CHAPTER II

REVIEW OF LITERATURE

A review of literature is a comprehensive analysis of existing research and

scholarly work on a specific topic. It identifies key theories, findings, and gaps in
knowledge, providing context for new research and guiding future investigations.

1. Sania Bisyarah and Sri Novi Elizabeth S (2024), in their study, "Profit Planning
Analysis with Break Even Point Approach at PT. Sinar Jaya" focused on the application
of Break Even Point (BEP) analysis as a profit planning tool at PT. Sinar Jaya. By
focusing on sales data from January to December 2023, the authors evaluated the
company's ability to determine minimum sales targets to avoid losses. The analysis
revealed that the company consistently achieved its BEP and maintained profit levels
above 7% each month, demonstrating operational efficiency and stable profitability.
Additionally, the Margin of Safety (MoS) values, which remained consistently above 20%
and peaked at 70%, indicated strong risk protection and financial stability. The study
concluded that the effective use of BEP and MoS metrics can serve as critical tools in
enhancing sales management and mitigating the risk of losses in business operations.
2. Yixin Zhang (2024), in the study "Analysis of Corporate Green Marketing Strategy
Based on PESTLE Model: A Case Study of Starbucks" aimed to evaluate the external
environment influencing green marketing strategies using the PESTLE model, with
Starbucks as a case study. By analyzing six dimensions—political, economic, social,
technological, legal, and environmental—the research provided insights into how external
factors shape green marketing strategies. The findings revealed that the global push for
sustainability and green transitions has created a favorable environment for green
marketing. However, the study also identified significant uncertainties, particularly in the
economic aspect, which could hinder consistent implementation. The author emphasized
the importance of adopting a "balanced" development strategy to navigate risks while
aligning with global green transformation trends. The study concluded that the PESTLE
framework is a valuable tool for guiding companies in making informed and sustainable
green marketing decisions.
3. Dr. Chandrahash Patel and Kunal Sinha (2024), in "Mobile (Wireless)
Telecommunication Sector: An Indian Perspective and PESTLE Analysis" aimed to
explore the evolution of the mobile telecommunication sector in India and analyze the
 factors contributing to its growth using the PESTLE framework. By examining the impact
of political, social, economic, technological, legal, and environmental factors, the authors
provided a comprehensive understanding of the sector's progression from 2G to the
ongoing research on 6G. The study highlighted how each PESTLE dimension has played
a critical role in shaping the Indian telecom industry's development, from government
policies and technological advancements to socio-economic changes. The findings
demonstrated that the interplay of these factors has enabled the sector to adapt to
changing consumer demands and global trends. The authors concluded that the PESTLE
framework is an effective tool for evaluating the dynamic nature of the telecom industry
and can help stakeholders navigate challenges while fostering innovation and growth.
4. Huiyu Zheng (2024), in the study, "The Strategic Decision Making Analysis for a
Semiconductor Company Based on SWOT Model" aimed to use SWOT analysis to
evaluate the internal and external environment of a fabless semiconductor company and
provide strategic guidance for its development. By analyzing the company's strengths,
weaknesses, opportunities, and threats, the study identified strong performance in new
product development, customer-oriented approaches, and efficient market decision-
making. However, it also highlighted limitations in financial management, production
control, and product diversification that need to be addressed. The innovation of the study
lies in applying SWOT analysis specifically to the strategic planning of fabless
semiconductor companies, a relatively novel approach. The findings underscored the
importance of leveraging strengths, mitigating weaknesses, and capitalizing on
opportunities to maintain competitiveness and ensure sustainable growth. This study
provided a practical framework for semiconductor companies to evaluate their
competitive position and make informed strategic decisions.
5. Irma Citarayani (2024) made a comparison of financial performance and financial
distress before and during the Covid-19 pandemic in the Hotel, Restaurant, and Tourism
sub-sector companies listed on the Indonesia Stock Exchange for the 2018-2021 period.
The proxies used to measure financial performance are profitability ratios (ROA, ROE,
and NPM), while financial distress uses the Altman Z-Score [Link] was found that there
is a decrease in the profitability ratio and also a significant difference in the increase in
the potential for bankruptcy in the hotel, restaurant and tourism sub-sector companies.

6. Munusamy Dharani, M. Kabir Hassan, Makeen Huda, and Mohammad Zoynul

Abedin (2023), in their study "Covid-19 Pandemic and Stock Returns in India" examined
 the impact of COVID-19 on Indian stock returns. The objective of the study was to
analyze stock market trends by investigating whether the pandemic had a homogeneous
or heterogeneous effect on returns of companies listed on the National Stock Exchange of
India (NSE). Using panel data from 1,318 companies, the study employed trend analysis
to observe fluctuations in stock prices concerning daily growth rates in COVID-19 cases
and deaths. The findings revealed a negative association between rising COVID-19 cases
and stock returns, indicating that uncertainty and economic disruptions significantly
affected investor confidence. The study concluded that trend analysis highlighted severe
market volatility, with sectors experiencing varied impacts, emphasizing the need for
policymakers to implement stabilizing measures during future economic crises.
7. Pradip Kumar Das (2023), titled "Ratio Analysis for Decision Making," the objective
was to explore how financial ratio analysis can aid decision-making using secondary data
from Tata Steel Ltd. for the period from 2017-2022. The study emphasizes the importance
of financial statements in providing summarized business information, which, when
analyzed using ratios, can assist decision-makers in interpreting financial data accurately.
Das highlights that applying financial ratios is essential to decipher the financial health of
a business, enabling management to make informed decisions. The study concludes that
effective ratio analysis, including profitability, liquidity, and solvency ratios, is crucial for
understanding a company's financial status and making strategic business decisions.
Furthermore, the paper stresses that management should ensure that financial disclosures
are complete and transparent to support better decision-making.
8. Amreen Khan and Shurveer S. Bhanawat (2023), in their study "Financial Ratio
Analysis of Top 10 Manufacturing Companies of India" focused on analyzing the
financial performance of India's top 10 BSE-listed manufacturing companies using key
financial ratios. The objective of the study was to evaluate these companies' financial
health, creditworthiness, stock valuation, and systemic risk through ratio analysis. The
research highlights the importance of financial ratios in assessing trends, comparing
firms, and making informed investment decisions. It concluded that ratio analysis serves
as a critical tool for stakeholders, including investors and management, in understanding a
company's profitability, liquidity, and overall financial stability. The study also
emphasized how these top manufacturing firms have significantly contributed to India's
economic growth and employment generation.
9. Adem Pinar (2023) has examined the impact of covid19 on aviation industry. from six
external factors including political, economic, sociological, technological, environmental,
 and legal using a PESTEL analysis. Regarding political factors, governments
implemented full or partial flight bans and travel restrictions at the beginning of the
pandemic, leading to airport closures and longer flight connections .In terms of economic
factors Revenues for global commercial airlines sharply declined in 2020 but showed a
gradual recovery in subsequent years, albeit still below 2019 levels (IATA. 2022b).
Similarly, passenger growth and capacity experienced a substantial decline in 2020,
followed by a rebound in 2021 and 2022, but remaining below 2019 levels. Concerning
sociological factors layoffs resulted in stress and job insecurity among flight attendants,
impacting service quality and employee trust and loyalty. Trust in the aviation industry
also decreased, raising concerns about trust among individuals.
10. Syed Usman Qadri1, Zhiqiang Ma (2023) has analyzed the financial performance of
enterprises in the South Asian banking industry before and after the COVID-19
[Link] study examined a sample of 34 banks from the South asian region from
2016 to 2021. They collected the data from official websites of the banks of South Asia.
By using the collected data, they found out the ROS, EPS, ROE, TAT, DER and
[Link] overall performance measures,Liquidity, solvency, profitability, and activity
ratios, it is found that the company had better performance before the [Link] the
same was disturbed during the period of the COVID-19 pandemic, resulting in a
[Link] study only examined the banking sector; further research might be conducted
to examine other manufacturing sectors in order to provide more generalized conclusions.
11. S R Ika (2023) has made an analysis to determine whether the economic sustainability of
large agricultural firms in Indonesia be affected by the COVID-19 epidemic. They used
financial ratios, namely the Altman Z-model for forecasting financial difficulties,
liquidity, profitability, and leverage. the data analysis reveals an increase in the sample
company's Z-score, liquidity, and profitability from 2019 to 2020. The average Altman Z-
score indicates that big agricultural companies are financially [Link] study implies
that large agricultural companies are resilient in struggling against the COVID-19
pandemic.
12. Anis Ali (2022), in his study "Pre and Post COVID-19 Disparity of Financial
Performance of Oil and Gas Firms: An Absolute and Relational Study" , examines the
financial performance of Indian oil and gas firms before and after the COVID-19
pandemic. The study uses financial ratios such as profitability (PBT) ratio, liquidity
(current) ratio, and debt-equity ratio. It also calculates the arithmetic average (mean) and
rank correlation to compare pre and post-COVID-19 financial performance. The COVID
 19 pandemic had a significant impact on the financial performance of Indian oil and gas
firms. Smaller firms adapted better and showed higher growth in profitability and
liquidity, while larger firms faced challenges in maintaining profitability and liquidity.

13. Annisa Wantri Fajriyanti and Wiyarni Wiyarni (2022), in their study "Corporate
Financial Performance in the COVID-19 Pandemic" examined the impact of COVID-19
on financial ratios. The objective of the study was to analyze the liquidity, solvency,
profitability, and activity ratios of consumer goods, pharmaceutical, and
telecommunications companies listed on the Indonesia Stock Exchange (IDX) in 2020.
The research aimed to assess financial health by comparing these ratios with industry
benchmarks to understand company resilience during the pandemic. The results showed
that while some companies maintained strong liquidity and profitability , others
experienced declining revenues and increased financial strain. Solvency and activity
ratios also showed mixed results, highlighting differences in financial management
strategies. The study concluded that companies with higher liquidity and efficient asset
utilization were more resilient, while those with higher debt struggled, emphasizing the
importance of financial flexibility in crisis management.
14. Vionalisa Chandra (2022) has analysed the financial performance of beverage sector
companies before and during the covid 19 [Link] used liquidity ratios,
solvency ratios, activity ratios, profitability ratios and market value ratios. It was
found that there were differences in the profitability ratio and liquidity ratio, while there
was no significant difference in the solvency ratio and activity ratio before and
during the Covid-19 pandemic. the market value ratio as assessed from the Price
Earning Ratio (PER) shows that the company's financial performance is not
significantly different, while the Price Book Value (PBV) variable shows that the
company's financial performance was significantly different before and during the Covid-
19 pandemic.
15. Mahardhika (2021) , in her study "Financial Performance Analysis of Construction
Company Before and During COVID-19 Pandemic in Indonesia" focuses on PT PP
Properti, a construction company in Indonesia, and analyzes its financial performance
before and during the COVID-19 pandemic. The financial performance of PT PP Properti
significantly declined during the pandemic. The company showed lower financial
performance in liquidity, solvency, profitability, and activity ratios. The Altman Z-Score
indicated that the company was already in the grey zone (prone to bankruptcy) before the
 pandemic, and the situation worsened during the pandemic. The COVID-19 pandemic
greatly affected the financial performance of PT PP Properti, highlighting the need for
businesses to prepare for such crises in the future.
16. Andaru Adi and Wiwiek Madarwiyah (2021) , in their study "Financial Performance
Analysis of Food and Beverage Public Listed Companies for the Three Quarters Before
and After the COVID-19 Pandemic in Indonesia" examines the financial performance of
six food and beverage companies listed on the Indonesia Stock Exchange before and after
the COVID-19 pandemic. There was a decline in profitability ratios (Return on
Investment and Return on Equity), activity ratios (Collection Period, Inventory Turnover,
and Total Assets Turnover), solvency (Total Equity to Total Assets), and overall financial
healthiness after the pandemic. The COVID-19 pandemic negatively impacted the
financial performance of food and beverage companies in Indonesia. The study suggests
that companies should focus on improving liquidity and optimizing activity ratios during
crises.
17. Trishka Dewi Pramitasari and Ida Subaida (2021) , in their study "Comparative
Analysis of Banking Financial Performance Pre and Post Covid-19 Pandemic" examines
the financial performance of four state owned banks in Indonesia before and after the
COVID-19 pandemic. The study uses six financial ratios: Return on Assets (ROA),
Operating Expenses to Operating Income (BOPO), Non-Performing Loans (NPL), Net
Interest Margin (NIM), Capital Adequacy Ratio (CAR), and Loan to Deposit Ratio
(LDR). A Paired Sample T-Test was used to compare the financial performance before
and after the pandemic. The COVID-19 pandemic negatively impacted the financial
performance of Indonesian banks. The study suggests that banks need to improve their
credit risk management, optimize operating costs, and enhance their financial
performance to withstand future crises.
18. Dhanraj Devraj Gadhavi (2021) , in his study "Before-after effect of Covid-19 on the
financial performance – A study of selected IT companies in India" examines the financial
performance of selected IT companies in India before and after the COVID-19 pandemic.
The study uses financial ratios such as profitability ratios (Net Profit Ratio, Return on
Capital Employed, Return on Net Worth), liquidity ratios (Current Ratio, Quick Ratio),
and activity ratios (Asset Turnover Ratio). Data was collected from the annual reports of
selected IT companies for the years 2019-20 to 2020-21. The study reveals that the
liquidity position of all selected IT companies was good before and after Covid-19.
 Companies need to improve their profitability by adapting to the pandemic situation.
Effective utilization of assets will improve the turnover and activities of selected IT firms.

19. Balamurugan Muthuraman and Badriya Sarhan Alnairi (2021), in their study
“Financial Performance Growth of Oman Cement Company” emphasize the need for
enhanced fixed asset utilization and optimized cash management. Strategic financial
policies are crucial for maintaining competitive standards and ensuring long-term
financial stability in the Oman cement industry. Financial performance analysis is
essential for understanding corporate growth and sustainability. In the cement industry,
financial tools such as profitability ratios, liquidity ratios, management efficiency ratios,
operating ratios, and financing ratios are widely used to assess a company's financial
health. Studies indicate that effective asset utilization and strong liquidity management
contribute to financial stability. Research on Oman Cement Company (OCC) highlights
its financial efficiency and stable growth, though areas like management and operational
efficiency require improvement.
20. Archana Bakshi (2021), in her study, "Voluntary Health Insurance in India: Trend
Analysis of Public and Private Insurance Companies" focused on conducting a trend
analysis to examine the growth patterns of premiums underwritten by public and private
health insurance companies in India. The objective was to assess the role of voluntary
health insurance in improving healthcare access amidst limited public health funding in
India. Bakshi used data from 2002-03 to 2015-16 and calculated the Compound Annual
Growth Rates (CAGRs) of premiums to identify growth trends. The trend analysis
revealed a significant and consistent rise in premiums across most insurance companies,
indicating increased adoption of voluntary health insurance. The study also attributed this
growth to the IRDA Act of 2000, which encouraged the proliferation of private health
insurance companies. She also highlighted the rising middle-class demand for quality
healthcare as a key driver of this trend. The findings confirmed that the growth trend in
the voluntary health insurance sector was statistically significant, underscoring its critical
role in healthcare financing in India.
21. Dr. Senthil kumar M.K (2021) has analysed the profitability and financial performance
of Indian Pharmaceutical companies in the course of pre and Post COVID [Link] data
used in the study are Secondary [Link] have analysed the liquidity and the profitability
position of the companies using ratio [Link] concluded that the general effect of
those COVID 2019 at the Pharmaceutical companies in India have been positive for
 maximum of the parameters for all of the companies. But the Study has analyzed pre and
post COVID 2019 performance results for only two years which may not provide the true
picture of improvements in financial performance.
22. Ismayati Rahmah(2021)has made a comparative analysis of of financial distress before
during and after pandemic period. It analysed analyze whether there are differences in
financial distress conditions before and during a pandemic of COVID-19 using the
Altman Z-Score model. Purposive sampling is used for sampling, obtained 27 companies
that match the [Link] result shows that that the COVID-19 pandemic has had a
negative impact on the hotel, restaurant, and tourism sub-sector companies in Indonesia.
23. Dr. Rohan Prabhakar Dahivale, in his study "An Empirical Study of the Pre-COVID 19
to Post-COVID 19 Pandemic Effect on the Business Performance of the Insurance Sector
in India" examines the impact of the COVID-19 pandemic on the business performance
of the insurance sector in India. The study uses an exploratory research design with a
quantitative approach, based on secondary data collected from official websites and
reports. The COVID-19 pandemic had an adverse effect on the insurance sector in India
during 2020, but the sector showed signs of recovery in 2021. The study highlights the
resilience of the insurance sector and the positive growth trajectory post-pandemic. The
study provides valuable insights into the impact of the COVID-19 pandemic on the
insurance sector in India and the recovery trends observed in 2021.
24. Georga J. Longhurst(2020) has made a SWOT analysis on the data collected from 14
different universities in the United Kingdom and Republic of Ireland. The negative
effects, such as the time pressure, changes to assessment, and implications in students’
engagements and relationship, are somewhat balanced by, positive consequences, such as
the potential to create new resources and foster academic collaborations, also ariseThe
SWOT analysis It is evident that anatomy departments across the UK and ROI are putting
tremendous effort into the delivery of high-quality education in the midst of the
[Link] been presented in the hope that anatomists feel more confident in their
decision-making.

25. Abdul Rahman and Parameshwar Acharya (2020), in their study “A Comparative
Study on Financial Performance of Tata Motors and Toyota Motor Corporation Cars”
suggest that improper working capital management affects profitability, making size a
key factor in financial stability. The Indian automobile industry plays a crucial role in the
global automobile market, ranking as the fourth-largest industry and seventh-largest
 commercial vehicle manufacturer. Contributing 45% of manufacturing GDP and 7.1% of
the national GDP, the sector significantly impacts economic growth. Financial
performance assessment using sales trends, profitability ratios, and working capital
analysis is vital for evaluating sustainability. Tata Motors and Toyota Motor Corporation
have been analyzed over five years (2015-2019) to assess financial trends and the impact
of working capital management on profitability.
26. Priyanka Nayak and Narayan Kayarkatte (2020), in their study “Sustainability
Reporting in India – A Study of Infosys Sustainability Reports” explores Infosys'
reporting methods and examines its effects on business synergy and development. By
analyzing Infosys' sustainability reports over 10 years, it aims to understand their
reporting policies, practices, and contribution to global sustainability [Link]
reporting is gaining traction as companies recognize its impact on performance. In India,
the Companies Act 2013 mandates CSR in specific areas, leading more companies to
undertake sustainability initiatives. However, reporting on these activities is still in its
early stages, with only about 40 companies disclosing sustainability performance. Infosys
is one such company, being the first global IT firm to publish a sustainability report under
the GRI G4 framework.
27. Nitin Untwal (2019), in his study “Application of Altman Z-Score Model to Wipro”
Finance is crucial for an organization's growth and sustainability. Poor financial
performance can hinder progress and threaten long-term survival, making effective
management of financial resources essential. The Altman Z-score is a widely used
technique to assess an organization's financial health, particularly in predicting
bankruptcy. Developed by Professor Edward Altman, this model is applicable to both
manufacturing and non-manufacturing organizations. Over time, the Z-score model has
been modified to focus on four key criteria. As a result, the researcher has chosen to study
the application of the Altman Z-score model to Wipro, aiming to evaluate its financial
stability.
28. Dr. C. Samuel Joseph, Dr. F. J. Peter Kumar, and Mr. Paul Jefferson Clarence
(2019), in their study, "Trend Analysis of Cost Components in Select Pharmaceutical
Companies" aimed to analyze the trend in cost components and their influence on the
operating expenses and profits of pharmaceutical companies. By focusing on the
manufacturing costs, the authors sought to identify the critical cost components that
impact production efficiency in the pharmaceutical industry. The research was based on
annual report data from 2009 to 2018 of the top five pharmaceutical companies by
 revenue. Through trend analysis, the study revealed significant variations in
manufacturing costs across the companies, reflecting differences in operational practices
and cost structures. It highlighted the growing focus of these companies on balancing
production efficiency with the goal of providing affordable healthcare. The findings
emphasized the importance of monitoring cost components to enhance financial
performance while aligning with public health objectives. This study provided valuable
insights into the financial dynamics of the pharmaceutical industry and their broader
societal impact.
29. Tania Ardi ,Nursiam (2019) has analyzed differences in financial Performance of food
and beverage sector companies registered on the Indonesia Stock Exchange in 2019-2020
in the period before and during the Covid-19 pandemic which was reviewed with
financial ratios. It is concluded that the company’s financial performance does not
experience any difference when viewed from the current ratio, debt to total assets ratio,
net profit margin ratio, and price-earnings ratio. However, there is a significant difference
when viewed from the total assets turnover ratio.

30. Dr. Ashok Panigrahi (2017) , in his study “An Analysis of Financial Performance of
Indian Pharmaceutical Companies” examines the financial performance of leading Indian
pharmaceutical firms, emphasizing the importance of financial tools in enhancing
sustainability, competitiveness, and overall corporate success. Financial performance is
crucial for corporate sustainability, particularly in the pharmaceutical sector. Tools like
DuPont Analysis assess profitability, asset efficiency, and financial leverage, while Ratio
Analysis evaluates liquidity, solvency, and financial risk. The Pecking Order Theory and
Resource-Based View (RBV) provide insights into financial decision-making and
resource utilization. Metrics such as Earnings Per Share (EPS), revenue growth, and cost
efficiency optimize R&D investments and market expansion. Financial strategies
focusing on capital structure and operational efficiency contribute to long-term
profitability.

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