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'India's top 500 Companies 2014'

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Over the past decade, Dun & Bradstreet India (D&B India) has endeavoured to provide top Indian companies a global platform through its acclaimed publication, ‘India’s Top 500 Companies’. The …

Over the past decade, Dun & Bradstreet India (D&B India) has endeavoured to provide top Indian companies a global platform through its acclaimed publication, ‘India’s Top 500 Companies’. The publication profiles India’s most well - respected and high performing companies on the basis of various financial parameters. The 2014 edition is the 14th edition of the publication.
The criteria for ranking used in the D&B’s publication ‘India’s Top 500 Companies 2014’ are total income, net profit and net worth. It includes both private sector companies as well as public sector enterprises (PSEs) that are listed on stock exchanges. The companies were short listed on the basis of their market capitalisation on the Bombay Stock Exchange and the National Stock Exchange, India’s two main stock exchanges.

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  • 1. Contents executive summary .............................................................................. 1 Methodology ....................................................................................... 2 The Changing Face of Top 500.............................................................. 3 Quarterly Updates............................................................................... 11 Corporate Survey Findings.................................................................. 17 Top 20 Company Rankings ............................................................ 18-20
  • 2. INDIA’S TOP 500 COMPANIES 1 Executive Summary The publication ‘India’s Top 500 Companies’ serves as a testimony to the resilience of Corporate India that will be playing a major role in the economic recovery of the country in the near future. Corporate India faced challenges such as high interest rates, depreciating rupee, sluggish demand and subdued consumption, which along with high inflation have not only pulled down investments and economic growth but also dampened savings during FY13 and FY14. The corporate sector also faced highly leveraged balance sheets which resulted in debt restructuring via the bilateral and CDR routes. Despite a challenging year, Top 500 companies managed to deliver a moderate performance. The publication ‘India’s Top 500 Companies 2014’ has captured the growth trends and business dynamics of leading Indian companies across major sectors. Following are some of the key highlights from the publication: • Market capitalization of Top 500 companies increased by 4% in FY13, with 257 companies seeing a drop in average market cap of ` 3.8 trillion in FY13 whereas 237 companies registered an increase of ` 5.4 trillion. • With sluggish demand, top-line growth for the Top 500 decelerated from 24.6% in previous edition during FY12 to 10.6% in FY13 while bottom-line growth decelerated from 7.30% to 5.2% for the same period. Total income to GDP ratio at current market prices stood at 50% in FY13. • On an aggregate basis, overall expenses (excluding taxes) of Top 500 companies registered y-o-y growth of 11.4% in FY13. Increase in import bills of inputs such as coal and elevated crude oil prices led to y-o-y increase in raw material expenses of 9% in FY13 whereas finance costs have increased by a significant 20.3% y-o-y in FY13. • High inflation and interest costs and weakening rupee impacting commodity prices dented profit margins. Despite decline in NPM, Top 500 companies increased dividend payout to shareholders from 27% in FY12 to 30% in FY13, since confidence in investments declined amid challenging economic environment. • Private companies scored in profit growth, but PSUs paid more dividends. Profits of private companies in FY13 increased by 7.4% y-o-y whereas for PSUs it increased by 2.1% y-o-y. PSUs recorded 18.8% growth in dividends outpacing their private counterparts who registered 16.4%. • Top-line growth of Top 500 companies moderated to 8.2% compared with 9M FY13, reflecting weak business confidence during 9M FY14. Further, bottom-line growth decelerated at 1.4% during 9M FY14 compared with 12.9% during 9M FY13. • Aggregate expenditure of Top 500 companies during 9M FY14 decelerated to 8.1% from 12.1% during 9M FY13. Raw material expenses saw decelerated growth of 3.3% in FY14 compared with 10.7% in FY13 and interest costs saw 12.7% growth in FY14 against 22.5% growth in FY13. Creation of a stable policy framework by the new government will lead to restoration of investors’ confidence that will primarily have an impact on the economic growth in the coming years. Going forward, measures for enhancing consumption demand based on receding inflation will aid in reviving optimism. Further, initiatives taken by the new government to eliminate structural bottlenecks could improve investment demand. As this dynamic economy continues to evolve, D&B India is committed to track India’s corporate growth story through its editions of ‘India’s Top 500 Companies’.
  • 3. INDIA’S TOP 500 COMPANIES 2 Methodology As is usual, the publication includes private sector companies and public sector enterprises (PSEs) listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), India’s two major stock exchanges. Total income, net profit, and net worth continue to be the criteria used for ranking Dun & Bradstreet’s ‘India’s Top 500 Companies 2014’. Although total income and market capitalisation remain the primary criteria for the initial short listing of companies, the editorial team has used a diverse set of parameters to arrive at the final list of Top 500 companies. We have shortlisted companies based on total income and average market capitalisation on BSE and NSE for FY13. Further, companies that were de-listed until Dec 2013 were excluded from the publication. We also applied additional exclusion criteria such as three year losses, negative net worth, financial health (*), and corporate governance record to arrive at the final list of Top 500 companies. * Weak macroeconomic conditions in India in the past few years have impacted the financial health of many Indian companies. There have been instances wherein companies faced difficulties in servicing their debt and approached the Corporate Debt Restructuring (CDR) cell for restructuring the debt. In such CDR cases (where information is public), an additional criteria set has been applied to include and exclude companies from the Top 500 list. Such companies have been marked in the Publication with the symbol ‘@’ in company listings, wherever applicable This edition also features financial comparison of the profiled companies classified under different sectors. We have identified 57 distinct sectors for classifying companies. We have classified companies into respective sectors based on FY13 segmental revenues. Within each sector, the companies are further ranked based on total income. The ‘Diversified’ category includes companies operating in more than one segment, whereby no segment contributes more than 35% of the overall revenue of the company. ‘Others’ category comprises companies, where the given company is the only Top 500 Company in its sector. All the financial information in the publication is based on standalone financials. Audited Financial statements where period ending is between July 31, 2012 and Jun 30, 2013 have been used as source of information for this publication. Companies whose annual reports were not available to Dun & Bradstreet at the time of compiling this publication have been excluded. The various financial computations are based on D&B’s methodology and have been explicitly explained in the ‘Definitions and Calculations’ section. Companies whose financial statements have been qualified by auditors are marked with an asterisk (*). For companies where the published financial statement is for a period other than 12 months, the financials are annualized for the limited purpose of shortlisting, ranking, and profiling. In general, all information used in the publication is from publically available sources. Each company featuring in the publication has been allotted a unique identification number (D-U- N-S® - Data Universal Numbering System), which will help readers locate and obtain full-fledged business information reports on these companies from the Dun & Bradstreet database.
  • 4. INDIA’S TOP 500 COMPANIES 3 TheChangingFaceofTop500 The Changing Face of Top 500 The year 2012-13 was very challenging for the Indian economy due to the prolonged after effects of the global financial crisis and dismal growth of the US and European markets. During FY13, the Indian economy grew at a decadal low of 5% on back of the slowing industrial growth, high inflation, high interest rate environment, declining business sentiment, delay in implementation of projects and policy logjams. The state of the economy was further worsened due to widening current account deficit (CAD). The CAD to GDP ratio rose to a record high of - 6.7% during Q3 of FY13. Further the CAD to GDP ratio rose to - 4.8% in FY13 as against - 4.2% in FY12, which was the second consecutive year for CAD to GDP ratio remaining above - 4%; indicating the worsening macro-financial conditions. Moreover, the rupee volatility in dollar terms, crude oil prices, high input prices coupled with high interest environment moderated the profitability of India’s corporate sector. This section analyses key performance aspects of India’s Top 500 companies over the last five years (2009, 2010, 2011, 2012 and 2014). Composition The number of public sector companies appearing in last five editions of Top 500 has increased marginally. However, their contribution to overall market cap of Top 500 companies has decreased from 30.7% in 2009 edition to 28.3% in 2014 edition. Ownership-wise Composition Number of Companies 2009 2010 2011 2012 2014* Public 62 62 68 71 70 Private 438 438 432 429 430 Source: D&B Research *The name of 2013 edition has been changed to 2014, while the financials are from FY13 In terms of market cap-wise composition, the small cap companies continue to have maximum representation in the previous four editions of Top 500, followed by mid-cap companies. Market cap of the small-cap companies in the 2014 edition has more than doubled compared to 2009 edition, from ` 483.8 bn in 2009 to ` 1,153.6 bn in 2014 edition, while that of mid-cap and large-cap companies have grown at a slower pace compared to small-cap companies during the same period. The market cap of mid-cap companies grew from ` 3,649.7 bn in 2009 edition to ` 7,072.4 bn in 2014 edition, while that of large-cap companies grew from ` 25,471.3 bn in 2009 edition to ` 49,468.8 bn in 2014 edition. Market Cap-wise Composition Number of Companies 2009 2010 2011 2012 2014* Small-Cap 162 283 194 211 201 Mid-Cap 228 139 185 174 183 Large-Cap 110 78 121 115 116 Source: D&B Research *The name of 2013 edition has been changed to 2014, while the financials are from FY13 Further, 375 companies have consistently appeared in last five editions of Top 500 companies. Of these, 21 mid-cap companies in 2009 edition have grown to become large cap companies in 2014 edition, while 16 companies in 2009 edition have grown to become mid-cap companies in 2014 edition.
  • 5. INDIA’S TOP 500 COMPANIES 4 TheChangingFaceofTop500 The Changing Face of Top 500 Economic moderation and macro-economic challenges dent the market cap growth of Top 500 The average market capitalisation of the Top 500 companies grew at a CAGR of 14% between 2009 and 2014 edition. The trend in growth of average market cap of Top 500 companies in past five editions has passed through two distinct phases – from 2009 to 2011 where it grew consistently and from 2011 to 2014 when it declined consistently. The growth concerns in the advanced economies during 2009-2011 periods drove the investors to the emerging markets with Indian equities becoming the key investment destination for the FIIs. During FY10 and FY11, the total investments by FIIs stood at ` 1,426.6 bn and ` 1,464.4 bn respectively, which was highest in the last decade. This is clearly reflected by the consistent increase in the market cap from 2009 to 2011, with 2011 edition recording the highest market cap at ` 60.2 trillion. However, the trend reversed in FY12 with FIIs selling investments to the extent of ` 527 bn, mainly due to the domestic macro-economic issues such as high inflation, high interest rate environment and depreciating rupee coupled with policy uncertainties. As a result, the average market cap of Top 500 companies dropped by 7.6% in FY12. The trends identified in FY12 continued in to FY13 with Indian economy continuing to face several challenges towards its growth. Consequently, average market cap of the Top 500 companies in 2013 edition grew by meager 3.8% to ` 57.7 trillion and equivalent to 57% of India’s GDP (at current price). Average Market Cap to GDP Top 500 Market Cap to BSE Market Cap 0 10 20 30 40 50 60 70 80 90 0 10000 20000 30000 40000 50000 60000 70000 % InRsBn. Total Market Cap Share in India's GDP 85 86 87 88 89 90 91 92 93 94 95 50000 52000 54000 56000 58000 60000 62000 64000 66000 68000 FY12 FY13 FY14 %Contribution InRsBn Total Market Cap of Top 500 Total Market Cap of BSE % Contribution of Top 500 companies Source: D&B Research *The name of 2013 edition has been changed to 2014, while the financials are from FY13 Service oriented sectors continue to drive market cap growth The top 10 most valuable sectors, as per their contribution to average market cap of the Top 500 2014, together contributed over 62% of the overall market cap of the Top 500 companies and was the highest as compared to the previous four editions. Of these 10 sectors, the share of the three service oriented sectors namely banks, software and ITeS and FIs/NBFCs/Financial Services has increased from 20% to nearly 30% in the past five editions.
  • 6. INDIA’S TOP 500 COMPANIES 5 TheChangingFaceofTop500 The Changing Face of Top 500 Most Valuable Sectors of Top 500 2014* (Average Mcap and Net worth in ` Bn.) Sectors 2009 2010 2011 2012 2014# CAGR Banks 3,460.3 5,098.8 7,485.7 7,000.8 7,668.2 22.0% Contribution (%) 10.1 11.5 12.4 12.6 13.3 Net worth 2,704.4 3,256.5 3,920.7 4,780.3 5,623.2 Software & ITeS 2,450.6 3,904.8 5,491.7 5,642.7 5,951.3 24.8% Contribution (%) 7.2 8.8 9.1 10.2 10.3 Net worth 627.4 789.4 919.9 1,097.2 1,265.1 Oil - Refining and Marketing 3,488.3 4,630.6 4,921.9 3,957.8 3,706.5 1.5% Contribution (%) 10.2 10.4 8.2 7.1 6.4 Net worth 1,792.6 2,058.1 1,939.9 2,286.2 2,450.8 Oil & Gas Exploration - 2,649.5 2,928.7 2,650.2 3,319.2 7.8% Contribution (%) - 5.6 4.9 4.8 5.8 Net worth - 999.9 1,121.5 1,293.8 1,760.7 Power 2,465.2 3,791.0 4,010.7 3,253.2 3,002.1 5.0% Contribution (%) 7.2 8.5 6.7 5.9 5.2 Net worth 1,090.0 1,522.9 1,836.7 1,835.8 1,992.0 Pharmaceuticals 1,356.8 1,635.0 2,323.2 2,482.3 2,980.9 21.7% Contribution (%) 4.0 3.7 3.9 4.5 5.2 Net worth 405.0 480.6 639.3 671.9 685.9 FMCG 1,051.5 1,409.3 1,788.9 2,133.7 2,796.7 27.7% Contribution (%) 3.1 3.2 2.3 3.8 4.9 Net worth 110.1 136.9 122.1 158.3 181.7 FIs / NBFCs / Financial Services 1,334.5 1,902.1 2,703.2 2,353.6 2,611.4 18.3% Contribution (%) 3.9 4.2 4.5 4.2 4.5 Net worth 570.3 801.3 979.1 1,177.0 1,372.3 Engineering / Capital Goods 1,864.2 2,632.1 3,240.6 2,506.4 2,151.7 3.7% Contribution (%) 5.5 5.9 5.2 4.5 3.7 Net worth 405.7 503.9 624.2 712.9 813.7 Automobiles 489.7 939.6 1,420.9 1,424.7 1,767.4 37.8% Contribution (%) 1.4 1.2 2.6 2.6 3.1 Net worth 298.3 355.6 482.3 460.8 513.5 Source: D&B Research *Sectors with maximum contribution to average market cap in FY13 have been selected as valuable sectors #The name of 2013 edition has been changed to 2014, while the financials are from FY13 In addition to the service oriented sectors, oil refining and marketing, oil and gas exploration, pharmaceuticals, FMCG, power, engineering/capital goods and automobiles, continue to drive the overall market cap of Top 500 companies across all the five publications. In terms of growth, in 2014 publication average market cap of sectors such as banks, software and ITeS, pharmaceuticals, FMCG and automobiles grew at a CAGR of over 20% respectively. On the other hand, oil refining and marketing, engineering/capital goods and power sectors exhibited the slowest CAGR growth of their average market cap.
  • 7. INDIA’S TOP 500 COMPANIES 6 TheChangingFaceofTop500 The Changing Face of Top 500 Debut companies in all five editions of Top 500 have shown strong domestic market focus A majority of new companies being featured in the current edition of the Top 500 companies have shown a strong focus on the domestic market. More than 70% of the debut companies that have featured in each of the earlier five editions have domestic markets contributing to 80% of their net sales. Particulars 2009 2010 2011 2012 2014* Total No. of Debut Companies 42 46 46 33 45 Share of debut companies earning more than 80% revenue from domestic market (%) 71.4 82.6 73.9 72.7 72.7 Source: D&B Research *The name of 2013 edition has been changed to 2014, while the financials are from FY13 The current edition of the Top 500 companies features 45 new entrants, of which 30 are small- cap companies, 13 are mid-cap and 2 are large-cap companies. Further, of the 45 new entrants 44 companies belong to the private sector. Snapshot of New Listings (IPOs) featured in Top 500 editions 2009 2010 2011 2012 2014* Total IPOs 17 42 61 39 33 IPOs in Top 500 1 6 11 4 5 Avg Market Cap of Top 500 IPOs (in ` Bn) 5.5 949.5 2,492.9 75.4 460.1 Source: D&B Research *The name of 2013 edition has been changed to 2014, while the financials are from FY13 Top 500 companies in past four editions have contributed to almost one third of India’s overall exports In the last five editions of Top 500, the exports of goods and services by the Top 500 non-financial companies have more than doubled, from ` 3,662.6 bn in 2009 edition to ` 7,472.0 bn in 2014 edition, growing at a CAGR of 19.5% during the period, outpacing India’s overall exports growth that grew at a CAGR of 16.3%, during the same period. With an exception of 2009 edition, the Top 500 companies have constituted to almost one third of India’s overall exports in all other editions.
  • 8. INDIA’S TOP 500 COMPANIES 7 TheChangingFaceofTop500 The Changing Face of Top 500 Export performance of Top 500 Companies 27.2% 33.2% 31.3% 31.3% 30.4% 0 5 10 15 20 25 30 35 0 1000 2000 3000 4000 5000 6000 7000 8000 2009 2010 2011 2012 2014* %Share inRsBn. Exports of Top 500 Companies % Contribution of Top 500 to India's Exports Source: D&B Research *The name of 2013 edition has been changed to 2014, while the financials are from FY13 Oil-refining and marketing, software and ITeS sectors and pharmaceutical sectors continue to be the top sectors contributing to the exports of Top 500 companies during 2009 edition and 2014 edition. Also the sectors of Gems and Jewellery and engineering and capital goods retain the top slot across the two editions. Comparative Analysis of Top 10 Sectors contributing to Top 500 exports 2009 2014 Oil - Refining and Marketing 34.4% Software and ITeS 14.7% Pharmaceuticals 6.2% Iron and Steel 5.1% Gems and Jewellery 4.7% Engineering / Capital Goods 4.1% Non- Ferrous Metals 4.0% Trading 3.7% Textiles 2.6% Power Equipments 2.4% Oil - Refining and Marketing 40.6% Software and ITeS 18.7% Pharmaceuticals 5.3% Gems and Jewellery 4.8% Engineering / Capital Goods 4.3% Iron and Steel 3.0% Textiles 2.6% Non-Ferrous Metals 1.9% Food and Agro Processing 1.8% Automobiles 1.6% Source: D&B Research Higher input cost continue to dent the profitability of Top 500 companies While Indian economy was reeling under the impact of the global economic slowdown induced by the worsening the global macro-economic conditions, the years FY12 and FY13 posed several challenges to the Indian economy. Rising commodity prices, high interest rate environment, depreciating rupee, delay in implementation of projects and policy logjams added to the woes of businesses. Total income of the companies featured in last five editions of Top 500 grew at a CAGR of 14.3%. The year 2009-10 witnessed adoption of several cost management practices by the companies. As a result, the total expenses of the Top 500 companies in 2010 edition declined by 11.3% compared to 2009 edition. Manpower cost, which declined by 20.4% in 2010 compared to the earlier year, contributed the most to the decline in total expenses of the companies during the
  • 9. INDIA’S TOP 500 COMPANIES 8 TheChangingFaceofTop500 The Changing Face of Top 500 period. In 2014 edition, the raw material expense, constituting over 55% of the total expenses, emerged as the single most factor driving the expense of Top 500 companies. This dented their profits, which grew marginally by 3.4% during 2014 as compared to 2012. Financial Performance of Top 500 companies Top 500 2009 Top 500 2010 Top 500 2011 Top 500 2012 Top 500 2014* CAGR In ` Bn. In ` Bn. Y-o-Y % In ` Bn Y-o-Y % In ` Bn Y-o-Y % In ` Bn Y-o-Y % Income Turnover 23,697.7 25,117.8 6.0 30,844.5 22.8 37,680.1 22.2 40,494.9 7.5 14.3% Total Income 27,544.1 29,426.9 6.8 35,532.2 20.7 43,490.2 22.4 47,065.1 8.2 14.3% Expense Raw Material 9,601.7 10,138.6 5.6 11,795.4 16.3 15,343.4 30.1 23,267.3 51.6 24.8% Manpower 1,631.0 1,298.2 -20.4 2,141.6 65.0 2,497.9 16.6 3,076.6 23.2 17.2% Total Expense 24,529.8 21,748.1 -11.3 31,407.8 44.4 39,062.6 24.4 42,166.9 7.9 14.5% Net Profit 2,261.3 2,891.9 27.9 3,347.7 15.8 3,520.9 5.2 3,639.5 3.4 12.6% Source: D&B Research *The name of 2013 edition has been changed to 2014, while the financials are from FY13 The expenses during the five year period grew at a CAGR of 14.5%. Raw material which accounted as the most important cost component grew at a CAGR of 24.8%, which is faster than the sales which grew at a CAGR of 14.3% during FY09-13, indicating the sharp increase in the commodity prices. Sector – wise comparative financial performance The seven top most represented sectors each consisting of 20 or more companies in 2014 edition, are mentioned in the table below. Most of these sectors have increased their presence (measured by number of companies in the sector) in 2014 edition of the publication as compared to the 2009 edition. Amongst the top seven sectors, auto components and construction infrastructure development sectors witnessed maximum additions of eight and seven companies respectively. Banks and textiles sectors witnessed maximum increase in their contribution towards the total income and PAT of Top 500 companies in 2014 edition. These sectors collectively accounted for 30.3% of the total income and 33.5% of the net profit of Top 500 companies in the 2014 edition. Most represented sectors of Top 500 2014 and their contribution to Top 500 Sectors 2009 2014* No. of Companies Share in TI (%) Share in PAT (%) No. of Companies Share in TI (%) Share in PAT (%) Banks 38 14.2 18.9 40 16.5 21.2 Construction – Infrastructure Development 22 2.0 1.3 29 2.0 0.9 Pharmaceuticals 31 1.9 2.3 25 1.6 2.4 Textiles 22 1.2 0.0 25 1.6 1.0 Iron and Steel 33 5.0 6.5 22 4.0 3.3 Engineering/Capital Goods 25 3.9 4.1 20 3.6 4.0 Auto Components 12 0.6 0.4 20 0.9 0.8 Source: D&B Research *The name of 2013 edition has been changed to 2014, while the financials are from FY13
  • 10. INDIA’S TOP 500 COMPANIES 9 TheChangingFaceofTop500 The Changing Face of Top 500 Gems and Jewellery sector emerges as the top performing sector Total income of 15 sectors registered a growth of over 15% CAGR for five years (FY09 to FY13), outperforming the overall 14.3% CAGR of Top 500 companies during the same period. Of these, net profit of 10 sectors grew at CAGR of over 20% during the five years, which again outperformed the overall net profit CAGR of 12.6% of the Top 500 companies. Revenue of majority of these sectors is driven by domestic markets except for the gems and jewellery, where exports play an important role. Of all the 15 sectors, gems and jewellery sector registered a maximum CAGR of over 35% in total income and over 53% CAGR in net profit, mainly due to strong demand in the international market. Outperforming Sectors of Top 500 28.0% 19.9% 20.3% 18.8% 20.9% 24.2% 19.8% 25.5% 35.1% 19.7% 20.5% 28.9% 22.5% 23.6% 21.1% 32.6% 27.9% 17.0% 15.9% 22.2% 25.3% 23.1% 14.7% 53.5% 11.7% 26.5% 20.6% 39.7% 44.8% 0% 10% 20% 30% 40% 50% 60% CAGR TI PAT Source: D&B Research Low-growth/Negative growth Sector -0.25 -0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15 0.2 0.25 Fertilisers Hotels Iron and Steel Metal Pipes Mining Non-Ferrous Metals Paper Petrochemicals and Polymers Power Equipments Real Estate Retail Shipping Specialty Oils and Lubricants Telecom Services Trading CAGR (%) PAT TI Source: D&B Research Low-growth / negative growth sectors comprise of the sectors that have witnessed a CAGR growth of 10% and less or negative CAGR growth in total income. Amongst these, retail and shipping sectors registered the highest negative growth in their total income, while most of the sectors except for non-ferrous metals, specialty oils and lubricants and retails registered almost zero or negative PAT growth during the period.
  • 11. INDIA’S TOP 500 COMPANIES 10 TheChangingFaceofTop500 The Changing Face of Top 500 Banks and Oil and Gas sectors emerge as the top equity dividend payers The total dividends paid by the Top 500 companies increased by 24.6% in FY13 on a y-o-y basis to ` 1,097.4 bn, higher as compared to FY12. The top six dividend paying sectors contributed over 56% of the dividends paid by Top 500 companies in 2014, which was higher that all the earlier editions. Of the six sectors, the banks contributed to the most (14.4%) to the overall dividends paid by Top 500 companies in 2014, followed by oil and gas exploration at 11.1% and software and ITeS at 9.2%. In FY13, software and ITeS companies registered the highest y-o-y dividend paid out growth of 47.2%, followed by coal & coal products at 38.8%. Top equity dividend paying sectors 2010 Edition 2011 Edition 2012 Edition 2014 Edition % Contribution to total dividend of Top 500 % Contribution to total dividend of Top 500 % Contribution to total dividend of Top 500 % Contribution to total dividend of Top 500 Banks 14.4 14.0 15.6 14.4 Oil and Gas Exploration 11.3 9.7 10.8 11.1 Software and ITeS 9.8 10.7 7.7 9.2 Coal & Coal Products - 3.0 7.3 8.1 Power 8.2 7.5 4.5 7.7 FMCG 4.4 3.7 4.0 5.6 Total contribution of top six Sector 48.1 48.6 49.9 56.1 Source: D&B Research *The name of 2013 edition has been changed to 2014, while the financials are from FY13 Banks have consistently been the top dividend payers in last four editions of Top 500 companies, contributing over 14.0% to the overall dividends of Top 500 companies. Oil and gas exploration and software and ITeS sectors are other top dividend payers across all four editions of Top 500 companies.
  • 12. QuarterlyUpdates Top 500 Quarterly Updates INDIA’S TOP 500 COMPANIES 11 For analyzing quarterly performance of Top 500 companies featured in this edition, numbers for the June, Sep, and Dec quarters for FY12, FY13, and FY14 were collated to study the q-o-q and 9-month growth trends and accordingly a sample of 493 companies was selected. Domestic economic growth continued to suffer in FY14, with an estimated below 5% growth for the second consecutive year as per CSO mainly driven by stagnation in the industrial sector. FY14 was characterized by high interest rates and inflation, weak business confidence, and project delays, which impacted investments and savings. The industrial sector was affected by supply constraints (persistent deterioration in the mining sector), as well as slackened demand conditions. Decline of 0.1% in the index of industrial production (IIP) reflects the deceleration in industrial production. Further, manufacturing output declined by 0.8% during FY14, thereby, leading to deceleration in production of capital goods and consumer durables. The services sector also saw moderation in growth of 6% during Q2FY14, the lowest in 12 years. The corporate sector recorded highly leveraged balance sheets whereas increasing bad assets in the banking sector and growth in corporate debt re-structuring amid dwindling investment climate reflected the weak situation of corporate finances. Subdued income growth of 8% during 9M FY14 In line with the macroeconomic growth trend, the aggregate income performance of the Top 500 companies saw a slowdown in growth of 8.2% during Apr-Dec 2013 against 12.2% registered during Apr-Dec 2012. On a q-o-q basis, income growth remained low to reach 7.3% in Q3FY14 from 7.7% growth in Q1FY14. Net sales saw decelerated growth of 7.9% during 9M FY14 compared with 11.7% during 9M FY13, which can be attributed to weakened demand and decline in IIP. Collective net profits from Apr-Dec 2013 registered decelerated growth of 1% compared with 13% during Apr-Dec 2012. Earnings Scorecard – Top 500 2014 Parameters Q-o-Q comparison (% Change over corresponding previous quarter) 9M Comparison (% Change) FY13 FY14 Apr-Dec 2012 Apr-Dec 2013Jun-12 Sep-12 Dec-12 Jun-13 Sep-13 Dec-13 Total Income 13.0 14.4 9.5 7.8 9.6 7.3 12.2 8.2 Net Sales 12.8 14.1 8.5 6.9 9.8 7.0 11.7 7.9 Other Income 18.3 22.8 34.4 27.9 5.1 12.7 25.4 14.6 Net Profit -38.9 63.7 16.8 78.3 -21.1 -7.7 12.9 1.4 PBDIT 4.5 29.8 14.8 21.5 0.7 6.9 16.4 8.8 Source: D&B Research Sector-wise, Software and ITeS recorded the highest income growth of 28.7% during Apr-Dec 2013 due to currency benefits from depreciating rupee. Service sectors such as FIs/NBFCs/financial services and banks registered 17% and 13% income growth respectively, outpacing the aggregate income growth of Top 500 during Apr-Dec 2013. Power sector saw growth in income which may be due to increased demand from household and industrial segments and improved hydel power generation because of good rainfall and subsequent high reservoir levels during Apr-Nov 2013. Income in telecom services sector grew due to higher Average Revenue per User (ARPU). Further, to revive the telecom sector, GoI has taken initiatives such as introduction of the National
  • 13. QuarterlyUpdates Top 500 Quarterly Updates INDIA’S TOP 500 COMPANIES 12 Telecom Policy 2012, simplifying the licensing regime, and enhancing availability of spectrum and its allocation and raising FDI limit from 74% to 100%. Major Sectoral outperformers and under-performers as per Total Income (9M FY14 compared to 9M FY13) High Income Growth Sectors % Change Low Income Growth Sectors % Change Software and ITeS 28.7 Shipping -19.9 Petrochemicals and Polymers 24.5 Ship Building & Allied Activities -18.2 Gas - Processing, Transmission and Marketing 20.2 Computing and Telecom products -12.8 Media and Entertainment 19.6 Metal Pipes -12.1 FIs / NBFCs / Financial Services 17.2 Retail -9.3 Banks 12.7 Gems and Jewellery -7.4 Iron and Steel 7.2 Oil & Gas Exploration -5.8 Oil - Refining and Marketing 7.6 Construction - Infrastructure Development -5.5 Power 7.9 Automobiles -4.9 Telecom Services 9.8 Engineering / Capital Goods -4.8 Source: D&B Research However, fifteen sectors saw a drop in income during the same period compared with six sectors, which faced a decline in income in the corresponding previous period. During Apr-Dec 2013, the shipping segment was the worst hit, with a decline of 19.9% y-o-y in income in FY14. Income for construction and capital goods sector declined by 6% & 5% respectively during Apr-Dec 2013 over corresponding previous period due to delayed project execution and lower order inflows. Further, weak consumer demand led to a decline in income for automobile (passenger cars as well as commercial vehicles) segment. Major cost heads viz. raw material & interest costs witness decelerated growth Aggregate expenditure of Top 500 companies during Apr-Dec 2013 decelerated to 8.1% from 12.1% in the corresponding period last year, primarily due to slower growth in raw material and interest expenses, the two major cost heads. Softening commodity prices have helped companies benefit from cheaper imported raw material, as global commodity prices remained range bound in FY14. Raw material expenses have also declined probably due to better cost management. Increase in raw material expenses, which peaked during Q2FY13 to 12.8%, registered a decline of 2% during Q1FY14. On a 9M basis, raw material expenses saw decelerated growth of 3.3% in FY14 compared with 10.7% in FY13. Raw material expenses as a percentage of total expenses declined from 56.3% during 9M FY13 to 53.8% during 9M FY14. Further, credit off-take to industries remained low during FY13 and FY14. Ease of monetary policy resulted in weighted average lending rates (WALR) based on all borrowal accounts to drop by 41 bps during FY13. WALR on all borrowal accounts further softened during Apr-June 2013 compared with previous quarters of FY13 and corresponding previous quarter. Consequently, interest expenses observed a drop in growth rate from 30% in Q1FY13 to 10.4% in Q1FY14. Lending rates however firmed up by Sep 2013. Thus, lending rates declined in FY13 whereas largely remained stagnant during FY14. Thus, interest expenses as a percentage of total expenses have marginally increased from 14.7% during 9M FY13 to 15.3% during 9M FY14. On a 9M basis, interest expenses saw 12.7% growth in FY14 compared with 22.5% growth in FY13.
  • 14. QuarterlyUpdates Top 500 Quarterly Updates INDIA’S TOP 500 COMPANIES 13 Interest coverage ratio, defined as the Profit before Interest and Tax (PBIT) to interest expense, dropped marginally from 1.9% in Q2FY13 to 1.7% in Q2 FY14. On a 9M basis, interest coverage ratio declined from 1.8% in FY13 to 1.7% in FY14. Cost Heads of Top 500 Companies FY13 Quarter Ended (% Change over corresponding previous quarter) FY14 Quarter Ended (% Change over corresponding previous quarter) 9M Comparison (% Change) Parameters Jun-12 Sep-12 Dec-12 Jun-13 Sep-13 Dec-13 Apr-Dec 2012 Apr-Dec 2013 Total expenses 16.5 12.4 7.9 4.2 11.8 8.4 12.1 8.1 Raw materials 11.9 12.8 7.6 -2.0 6.9 5.1 10.7 3.3 Salaries and wages 15.8 14.6 13.3 17.0 17.7 15.5 14.5 16.7 Power and fuel 18.7 16.9 10.3 3.2 16.9 14.0 15.2 11.5 Interest expenses 30.0 20.7 17.7 10.4 13.6 14.1 22.5 12.7 Depreciation 10.8 9.2 11.2 13.3 20.2 11.2 10.4 14.8 Tax provision 4.6 9.7 -0.3 2.3 -2.9 13.2 4.6 4.0 Source: D&B Research Net profit margin plunges for most sectors during Apr-Dec 2013; however, it grows for 17 sectors Overall, EBITDA margin of the Top 500 companies increased marginally to 26.5% during Apr- Dec 2013 from 26.4% in Apr-Dec 2012. On the contrary, net profit margin on 9M basis declined from 7.5% during 9M FY13 to 7% during 9M FY14. NPM registered an improvement in Q1FY14 (6.7%) over Q1FY13 (4.1%). NPM dropped across most sectors in the Top 500, since 70% of the sectors registered a drop in NPM. Sectors that registered increase in NPM include coal, oil refining and marketing, automobiles, auto components, telecom services among others. Mining segment registered the highest decline in NPM from 45% during 9M FY13 to 18% during 9M FY14, followed by sugar companies, which observed a decline of 14.3 bps in NPM. Sector-wise trend in NPM during Apr-Dec 2013 -30 -25 -20 -15 -10 -5 0 5 10 15 Mining Sugar Hotels Oil & Gas Exploration Agro Chemicals Ship Building & Allied Activities Shipping Real Estate Retail Cement Banks Iron and Steel Pharmaceuticals Auto Components Telecom Services Non-Ferrous Metals Plywood Specialty Oils and Lubricants Batteries Cigarettes Automobiles Tyres Oil - Refining and Marketing Coal & Coal Products NPM Change in bps Sectors with Improvement in NPM Sectors with decline in NPM Source: D&B Research
  • 15. QuarterlyUpdates Top 500 Quarterly Updates INDIA’S TOP 500 COMPANIES 14 Large-caps show superior performance compared to mid and small-cap peers in terms of profit growth NPM (%) 9M FY12 9M FY13 9M FY14 Large 8.3 8.5 8.6 Medium 6.8 6.3 4.2 Small 2.5 2.5 0.7 Source: D&B Research Large-cap companies (classified on the basis of market-cap) accounted for 72% of the total sample in terms of TI during 9M FY14 and saw the highest growth of 10% in profits during Apr-Dec 2013 compared with peers, though growth was slower than corresponding previous period. On the contrary, profits of mid-cap and small-cap companies declined during 9MFY14. Large-cap firms alone saw growth in net profit during Apr-Dec 2013 compared with peers. Mid-cap companies registered second highest growth in TI while registering a decline in net profit. In terms of income, large-cap companies recorded highest growth of 9.3% during 9M FY14 over corresponding period last year compared with peers. However, mid-cap companies recorded the lowest y-o-y decline in growth during nine-month period over corresponding period last year. Small-cap companies have incurred the highest decline in profits during Apr-Dec 2013 with TI also decelerating significantly during the same period. With respect to margins, large-cap companies registered growth in NPM during 9M FY14 over the corresponding period last year whereas the mid and small-caps saw a decline during the same period. Thus, small and mid-caps have been the worst hit during Apr-Dec 2013 compared with large-caps in terms of TI and profit. Growth in Total Income and Net Profit -80 -70 -60 -50 -40 -30 -20 -10 0 10 20 TI growth NP growth TI growth NP growth 9M FY14 9M FY13 (%) Large Medium Small Source: D&B Research
  • 16. QuarterlyUpdates Top 500 Quarterly Updates INDIA’S TOP 500 COMPANIES 15 For analyzing the performance of Top 500 companies featured in this edition for Q4FY14, the financials for the June, Sep, Dec, and Mar quarters for FY12, FY13, and FY14 were collated to study the q-o-q and annual growth trends. Accordingly, 159 companies from the Top 500 list that have announced financial results for Q4FY14 have been considered for analysis. Improved performance of India Inc. during Q4FY14 on the back of better economic conditions India Inc.’s performance growth has strengthened during Q4FY14 supported by bullish market sentiments and an estimated improvement in India’s GDP growth at factor cost at constant prices of 5.7% during Q4FY14 compared with 4.4% growth during Q4FY13. The GDP growth at constant prices during FY14 is estimated at a higher 4.9% compared with 4.5% in FY13 as per Central Statistics Office, Ministry of Statistics and Programme Implementation. For 159 companies from Top 500 2014 list whose Q4FY14 financial results are available, total income grew 15% q-o-q during Q4FY14, higher than 8% growth in the corresponding quarter last year. Double-digit growth in total income has continued for the third consecutive quarter in FY14 led by growth in sectors such as software and ITeS, oil & gas, and banks accounting for over 60% of aggregate total income in FY14. With a growth of 26% y-o-y in total income for the Software and ITeS sector during FY14 on the back of depreciating rupee, the total income of 159 companies grew 12.3% y-o-y in FY14. Net profit grew 18% q-o-q during Q4FY14 which is higher compared with 10% growth in corresponding quarter last year. The 159 companies recorded y-o-y growth in net profit of 3.8% in FY14, lower than 24.5% in FY13. Stronger net profit growth was seen from export driven software and ITeS and pharmaceutical sectors along with telecom services sector. Oil – refining & marketing companies also reported growth in profits in FY14. PAT growth was under pressure for banks, cement and construction sectors among others. Income growth managed to retain double digit growth in FY14. However, profits could not maintain the same momentum. PAT growth which had shown double digit growth for 1st and 3rd quarter suffered heavily on account for de-growth in third quarter. PAT grew only by 4% in FY14 as compared to 24% in FY13. Trend in Earnings and Expenses Parameters Q-o-Q comparison (% Change over corresponding previous quarter) Annual Comparison (% Change)FY13 FY14 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 FY13 FY14 Total income 20.4 17.2 15.4 7.7 7.6 16.6 10.2 14.8 14.9 12.3 Total expenses 22.3 16.7 9.6 9.0 6.5 17.2 13.2 14.1 14.0 12.8 Raw materials 20.5 16.1 6.7 1.5 -3.2 14.6 9.6 14.8 10.8 8.9 Salaries and wages 20.9 18.3 16.6 18.0 16.4 20.0 14.1 11.3 18.4 15.4 Interest expenses 29.4 21.5 16.7 13.7 10.6 13.7 15.5 13.3 19.9 13.3 Depreciation 5.5 5.8 8.8 6.1 11.5 18.4 10.4 14.1 6.6 13.6 Net Profit 7.2 24.7 62.1 9.9 14.5 4.3 -16.4 17.7 24.5 3.8 PBDIT 18.5 20.8 26.8 11.4 12.3 10.7 5.5 15.3 19.2 10.9 Source: D&B Research
  • 17. QuarterlyUpdates Top 500 Quarterly Updates INDIA’S TOP 500 COMPANIES 16 PBDIT margin stood at a high 37.7% during Q4FY14 (highest during all quarters of FY14) compared with 37.6% during Q4FY13. NPM was higher at 11.1% during Q4FY14 (highest during all quarters of FY14) compared with 10.8% during Q4FY13 which may be due to a weak rupee and softening of commodity prices in Q3 and Q4FY14 which also improved PBDIT margins. Growth in raw material costs, a major cost head, on a sequential q-o-q basis declined by 2.6% in Q3FY14 and witnessed decelerated growth of 0.17% in Q4FY14 compared with over 17% growth in Q2FY14. Raw material expenses dropped as a percentage of total expenses to 38.5% during FY14 compared with 39.8% during FY13. Companies also curbed employee costs in H2FY14 with a decline of 1.4% in Q3FY14 and decelerated growth of 1.5% in Q4FY14 compared with over 5% growth in H1FY14. However, with the high interest rate environment, interest expenses dented India Inc’s profits during FY14. With fluctuations in interest expense growth during FY14, interest costs as a percentage of total expenses increased from 23.2% in FY13 to 23.3% in FY14. Employee costs witnessed fluctuations in growth for FY13. However, in FY14, its last two quarters has seen decelerated growth. Employee costs as a percentage of total expenses increased from 9.5% during FY13 to 9.8% during FY14. Increased tax payments also dented net profit in FY14. The total tax payments grew 16.9% in FY14 compared with 9.1% growth in FY13. On an annual basis, PBDIT margin stood at 36.7%, lower than 37% in FY13, a margin contraction of 48 bps y-o-y. NPM dropped from 10.7% during FY13 to 9.9% during FY14. Trend in Profitability Parameters FY13 FY14 FY13 FY14 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 NPM (%) 9.3 10.4 12.1 10.8 9.9 9.3 9.2 11.1 10.7 9.9 PBDIT Margin (%) 35.9 37.4 37.9 37.6 37.4 35.5 36.2 37.7 37.2 36.7 Interest Coverage (times) 1.59 1.65 1.75 1.67 1.62 1.60 1.59 1.70 1.66 1.63 Source: D&B Research Interest Coverage ratio was the highest among all four quarters of FY14 at 1.7 times during Q4FY14. Growth in interest costs on a sequential q-o-q basis witnessed decelerated growth of 0.6% in Q4FY14 compared with over 3% growth in previous three quarters of FY14. However, interest coverage ratio declined from 1.7 times in FY13 to 1.6 times in FY14 due to decelerated growth 10.7% in PBIT during FY14 compared with 20.2% growth in FY13.
  • 18. CorporateSurveyFindings Corporate Survey Findings INDIA’S TOP 500 COMPANIES 17 D&B India conducted a primary survey of nearly 30% of the featured 500 companies to understand their views about the current business environment that corporate India faces today. Its findings include – • Infrastructure and taxation topped the charts when asked about the priority areas for reforms by the new government. 42% of the respondents feel that fast tracking clearance of bottlenecks associated with infrastructure projects should get the top most priority in the new government’s wave of reforms. 35% of respondents also felt that improving taxation system by implementation of Goods and Service Tax (GST) and Direct Tax Code (DTC) merits attention – a finding which has stood true in the last year’s study too. • Expectations are high from the new government. 53% of the respondents chose pushing for economic growth as an important indicator of restoring business confidence on an immediate basis. 33% respondents mentioned project clearances; followed by 20% respondents mentioned controlling inflation. • 79% of the respondents sent out a clear message that prudent policies are urgently needed when they mentioned that delay in policy implementation has impacted their business in the recent past. • India as an attractive investment destination for global investors is going through a tough phase. 46% of respondents said retroactive tax issues have severely negatively impacted India's investment climate to global investors. • In terms of the employment scenario, a priority area of the new government, 52% of the respondents are convinced that their organization has requisite skill sets and don’t foresee any challenges in terms of skilled manpower in the near future too (next 12 – 24 months). But at the same time, 31% were convinced that although their organization has manpower with requisite skill sets currently, they may face shortage in the near future. • Strategy, innovation and leadership emerged as the top types of skill sets that need to be further developed for enhancing organizational efficiency. • While hopes are high that a real effective change would happen, the economy will take some time to reach the euphoric level of the markets. 74% of the respondents expect the GDP to register 5-7% growth in FY15.
  • 19. Top 20 Companies by Total Income Rank Company Name Total Income (` Mn) (%) Change 2013 2012 1 1 Indian Oil Corporation Limited 4,501,716.8 12.22 2 2 Reliance Industries Limited 3,683,680.0 9.60 3 3 Bharat Petroleum Corporation Limited 2,419,295.8 13.27 4 4 Hindustan Petroleum Corporation Limited 2,078,336.2 15.87 5 5 State Bank of India 1,356,919.4 12.26 6 6 Oil and Natural Gas Corporation Limited 873,574.4 8.20 7 8 NTPC Limited 687,755.1 6.07 8 11 Mangalore Refinery and Petrochemicals Limited 657,919.1 21.59 9 10 Larsen & Toubro Limited 627,241.6 15.07 10 15 Tata Consultancy Services Limited 506,565.3 22.81 11 12 Bharat Heavy Electricals Limited 495,463.6 0.61 12 16 ICICI Bank Limited 484,212.9 17.97 13 18 GAIL (India) Limited 481,555.4 17.82 14 9 Tata Motors Limited 468,539.2 (14.63) 15 14 Bharti Airtel Limited 467,996.0 10.87 16 19 Punjab National Bank 461,092.5 13.35 17 13 Steel Authority of India Limited* 455,320.0 (4.94) 18 20 Maruti Suzuki India Limited 443,531.0 22.17 19 17 Chennai Petroleum Corporation Limited 429,070.4 4.98 20 26 HDFC Bank Limited 419,174.9 24.54 INDIA’S TOP 500 COMPANIES 18 Symbols used * Financials with Auditor’s Observations
  • 20. Top 20 Companies by Net Profit Rank Company Name Net Profit (` Mn) (%) Change 2013 2012 1 2 Reliance Industries Limited 210,030.0 4.81 2 1 Oil and Natural Gas Corporation Limited 209,256.9 (4.81) 3 3 State Bank of India 141,049.8 20.48 4 5 Tata Consultancy Services Limited 127,863.4 16.49 5 6 NTPC Limited 109,055.6 22.39 6 8 Coal India Limited* 97,943.2 21.45 7 7 Infosys Limited^ 91,160.0 7.63 8 11 ICICI Bank Limited 83,254.7 28.77 9 13 ITC Limited 74,183.9 20.38 10 15 Hindustan Zinc Limited 68,994.8 24.85 11 16 HDFC Bank Limited 67,262.8 30.18 12 10 Bharat Heavy Electricals Limited 66,151.7 (6.29) 13 - Cairn India Limited 64,806.5 14,642.15 14 9 NMDC Limited 63,423.7 (13.32) 15 19 Wipro Limited 56,502.0 20.60 16 21 Axis Bank Limited 51,794.3 22.09 17 14 Bharti Airtel Limited 50,963.0 (11.06) 18 12 Tata Steel Limited 50,629.7 (24.39) 19 4 Indian Oil Corporation Limited 49,988.7 35.99 20 22 Housing Development Finance Corporation Limited 48,483.4 17.60 INDIA’S TOP 500 COMPANIES 19 Symbols used * Financials with Auditor’s Observations ^ Abridged Annual Report
  • 21. Top 20 Companies by Net Worth Rank Company Name Net Worth (` Mn) 2013 2012 1 1 Reliance Industries Limited 1,465,630.0 2 2 Oil and Natural Gas Corporation Limited 1,228,875.7 3 3 State Bank of India 988,836.9 4 4 NTPC Limited 790,060.6 5 5 ICICI Bank Limited 667,059.6 6 6 Indian Oil Corporation Limited 600,120.3 7 7 Tata Steel Limited 572,979.6 8 8 Steel Authority of India Limited* 394,818.7 9 10 Bharti Airtel Limited 372,671.0 10 12 HDFC Bank Limited 362,141.5 11 11 Infosys Limited^ 360,310.0 12 - Cairn India Limited 339,814.0 13 9 Hindalco Industries Limited 339,457.3 14 25 Axis Bank Limited 331,078.6 15 19 Tata Consultancy Services Limited 325,174.5 16 13 Hindustan Zinc Limited 322,656.9 17 14 Punjab National Bank 312,480.5 18 15 Bank of Baroda 308,651.8 19 17 Bharat Heavy Electricals Limited 302,622.0 20 18 Larsen & Toubro Limited 288,756.5 INDIA’S TOP 500 COMPANIES 20 Symbols used * Financials with Auditor’s Observations ^ Abridged Annual Report
  • 22. India’s Top 500 Companies 2014 Published in India by Dun & Bradstreet Information Services India Pvt Ltd. (D&B) Registered Office ICC Chambers, Saki Vihar Road, Powai, Mumbai - 400072. CIN: U74140MH1997PTC107813 Tel: +91 22 6676 5555, 2857 4190 / 92 / 94 Fax: +91 22 2857 2060 Email: eagops@mail.dnb.co.in URL: www.dnb.co.in New Delhi Office 1st Floor, Administrative Building, Block ‘E’, NSIC - Technical Services Center, Okhla Industrial Estate Phase - III, New Delhi - 110020. Tel: +91 11 41497900/01 Fax: +91 11 41497902 Kolkata Office 166B, S. P. Mukherjee Road, Merlin Links, Unit 3E, 3rd Floor, Kolkata - 700026. Tel: +91 33 24650204 Fax: +91 33 24650205 Chennai Office New No: 28, Old No: 195, 1st Floor, North Usman Road, T. Nagar, Chennai - 600017. Tel: 91 44 28142265/75, 42897602 Fax: +91 44 28142285 Ahmedabad Office 001, Samruddhi, Opp. Old High Court, Near Income Tax Office, Ashram Road, Ahmedabad – 380014. Tel: +91 79 27540558/59, 27541131 Fax: +91 79 27540560 Bengaluru Office No. 7/2 Gajanana Towers, 1st Floor, Annaswamy Mudaliar Street, Opp. Ulsoor Lake, Bengaluru - 560042. Tel: +91 80 33163500 Fax: +91 80 33163540 Hyderabad Office 504, 5th Floor, Babukhan’s Millennium Centre, 6-3-1099/1100, Somajiguda, Hyderabad - 500082. Tel: +91 40 66624102, 66514102 Fax: +91 40 66619358 Editor Pawan Bindal Sub-Editor Yogesh Jambhale, Mihir Shah, Rohit Singh, Arun Singh Editorial Team Omesh Kandalkar, Swatti Mathur, Sneha Talreja, Karishma Desai, Dipshika Biswas, Darshan Ojha, Prashant Mirgule, Rohit Pawar, Sudhir Rewale Sales Head Jayesh Bahadur Sales Team Nittin Maheshwari, Apoorba Kumar Patranabish, Anandita Pongurlekar, Vini Batheja, Vaibhav Dhote, Sunena Jain, Neetu Dhamija, Rupit Kar, Romita Dey Talukdar, Avishek Tiwari, Mayank Bhanu, Shubhra Upadhyay, Anubha Garg, Sujata Bhakat, Nupur Khanna, Tanya Bedi, Nitin Chaudhary, Rakesh Goyal, Vishwa Desai, Aisha Rashyani, Yashaswini Operations Team Nadeem Kazi, Ankur Singh, Shankar Iyer, Sumit Sakhrani, Rajesh Gupta Design Team Mohan Chilvery All rights reserved This publication is copyright and all rights are reserved. Apart from any fair dealing for the purpose of private study, research, criticism or review as permitted under the Copyright Act, no part may be reproduced by any process without written permission. Enquiries should be addressed to the publishers. Although every effort has been made in compiling and checking the information given in this publication to ensure that it is accurate, the authors, the publishers and their servants or agents shall not be held responsible for the continued accuracy of the information or for any errors, negligence or otherwise howsoever or for any consequence arising therefrom. India’s Top 500 Companies 2014 14th Edition ISBN 978-93-82060-38-3