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For the purpose of analyzing working capital management, let us select two companies from the Indian FMCG (Fast-Moving Consumer Goods) industry: Hindustan Unilever Limited (HUL) and Dabur India Limited. The analysis is based on the consolidated financial statements for the fiscal years 2022–2023 and 2023–2024, publicly available from the companies' annual reports and stock exchange disclosures. 1. Efficiency Ratios (Working Capital Turnover & Inventory Turnover): a) Working Capital Turnover Ratio = Net Sales / Average Working Capital | Company | 2022–23 | 2023–24 | | ------- | ------- | ------- | | HUL | 11.20 ____ ________ _____ ____ _________ ______ _____ ___ _________ __________.
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