2013 is 1.06, in 2014
is 1.42, in 2015 is 1.48 and in 2016 is 1.99. From the above chart it is clear that current ratio
in post-merger is higher than current ratio of pre-merger, and the current ratio is in increasing
order.
4.3. Testing of Hypothesis

The following hypotheses have been framed in the present study:
H12: The mean of current ratio is not equal for premerger and post-merger.
merger.
merger.
H17: The mean of Loan advances over one year to3years is not equal for premerger and
post-merger.
4.4. Testing of Hypothesis

Group Statistics
Std. Std. Error Significant
Group N Mean
Deviation Mean Values
Pre-Merger 4 1.2325 0.255 0.1275
Quick ratio times 0.077
Post-Merger 1 1.99
Pre-Merger 4 1.2325 0.255 0.1275
Current ratio times 0.077
Post-Merger 1 1.99
Pre-Merger 4 1.5375 0.67786 0.33893
Debt to equity ratio 0.449
Post-Merger 1 0.88
Cash to current Pre-Merger 4 0.825 0.23216 0.11608
0.450
liabilities times Post-Merger 1 1.05
DepositsOveroneyearto Pre-Merger 4 190124.68 68751.616 34375.808
0.064
3years Post-Merger 1 411464.5
BorrowingsOveroneyea Pre-Merger 4 17437.575 5457.2807 2728.6404
0.08
rto3years Post-Merger 1 32861.6
Loan advances Over Pre-Merger 4 203124.95 50805.7477 25402.8739
0.086
one year to 3years Post-Merger 1 513480.6
Pre-Merger 4 14.61 0.2881 0.14405
Net profit margin 0.012
Post-Merger 1 10.42

From the above table it is evident that the mean for quick ratio during premerger is 1.23 and
the mean during post-merger is 1.99 and the P value is 0.077 which indicates that null
hypothesis is to be accepted at 5% level of Significance which implies that the means of quick
ratio during pre and post-merger are equal.
H12: The mean of current ratio is not equal for premerger and post-merger
From the above table it is evident that the mean for quick ratio during premerger is 1.23 and
the mean during post-merger is 1.99 and the P value is 0.077 which indicates that null
hypothesis is to be accepted at 5% level of Significance which implies that the means of quick
ratio during pre and post-merger are equal.
From the above table it is evident that the mean for Debt to equity ratio during premerger is
1.53 and the mean during post-merger is 0.833 and the P value is 0.449 which indicates that
null hypothesis is to be accepted at 5% level of Significance which implies that the means of
Debt to equity ratio during pre and post-merger are equal.
From the above table it is evident that the mean for Cash to current liabilities during
premerger is 0.825 and the mean during post-merger is 1.05 and the P value is 0.450 which
indicates that null hypothesis is to be accepted at 5% level of Significance which implies that
the means of Cash to current liabilities during pre and post-merger are equal.
merger.
From the above table it is evident that the mean of DepositsOveroneyearto3years for during
premerger is 190124 and the mean during post-merger is 411464 and the P value is 0.064
which indicates that null hypothesis is to be accepted at 5% level of Significance which
implies that the means of DepositsOveroneyearto3yearsduring pre and post-merger are equal.
merger.
From the above table it is evident that the mean of Borrowings Overoneyearto3years for
during premerger is 17437.525 and the mean during post-merger is 32861 and the P value is
.086 which indicates that null hypothesis is to be accepted at 5% level of Significance which
implies that the means of DepositsOveroneyearto3yearsduring pre and post-merger are equal.
H17: The mean of Loan: advances over one year to3years is not equal for premerger
and post-merger.
From the above table it is evident that the mean of Loan advances Overoneyearto3years for
during premerger is203124.950 and the mean during post-merger is 513480.600and the P
value is .012 which indicates that null hypothesis is to be rejected at 5% level of Significance
which implies that the means of Loan advances Overoneyearto3yearsduring pre and post-
merger are not equal.
From the above table it is evident that the mean of net profit margin for during premerger
is14.6100and the mean during post-merger is 10.4200and the P value is .001 which indicates
that null hypothesis is to be rejected at 5% level of Significance which implies that the means
of during net profit margin pre and post-merger are not equal.

5. FINDINGS
The quick ratio for post-merger period is higher when compared to quick ratio of pre-merger
period but statistically insignificant.
1. The no of branches in the post-merger period are higher than the no of branches in
pre-merger period. Due to merger the branches of two banks are merged into
single bank, so branches of Kotak Mahindra increased after merger.
2. The net profit margin is gradually decreased. The net profit margin of pre-merger
period is higher than the net profit margin of post-merger and statistically
significant.
3. The no of employees in post-merger is higher than the no of employees in pre-
merger period. Due to merger employees of both banks belongs to Kotak
Mahindra bank, so employees are increased.
4. The loan advances in post-merger is higher than the loan advances in pre-merger
period which is statistically significant.
5. The borrowings in post-merger period are high and gradually increasing when
compared to borrowings of 2014 but statistically insignificant.
6. The cash to current liabilities ratio is gradually increasing but statistically
insignificant..
7. The debt equity ratio is gradually decreasing and in post-merger period it started
increasing.
8. The current ratio in post-merger is higher than current ratio of pre-merger, and the
current ratio is in increasing order but statistically insignificant.
9. Of all the above variables, the loans and advances and net profit margin seems to
be statistically significant during pre and post-merger.
6. CONCLUSION
Finally, the study concludes that, Merger is a useful strategy, through this Banks can expand
their operations, serve larger customer base, increases profitability, liquidity and efficiency
but the overall growth and financial illness of the bank can’t be solved from mergers.
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International Journal of Mechanical Engineering and Technology (IJMET)

Volume 9, Issue 5, May 2018, pp. 246–258, Article ID: IJMET_09_05_028

© IAEME Publication Scopus Indexed

A STUDY ON THE PERFORMANCE OF KOTAK

http://www.iaeme.com/IJMET/index.asp 246 editor@iaeme.com

http://www.iaeme.com/IJMET/index.asp 247 editor@iaeme.com

http://www.iaeme.com/IJMET/index.asp 248 editor@iaeme.com

3. OBJECTIVE OF THE STUDY

3.1. Sample Selection

3.2. Sample Size

3.3. Research gap

http://www.iaeme.com/IJMET/index.asp 249 editor@iaeme.com

3.4. Source of data

3.5. Significance of the study

4.1. Statistical tools used in the study

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4.2. Data analysis

Chart 1.1 No of Deposits

Table 1.2 Quick ratio

Chart 1.2 quick ratios

Table 1.3 No of branches

http://www.iaeme.com/IJMET/index.asp 251 editor@iaeme.com

Chart 1.3 No of branches

Table 1.4 net profit margins

Chart 1.4 net profit margins

Table 1.5 No. of employees

Chart 1.5 No. of employees

http://www.iaeme.com/IJMET/index.asp 252 editor@iaeme.com

Table 1.6 Loan advances

Chart 1.6 Loan advances

Table 1.7 Borrowings

Chart 1.7 Borrowings

http://www.iaeme.com/IJMET/index.asp 253 editor@iaeme.com

Table 1.8 Cash to current liabilities

Chart 1.8 Cash to current liabilities

Table 1.9 Debt to equity ratio

Chart 1.9 Debt to equity ratio

Table 1.10 Current ratio

http://www.iaeme.com/IJMET/index.asp 254 editor@iaeme.com

Chart 1.10 Current ratio

4.3. Testing of Hypothesis

4.4. Testing of Hypothesis

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http://www.iaeme.com/IJMET/index.asp 257 editor@iaeme.com

International Monthly Refereed Journal of Research in Management & Technology. in

http://www.iaeme.com/IJMET/index.asp 258 editor@iaeme.com

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