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This paper makes an attempt to provide an insight into the conceptual side of working capital and to assess the impact of Working Capital Management on Liquidity, Profitability of SAIL, one of the leading public sector enterprises in India for the period of 10 years (i.e. from 2000–2001 to 2009–10). It also makes an endeavor to analyze and test the liquidity as well as profitability positions of the enterprise and to study the degree of association between them. The present study consisting of two sections, section I emphasizes on conceptual framework and section II comprises of case study part. The study is based on secondary data collected from published annual reports of SAIL for the given study period. The available data have been analyzed by using some important managerial and statistical tools to provide some valid recommendations regarding its financial performances on liquidity and profitability. Student's ‘t’ test has been applied to test the significance of the results of the empirical study.
