FE500-2010

february 2010

INDIA’S FINEST COMPANIES

2 | THE FINANCIAL EXPRESS | FEBRUARY 2010

CONTENTS

T H E L E A D E R S

Reliance Industries

Focussing onstrong execution � Page 12

NTPCBuilding a broaderpower base

� Page 16

ONGCTaking the diversi-

fied approach

� Page 14

RA

NK

2

RA

NK

3

SAILExpanding operations

� Page 20

IOCWidening its

operational reach

� Page 18

Tata SteelStrategic intent—fit for the future

� Page 23

Bharti AirtelConnections

across the globe

� Page 22

L&TCreating advantagesout of adversity

� Page 25

BHELBenefit from power

sector thrust

� Page 24

InfosysMaintaining clientsand margins

� Page 27

RCOMRecreating rules

of engagement

� Page 26

TCSOn the collaborationand learning path

� Page 29

WiproContinuously

reinventing itself

� Page 28

Tata MotorsForging ahead withglobal ambitions

� Page 31

GAILAdvantage

expanding market

� Page 30

RA

NK

1

EditorialRiding out the global recession

� PPaaggee 44

Overall PerformanceTopline growth sustained

by corporates � PPaaggee 66--1100

Methodology, Caveats & Limitations

How we did it� PPaaggee 3322--3333

The FE-500How India’s top 500 companies

fared in 2008-09 in terms of composite rankings, net sales, total

assets, gross profit, net worth, market capitalisation, return

on net worth, return on assets, and return on sales

� PPaaggee 3344 -- 6611

RetrospectiveA detailed look at how leading

companies fared over the past decade

� PPaaggee 6622--6655

The Industry LeagueA comparison of India’s top

performing companies grouped byindustry. The section contains total

income, net profit, retained profit, forex earnings, forex expenditure,

and debt-equity ratios� PPaaggee 6666 -- 8899

Profits & ProfitabilityTaking a hit on the profitability front

� PPaaggee 9900--9911

Ranks in Alphabetical Order� PPaaggee 9922--110011

Nine Months Performance of Top 100

� PPaaggee 110022--110033

I N S I D E

RA

NK

4

RA

NK

5

RA

NK

6

RA

NK

7

RA

NK

8

RA

NK

9

RA

NK

10

RA

NK

11

RA

NK

12

RA

NK

13

RA

NK

14

RA

NK

15


EDITORIAL

FOR corporate India, financial year 2008-09 was like a trial by fire. The global credit freeze in September 2008 and the negative GDP growth across the

developed world proved a great challenge. All past assumptions in the market placeturned on their head. Indian companies, by and large, met the challenge of globalheadwinds with a resoluteness not seen before. At the end of it all, India Inc seemedto have passed the test by not only staying afloat but also by growing their top linesimpressively. The leading FE 500 companies’ list, ranked mainly by sales growth,shows that the toplines grew at a relatively high pace of 19.35% even thoughprofitability declined across the board. However, bigger companies used their sheerscale to some advantage and managed to preserve bottomline growth too. We now feeldoubly vindicated that our methodology in ranking the top 500 companies waschanged some years ago, giving maximum weight to topline growth andsubstantially reducing the weightage accorded to market capitalisation. This mayhave stood us in good stead because in 2008-09 the stocks of most FE 500 rankers hadcrashed dramatically only to quickly recover within months after March 2009. Somarket cap becomes a somewhat fickle indicator, especially when global financeitself is going through a prolonged phase of volatility.

We are convinced that topline growth will truly reflect the aspirations andperformance of Indian entrepreneurs who are currently in the process of growingtheir companies to global scale. Indeed, it is corporate India’s topline growth over theyears that would truly measure the gradual shift of economic power towards India inparticular and Asia in general. In this context, it is interesting to note that the top 15among the FE 500 companies profiled this year will have two new entrants — TCS andTata Motors — both of which are poised to build global scale in the next 5-10 years.Among the top 15 rankers by sales, profitability, asset size and market cap are IOC,RIL, ONGC, SAIL, Bharti Airtel, Tata Steel and RCOM. This year we also decided toplot the ten-year topline growth trend for the leading 100 among the FE 500 to give anidea of how these companies have fared over the past decade. The result was quiteinteresting: the top 100 companies have shown nearly 18% compounded annualgrowth in sales over the last decade. This means these companies have more thandoubled in size every five years. If the trend continues for another two decades,India may well dominate the list of global MNCs.

M K VENU

february 2010

INDIA’S FINEST COMPANIES

read to lead

A FINANCIAL EXPRESS RESEARCH BUREAU PROJECT

CHAIRMAN OF THE BOARDViveck Goenka

GROUP EDITOR-IN-CHIEFShekhar Gupta

MANAGING EDITORM K Venu

PROJECT CO-ORDINATORAkash Joshi

RESEARCH EDITORPradip Kumar Dey

EDITORIAL Rishi Raj, Noor Mohammad

DESKAAyyeesshhaa DDoommiinniiccaa SSiinngghh

RESEARCH TEAMSujith Pillai, Sandeep Nalge, Tara Boi

COVER DESIGNManoj Bhramar

DESIGN TEAMP L Santosh, M P Singh,

Rohnit Phore, Gopakumar Warrier

MARKETING CO-ORDINATORSThe Express Group

Space Marketing Team

PRODUCTIONB R Tipnis & Team

Printed for the proprietors, THE INDIAN EXPRESS LIMITED,

by Ms Vaidehi Thakar at The Indian Express Press, Plot No. EL-208,

TTC Industrial Area, Mahape, Navi Mumbai400 710 and published from Express Towers,

Nariman Point, Mumbai 400 021.

■ Copyright: The Indian Express Limited. All rights reserved. Reproduction in any manner,

electronic or otherwise, in whole or in part, withoutprior written permission is prohibited.

Riding out the global recession

Pradip Kumar Dey

AFTER a dull performance in2007-08, the Indian corporatesector showed some bright mo-

ment in their top line performance dur-ing 2008-09.

Sales of FE 500 were pitched high.Speeding ahead at a rate of 19.35%, theFE 500’s net sales reached the high of Rs23.14 lakh crore. Though, in compari-son with 2007-08, the sales growth wasslightly high. The FE 500’s sales growthwas 17.69% in the year 2007-08.

The increase in the cost of raw mate-rials and energy, however, presentedsome hurdles in their profit growth.

The top ten, in terms of compositeranks, seemed slightly slower than theFE 500 as a whole. Their sales growth,at 14.63%, was actually slightly lowerthan the FE 500, which recorded a col-lective growth of 19.35%. In absoluteterms also, the top ten ended 2008-09with a lower record: their aggregatesales as a percentage of the total FE 500actually saw a marginal decreasefrom 30.93% in the year before to29.71% in 2008-09.

Barring BPCL, all the other ninewho graced the super league in 2007-08,also showed up in the same starryleague the next year. BPCL, the toptenner of 2007-08, was edged out bythe Larsen & Toubro in 2008-09.

In 2008-09, at the top spot wasReliance Industries. In the slot justbehind it was stable mate ONGC;thethird runner-up was NTPC. And thefourth runner-up was Indian OilCorp. The other six top tenners, indescending order of their compos-ite ranks were SAIL, Bharti Airtel,Tata Steel, Bhel, Larsen & Toubroand Reliance Communications.Within the top ten group, some shifting of positions had takenplace. Thus, SAIL, sixth in 2007-08,moved up to the fifth position and

Bharti Airtel lost the position from fifthto the sixth. Tata Steel, Bhel and Larsen& Toubro moved up from 8th to 7th, 9thto 8th and 11th to 9th respectively.Reliance Communications lost groundand declined, from the 7th to the 10th.

The FE 500 have been clubbed intofive groups-the first 100, the second 100,the third 100, fourth 100 and the restwere neck to neck. So, the comparisons,if any, have to be made within the FE-500. As against an overall sales growthrate of 19.35% for the 500 as a group, thesub-groups of 100 each recordedgrowth rates of 19.18, 22.88, 17.88, 17.30and 15.93% respectively during 2008-09.

The top 100 group (according to com-posite rankings) saw five new compa-nies making an entry in 2008-09. Thehighest rate of rise in net sales in thefirst set was recorded by Lanco Infra-tech (190.68%), Coromandel Interna-tional (149.32%), Tata Chemicals(107.18%), Ambuja Cements (65.65%),United Phosphorus (62.53%) and RCF(62.20%). The laggards in the top 100

were DLF (-48.89%), Unitech (-34.67%),Hindustan Zinc (-27.95%), Housing De-velopment & Infrastructure (-27.76%),Ashok Leyland (-22.80%),Indian Hotels(-13.06%) and Tata Motors (-10.77%).

Some eight companies in the firstgroup of 100 recorded more than 50%increase in net sales in 2008-09. The sec-ond set of 100 companies grew at 22.88%,higher than the FE 500’s average. Theircombined net sales increased from Rs2.32 lakh crore (on an annualised basis)in 2007-08 to Rs 2.85 lakh crore in 2008-09.The second set saw many changes, butthe more noteworthy among them werethe 16 new entrants from the lower ranksin 2008-09. The highest rate of rise in netsales was recorded by Shree RenukaSugars (148.30%), followed by ZuariIndustries (132.65%) and EngineersIndia (112.09%).

Among the poor performers in thisgroup was Parsvnath Developers (-57.5%). Compared to the first two, thethird group of 100 companies did notperform well in terms of net sales

growth. Aggregate net sales of theset increased by 17.88% from Rs 1.20lakh crore in 2007-08 to Rs 1.41 lakhcrore in 2008-09. In terms of individ-ual performance, 14 companiesrecorded declines in the third set. Ofthem, Omaxe recorded the highest (-60.90%), followed by Lakshmi Ma-chine Works (-39.28%), Amtek India(-26.20%) and Ansal Properties &Infrastructure (-22.0%). KingfisherAirlines (174.17%), Fertilisers &Chemicals Travancore (143.56%),Rain Commodities (80.39%), Icsa(64.07%), Peninsula Land (56.88%),AIA Engineering (55.51%) andBinani Cement (55.40%) wereamong those registering significantsales growth.

There were 23 new members inthe set in 2008-09. Not all the newmembers, however have cause forjubilation. As many as 11 of them

Sustaining revenuegrowth in difficult times Sales of FE 500 registered a 19% surge in 2008-09, beating estimates


OVERALL PERFORMANCE

Breeze in.

Breeze out.From Chennai and Kolkata.

CREATING WORLD-CLASS GATEWAYS IN THE SOUTH AND EAST.

Artist’s impression of the upgraded Chennai airport

Artist's impression of the upgraded Kolkata airport

Airports Authority of IndiaCommitted to provide comfort and convenience to air travellers around the country.

Travel across the world, or make aworld-class connection.

Airports Authority of India is there tohold your hand and fulfil your dreams.


OVERALL PERFORMANCE

are rejects from the second set, includ-ing such big names like Ballarpur In-dustries, Castrol India, Omaxe, VarunShipping Company and ITI.

Twelve others, which were in fourthset in 2007-08, entered the third set of companies in 2008-09. Mention maybe made of Bharati Shipyard, Jai NecoIndustries,Rain Commodities,AIA En-gineering, Madhucon Projects, BajajElectricals, Balkrishna Industries, andAmara Raja Batteries.

The fourth set of 100 companiesregistered the lowest growth insales compared to the first, secondand third set, indicating that at thebottom of the corporate heap thereis a lack of enterprise. The fourthgroup of companies grew at 17.30%,and their combined net salesincreased from Rs 87,518 crore (onan annualised basis) in 2007-08 to Rs1.02 lakh crore in 2008-09. The high-est rate of rise in net sales wasrecorded by Sujana Metal Products(101.58%), followed by Jindal Dril-ling & Industries (88.45%), UshdevInternational (83.62%), Dish TV In-dia (78.48%), McNally Bharat Engg(77.47%), Aarti Industries (60.02%)and Visa Steel (54.53%). The mostinteresting part of FE 500 is the salesgrowth of fifth set of 100 companies.The fifth group of companies grewat 15.93%, which is lower than first,

second, third and fourth hundredgroups and their combined net salesincreased from Rs 62,428 crore in 2007-08 to Rs 72,373 crore in 2008-09.

Looking at the FE 500 on a whole, itis obvious that individual performancewas substantially determined by thefortunes of the industry in which theyoperated. The fastest growing indus-tries in 2008-09 were fertilizers, chlor-alkali/soda ash, cement products, shipbreaking and repairing, computer

software-converts, transport-airlines/travel agencies, construction, sugar,pesticides/agrichemical-Indian andsteel-sponge iron. The slowest growingindustries were pharmaceuticals-multinational, mining/minerals/met-als, steel-pig iron, domestic appliances,auto ancillaries, electrodes-graphites,automobiles-motor cycles/ mopeds,electronics- components, bearings andcastings and forgings.

Given the perky overall growth rateof 19.35% for the FE 500, assetgrowth was significantly higherthan the sales growth. The com-bined total assets of the FE 500(according to sales) rose by 24.28%from Rs 22.09 lakh crore in 2007-08 toRs 27.46 lakh crore in 2008-09.

While building assets, the FE 500took a beating on the profitabilityfront. Gross profits decreased mar-ginally during the study period. Thetotal gross profits of the FE 500decreased from Rs 3.41 lakh crore(on an annualised basis) in 2007-08 toRs 3.17 lakh crore in 2008-09, a 7.11%decline. The top 10 of the FE 500accounted for a major share of thebooty (Rs 1.27 lakh crore), leaving Rs1.90 lakh crore to be divided upamong the remaining 490.

ONGC, the number one profit-maker of the year, notched up grossprofits of Rs 36,419 crore, a 2.93%

increase from Rs 35,381 crore in the pre-vious year. The other nine companiesin the top 10 list in terms of gross prof-its were Reliance Industries (Rs 23,571crore), NTPC (Rs 13,548 crore), BhartiAirtel (Rs 11,471 crore), SAIL (Rs 10,692crore), Tata Steel (Rs 8,273 crore),Infosys Technologies (Rs 7,408 crore),Indian Oil (Rs 7,166 crore), RelianceCommunications (Rs 6,736 crore) andTCS (Rs 5,957 crore).

Reliance Industries topped in termsof net worth during 2008-09. The net-worth grew to Rs 1.26 lakh crore, a58.34% rise from Rs 79,766 crore inthe previous year. The other compa-nies in the Top 10 list in terms of networth were ONGC (Rs 78,735 crore),NTPC (Rs 57,370 crore), RelianceCommunications (Rs 51,690 crore),Indian Oil (Rs 43,976 crore), TataSteel (Rs 29,704 crore), SAIL (Rs27,984 crore), Bharti Airtel (Rs27,643 crore), Hindalco (Rs 23,758crore) and Infosys Technologies (Rs17,809 crore).

The aggregate net worth of theFE 500 increased by 20.46% from Rs10.21 lakh crore in 2007-08 to Rs 12.30lakh crore in 2008-09. Eight compa-nies, namely Kingfisher Airlines,Tata Teleservices (Maha), ITI, SpiceCommunications, Dish TV, LloydSteel Indus- tries, Spice Jet andBalaji Distilleries had a negative net

worth in absolute terms.As for market capitalisation, per-

formance was good, the aggregate market capitalisation of the FE 500 corporates increased by 103.9% from Rs 21.92 lakh crore as on January 29,2009 to Rs 44.71 lakh crore as on January29,2010. The highest increase in marketcapitalisation among the FE 500 com-panies was witnessed in the case ofPiramal Glass (756.70%), McNallyBharat Engg Co (648.74%), Sterlite Tec-

hnologies (584.68%), Hindustan Cop-per (571.12%), Tata Motors (514.69%),Micro Inks (491.73%), MadhuconProjects (474.51%), Unity Infra Projects(470.98%), Alok Industries (436.34%)and Century Enka (426.72%).

In contrast, five companies showeda decrease in market capitalisationduring the study period. Mention maybe made of Tata Communications (-29.81%), Madras Cements (-14.87%),Koutons Retail (-14.23%), Hindustan

Unilever (-4.77%) and Bharti Airtel(-2.37%).

The top 10 in terms of marketcapitalisation in 2008-09 wereReliance Industries (Rs 3,42,221crore), ONGC (Rs 2,35,233 crore),NMDC (Rs 1,97,204 crore), NTPC (Rs1,76,659 crore), MMTC (Rs 1,69,456crore), TCS (Rs 1,43,942 crore),Infosys Technologies (Rs 1,42,162crore), Bhel (Rs 1,17,800 crore),Bharti Airtel (Rs 1,16,376 crore) andITC (Rs 95,095 crore).

The market capitalisation of thetop 10 companies (in terms of com-posite rank) increased by 55.63% toRs 13.21 lakh crore on January 29,2010 from Rs 8.85 lakh crore onJanuary 29, 2009. The share of thetop 10 in the FE 500 in market capi-talisation decreased from 38.72% onJanuary 29, 2009 to 29.54% onJanuary 29, 2010.


OVERALL PERFORMANCE


PROFILE

FE Bureau

AMONGST the various achieve-ments of the Indian corporate jug-gernaut, execution clearly stands

off as the best.Within years,the companyhas built the largest refining capacity atany single location. It is also the largestproducer of Polyester Fibre and Yarn andhas ranks amongst the top in the world inmany other operational aspects.

In the year 2008-09 saw the commer-cialisation of two initiatives. The newpetroleum refinery at Jamnagar and thedeep-sea oil and gas production system inthe Bay of Bengal, were the two.

According to Mukesh Ambani, chair-man Reliance Industries (RIL), “A globaltransformation initiative to leverageReliance’s financial and technical skills,open new vistas for our enterprise and forour energetic talent to create new valueglobally, as the world resets to a new fun-damental economic reality.”

However, financial year 2008-09 wasalso a tough one for the company as oilprices slumped and so did gross refiningmargins.And while net revenues grew by6.2%, over the previous year, to touch Rs 146,328 crore operating profitremained stagnant at Rs 25,374 crore andthe net profit declined by 21% to touch Rs 15,309 crore. And since ReliancePetroleum was amalgamated with RIL,these numbers might not be exactly com-parable. However, despite this the com-pany had a highest ever dividend outflowof Rs 1,897 crore and maintained a returnon capital employed of over 20%.

Speaking about the turmoil, Ambanisaid, “Export markets for petroleumproducts, petrochemicals and polyesterwere impacted.In such a milieu,Relianceproactively addressed these challengesand took several decisive actions to keepahead of the curve.”

These actions include conserving andre-deploying capital to petroleum refin-ing and oil and gas projects for early com-pletion of projects. Prioritising expen-diture to operationally critical areas andcontrolling working capital, particularlyon inventories and receivables.

And above all, concentrating on flaw-less execution and commissioning of theoil and gas and petroleum refining pro-jects. “Execution, as they say, is the test of intent.Reliance learnt this dictumfrom its very inception. Not only hasReliance become world-class over theyears in project execution, but it has alsobeen constantly raising the bar for itself,”says Ambani.

“We invested for growth when mostmajor global companies were reducingcapital expenditure,” he adds. In a diffi-cult times, Reliance spent close to Rs 24,713 crore on capital expenditure.With a current cash balance of nearly Rs 19,421 crore, Reliance is among thefinancially strongest companies inemerging markets. Net debt is now at lessthan 21 months of cash flow.

In the quarter ended December 2009,the company has reported revenuesworth Rs 58,848, up 92.7% over the sameperiod of the previous year . For the sameperiod, operating profit grew by 38.5% totouch Rs 8,351 crore and net profit by15.8% at Rs 4,008 crore.

Reliance is the largest polyester pro-ducer in the world, with a manufacturingcapacity of 2.5 million tonnes per annum.This has been strengthened with the com-missioning of the 900,000 tonnes per yearpolypropylene plant at Jamnagar makesit the fourth largest polypropylene pro-ducer in the world. The gas productionlevels have crossed six billion cubicmetres and the field is slated for plateauproduction by the second half of the year2010. 200 days of gas production has beencompleted with 100% uptime. Oil produc-tion from the D26 field has 2.8 million bar-rels with daily peak production expectedby the end of the year.

Today, the Reliance Retail initiativeserves over five million loyal customersin 86 cities and 14 states. This is donethrough nearly 1,000 stores. And despitescaling down of plans the management isconfident to deliver on the promise ofdeveloping an ecosystem capable ofenhancing shareholder wealth and alsoprosperity for marginal farmers, smalltransporters and vendors.

Focussing on strongexecution

RIL � COMPOSITE RANK 1

� NET SALES RANK 2

� OIL & GAS RANK 2

“Execution is the test ofintent. Reliance learnt

this dictum from its very inception. Reliance

has become world-class over the years in

project execution.”MUKESH AMBANI

CMD, RIL


PROFILE

Noor Mohammad

INDIA’S largest upstream hydro-carbon player ONGC is diversifyinginto downstream business like refin-

ing and petrochemicals as also intopower generation to become a fully inte-grated energy company.

ONGC produced 52.45 million tonnesof oil and oil equivalent (mtoe) in the pastfinancial year. The company is expectedto benefit from rising internationalcrude oil prices.However, it is required toshare public sector oil marketing compa-nies (OMCs) under-recoveries from thebelow cost sale of petrol and diesel,whichposes a downside risk to the company’sprofitability.

According to chairman RS Sharma,“Sustaining supplies remains the firstpriority for the industry; not only fromthe present assets, but even from all theplays which attracted attention in high-price regime like, deepwater, ultra-deep-water and oil sands.”

“Commitment, investment and tech-nology will play a major role in tappingthis large pool of located and yet-to-be-discovered resources or from new andalternate sources of energy.Industry willhave to eschew volatility which requiresparadigm shift in policy framework; notonly from producers and consumers buteven at the commodity exchanges,”Sharma added. In the financial year 2008-09, ONGC’s in-place hydrocarbonvolume was estimated at 284.81 mtoewhile its ultimate reserves stood at 68.90mtoe. The company’s total reserves were1,593.53 mtoe as April 1, 2009.

Sharma mentions, “The second stra-tegic pursuit for ONGC has been ‘improv-ing recovery factor’. It has systematicallybeen implementing Improved Oil Re-covery (IOR) and Enhanced Oil Recovery(EOR) projects in 15 major fields since2001.” The IOR/EOR schemes helped inimproving recovery factor of fifteenmajor fields from 27.5% in 2000-01 to 33.1%in 2008-09.At the same time,these schemesalong with other measures helped inarresting natural decline in these maturefields (of 25-30 years vintage) and in main-

taining production levels.The company reported a 23.4% rise in

its net profit for the third quarter of thecurrent financial year because offavourable factors like higher price reali-sation from its crude sale and a lower sub-sidy burden.But ONGC might have to forkout a higher amount a higher amount inthe last quarter to cover the shortfall ofthe third quarter. The company’s netprofit in the latest quarter is Rs 3,054 crorecompared with Rs 2,475 crore in the corre-sponding period of the previous fiscal.The company reported a turnover of Rs15,337 crore compared with Rs 10,865crore for the same period last year.

The average price for crude oil sold bythe company during October-December2009 stood at Rs $76.66 a barrel as against$58.87 a barrel in the correspondingperiod of the previous fiscal. The com-pany paid price discount of $18.97 a bar-rel, compared with $ 25.03 a barrel in thesame quarter of the previous year. Thecompany paid out Rs 3,497 crore in pricediscount on crude sale to the public sectoroil marketing companies toward sharingtheir under-recoveries on sale of petroland diesel for the third quarter.

ONGC made seven new discoveriesduring the latest quarter and two more inJanuary 2010. ONGC Videsh (OVL),ONGC’s subsidiary for acquiring oil andgas assets abroad, has participatinginterests in 39 blocks spread across 15countries.

Of these, 23 are under exploration, 6under development and the rest are inproduction. OVL, in association withHinduja Group and Petronet LNG,recently entered into two broad enablingagreements with Iranian authorities onfor participation in development of gasfields and liquification facilities in Iran,in return for assured minimum 6 milliontonne LNG per annum (mmtpa) on longterm basis.

Managalore Refinery and Petroche-micals Ltd (MRPL), ONGC’s subsidiaryfor refining business, achieved 130%throughput in the past fiscal.ONGC is set-ting a petrochemical complex in Dahej,Gujarat under the joint venture route.

Taking the diversifiedapproach

ONGC� COMPOSITE RANK 2



“Sustaining suppliesremains the first prio-

rity for the industry; notonly from the present

assets, but even from allthe plays which

attracted attention.” R S SHARMA

CMD, ONGC


PROFILE

Noor Mohammad

WITH the Union power ministryenvisaging an ambitious capac-ity addition programme under

the 11th and 12th Plan to overcome thecountry’s growing power shortage,India’s largest generator NTPC is set togain in a big way. The company isexpected to increase its market sharefrom 19% to 21% by 2014. The company’srecent further public offer (FPO) wasoversubscribed by 1.2 times. The govern-ment has further diluted its stake inNTPC by 5% to 84.5% through the FPO.

NTPC will be required to compete for power projects under tariff biddingroute post Jan 2011. The company is utilising the interim to secure invest-ment approvals for as many projects as possible.

NTPC plans to foray into nuclearpower generation business in partner-ship with Nuclear Power Corporation(NPCIL). The two companies have signeda memorandum of understanding(MoU). The planned joint venture isexpected to take off by March.

According to RS Sharma, chairman & managing director NTPC, “Ultimately,all our efforts are geared towards maximising shareholders’ wealth in line with the best corporate governancepractices, including sensitivity to theenvironment and the society. Opti-misation of cost should be integral to our working.”

The company is expected to gain fromits backward integration moves to securefuel supplies for its power plants. Thecompany is mining coal and exploring oiland gas blocks. Apart from tappingopportunities in India, NTPC is alsohunting for acquisition of oil and gasassets abroad.

Meanwhile, the thermal power gener-ator is also trying to reduce its depen-dence on fossil fuels by diversifying intonon-conventional energy areas likehydro, nuclear and generation fromrenewable sources such as wind, solar,geo-thermal and biomass. That will alsohelp the company to reduce its fast-

expanding carbon footprint.As of now, NTPC has an installed

power generation capacity of 30,644 mw,about 82% of which is fired by coal andthe rest by gas. The company has nohydropower generation capacity. But ithas taken up three hydropower projectsof about 2,000-mw capacity for imple-mentation under the Eleventh plan, evenas it is adding about 2,500-mw capacitybased on natural gas.

The utility expects to reduce the shareof coal-fired power generation in itscapacity mix to 80% from the existing82%. By 2017, the company expects tobring down the share of coal-fired gener-ation capacity to 70%. It has targeted toraise the hydropower share to 12% byadding 9,000-mw capacity during thesame period. Besides, it has also envis-aged adding 2,000 mw in nuclear powergeneration and 1,000-mw capacity fromrenewable sources like wind, solar andgeothermal.

The company’s current debt to equityratio is 0.60. “The low gearing ratioensures favoured borrower status forNTPC among the lenders. The robustdebt service coverage ratio of 3.67 andinterest service coverage ratio of 10.19also helps it in resource mobilization,”says Sharma.

NTPC is not only adding capacity butalso running its existing power plantsefficiently. The plant load factor (PLF) ofNTPC’s power plants worked out to 91.1%in 2008-09, compared with the Indianaverage of 77.2%. What is more, the com-pany achieved this without compromis-ing on the scheduled maintenance of itspower plants.

India’s electricity demand has out-paced supply in recent years. Seriousconstraints in getting timely delivery of equipment from suppliers often lead to delays in the commissioningschedule of power projects. That, in turn,adversely affects profitability of the projects. To overcome equipment short-age for its power plants, NTPC hasdecided to develop manufacturing facility for power equipment in collabo-ration with Bhel.

Building a broaderpower base

NTPC� COMPOSITE RANK 3


� POWER GENERATION & SUPPLY RANK 1

“All our efforts aregeared towards

maximisingshareholders’ wealth

in line with the bestcorporate governance

practices.” R S SHARMA

CMD, NTPC


PROFILE

Noor Mohammad

INDIA’S largest public sector petro-leum refiner Indian Oil Corporation(IOC) is diversifying fast to become an

integrated energy company. IOC hasentered the upstream oil and gas explo-ration business even as it is trading innatural gas. IOC is also raising its pres-ence in the petrochemicals business.Meanwhile, the company also plans toforay into nuclear power generation busi-ness in partnership with Nuclear PowerCorporation (NCPIL).

The two sides have already signed a memorandum of understanding (MoU) in this regard. IOC plans to investRs 14,000 crore every year to grow. Thecompany celebrated its Golden Jubileeyear in 2009.

“During these five decades, IOC hasgrown to emerge as the country’s largestcommercial enterprise and India’s high-est ranked company in the prestigiousFortune Global 500’ listing, at 105th position,” mentioned Sarthak Behuria,chairman, IOC.

The company has kept ready warchest of $ 1 billion to finance acquisitionof oil and gas assets abroad. Acquiringoil equity abroad makes sense for IOC asit would help the company to hedge itscrude oil purchase cost in the face ofvolatility in the world oil market. Thecompany imports more than 50 milliontonnes of crude oil a year for its refineries.

During the year, IOC maintained itsdominance in the market place andclocked the highest ever sales of over 66million tonnes of petroleum products,registering a growth of 5.67% over theprevious year, added Behuria.

IOC is very bullish on petrochemicalsbusiness.The company has been success-fully marketing Linear Alkyl Benzene(LAB) manufactured in its Gujarat refinery, in the domestic as well as over-seas market. Now it plans to raise its profile in the sector.

The company plans to use surplusnaphtha from its refineries as feedstockfor the petrochemicals business. With

power and fertilizer sectors graduallyshifting to natural gas, IOC will havemore and more surplus naphtha from itsrefineries in coming years. Meanwhile,itis a setting up a 15 million tonnes perannum (mmtpa) petrochemical complexat Paradeep, Orissa.

IOC would benefit if the governmentimplements the recommendations of theKirit Parikh committee on petroleumpricing. The committee has suggestedmaintaining the current methodology ofcalculating OMCs’ under-recoveries onretail sale of household LPG and PDSkerosene on the import parity basis. Thatmeans the OMCs will continue to enjoythe possibility of reaping windfall gainsin international as prices of these prod-ucts rise proportionately more thancrude oil prices.

The committee has also recom-mended that the government shouldreimburse the OMCs’ under-recoveriesin cash and not through issuance of oilbonds. The government has decided tocompensate the OMCs’ under-recoveriesfrom the current fiscal in cash

Behuria mentioned in his speech,“For downstream oil companies like IOC,managing the day-to-day operations in anenvironment of high volatility in crudeoil prices was a daunting task. During2008-09 in particular, the peaking ofcrude oil prices and the sudden switch toa low-price regime dramatically affectedthe economics of the industry across thevalue chain.”

Company’s net profit for the period ofnine months ended December 2009 wasRs 4,664 crore as against loss of Rs 3,673crore for the same period last year. Thegross turnover was lower by 12.13 % to Rs 1,99,207 crore during the periodApril–December 2009 from Rs 2,26,717crore for the corresponding period of theprevious year. The company sold 52.19million tonnes of products, includingexports, during the nine-month periodending December 2009. The throughputof its refineries and pipelines networkwas 37.412 million tonnes and 47.516 mil-lion tonnes respectively for the nine-month period.

Widening itsoperational reach

IOC� COMPOSITE RANK 4



“For downstream oilcompanies like IOC,

managing the day-to-day operations in anenvironment of highvolatility in crude oil

prices was a daunting task.”SARTHAK BEHURIA

Chairman, IOC


PROFILE

Rishi Raj

STEELAuthority of India Ltd (SAIL)is the largest steel producing com-pany in the country and the 17th

largest in the world with a turnover ofover Rs 32,000 crore. At present, the com-pany’s market share in the domestic mar-ket is about 30% and it plans to grow by70-75% by the end of this year by mainlyimproving its capacity utilisation.

Modernisation and expansion plansat its five integrated plants at Burnpur,Bokaro, Bhilai, Durgapur and Rourkelahave been approved by the board involv-ing a capital expenditure of about Rs40,000 crore spread till 2010. By then, itsoutput would increase from 14.5 milliontonnes at present to 25 million tonnes.

For the first nine months (April-December) of the financial year 2009-10the company’s net profit stood at Rs4,669.5 crore – almost at par, 0.4% lowerthan the corresponding period of lastyear. Profit before tax for the period stoodat Rs 7,065.2 crore, lower by 0.7% than thecorresponding period of last year. Inspite of sales growth by 14% in volumeterms during April-December 2009, netturnover at Rs 28,596 crore was lower byabout 9% as compared to the same periodlast year, primarily on account of lowerrealisations.

SAIL chairman S K Roongta said,“We remained focused on our fundamen-tals during the recent downturn andthrough relentless pursuit by the SAILcollective, significant successes cameour way. SAIL is gearing itself up to facethe impending challenges relating toinputs and other cost increases, intensi-fying competition and those relating toraw material security, while making best efforts to seize the immediate opportunities, with increased demandfor steel in the country”.

For the quarter ended December 2009SAIL posted a net profit of Rs 1,675.55crore, an improvement of 99% over thecorresponding period last year. The com-pany also paid an interim dividend at16% of its paid-up capital, amounting toRs 660 crore as against 13% interim

dividend paid last year.Under the company’s modernisation

and expansion schemes, capital expendi-ture at Rs 2,793 crore in the December 2009quarter was nearly 114% higher than Rs1,306 crore in the same period last year.During April-December of 2009-10, ittouched Rs 7,713 crore —over 138% that ofcorresponding period last year (Rs 3,231crore). Modernisation and expansionprojects at Salem Steel Plant whichinvolve installation of new steel makingfacilities and a new cold rolling mill arenearing completion.

The company’s net turnover duringthe quarter ended December 2009 at Rs9,697 crore as compared to Rs 8724 crore(year-on-year) has been 11% higher. Involume terms, sales at 2.9 million tonneduring the quarter were 24.5% higherthan same period of the previous year.The lower growth in turnover as com-pared to volume growth was primarilydue to 12% lower sales realisation duringthe same period of the previous year.

Apart from lower cost of importedcoal and growth in sales, increase in pro-duction of value-added steel by 25%,improved techno-economic parametersand several cost efficiency measures,helped doubling of profits.

Bharat Refractories Limited wasmerged with SAIL in July 2009 andrenamed as SAIL Refractory Unit (SRU).Better management of facilities of theunit led to substantial increase of 21% inproduction during the quarter.

Towards raw material security withrespect to iron ore, significant progresshas been made during December 2009quarter. For Rowghat mine at Chhattis-garh, after the statutory clearances, alease deed agreement was signed onOctober 21, 2009, an issue which had beenpending for more than two decades. Thiswill provide iron ore security to BhilaiSteel Plant for around the next 30 years.Regarding Chiria/Gua mines, during the December 2009 quarter, Jharkhandgovernment recommended the forestclearance proposal of Budhaburu lease,which has a reserve of about 810 milliontonne of iron ore.

Expanding operationsand market share

SAIL� COMPOSITE RANK 5


� STEEL-LARGE RANK 1

“We remained focusedon our fundamentals

during the recentdownturn and through

relentless pursuit by theSAIL collective,

significant successescame our way.”

S K ROONGTAChairman, SAIL


PROFILE

Rishi Raj

BHARTI AIRTEL is one of Asia’sleading providers of telecommu-nication services with presence

in all the 22 licensed jurisdictions (alsoknown as telecom circles) in India,Srilanka, and Bangladesh. The companyserved an aggregate of 121,852,576 customers as of December 31, 2009, inIndia; of whom 118,864,031 subscribe toGSM mobile services and 2,988,545 usetelemedia services either for voiceand/or broadband access deliveredthrough DSL.

Bharti Airtel is the largest wirelessservice provider in the country, based on the number of customers as ofDecember 31, 2009. It offers an integratedsuite of telecom solutions to enterprisecustomers, in addition to providing longdistance connectivity both nationallyand internationally. It also offers DTHand IPTV Services. “The past year was,without doubt, transformational inmany respects. Our focus on spreadingthe benefits of telecommunications inrural India has yielded particularly grat-ifying results” said Sunil Bharti Mittal,chairman and managing director, BhartiAirtel.

All these services are rendered under a unified brand “Airtel”. The com-pany also deploys, owns and managespassive infrastructure pertaining to tele-com operations under its subsidiaryBharti Infratel Ltd. Bharti Infratel owns 42% of Indus Towers Ltd. BhartiInfratel and Indus Towers are the two top providers of passive infrastructureservices in India. For the nine monthended December 31, 2009 the company’stotal revenues stood at Rs 29,559 crorewith a net income of Rs 7,048 crore andand Ebitda margin at 41.3% .

Though the most profitable telecomcompany in the country, of late its rate ofgrowth has slowed down due to the ongo-ing tariff wars in the country leading torates as low as half a rupee.

The company has already crossed the100-million subscriber mark, whichmakes it the third largest single country

mobile services operator and sixthlargest in-country integrated telecomoperator in the world.

The company is currently engaged innegotiations for taking over the Africanoperations of Kuwaiti telecom group,Zain Telecom. Should the acquisitionmaterialize Bharti combined revenuebase would grow to around $12 billionwith over 165 million subscribers andoperations across 20 countries.

Mittal says, “As a first step towardspursuing our international aspirations,we commenced operations in Sri Lanka.The runaway success of the launch hasjustified our conviction that the Airtelbusiness model can be effectively andprofitably replicated in other countries.We are determined to pursue our inter-national strategy going forward.”

The company is divided into variousbusiness divisions. Some of the key are:

Mobile Services: Bharti Airtel has acustomer market share of 22.7% ofIndia’s wireless market, as on December31, 2009. Its wireless network is present in5,078 census towns and 433,851non-cen-sus towns and villages in India, thus cov-ering approximately 83.6% of thecountry’s population. Airtel Sri Lanka is amongst the fastest growing launchesin the world with a base of over 1 million customers within six months of launch.

Telemedia Services: The strategy of Bharti Airtel’s Telemedia business is to focus on cities with high revenuepotential. Currently, the company offers services in 95 cities across India.Product offerings in this segment include installation of fixed-line tele-phones providing local, national andinternational long distance voice con-nectivity and broadband Internet accessthrough DSL.

Enterprise Services: Airtel isIndia’s leading provider of communica-tions services to large Enterprise andCarrier customers. It offers long distancewholesale voice and data services to over 400 carrier customers, as well as to the Mobility and Telemedia businessunits of Airtel.

Building connectionsacross the globe

Bharti Airtel � COMPOSITE RANK 6


� TELECOMMUNICATIONS-SERVICE PROVIDER RANK 2

“Our focus on spreading the benefits

of telecommunicationsin rural India has

yielded particularlygratifying results.”

SUNIL BHARTI MITTALCMD, Bharti Airtel

FEBRUARY 2010 | THE FINANCIAL EXPRESS | 23

“Tata Steel has takenaggressive steps tomeet the challenges of these difficult timesthrough cost reduction,process improvementand production rationalisation.” RATAN TATAChairman, Tata Group

Tata Steel� COMPOSITE RANK 7


� STEEL-LARGE RANK 2FE Bureau

IN the steel industry, when the pricingcycle turns, operators have to go in foraggressive cost cutting and rationali-

sation of processes to overcome the prof-itability issue. Tata Steel, with its strongexpertise of over 100 years was able toovercome the strife and come outunscathed.

The effects of the world economicdownturn seriously impacted the com-pany’s global operations in the secondhalf of the year under review. Thedemand for steel declined by 26% in theUK and Europe in the third quarter com-pared to a year earlier and after a furthercontraction in the fourth quarter,demand had fallen by 57% in the UK and44% in Europe compared with a year ago.

Its standalone revenues however grewmarginally by 2% in the financial year2008-09,over the previous year,to touch Rs20,024 crore from Rs 19,480 crore. Its netearnings also managed to show a positivetrend of 3.5% year on year growth to touchRs 7,315.61 crore in 2008-09. However, mar-gins declined from 41.93% to 38.83% in2008-09, while the return on equity was at18.33% as against 20.53% in the previousyear. Things could have been worse butsteps to ensure that they were not.According to Ratan Tata, chairman TataSteel, “Tata Steel has taken aggressivesteps to meet the challenges of these diffi-cult times through major initiatives incost reduction, process improvement andproduction rationalisation.”

“The highest priority is being given toexpanding steel producing capacity inJamshedpur, and ensuring raw materialsecurity for the European operationswhich do not have captive iron-ore andcoal resources”, he added. Productionrationalisation is also being undertakenin Europe and the UK to right-size manu-facturing facilities to be in sync with thelower off-take by the market. The sameapproach is also being taken in the com-pany’s Asian subsidiaries.

Inventories were liquidated to releasecash. Steel stock was brought down to 28days by the end of March 2009 as against

71 days at the end of December 2008.Thecompany bettered the specific energyconsumption record set last year byachieving a new record of 6.594 GCal pertonne of crude steel in 2008-2009. Anacross-the-board cost-cutting initiativetargeted and achieved 15% reduction ingeneral administrative expenses.

In the 2008-09, the company commis-sioned the 1.8 million tonnes of crudesteel making capacity at Jamshedpurwhich will be further augmented by 3 mil-lion tonnes through ongoing brownfieldexpansion by 2011. This will increase theJamshedpur plant’s crude steel makingcapacity from 6.8 mtpa to 9.7 mtpa, at anestimated cost of Rs 13,900 crore.

This will also enable Tata Steel tostrengthen its market share in the flat pro-ducts segment and simultaneously re-duce operating costs over a large volumeof production. Raw material self-suffi-ciency for the consolidated entity is at 25%post the Corus acquisition. The manage-ment intends to increase self-sufficiencyof raw materials to 50% in the medium tolong term and has been actively looking atacquiring mines overseas. It has alreadyacquired mines in Indonesia.

And, with the revival in the steel cycleas the global demand uptick, revenues inthe quarter ended December 2009 havegrown at a rapid clip with steel salesgrowing at 48.9%, over the same period of the previous year, to touch 1.59 milliontonnes and net sales grew at 39% to touch Rs 6,307 crore. Buoyed by the otherincome factor net earnings more thandoubled, and stood at Rs1,742 crore, forthe quarter ended December 2009.

Amongst the new initiatives, the com-pany would be looking at rationalisingthe Corus operations and also creatingmarketing alliances. The Tata SteelBoard has approved a framework for ajoint venture between the company andand Nippon Steel Corporation (NSC) forthe production and sales of automotivecold-rolled flat products at Jamshedpur.

Clearly, the management seems to beworking on getting its near term focus onthe implementation of the “Fit forFuture” initiative.

Strategic intent—fit for the future


PROFILE

Noor Mohammad

PUBLIC sector power equipmentsupplier Bhel continues to domi-nate the Indian market even as it is

expanding its operations abroad. Thecompany is set to augment its manufac-turing capacity from the existing 10,000mw level to 15,000 mw by the end of thecurrent fiscal.

The company hopes to benefit fromtender issued by NTPC and DamodarValley Corporation (DVC) for bulk pro-curement fo supercritical units for theirenvisaged Twelfth plan projects. “Bhelhas a natural advantage over the com-petitors, being in existance for last 40-45years that is one point. The next point isthat Bhel’s product profile if you look at,the entire chain of equipments, ourpower plants are made in Bhel in variousunits and number of technologies havebeen implemented by this company” saidB Prasada Rao, chairman and managingdirector of Bhel.

Meanwhile, the company had bookedorders worth Rs 36,000 crore upto thethird quarter against its Rs 55,000 croretarget for the current financial year. Ofthis, orders worth Rs 16,000 crore came inthe third quarter. The company’s totalorder books stood at Rs 1,34,000 crore atthe end of the third quarter.The companyhopes the pace of order inflows to furtheraccelerate in the last quarter.

The company bagged orders for sup-ply of equipment to 12,479 mw capacity in the current financial year upto thethird quarter from the power sector.Meanwhile, the company booked ordersfor equipment supply to captive powerprojects worth 1,965 mw. Bhel alsoreceived orders worth Rs 967 crore forexport of power equipment. The Unionpower ministry has envisaged 100 gwpower generation capacity under thecoming Twelfth plan. Orders for 33,000mw have been placed by developers. 55%of the orders have gone to Bhel.

Bhel’s net profit rose 35% to Rs 1,072crore in the third quarter from the sameperiod of the previous fiscal. The com-pany announced an interim dividend of

Rs 11 per share after its board meeting.The company’s profit before interest

and tax in the quarter works out to Rs1,713 crore. Of this, Rs 1,308 crore camefrom the power sector and the rest fromthe industry. Meanwhile, the company’stotal income increased to Rs 7,422 crorefrom Rs 6,328 crore in the correspondingperiod of the past year, an increase of17%. Of the company’s total income inthe quarter, Rs 5,708 crore came from the power sector. The rest was from the industry. The company’s operatingprofit margins rose 319 basis points in thethird quarter over the same period of thepreceding fiscal. Bhel’s earning pershare (EPS) in the latest quarter rose by35.6% to Rs 21.91 from the same period ofthe past fiscal.

Rao adds, “Bhel has got and estab-lished over a period, all over the countrywe can reach any customer within notime. Recent example is Srisailamhydropower station which was underwater since October 2.We started attaind-ing to that unit from 6th of October and allthe units have been commissioned in thelast 6 weeks. This was a record. So, this isa kind of service capability which Bhelhas established.”

The company has seen declining mar-ket share in recent years because of com-petition from cheaper Chinese imports.Ithas been making representation to thegovernment for a level playing againstChinese suppliers. It seems that the gov-ernment has taken seriously the threat toBhel from imports.

To keep the Chinese threat at bay, thegovernment has already put up condi-tions for having a manufacturing facilityin India and participating in bidding forbulk supply of supercritical equipmentto projects envisaged by NTPC andDamodar Valley Corporation.Bhel hopesto benefit from that.

Meanwhile, the government alsoplans to bar developers of ultra megapower projects from importing equip-ment by putting in conditions of having amanufacturing facility in India. Thisshould also help Bhel regain its marketshare in the medium term.

Benefits from power sector thrust

BHEL� COMPOSITE RANK 8


� ELECTRIC EQUIPMENT RANK 1

“Bhel has a naturaladvantage over the

competitors, being inexistance for last

40-45 years.”B PRASADA RAO

CMD, BHEL


“The new structureopens up opportunitiesfor leadershipdevelopment, providesa platform for nurturinginternal resources.”A M NAIKCMD, Larsen & Toubro

L&T� COMPOSITE RANK 9


� ENGINEERING RANK 1FE Bureau

WITH capacity expansion planson hold and government spend-ing taking a backseat due to

election code of conduct, Larsen &Toubro (L&T) started to feel the heat onthe execution side.

However, this can be seen a minor blipfor the company that actually saw its hig-hest revenue, operating profits and evennet profit being recorded. Net sales forfinancial year 2008-09 stood at Rs 33,647crore, on a standalone basis. And operat-ing profit at Rs 4425 crore and the netprofit was at Rs 3,482. Key ratios howeverdipped, with the operating margin dip-ping from 13% level 2007-08 to 12.8% in2008-09, similarly the return on equityalso slipped from 20.58% to 17.55%.

According to chairman A M Naik,“The company performed well despitethe adverse scenario in 2008-09. Orderinflows grew by 23% over 2007-08, and inline with our efforts to diversify the geo-graphical spread of our businesses,international orders constituted 15% ofthe total order inflows. The Middle Eastcontinues to be a focus area for us and wehave enhanced our footprint in the GCCRegion. The order book position stood atRs 70,300 crore at the end of financial year 2008-09, giving us some revenue visi-bility going forward.”

Moreover, this was a year when L&T, aprofessionally managed company, saw aninternal reorganisation where comple-mentary business units have been organ-ised under vertically integrated busines-ses termed ‘Operating Companies’ (OCs).These OCs have their own internal boardsand embedded shared service functionssuch as HR, resource support and finance& accounts to enable self-sufficiency.Naikstrongly believes, “The new structureopens up opportunities for leadershipdevelopment,provides a platform for nur-turing internal resources and is expectedto provide focus to businesses within eachOC. The structure aims to enhance share-holder value creation.”

Moreover, adverse economic condi-tions seem to have worked to the com-

pany’s advantage in enabling it to posi-tion itself as a stable career destination.

Going ahead, the company would belooking at several initiatives. The man-agement sees the hydrocarbon businessas a strong opportunity—both in theupstream oil and gas exploration/ex-traction and in midstream refineries.Increased capacity in the Middle East islikely to yield some growth in this sectorin years to come, adds Naik.

Road projects have started receivingfocused government attention and arelikely to witness increased awards onbuild operate and transfer (BOT) basis.Naik reckons, “This is an area where wecan leverage past record, scale, designstrength and execution capability as andwhen tenders are floated as a first steptowards final award of these projects.”

The company would also be looking atleveraging its strong track record in thearea of evacuation, storage, treatmentand transmission of bulk water to exploitemerging opportunities in states that arewater-deficit. “Our power equipmentmanufacturing venture is an integralpart of our efforts to grow this businessin years to come and we have startedreceiving large orders in this space,”saysNaik. He also points out towards nuclearpower generation,which is slated to growby an order of magnitude over the nextdecade and more, can spell major growthopportunities for L&T in the long term.And then there is the Indian Railwaysand the defense sector, when privatised,offers large business potential and this isan area where L&T is well positioned.

In the December 2009 quarter,the com-pany managed to grow its order inflow by22%, over the corresponding period ofthe previous year, gross revenues duringthe period dipped to Rs8139 crore lower by6%. However better execution saw itsoperating pofit margins grow from 11.2%to 12.5%. And, the company’s order bookas on 31st December, 2009 has attained asignificant size of Rs91104 crore.

So as the economic activity picks up and execution of projects gets betterL&T would be in a position to take maximum advantage.

Creating advantagesout of adversity


PROFILE

FE Bureau

RELIANCE Communications(RCOM) the flagship company ofReliance Anil Dhirubhai Ambani

Group, has been at the forefront of thetransformation of the Indian telecomspace and continues to do so.

And despite the slowdown in theIndian economy in financial year 2009where corporate buying remained sub-dued, the company managed to grow itstotal income by 20.34%, over the previousyear taking the amount to Rs 22,948 crore. For the same period, its net earn-ings touched Rs 6,045 crore against Rs5,401 crore the previous financial year.The company has managed to maintain a29% compounded growth rate in its rev-enues over the past four financial yearsand a compounded growth rate of 55% inits operating profits and a strong 139% innet earnings.

Anil D Ambani, chairman of RCOMwhile speaking about the performance intesting time said, “It is therefore com-mendable that the year saw us makingimportant strides forward in our missionto become one of the world’s leading inte-grated service providers across theentire value chain of telecom busi-nesses.” And while it has managed to cap-ture almost all elements of thetelecommunication sector value chain,the company would also be restructuringits businesses. “We are alive to the needsof changing industry trends and eco-nomic environment,” says Ambani . Thevertical businesses are being restruc-tured and realigned to make them meetthe requirements of enterprise and indi-vidual customers.

The demerger of the Optic FiberNetwork to Reliance Infratel, the telecominfrastructure subsidiary of RCOM, willenhance the company’s value proposi-tion in the telecom infrastructure seg-ment and, at the same time, create asimple and transparent structure.

Ambani believes, “Each of the busi-nesses operated by the Company, eitherby itself or through subsidiaries,affiliatecompanies or strategic investments in

other companies, is poised at the cusp ofsignificant opportunities for growth,”

In line with the company’s objective ofprofitable growth, margins in the wire-less business remained amongst thehighest in the industry at 37% in finan-cial year 2009. This was despite the sig-nificant capital expenditure committedto the business over the last two years.

“With the unique advantages avail-able to our business, we are now at theforefront of the next wave of growth inthe Indian infrastructure,” mentionsAmbani.

The year has marked the launch of itsGSM business and the company deliv-ered the highest wireless subscriberacquisition in the world at 5 million in thefirst month of the GSM launch.Following the launch of the nationwideGSM network, the company capturedmore than 25% share of net additions in amarket that already has seven to eighttelecom operators on a network thatextends seamless coverage to over 1 bil-lion Indians across 24,000 towns and600,000 villages.

And the growth numbers continue asthe company acquired nearly 34 millionsubscribers between January andDecember 2009. That makes RCOM thefourth largest, single country wirelesstelecom operator globally with nearly 94million subscribers.

The company has been receiving flakfor starting off a tariff war in the telecomsector. And this is not the first occasionwhere the company was accused ofchanging industry dynamics.

However, some impact of this was felton the financials in the December 2009quarter as consolidated revenues weredown 6.9% to Rs 5,309.8 crore, from Rs5,702.6 crore of the previous quarter ofthe same year. For the same period, theoperating profit shrunk by 9.3% to touchRs 4,476.1 crore. The management how-ever remains confident that the tariffwar in the sector would consolidate in thedays to come.

In the current fiscal year, the manage-ment expects to invest upto Rs 4,500 croretowards capital expenditure.

Recreating rules ofengagement

RCOM� COMPOSITE RANK 10


� TELECOMMUNICATIONS-SERVICE PROVIDER RANK 2

“With the uniqueadvantages available

to our business, we arenow at the forefront of

the next wave of growth in the Indian

infrastructure.” ANIL AMBANI

Chairman, RCOM

Infosys� COMPOSITE RANK 11


� COMPUTER-SOFTWARE-MEGA RANK 2

“Our goal is to have the best margins in theindustry and we havedemonstrated that wehave probably the bestset of levers or the bestway of controlling our margins.” S GOPALAKRISHNANCEO and MD, Infosys


FE Bureau

GIVE me a lever and I can move theworld,” said Archimedes, theGreek genius.In the context of the

Indian corporate world Infosys Techno-logies seems to have several levers thatkeep its profitability moving.

So even when times were tough, espe-cially in financial year 2008-09, the com-pany managed to move its revenues by30%,over the previous year to take it to Rs21,693 crore. And, during the sameperiod, the net earnings were up by 28.8%to Rs 5,988 crore. Interestingly operatingprofit margins grew to 34% levels fromthe 32% levels recorded in the previousyear, and the return on capital remainedstrong at 42% levels.

“Our goal is to have the best marginsin the industry and we have demon-strated time and again that we have probably the best set of levers or the bestway of controlling our margins,” said S Gopalakrishnan, CEO and MD in ananalyst call recently. In a letter to share-holders, Gopalakrishnan and SDShibulal, CFO and director, mention thatthey continued to grow their businessdespite lower velocity. They attribute tothe growth in business to their modelwhich is built on enduring relationshipsand this has enabled their clients toremain with them despite the upheavals.They have built relationships and arenow leveraging them to generate revenuegrowth. But this too comes through someinnovative thinking and commitmenttowards clients.

The management has rolled out sev-eral engagement models that bundle upthe services and products from their sta-ble to serve clients. The new engagementmodels offer the client greater pricingflexibility and also more operational con-trol. And then there is the tested globaldelivery model that has been tested in themarket place. This enabled the companyto grow its million dollar clients to 327 in2008-09 from 310 in the previous year.And,after the December 2009 quarter there arenow 336 million dollar plus clients.

Moreover, even the manner in which

“If we look at on the drivers for mar-gins—onsite-offshore ratio, utilisation,the business mix we have, some servicelines have a better margin than someother service lines, some geographies,some customers. So it is a portfolioapproach and that is why we have beenable to manage this better than anybodyelse,” said Gopalakrishnan in a call.

Moreover, the company has beenexperimenting on different pricing mod-els. As Gopalakrishnan pointed out, “Weare experimenting with ticket-basedpricing in maintenance where we have ahistory from the client, we know the dataon how many tickers are expected etc. Indevelopment projects, of course fixedprice is the way t o go. We are also experi-menting with outcome-based pricingwhich means that the (in consulting weare doing this) we will give them a fixedprice and an upside, a bonus if the out-come was achieved”

A mix of all this and an improvementin the business outlook saw the December2009 quarter report strong numbers.Totalincome at Rs 5,741 crore was 2.8% higherthan the September 2009 quarter. Andoperating profit was at Rs 2,038 crore, up6%, sequentially and for the same periodthe net profit was at Rs 1,582 crore, up2.7%. Around 32 clients were added dur-ing the December 2009 quarter and therewere 4,429 net additions to the team dur-ing the quarter. There are now around1,09,582 employees with the company andits plans more additions.

“Global economic recovery seems tobe led b the US and the financial ser-vices,” said Gopalakrishnan, while an-nouncing the December 2009 results. Healso mentions, “Even though IT budgetsare expected to be fat in 2010,offshore out-sourcing is expected to benefit from thisrecovery.” At the moment, with the rupeeremaining volatile, Infosys marginscould be under pressure. However, it stillhas a lever that could support marginsteadiness. The employee utilisation inthe December quarter was at 68.8%(including trainees) and this could easilybe increased and safeguard the margins,as the management aims.

Maintaining clients and margins


PROFILE

FE Bureau

TOUGH times call for tough deci-sions, but looking ahead and creat-ing advantages is more proactive.

And this has been the theme at Wipro,which has been continuously looking at creating new advantages for itselfand its customers over the six decades of its existence. It was thought that theend of Y2K would see technology compa-nies, especially those in India wind up.However financial services customershad begun to see tremendous value thattechnology could provide and expandedtheir footprint. And then the slowdown ofthe early 2000s saw companies look at out-sourcing in a major manner. Wipro, inmany ways, has been providing thoughtleadership in this space.

Speaking about the crisis, AzimPremji, chairman Wipro mentioned,“The world, at lightning speed, contin-ues to globalise and become interdepen-dent. For those among us who had notquite appreciated the depth of thischange, the 2008 global economic crisisdrove home this message forcefully.”

Despite this unprecedented and chal-lenging environment, Wipro for the year2008-09, saw a 28% growth in revenues,over the previous year, at Rs 25,500 crore.and a 25% growth in profit before interestand taxes at Rs 4,400 crore.

“We have performed better than ourguidance in every quarter, which furtherreinforces the strength and diversity ofour business model and our ability tograsp customer needs,” says Premji.

The management has been building abusiness portfolio that is expected todeliver in both good and bad times andnot just in one environment. Apart fromthe technology business which con-tributes to more than 75% of the revenuesand 90% of the PBIT, other businesses,like consumer care and infrastructureengineering are also being developed andthe management claims that they havebeen leading growth and gaining marketshare across various segments.

“Our ability to grow aggressivelyduring these years, has demonstrated

our ability to re-invent ourselves andinvest for the future, while continuingto serve the immediate concerns of ourcustomers. In a similar way, the currentphase, too, requires us to reinvent andaddress the new and immediate chal-lenges that these tough times pose to ourcustomers, as we judiciously invest forbetter times ahead,” says Premji.

For the quarter ended December20099, the IT services business reportedrevenues of Rs 5,164 crore a growth of 2%over the same quarter of the previousyear and a PBIT of Rs 1,227 crore, agrowth of 17%. Operating income to rev-enue for the quarter was 23.8%.

The IT Services business added 31 newclients during the quarter. The companyhad 102,746 employees as of December 31,2009, an increase of 4,855 people.

Premji and team have now articulateda three pronged strategy to take onadverse conditions and grow. The strat-egy encapsulates, enhancing customervalue, enhancing operational efficien-cies and three—embracing green.

In the first area, the intention wouldbe to offer a strong value proposition tocustomers rather than cutting cornersand compromising on the solution. “It is in this context, that we have made thechoice to provide customers with ‘morefor more’. We will provide them withmore value and in return,place favorablyfor a bigger share of their wallet,” saysPremji.Today,as global service providersadopt ‘offshore led outsourcing’; the lead-ers would need to constantly innovate. Inthe areas of creating operational effi-ciencies, the management claims thattheir innovations in flex-delivery andshared services delivery models for soft-ware maintenance and support, puts itahead in this effort.

Premji mentions, “For us, green ITand IT for green are not mere servicelines providing financial returns, it isalso our contribution to the survival of our planet.” The company would be looking at solutions that would enablecompanies use their resources better and thereby reduce the burden on theenvironment.

Continuously reinventing itself

Wipro� COMPOSITE RANK 12



“Our ability to growaggressively during

these years, hasdemonstrated ourability to re-invent

ourselves and investfor the future.”

AZIM PREMJIChairman, Wipro


“Our investmentsahead-of-time inemerging markets,multiple industries andclient relationships isreflected in our exemp-lary performance.” N CHANDRASEKARANCEO and MD, TCS

TCS� COMPOSITE RANK 13



FE Bureau

THE famous corporate guru Peter F Drucker once famously men-tioned, “Management is about

doing the right things, but leadership is about doing things right.” So whenmost of the companies, especially tech-nology companies, were facing the wrath slowing down of economies in the west Tata Consultancy Services(TCS), expanded its leadership positionin India.

So during the financial year 2008-09,TCS’s consolidated revenues cross thecoveted $6 billion mark. Consolidatedrevenues grew by 23% in 2008-09, over theprevious year, to touch Rs27,813 crore,and consolidated operating profits grewby 26% to Rs 7,170 crore. And at a timewhen profitability was under doubt, itsoperating margins improved by 109 basispoints to 23.73%. The net profit was Rs 5,256 crore, a growth of 5% over 2007-08,due to external factors like extremecurrency volatility.

“The company is positioned to work incollaborative mode, learning constantly,critically evaluating all that it does anddemonstrate the leadership it is knownfor,” said S Ramadorai, former chiefexecutive officer and managing director.On October 6, 2009 Ramadorai smoothlyhanded over the mantle to NatarajanChandrasekaran.

The management over the years hasbeen looking towards expanding its geo-graphical reach so as to reduce its depen-dence on the US markets. Ramadoraipoints out, “The company has been con-tinuously making investments to open upnew markets and services. The invest-ments the company made in new growthmarkets like Asia-Pacific, Latin Americaand now in Middle East and Africa areattaining scale, size and a meaningfulpresence. In 2008-09, the new growth mar-kets grew at a rate of 16%.”

And while newer markets grew, eventhe traditional US market businessremained robust. TCS’ biggest marketNorth America crossed the $3 billion revenue milestone and grew by 26% in

2008-09 despite the recession in theregion, while Europe grew by 38.5% during the year.

With the $ 505 million acquisition ofCitigroup’s captive BPO in India, whichhas since been renamed TCS e-Serve, hasenabled the company to add a vital newaspect to its banking and financial ser-vices business. The acquisition camewith 12,500 talented professionals and acontract from Citigroup worth $2.5 bil-lion over nine years. While operationshave been expanding, the smooth transi-tion of leadership has been noteworthyand a demonstration of strong manage-ment practices at TCS. And as the globaleconomic scenario has improved thecompany has been in a position to derivemaximum benefit.

And this was reflected in the resultsfor the quarter ended December 2009 asrevenues at Rs 7,649 crore saw a 2.9%growth over the previous quarter of thesame year and 5.1% over the previousyear. Similarly, operating profit marginsjumped up by 126 basis points, sequen-tially. And the net profit grew by 11.1%over the September 2009 quarter to touchRs 1,824 crore.

Speaking about this, N Chandra-sekaran the new CEO& MD said,“TCS yetagain posts high growth and delivers onmargin improvements for the third suc-cessive quarter in this difficult year. Ourinvestments ahead-of-time in emergingmarkets, multiple industries and clientrelationships is reflected in our exem-plary performance.”

However, it was the US market thatcontinued to lead demand recovery. UK &European firms are increasingly begin-ning to invest for the upturn, said themanagement. APAC and India are seeingstrong demand driven by growth in sec-tors like Energy, Utilities, and BFSI.

The growth momentum is alsoreflected across the portfolio of clientswith 32 new client additions, growth inthe number of active clients and addi-tions of seven clients in $5 million plusbracket. Clearly, there are a lot manyright things being done at TCS to main-tain its leadership position.

On the collaborationand learning path


PROFILE

Noor Mohmmad

PUBLIC sector gas marketer GAILIndia is well positioned to takeadvantage of the country’s grow-

ing shift towards natural gas as a cleansource of energy. Meanwhile, there aresignificant upsides for the company’spolymer business in the medium- to long-term, given the low consumption of theproduct in India, compared to developedcountries.

“As I look back over the past 25 years,we derive considerable pride and satis-faction in the company’s achievementsand progress. It started as a one projectcompany and today it has 19 joint ven-tures, subsidiaries and associate compa-nies, of which six are outside India’sborders,” says BC Tripathi, chairmanand managing director GAIL.

The company plans to increase itspipeline network from 7,220 km to 13,825 km by the financial year 2012-13and has lined up investment of Rs 30,000crore.

GAIL’s net profit jumped 240% to Rs 860 crore in the third quarter of thecurrent financial year on the back ofstrong growth in revenues from gastransmission and LPG sales. In addition,a lower subsidy burden — that is, Rs 455crore compared with Rs 905 crore in thesame period of the previous fiscal — alsosupported the company’s profitability.The company registered 40% growth inits revenues from natural gas trans-mission business. GAIL earned revenuesof Rs 853 crore as against Rs 610 crore in the corresponding period of the previous fiscal.

In India, the pace of capacity additionin pipeline network has been rather slow until recently, because of theabsence of a regulatory authority and thelow availability of natural gas fromdomestic sources. But now that the gov-ernment has put in place a regulatorybody, the Petroleum & Natural GasRegulatory Board (PNGRB), pipelineprojects are likely to be rolled out at afaster pace.

“The next priority is to expand the

company’s retail presence through CNGand PNG supply in cities and along highways to rapidly expand its reach and presence across the country,” men-tions Tripathi.

GAIL’s strategy is to integrate verti-cally in the upstream hydrocarbon sectoras well as in downstream retail gas,petro-chemicals. The company has participat-ing interests in 27 oil & gas explorationblocks in India and abroad. Its Cambaybasin block has started production andother discovered blocks are also gettingready for production.

The company also expects to benefitfrom increased LNG availability in coming years. The total LNG availabilityin the country is expected to increase to 56million standard cubic metre per day(mmscmd) by 2011-12 from the current 30mmscmd.

GAIL is also increasing its presence inthe trading of imported natural gas. It isbuying LNG under long-term contract asalso from the spot market. Trading in nat-ural gas is a lucrative business and vol-umes are expected to grow fast. GAILalready has retail gas presence in 15 citiesand plans to expand its footprint to 50cities by 2012-13.

Tripathi mentions, “The companyhas also initiated steps to deploy tech-nology to facilitate its diversification inemerging business as well as bring grea-ter efficiency in existing operations.”

GAIL is expanding its presence in thepetrochemical business, which alreadycontributes about 30% of the company’stotal revenue. The company has aninstalled capacity to manufacture 410lakh of polymers at its Pata plant in UttarPradesh. It is already undertaking imple-mentation of a capacity expansion pro-ject to raise the manufacturing capacityto 5 lakh by the end of the current fiscal.The company has envisaged raisingcapacity of the Pata plant to 1 mmtpa inthe long term.

The company is setting up a 2,80,000tonnes-capacity petrochemical plant inAssam. GAIL also holds 19% equity inONGC’s upcoming Dahej petrochemicalproject in Gujarat.

Leveraging theexpanding gas market

“The next priority is toexpand the company’s

retail presence in citiesand along highways to

rapidly expand its reachand presence across

the country.” B C TRIPATHI

CMD, GAIL

GAIL� COMPOSITE RANK 14


� GAS DISTRIBUTION RANK 1


Tata Motors� COMPOSITE RANK 15



“Spirit, commitment &dedication of the teamat all locations andacross all levels isphenomenal and is the company’s greatestasset.”RATAN TATAChairman, Tata Motors

FE Bureau

FOR the auto-manufacturers, finan-cial year 2009 would be one to for-get. The credit crunch and the

subsequent slowing of the economy hada telling effect on the auto manufactur-ers. Almost all players reported poornumbers. However, in many ways thefinancial year was also a landmark, forthe company for its acquisitions and thelaunch of the famous small car Nano.

Ratan Tata, chairman of Tata Motorsreminisces about the financial year 2009,“The collapse of the global financial sec-tor, the consequent lack of access tocredit and working capital, along withthe meteoric rise in commodities and fos-sil fuel prices, have collectively had anunprecedented devastating effect on theglobal automotive sector.”

And while Tata Motors’ standaloneIndian operating profits declined by 51%,over the previous year, the company stillmanaged to post a net profit of Rs 1,001.26crore.This of course reflects a strong firsthalf year, and a lower second half yearwith a particularly difficult third quarter,when the full impact of the collapse of thecommercial vehicle sector was felt.

The global slowdown also had a signif-icant impact on the Jaguar Land Rovercompany which Tata Motors acquired inJune 2008. Sales of the Jaguar and LandRover brands declined by 20% and 51%respectively from October 2008 – March2009 as compared to the correspondingperiod in the previous year as the

The deferment of infrastructure pro-jects and the slowdown in the mining sec-tor have resulted in a tremendous drop indemand for medium and heavy vehiclesas the market for these vehicles declinedby 33%. However, the company’s newbelow 1 tonne commercial vehicle Acewas a runaway success. However, TataMotors, notwithstanding the downturn,increased its market share in trucks. Itcould also gain market share in the bussegment with newly developed vehiclesfrom its facilities in Goa and its joint ven-ture facility at Dharwad.

Noting this Tata says,“The spirit,com-

mitment and dedication of the whole TataMotors team at all its locations and acrossall levels is truly phenomenal and this con-tinues to be the company’s greatest asset.I feel confident that if we can sustain ouroperations through this difficult period,taking whatever steps we need to take tosee the year through, we could overcomeall the obstacles in our path.”

And indeed the company has bouncedback and with the liquidity scenarioimproving and the stimulus package sup-porting growth Tata Motors reported rev-enues of Rs 8979.90 crore on a stand-alonebasis for the quarter ended December 31,2009, a growth of 88.7% compared to Rs4758.62 crore in the corresponding quarterlast year.

Low commodity costs and higher vol-umes saw the company’s operating mar-gins come in at 12.8%, an improvement of1092 basis points compared with the cor-responding quarter of the previous year.Volume recovery and marginal priceincrease undertaken in October 2009aided the company to maintain doubledigit margins. And the company man-aged a stellar net profit of Rs 400.14 crorein the December 2009 quarter as against aloss of Rs263.26 crore in the same quarterof the previous year.

Clearly, the company has depicted thatit has the mettle to withstand economicstorms and other turbulence as well. Thecompany managed to shift its Nano oper-ations out of Singur, West Bengal and hasrelocated to Gujarat.And,it still managedto launch the car on March 23,2009,a land-mark event for the company and even theIndian corporate sector.

Steadily, operations at the JaguarLand Rover plants are improving and arecent dealer survey showed that theyhad optimism on the brands doing well.Also, the company is now looking at tak-ing the Nano global. It has already startedits study of the US four-wheeler marketthoroughly and expected to launch theNano there by 2012.Meeting the stringentsafety standards and emission normswould pose a challenge for the company.But then going by its record, the companydoes manage to beat expectations.

Forging ahead withglobal ambitions


METHODOLOGY

Pradip Kumar Dey

THE FE 500 list has been compiledfrom largely published balancesheets of companies, which

closed their last financial year between April 1, 2008, and March 31,2009. And for some companies June2009 figures have been considered. Itincludes all private and public sectorcompanies (excluding non-bankingfinance companies and banks) that arelisted on the markets and whose bal-ance sheets were available by end-December 2009.

In the tables that follow, any refer-ence to 2009 (current) refers to thefinancial year 2008-09. And this is simi-lar for 2008 (previous). Where compa-nies had financial years that were lessthan 12 months or more than 12, theresults have been annualised to arriveat a comparable figure.

For the purposes of our study, theranking has been done on the basis ofNET SALES, which is sales or mainincome minus excise duty. Salesinclude service charges and leaseincome.

ASSETS relate to fixed assets (land,buildings, machinery, etc), plus capitalwork-in-progress, cash and bank bal-ances, loans and other debtor balances,investments and other intangibleassets, excluding accumulated lossesand advance tax provisions.

OPERATING PROFIT is arrived atgross profit plus interest.

GROSS PROFIT is arrived at profitbefore tax (PBT) plus depreciation.Deduct taxes (including deferred taxes)from PBT figure and you get profit aftertax (PAT). PAT minus dividends givesus RETAINED PROFIT.

MARKET CAPITALISATION isthe market value of a company’s

outstanding shares based on closingmarket prices as on January 29,2010.

NET WORTH is the paid-up capital(equity and preference) plus totalreserves and surplus excluding accu-mulated losses.

EARNINGS PER SHARE (EPS)refer to PAT divided by the number ofoutstanding equity shares.

DEBT includes all long-term loans,including debentures, plus installmentcredit. Thus the DEBT- EQUITYRATIO refers to debt divided by networth. RETURN ON SALES is PAT aspercentage of net sales, while theRETURN ON ASSETS is gross profitas a percentage of assets.

The RETURN ON NET WORTH(RONW) represents PAT as a percent-age of net worth.

OPM represents operating profit asa percentage of net sales.

How we did it

Illus

trat

ion:

GO

PAK

UM

AR

WA

RR

IAR

� While the overall sales rankings havebeen made on the basis of the availableuniverse of private and public sectorquoted companies, the other rankings(assets, net worth, gross profit, marketcapitalisation, composite, etc) arerestricted to the FE 500.

� Every attempt has been made to makeall figures comparable and compatiblewith our definitions. All the related dataare taken from the respective balancesheets only.

� Twenty two companies changed theiraccounting period during 2008-09. Theyare Alps Industries, Ambuja Cement,Balasore, Garden Silk, Garware Poly,Gujarat Sidhee Cement, Hind Unilever,Jindal Saw, JK Paper, JK Tyre Industries,Kingfisher Airlines, Lakshmi Energy,Mawana Sugar, Mphasis, Prism Cement,Priya Cement, Sakthi Sugar, SpiceCommunications, Spice Mobile, SujanaMetal, Sujana Tower and SujanaUniversal Industries.

� Wherever accounting periods have been less or more than 12 months,sales, operating profit, gross profits,PBT, PAT and retained profit figures havebeen annualised. The only exceptionfrom this general rule is net worth and assets.

� Some big companies could not beincluded in the study because balancesheets and profit and loss accounts werenot available for two years. Thesecompanies are Prithvi InformationSolution, JSW Energy, DB Corporationand Shree Precoated Steel.

� Some companies changed theirnames during the year. These are,with the new names in brackets ArvindMills (Arvind Ltd), CoromandelFertilisers (Coromandel International),Lanxess ABS (INEOS ABS (India) Ltd)and Savita Chemicals (Savita OilTechnologies).

� Industry-wise groupings have beendone on the basis of the standardindustrial classification of all economicactivities adopted by the Government ofIndia. A company with more than oneactivity is classified within that industryfrom which it derives more than a half ofits sales or main income.

� Mergers and acquisitions have alsobecome major factors in corporategrowth during 2008-09. Some companiesamalgamated with others during theyear. These are, with names in brackets:Adhunik Metaliks (MP Ispat & Power,Vedvyas Ispat), AIA Engineering(Paramount Centrispun Castings,Reclamation Welding), Bajaj Hind Sugar(Phenil Sugars), Cadila Health (ZydusHospitals & Medical Research), GammonIndia (Associated Transrail Structures),Graphite India (GKW), HT Media

(GO41.Com (I), HT Music &Entertainment Co.), Heidelberg Cement(Indorama Cement), Jayaswal Neco(Abhijeet Infrasructure, Inertia Iron &Steel Industries, Corporate Ispat Alloys),JP Associates (Jaypee Cement, JaypeeHotels, Jaiprakash Enterprises, GujaratAnjan Cements), Mahindra & Mahindra(Punjab Tractors), Mindtree (Aztecsoft),MIRC Electronics (Guviso Holdings),Reliance Industries (Reliance Petro-leum), Reliance Infrastructure (RelianceProjects Finance), Sterlite Industries (THL KCM Ltd, Madras Aluminium),United Spirits ( Balaji Distilleries) andWelspun India (Welspun Global).

� Some companies could not beincluded due to lower sales during 2008-09 but was in the list of FE-500 during2007-08. These are Asian Hotels, BayerCropScience, Bhuwalka Steel Industries,Ciba (I), Bongaigaon Refineries,

Competent Automobiles, DhampurSugar, Diamond Cables, Eicher Motors,Gabriel (I), Hotel Leelaventure,Hexaware Technologies, Ingersoll-Rand(I), Jay Bharat Maruti, KirloskarElectric, KPR Mill, Kohinoor Foods, LTFoods, LG Balakrishnan & Bros., LumaxIndustries, Madras Aluminium, MatrixLaboratories, Nicco Corpn., PunjabTractors, Precision Wires(I),Panchmahal Steel, Platinum Cor-poration, Prithvi Information Solution,Seshasayee Paper & Boards, ShreePrecoated Steel, Suashish Diamonds,Shri Lakshmi Cotsyn, SIL Investments,Shah Alloys, Spentex Industries, Sesha-sayee Paper & Boards, Sai ServiceStation, Sakuma Exports, SuashishDiamonds, SPIC, Trent, Time Techno,Thirumalai Chemicals, T T, VIPIndustries and Vimal Oil.

� Some companies abridged balancesheets are considered. These are Arvind,Apar Industries, Balrampur Chini Mills,Deepak Fertilisers Petrochemicals,Essar Shipping Port & Logistics, JKCement, Lanco Infratech, MRPL, PolarisSoftware Lab., Punj Lloyd, Redington,Reliance Infrastructure, Tata Metaliks,

Wipro and Zylog Systems.� Market capitalisation figures are

calculated on the basis of Bombay StockExchange ( BSE ) quotations and forsome companies National StockExchange (NSE) quotations areconsidered. Some companies are delistedfrom the stock exchanges or have notbeen quoted during last one year, so wehave not considered those companies forour study.

� Companies, which are delisted orhave not been quoted for long are BoschChassis Sys (I), Bongaigaon Refinery,Essar Steel, iGate Global Solutions,Liberty Oil, Matrix Laboratories,Modern Syntex, Otis Elevators, PhilipsElectronics, Rain Calcining, SandvikAsia, Sai Service Station, Southern Iron& Steel Co, Syngenta Inds and UshaInternational.

� Some companies changed their facevalue during the year. These are, with thenew face value in brackets: AIAEngineering (Rs 2), Areva T&D, (Rs 2),Bajaj Electricals (Rs 2), Bharti Airtel (Rs5), Era Infra Engineering (Rs 2), FlawlessDiamond (Rs 1), Hatsun Agro (Rs 2), HBLPower Systems (Rs 1), Hind NationalGlass (Rs 2), India Info (Rs 2), JindalDrilling (Rs 5), Jindal Saw (Rs 2), JKLakshmi Cement (Rs 5), Lanco Infratech(Rs 1), Madhucon Projects (Rs 1), MadrasCement (Rs 1), Nakoda Textile (Rs 5),NMDC (Rs 1), Nectar Lifescience (Rs 1),Ratnamani Metals & Tubes (Rs 2), SesaGoa (Rs 1), Sona Koyo Steering Systems(Rs 1), Shree Renuka Sugar (Rs 1),Texmaco (Rs 1) and Walchandnagar In-dustries (Rs 2).

� Fourty four companies have enteredthe FE 500 list for the first time in 2008-09.Mention may be made of Amtek Auto,Amtek India, Areva T&D, Arvind,Automobile Axles, Bajaj Auto, Balasore,Dish TV, Gayatri Projects, Greenply In-dustries, Gujarat Sidhi Cement,Heidelberg Cement, Hanung Toys,Indian Metal & Ferro Alloys, INEOSABS, Indian Hume Pipe, Jindal Drilling,KSB Pumps, Lakshmi Engineering,Lanco Industries, Micro Inks, MawanaSugar, NHPC, NIIT, Nagarjuna Agro, OilIndia, Oudh Sugar, Priya Cement, RohitFerro, Renaiss Jewellers, Shriram EPC,Surya Pharma, Sutlej Textiles, SujanaTower, Strides Acro, Sree Rayalseema,Sunil Hitech, Spice Mobile, SpiceCommunications, The SaraswatiIndustrial Syndicate, Tata Sponge,Valecha Engg, Vikash Metal and VisakaIndustries.

� Composite ranks have been arrived atby averaging ranks of sales, assets, networth and M-Cap for the years 2008-09 &2007-08. M-Cap figures relate to January29, 2010 and January 29, 2009.

Caveats and

limitations


Rank2009

Rank2008

%ChangeCompany

Rank2009

Rank2008

Composite NetSales2009

%Change

Rank2009

Rank2008

TotalAssets

2009%

ChangeRank2009

Rank2008

NetWorth

2009


COMPANIES BASED ON COMPOSITE RANKING

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

1

2

3

4

6

5

8

9

11

7

12

15

16

14

24

21

13

10

18

19

20

17

30

25

28

33

23

26

31

36

27

38

107

133

29

139

22

Reliance Inds.

ONGC

NTPC

Indian Oil Corpn.

SAIL

Bharti Airtel

Tata Steel

BHEL

Larsen & Toubro

Reliance Communications

Infosys Technologies

Wipro

TCS

Gail (I)

Tata Motors

Hindalco Inds.

ITC

BPCL

Sterlite Inds.(I)

Power Grid Corpn (I)

Maruti Suzuki(I)

HPCL

JSW Steel

Reliance Infrastructure

NMDC

Idea Cellular

Hindustan Zinc

Grasim Inds.

Mahindra & Mahindra

Jindal Steel & Power

Tata Power Co.

Jaiprakash Associates

Essar Oil

Oil (I)

MRPL

NHPC

DLF

141958.92

63629.62

41923.80

265145.26

43077.38

34014.30

24348.52

26373.65

33525.25

13610.58

20264.00

21507.30

22404.00

23784.71

25139.86

16537.18

14881.50

135248.19

11548.38

6655.66

20572.80

124934.83

14006.59

9696.49

7564.03

9857.08

5688.51

10838.39

13017.54

7671.16

7230.09

5790.40

38107.20

7272.43

38279.20

2737.83

2827.90

6.09

6.32

13.15

16.91

8.92

32.33

23.90

36.25

35.93

1.45

29.50

22.95

22.49

32.05

-10.77

-3.25

6.90

22.12

-8.88

42.17

13.40

19.77

22.96

52.36

32.44

46.68

-27.95

5.73

14.49

41.09

22.55

44.19

-

19.46

17.54

6.52

-48.89

2

5

7

1

6

11

16

14

12

27

21

19

18

17

15

23

25

3

32

56

20

4

26

39

48

37

67

36

28

47

51

64

9

49

8

128

124

2

5

7

1

6

12

14

15

13

25

22

19

16

18

9

20

23

3

26

63

17

4

28

46

51

44

40

33

29

54

49

74

407

47

8

117

52

244538.55

120968.78

101728.50

129806.99

53909.57

49020.57

67148.36

41421.08

37293.29

91959.39

20846.00

24951.90

18203.17

21941.14

36667.05

36165.35

19212.49

47175.65

19851.92

53396.37

13675.40

46844.98

28052.06

24855.32

8723.48

22228.17

15926.08

16014.71

13890.93

13607.96

16072.20

25193.44

20543.04

13380.12

10714.34

34799.60

23840.73

63.61

14.53

16.15

11.64

31.92

25.75

24.86

34.08

37.31

63.15

22.58

23.67

25.21

11.37

44.99

17.08

11.87

10.70

7.73

25.22

10.19

13.21

36.42

24.37

21.20

74.51

20.59

13.42

37.34

46.90

23.89

48.94

-3.90

24.71

-7.13

10.66

6.22

1

3

4

2

7

9

6

12

13

5

25

19

30

24

14

15

29

10

28

8

39

11

17

20

58

23

37

36

38

40

35

18

26

41

47

16

21

1

3

4

2

10

11

6

13

15

5

27

21

30

23

16

14

26

8

25

7

38

9

20

22

58

36

33

31

43

45

34

28

18

42

40

12

17

126303.72

78735.42

57370.10

43976.58

27984.10

27643.67

29704.60

12938.81

12224.03

51690.32

17809.00

12513.40

13446.25

14769.63

12230.15

23758.32

13735.08

12128.11

14039.84

14623.59

9344.90

10730.63

7959.25

11123.95

11636.91

11294.42

14357.58

9477.58

5262.08

5415.32

8109.89

6495.61

3490.98

9331.02

4729.40

17874.14

12374.82

58.34

11.50

8.99

7.03

21.33

36.58

8.81

20.09

29.48

108.09

32.02

8.32

22.19

13.57

56.01

37.36

13.91

3.86

6.65

8.26

11.05

1.58

3.67

2.02

40.38

218.51

21.18

16.42

20.97

44.16

8.74

54.68

1.22

17.62

25.02

3.46

9.81

1

2

3

5

7

8

6

18

22

4

11

19

17

12

21

9

16

23

15

13

32

28

35

27

25

26

14

30

44

43

34

39

63

33

50

10

20

1

2

3

4

7

8

5

23

25

6

12

19

21

14

32

9

15

18

13

11

28

24

33

22

29

54

17

30

43

49

34

45

56

31

48

10

20

ROA(%)

2009

RONW(%)

2009

RONW(%)

2008

ROA(%)

2008

ROS(%)

2009

ROS(%)

2008%

ChangeRank2009

Rank2008

GrossProfit2009

%Change

Rank2009

Rank2008

MarketCap

29.01.2010


Company

( Figures in Rs Crore)

Reliance Inds.

ONGC

NTPC

Indian Oil Corpn.

SAIL

Bharti Airtel

Tata Steel

BHEL

Larsen & Toubro

Reliance Communications


Wipro

TCS

Gail (I)

Tata Motors

Hindalco Inds.

ITC

BPCL

Sterlite Inds.(I)

Power Grid Corpn (I)

Maruti Suzuki(I)

HPCL

JSW Steel


NMDC

Idea Cellular

Hindustan Zinc

Grasim Inds.

Mahindra & Mahindra


Tata Power Co.


Essar Oil

Oil (I)

MRPL

NHPC

DLF

23571.65

36418.96

13548.30

7166.20

10692.15

11471.58

8273.01

5220.28

4172.81

6736.18

7408.00

4081.60

5957.71

4756.20

1888.30

3474.12

5375.15

2059.30

1550.47

3821.32

2372.60

1818.16

1505.29

1510.65

6735.97

2301.18

3672.61

2691.83

1327.98

2430.54

1461.97

1552.38

109.24

3548.91

2193.97

1763.03

1924.94

-15.24

2.93

11.43

-43.85

-15.64

13.29

4.96

11.34

27.06

51.98

31.21

3.97

2.90

7.64

-41.52

-16.14

7.28

-43.94

24.78

21.23

-22.27

-22.79

-52.53

2.91

34.95

20.55

-41.55

-23.87

-19.29

24.66

12.62

49.23

-

26.63

3.93

12.60

-38.77

2

1

3

8

5

4

6

13

15

9

7

16

11

14

34

20

12

30

41

17

25

36

44

43

10

26

18

21

49

24

45

40

299

19

28

38

33

2

1

5

3

4

6

7

13

20

14

10

17

9

15

21

16

11

18

53

23

25

29

22

46

12

36

8

19

40

35

51

59

494

26

32

44

24

342221.85

235232.92

176658.98

73154.43

88535.12

116376.82

50493.63

117800.54

85538.63

35057.38

142162.58

95012.17

143942.27

50041.54

35693.06

28177.76

95094.90

19581.01

63240.10

47433.63

40162.77

11305.16

18489.89

23285.79

197204.18

18120.08

47019.14

23787.44

27886.71

58561.28

30974.88

29217.87

16491.44

27013.80

13618.01

40776.95

56487.81

71.46

72.07

12.79

40.80

169.11

-2.37

276.95

77.51

121.19

4.81

89.56

186.51

188.98

100.46

514.69

398.65

43.62

39.23

233.87

25.85

155.16

19.85

374.78

81.59

202.37

29.03

224.29

119.75

264.55

315.07

83.93

254.87

88.59

-

110.00

-

100.82

1

2

4

14

12

9

20

8

13

27

7

11

6

21

26

33

10

47

15

22

25

77

50

44

3

52

23

42

34

16

29

31

56

35

68

24

17

1

3

2

11

17

4

32

7

13

15

5

16

12

19

62

64

8

30

21

14

24

43

81

34

9

31

27

37

49

29

23

47

45

-

58

-

18

12.12

20.48

14.30

6.71

22.07

28.01

17.51

24.25

22.16

9.29

32.67

23.76

34.93

18.98

8.19

9.39

23.76

6.07

8.81

11.56

13.04

5.36

5.76

10.24

37.57

8.86

19.00

17.39

15.90

28.37

11.37

13.81

-

23.17

25.22

6.32

12.52

24.39

23.65

14.09

16.95

32.68

30.85

17.17

26.54

23.02

10.41

33.14

26.52

40.97

20.00

25.88

16.54

25.88

13.54

7.23

10.72

20.57

10.74

22.51

9.95

39.22

29.45

37.10

27.43

25.36

32.93

11.66

14.52

-

22.55

33.63

5.81

22.84

9.64

30.11

13.32

5.52

19.83

23.40

12.32

12.60

11.19

7.33

35.54

16.36

32.73

21.68

5.15

9.61

27.98

4.37

7.81

7.16

17.35

3.88

5.37

6.08

77.22

10.35

23.06

16.81

9.56

17.86

9.10

6.16

0.53

26.52

20.48

5.07

8.07

18.61

33.50

13.88

10.98

31.01

25.98

14.66

15.18

12.09

7.86

33.20

19.46

39.82

22.43

12.77

13.41

29.17

8.62

6.74

7.39

24.60

5.69

15.42

7.35

69.35

14.99

47.58

25.04

16.27

21.05

10.01

6.15

-

26.12

18.30

4.98

14.01

10.78

25.34

19.56

1.11

14.33

22.77

21.36

11.90

8.08

35.29

28.72

13.83

20.96

11.79

3.98

13.49

21.93

0.54

10.71

25.40

5.92

0.46

3.27

11.75

57.80

10.16

47.95

15.20

6.43

20.03

12.76

15.49

-

29.72

3.12

41.27

54.81

14.54

27.91

20.01

3.07

19.06

24.29

23.85

14.77

8.81

19.28

28.57

17.51

24.65

14.44

7.20

16.74

22.41

1.43

7.51

30.94

9.54

1.09

15.17

17.04

56.92

15.54

55.68

21.78

9.70

22.75

14.75

15.18

-

29.39

3.91

39.06

46.53

* Since new entrants have been added and their ranks adjusted against previous year’s performance, some of the previous year ranks are bound to change

Rank2009

Rank2008

%ChangeCompany

Rank2009

Rank2008


%Change

Rank2009

Rank2008

TotalAssets

2009%

ChangeRank2009

Rank2008

NetWorth

2009



38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

32

41

34

39

37

46

40

43

45

44

58

49

62

76

47

57

52

35

50

54

61

53

42

65

51

55

59

56

68

69

71

73

77

48

60

74

67

National Aluminium

Hindustan Unilever

Suzlon Energy

Hero Honda Motors

ACC

Videocon Inds.

Neyveli Lignite Corpn.

MMTC

Ambuja Cements

Cipla

Tata Chemicals

Ranbaxy Laboratories

Siemens

Sesa Goa

Jet Airways(I)

Adani Enterprises

Bharat Electronics

MTNL

HCL Technologies

Ultratech Cement

Bajaj Auto

Dr Reddys Laboratories

Tata Communications

United Spirits

Aditya Birla Nuvo

Shipping Corpn.(I)

ABB

Sun Pharma Inds.

Torrent Power

Ashok Leyland

Punj Lloyd

Pantaloon Retail (I)

Bhushan Steel

Chennai Petroleum Corpn.

Bosch

Petronet LNG

Container Corporation

5107.57

16403.42

7235.58

12299.68

7189.56

9753.66

2825.10

37017.44

6182.09

5178.35

8363.35

4333.45

8250.36

5082.47

11177.60

10929.39

4589.04

4456.00

4675.09

6380.97

8439.59

4020.00

3749.43

7133.20

4742.56

4166.64

6850.82

2776.62

4324.93

6126.02

6887.95

6423.07

4971.49

32172.42

4619.86

8428.70

3417.16

2.15

18.54

4.47

19.26

4.49

17.72

-6.86

39.67

65.65

24.74

107.18

7.46

7.46

41.10

27.74

-2.09

12.90

-5.64

1.29

15.89

-2.55

19.51

14.20

35.52

22.10

11.80

15.33

17.20

19.19

-22.80

53.46

27.87

19.73

14.24

6.43

28.58

2.09

71

24

50

30

52

38

125

10

60

69

44

88

46

72

34

35

84

85

79

59

41

97

102

53

78

92

55

127

89

61

54

58

75

13

82

42

105

61

24

42

32

43

37

104

11

80

69

72

73

41

86

34

30

71

62

64

53

35

93

95

56

76

81

48

123

84

39

65

60

68

10

67

45

94

12324.40

8438.83

17505.27

6085.14

8381.52

16174.12

16623.93

10621.19

7816.09

6576.62

9761.97

11494.16

6932.44

5125.47

22878.29

6517.65

8472.17

20022.77

6595.91

7709.38

5322.09

7162.20

10737.57

5936.70

9555.81

10067.77

5444.30

6155.81

8039.83

7780.97

8211.76

6135.48

12143.61

7257.99

4515.70

5387.32

4404.47

11.81

23.55

39.02

19.94

20.26

31.68

17.87

17.32

19.53

22.14

31.02

48.94

35.01

60.95

10.72

1.24

22.34

5.62

19.88

23.18

17.16

16.80

26.94

52.10

24.75

24.09

18.36

14.94

16.83

39.98

54.35

29.60

37.94

-24.48

13.83

34.75

18.64

43

60

31

82

62

34

33

48

66

76

52

45

74

94

22

77

59

27

75

68

92

72

46

84

54

51

90

80

64

67

63

81

44

71

105

91

108

41

63

37

82

60

39

32

47

64

75

55

53

81

122

19

65

61

24

74

66

88

69

49

96

54

51

87

76

62

73

77

85

48

44

94

92

102

9769.81

2061.51

6485.32

3800.75

4927.73

6813.80

9469.23

1123.38

5672.87

4350.75

3859.30

3541.11

2069.08

4517.78

3156.95

1643.10

3783.68

12059.37

3487.77

3602.10

1869.69

5259.10

6798.05

3070.97

3744.25

6208.45

2118.95

5151.42

3233.40

3473.90

2608.96

2249.54

2034.20

3067.24

3095.46

1983.43

3762.21

10.09

43.24

-6.65

27.28

18.67

20.00

4.74

9.07

21.70

15.84

8.05

39.57

30.06

61.86

-30.64

22.83

17.76

1.16

8.55

33.56

17.77

9.30

3.83

52.84

2.69

10.23

30.29

22.43

11.89

61.65

8.05

26.14

25.16

-11.47

20.76

22.54

18.16

29

83

40

55

48

37

31

164

42

53

54

61

82

51

67

103

56

24

64

60

93

45

38

69

58

41

81

46

66

65

74

80

84

70

68

87

57

27

108

35

62

47

37

26

151

40

50

53

72

97

66

42

115

59

16

58

67

98

39

36

80

51

38

92

44

64

75

73

87

93

55

70

94

60

ROA(%)

2009

RONW(%)

2009

RONW(%)

2008

ROA(%)

2008

ROS(%)

2009

ROS(%)

2008%

ChangeRank2009

Rank2008

GrossProfit2009

%Change

Rank2009

Rank2008

MarketCap

29.01.2010


Company


National Aluminium

Hindustan Unilever

Suzlon Energy

Hero Honda Motors

ACC

Videocon Inds.


MMTC

Ambuja Cements

Cipla

Tata Chemicals


Siemens

Sesa Goa

Jet Airways(I)

Adani Enterprises

Bharat Electronics

MTNL

HCL Technologies

Ultratech Cement

Bajaj Auto


Tata Communications

United Spirits

Aditya Birla Nuvo

Shipping Corpn.(I)

ABB

Sun Pharma Inds.

Torrent Power

Ashok Leyland

Punj Lloyd


Bhushan Steel


Bosch

Petronet LNG


2193.54

2582.10

-451.87

1957.13

2021.78

1824.89

1542.14

228.15

2224.40

1044.60

821.83

-316.09

943.47

2674.05

417.02

386.24

1194.45

962.64

1425.72

1678.14

1080.38

923.10

1133.26

490.31

359.29

1379.55

860.91

1352.73

669.75

380.86

611.68

354.12

758.44

-132.02

1161.86

875.96

1141.14

-20.44

6.32

-

24.96

-9.22

15.33

-21.59

-29.84

21.71

10.17

-36.91

-

3.43

17.34

17.81

6.03

-6.86

-27.93

32.72

-3.46

-17.23

23.71

51.80

-4.53

-26.31

13.72

10.46

22.21

33.90

-52.89

34.80

28.40

-1.49

-

3.74

7.24

8.27

29

23

496

32

31

35

42

195

27

56

69

492

59

22

112

121

50

58

46

39

55

62

54

97

131

47

66

48

76

123

81

132

72

485

52

64

53

27

28

45

43

31

42

34

151

37

62

50

66

63

30

138

135

52

48

57

39

49

74

73

97

102

54

70

56

99

69

111

175

71

33

55

68

58

24561.10

53247.97

12025.55

31127.24

16366.18

5178.93

25559.91

169456.50

15586.18

25476.02

7000.44

19049.16

21725.95

28397.51

4449.45

21977.76

15582.00

4772.25

23353.43

11570.10

25653.21

18996.47

9108.60

15472.06

8716.19

6667.22

17206.03

30435.25

13724.67

6658.15

6220.96

8767.56

6099.54

3507.46

14583.10

5902.50

15912.80

93.90

-4.77

79.76

76.88

73.38

148.44

102.46

135.32

50.65

71.64

90.76

125.43

227.02

345.08

203.71

209.79

142.62

4.34

216.89

123.17

273.28

148.54

-29.81

193.90

74.57

89.02

75.82

28.54

307.72

256.23

118.87

199.30

391.34

126.24

49.61

115.62

72.05

40

19

71

28

57

116

37

5

60

38

91

48

46

32

130

45

61

125

43

74

36

49

81

62

85

95

55

30

67

96

101

84

103

154

64

107

58

35

10

56

22

42

114

36

6

38

26

84

46

57

61

143

54

59

74

52

67

55

50

33

66

69

86

39

20

90

122

98

96

164

133

40

102

44

13.02

96.88

-

33.72

24.61

12.54

8.67

12.48

24.72

17.85

11.71

-

28.68

43.00

-

19.87

19.71

1.40

28.59

27.12

35.11

10.67

7.59

9.66

3.67

15.15

25.83

24.56

12.61

5.47

12.31

6.25

20.71

-

20.48

26.14

21.04

18.38

133.78

18.22

32.41

34.64

15.06

12.19

19.47

25.30

18.68

26.58

24.35

37.50

53.46

-

23.33

25.73

3.41

24.30

37.36

47.62

9.88

4.65

15.49

6.67

14.45

30.23

24.10

7.31

21.84

9.17

7.06

26.07

32.41

23.77

29.33

23.57

17.80

30.60

-

32.16

24.12

11.28

9.28

2.15

28.46

15.88

8.42

-

13.61

52.17

1.82

5.93

14.10

4.81

21.62

21.77

20.30

12.89

10.55

8.26

3.76

13.70

15.81

21.97

8.33

4.89

7.45

5.77

6.25

-

25.73

16.26

25.91

25.01

35.56

11.78

30.87

31.95

12.88

13.94

3.59

27.95

17.61

17.48

11.57

17.76

71.56

1.71

5.66

18.52

7.05

19.52

27.78

28.74

12.17

8.83

13.16

6.36

14.95

16.94

20.67

7.27

14.55

8.53

5.83

8.74

20.57

28.23

20.43

28.39

24.91

12.18

-

10.42

16.87

8.76

29.06

0.38

22.68

15.00

5.41

-

7.19

38.22

-

2.99

16.25

3.78

21.33

15.31

7.78

13.95

13.76

4.16

2.90

22.58

7.99

45.57

9.43

3.10

4.66

2.19

8.47

-

13.72

6.15

23.16

32.63

13.91

18.27

9.38

20.91

10.32

36.32

0.76

31.60

16.90

23.51

15.32

7.77

41.42

-

2.80

20.34

8.61

16.91

18.30

8.73

14.13

9.27

5.91

6.26

21.84

8.28

42.80

5.82

5.91

4.93

2.51

10.20

3.99

14.03

7.24

22.42

Rank2009

Rank2008

%ChangeCompany

Rank2009

Rank2008


%Change

Rank2009

Rank2008

TotalAssets

2009%

ChangeRank2009

Rank2008

NetWorth

2009



75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

101

102

103

104

105

106

107

108

109

110

111

63

66

78

70

92

80

79

64

75

81

72

83

95

88

90

115

87

84

93

91

85

86

103

82

94

98

104

111

118

96

138

122

89

119

100

112

135

Unitech

CESC

Rashtriya Chem.& Fert.

Great Eastern Shipping Co.

Lanco Infratech

Welspun-Guj Stahl Rohren

Jindal Saw

Ispat Inds.

HDIL

Oracle Financial Ser.Soft.

India Cements

IVRCL Infrastructures

Tech Mahindra

United Phosphorus

Crompton Greaves

Coromandel International

Century Textiles & Inds.

Lupin

National Fertilizers

BEML

Indian Hotels Co.

Nirma

Mundra Port

JSL

Nagarjuna Construction

Jubilant Organosys

Ruchi Soya Inds.

Rajesh Exports

Aurobindo Pharma

Chambal Fertilisers

Gammon (I)

STC(I)

Bharat Forge

Cummins (I)

Asian Paints

GSFC

Alok Inds.

1831.85

3031.32

8387.54

3172.33

4082.59

5747.50

4874.82

8263.99

1719.29

2212.62

3358.34

4972.99

4357.80

2413.54

4632.74

9380.31

3800.24

2916.48

5127.10

2922.49

1534.03

3031.82

1137.59

4888.03

4151.41

2428.53

11922.02

11376.91

2794.90

4596.42

3635.96

19785.84

1975.36

3304.28

4275.03

5746.85

2907.70

-34.67

9.24

62.20

3.58

159.29

48.31

-7.60

-0.71

-27.76

23.41

10.32

34.91

20.89

62.53

18.95

149.32

9.75

14.88

23.82

13.84

-13.06

29.95

38.97

-3.01

19.54

22.89

9.29

38.95

21.79

68.86

55.33

25.43

-7.02

40.57

25.43

69.11

37.02

177

118

43

112

94

65

77

45

189

153

108

74

87

142

81

40

100

121

70

119

209

117

287

76

93

140

31

33

126

83

104

22

165

110

91

66

122

110

111

57

101

182

77

55

36

122

158

103

83

85

194

75

79

89

120

70

118

161

127

348

59

88

150

31

38

128

113

125

21

139

124

91

92

140

17121.24

10127.45

5086.84

8782.83

5980.47

7823.05

5490.35

13131.09

9242.94

4068.78

7046.80

4572.85

2672.80

4840.52

2889.46

4681.53

4288.32

3355.87

2736.30

4152.47

5458.33

4038.83

6484.85

10245.54

2959.33

4783.49

5899.60

7474.63

3975.56

5270.63

4507.78

8403.07

3902.22

2191.52

2162.89

3463.07

9143.75

3.09

21.01

36.36

23.50

32.54

47.77

29.61

2.16

24.66

27.19

12.61

31.32

23.07

17.25

21.37

69.91

18.65

14.17

-5.58

21.82

44.50

20.71

13.52

11.26

-4.37

31.19

3.87

20.86

14.98

45.22

78.62

15.82

6.76

21.88

8.08

13.79

16.18

32

50

95

57

83

65

88

42

55

115

73

103

171

97

159

100

109

137

167

114

89

116

78

49

153

99

85

69

119

93

106

61

122

200

201

135

56

29

50

100

59

89

78

90

35

56

120

67

110

172

91

154

135

106

127

128

115

97

116

71

46

124

104

72

68

111

105

144

57

103

205

184

125

52

2859.56

4882.89

1673.04

4928.22

1861.51

1579.80

2329.41

1984.84

4467.65

3509.41

3631.39

1810.58

1880.90

1817.65

1241.89

1127.14

1495.52

1375.30

1470.70

1915.38

3047.63

2601.04

2945.27

1290.33

1685.55

1339.39

1162.57

913.84

1320.83

1234.35

1580.64

570.29

1486.93

1394.65

1094.47

1931.47

1607.36

33.39

6.46

8.72

18.54

16.85

6.06

17.35

-31.60

22.83

24.77

9.34

12.74

53.12

6.73

33.43

41.88

14.70

4.42

4.48

12.29

51.13

0.62

12.74

-27.84

7.57

-2.85

7.23

15.83

8.21

8.44

28.65

8.65

0.93

26.36

17.88

31.09

21.66

73

49

102

47

94

108

79

86

52

62

59

96

92

95

142

162

111

118

114

90

71

75

72

130

100

124

159

194

126

143

107

252

112

116

168

88

106

76

41

100

46

96

101

81

63

52

65

57

95

126

90

167

189

120

118

111

89

79

69

68

86

99

113

142

190

127

135

125

252

104

140

169

103

117

ROA(%)

2009

RONW(%)

2009

RONW(%)

2008

ROA(%)

2008

ROS(%)

2009

ROS(%)

2008%

ChangeRank2009

Rank2008

GrossProfit2009

%Change

Rank2009

Rank2008

MarketCap

29.01.2010


Company


Unitech

CESC



Lanco Infratech


Jindal Saw

Ispat Inds.

HDIL


India Cements


Tech Mahindra

United Phosphorus

Crompton Greaves



Lupin


BEML

Indian Hotels Co.

Nirma

Mundra Port

JSL


Jubilant Organosys

Ruchi Soya Inds.

Rajesh Exports

Aurobindo Pharma

Chambal Fertilisers

Gammon (I)

STC(I)

Bharat Forge

Cummins (I)

Asian Paints

GSFC

Alok Inds.

965.18

637.27

409.53

1766.93

441.85

477.91

533.44

-381.99

816.36

817.51

846.85

319.29

1189.90

269.04

654.18

862.51

548.33

545.10

247.65

414.77

446.57

362.31

651.38

-555.23

280.03

375.50

229.54

100.31

245.89

543.35

269.30

127.57

317.55

641.82

598.70

881.40

544.75

-29.68

-16.07

24.53

1.39

43.37

-19.33

-44.93

-

-49.07

58.27

-18.27

0.84

32.01

58.21

25.49

125.12

-2.68

-9.50

-0.50

13.42

-31.97

-19.99

38.47

-

-3.94

-29.90

-27.89

-57.08

-41.31

20.41

46.44

-26.56

-39.99

50.24

-0.16

76.67

17.80

57

80

114

37

107

99

90

494

71

70

68

145

51

165

77

65

84

85

177

113

105

130

78

498

157

126

194

308

178

87

164

274

147

79

82

63

86

47

72

149

38

161

87

61

75

41

96

60

158

65

246

93

131

89

84

192

134

79

112

106

81

169

91

155

197

122

113

232

242

92

121

85

100

108

17772.67

4936.05

5685.17

4344.83

11114.36

5358.69

4874.18

2400.68

11409.26

18156.07

3146.53

4106.46

11861.81

6832.80

15908.27

3929.08

4768.30

12631.07

6124.89

4444.24

6728.55

3122.33

23822.43

1688.79

4074.81

4775.31

1910.77

2484.50

4649.89

2705.37

2606.61

3101.40

5947.20

8884.26

17775.41

1721.92

1595.18

250.89

73.49

225.59

76.01

351.93

285.68

385.56

92.67

342.94

287.42

11.21

191.25

322.84

68.97

222.80

170.57

215.48

171.83

399.40

212.53

137.88

102.27

55.99

170.52

242.74

172.59

338.08

303.01

406.99

76.63

348.40

400.63

211.97

161.02

147.11

148.48

436.34

54

120

108

133

78

113

122

197

75

51

165

137

73

93

59

142

126

70

102

131

94

168

41

229

138

124

213

194

128

183

187

170

106

83

53

226

234

68

97

126

106

107

152

179

163

104

71

99

149

101

80

70

144

139

72

165

148

100

135

25

234

166

125

271

236

187

137

240

235

119

89

53

219

319

25.87

8.39

12.65

27.89

14.23

14.78

14.70

-

16.14

19.82

11.90

12.48

52.45

8.59

31.97

44.04

17.71

30.32

6.63

14.04

7.68

3.35

15.66

-

9.13

19.47

8.02

9.56

9.73

18.68

8.79

13.77

6.95

31.09

33.11

25.85

11.72

48.08

7.75

10.28

32.63

12.57

23.59

35.32

1.06

38.78

14.61

19.20

13.11

62.34

5.43

33.73

26.40

23.27

33.66

7.72

13.23

18.72

8.89

8.17

13.49

10.34

28.45

14.69

26.18

23.82

17.90

7.19

23.71

18.57

25.43

40.41

16.18

15.04

5.64

6.29

8.05

20.12

7.39

6.11

9.72

-

8.83

20.09

12.02

6.98

44.52

5.56

22.64

18.42

12.79

16.24

9.05

9.99

8.18

8.97

10.04

-

9.46

7.85

3.89

1.34

6.19

10.31

5.97

1.52

8.14

29.29

27.68

25.45

5.96

8.26

9.07

8.82

24.51

6.83

11.19

22.87

5.80

21.62

16.15

16.56

9.09

41.50

4.12

21.90

13.91

15.59

20.49

8.59

10.73

17.38

13.53

8.23

6.87

9.42

14.69

5.60

3.78

12.12

12.43

7.29

2.39

14.48

23.76

29.96

16.39

5.88

40.38

13.52

2.52

43.33

6.49

4.06

7.02

-

41.95

31.44

12.87

4.54

22.64

6.47

8.57

5.29

6.97

14.30

1.90

9.20

15.26

2.87

40.53

-

3.71

10.74

0.78

0.77

4.60

5.02

3.82

0.40

5.23

13.12

8.48

8.69

6.48

36.76

12.81

3.06

44.30

12.71

9.07

13.29

0.37

59.26

22.92

20.94

5.71

21.24

6.23

8.06

5.58

8.76

17.47

2.62

8.79

21.39

9.85

26.07

4.79

4.66

19.85

1.46

2.52

12.67

7.49

3.77

0.79

12.88

11.94

11.01

7.02

9.36

Rank2009

Rank2008

%ChangeCompany

Rank2009

Rank2008


%Change

Rank2009

Rank2008

TotalAssets

2009%

ChangeRank2009

Rank2008

NetWorth

2009



112

113

114

115

116

117

118

119

120

121

122

123

124

125

126

127

128

129

130

131

132

133

134

135

136

137

138

139

140

141

142

143

144

145

146

147

148

141

105

108

101

124

142

121

102

181

123

110

114

109

106

129

145

97

116

148

125

152

132

127

113

147

151

99

120

126

146

191

169

130

144

185

163

173

Shree Cement

HCC

Exide Inds.

HCL Infosystems

Patni Computer Systems

Essar Shipping Ports & Logs.

Bajaj Hindusthan

Sintex Inds.

Engineers(I)

Piramal Healthcare

PTC (I)

Apollo Tyres

Madras Cements

GlaxoSmithKline Pharma

MRF

Kesoram Inds.

GNFC

Zee Entertain.Enterprises

Mphasis

Cadila Healthcare

Voltas

Thermax

Jain Irrigation Systems

Tata Tea

Simplex Infrastructures

Areva T&D (I)

Moser Baer

Nagarjuna Fert.&Chem.

Gitanjali Gems

Vardhman Textiles

Era Infra Engineering

Zuari Inds.

Amtek Auto

Nestle (I)

Gujarat NRE Coke

Usha Martin

KS Oils

2716.47

3313.70

3761.28

12411.44

1541.02

1023.20

1775.48

1884.40

1531.03

2310.24

6444.34

4081.26

2530.41

1672.22

5042.34

3877.72

2920.06

1210.24

2903.10

1732.90

4033.29

3095.57

2396.67

1361.34

4655.91

2651.21

2181.16

2371.91

2693.92

2453.65

2376.90

6090.60

1052.46

4301.81

1522.60

2127.98

3146.67

28.85

7.49

19.09

6.68

31.52

31.81

3.00

13.72

112.09

21.45

67.32

10.37

25.60

6.16

14.43

29.78

-14.96

16.15

70.41

3.47

32.48

-2.57

29.10

19.99

65.72

31.38

14.70

8.13

1.49

6.93

62.30

132.65

-17.93

23.54

74.58

28.55

53.95

129

109

101

29

207

313

180

172

210

150

57

95

134

195

73

98

120

270

123

187

96

116

144

237

80

132

156

147

130

138

146

62

304

90

212

159

114

141

100

98

27

244

358

166

173

380

153

78

82

149

181

66

106

90

267

169

172

102

97

156

255

109

148

154

134

114

129

198

115

227

87

330

175

146

2986.24

4936.17

2095.37

3056.87

3262.60

9647.16

5563.46

4258.07

2947.12

2691.01

1842.34

2755.81

4569.39

2226.28

3172.99

3992.67

2994.36

2938.36

1797.53

2577.40

2923.88

2235.10

3134.40

3017.99

3916.10

2845.86

4637.89

3430.18

3981.21

4187.36

3310.46

3495.35

6313.58

1694.05

3327.07

3623.16

2341.78

33.09

23.95

4.95

19.81

9.05

67.38

5.33

13.54

40.84

34.53

8.32

11.14

40.03

13.39

32.38

46.57

4.88

2.06

26.58

12.50

45.75

17.08

28.68

-2.94

41.80

65.77

-7.18

-5.02

7.02

5.60

41.48

57.12

26.57

22.89

50.55

25.45

77.23

151

96

206

146

141

53

87

110

154

170

232

166

104

199

142

117

150

155

237

174

157

197

143

148

121

164

102

136

118

112

140

133

79

249

139

130

189

163

93

186

142

126

70

79

98

177

185

214

146

119

189

153

137

131

130

246

160

182

196

151

123

134

212

83

107

101

95

158

166

84

253

167

129

263

1210.02

989.66

1250.35

1006.26

2521.20

7181.80

1345.10

1627.73

1375.34

1189.02

1536.52

1355.56

1260.19

1541.09

1120.79

1330.10

2014.12

2343.00

1169.28

1232.80

728.99

961.89

947.64

1799.32

881.02

725.01

1683.37

1622.68

1891.62

1272.75

878.89

927.40

2592.70

473.35

1143.89

1016.28

906.30

79.85

0.08

21.82

19.05

-1.45

133.84

-6.22

11.20

19.38

16.98

3.85

9.93

32.12

13.24

13.65

35.46

9.12

10.09

18.99

16.99

35.42

30.67

1.98

-0.26

20.38

31.98

-14.53

-2.67

6.11

8.58

88.52

9.82

8.08

13.13

3.24

17.42

40.89

150

179

139

178

77

36

123

104

117

152

110

121

138

109

166

125

85

78

158

144

218

187

189

97

200

219

101

105

91

133

201

192

76

287

161

176

196

210

159

153

184

71

61

109

106

130

155

102

124

165

114

161

163

83

77

162

149

244

198

168

85

200

240

82

91

88

129

269

185

74

284

139

180

216

ROA(%)

2009

RONW(%)

2009

RONW(%)

2008

ROA(%)

2008

ROS(%)

2009

ROS(%)

2008%

ChangeRank2009

Rank2008

GrossProfit2009

%Change

Rank2009

Rank2008

MarketCap

29.01.2010


Company


Shree Cement

HCC

Exide Inds.

HCL Infosystems

Patni Computer Systems


Bajaj Hindusthan

Sintex Inds.

Engineers(I)

Piramal Healthcare

PTC (I)

Apollo Tyres

Madras Cements

GlaxoSmithKline Pharma

MRF

Kesoram Inds.

GNFC


Mphasis

Cadila Healthcare

Voltas

Thermax

Jain Irrigation Systems

Tata Tea

Simplex Infrastructures

Areva T&D (I)

Moser Baer

Nagarjuna Fert.&Chem.

Gitanjali Gems

Vardhman Textiles

Era Infra Engineering

Zuari Inds.

Amtek Auto

Nestle (I)

Gujarat NRE Coke

Usha Martin

KS Oils

926.18

295.69

503.33

446.97

533.90

281.11

77.72

399.97

530.05

405.58

119.42

264.93

681.73

693.75

378.62

518.97

471.12

451.94

537.33

372.00

381.66

448.22

249.97

239.71

244.22

376.50

337.11

169.98

134.86

273.52

317.25

142.47

330.38

856.94

180.05

297.93

289.18

11.45

18.24

14.77

1.93

-0.76

-24.41

-58.55

20.88

75.26

-2.80

99.10

-36.43

-3.83

12.61

-8.21

-18.97

-31.18

-2.44

139.49

8.08

20.20

-0.21

-5.68

-39.47

49.78

3.91

-4.49

9.77

-11.25

-17.99

41.31

7.50

-26.01

22.57

-27.97

8.16

48.96

61

151

95

104

89

156

342

118

91

116

283

168

75

74

124

93

100

101

88

127

122

102

176

186

182

125

136

232

265

160

148

257

140

67

222

149

153

67

189

118

119

90

133

230

148

166

123

412

124

76

82

125

80

78

107

204

141

157

114

181

126

253

136

139

264

267

147

203

289

116

77

190

176

225

6911.39

4072.65

8924.00

2839.43

6021.98

4374.41

3644.10

3413.25

11960.96

7629.55

3231.14

2666.69

2560.88

12875.67

2459.71

1567.28

1827.74

11355.61

14221.28

9726.25

5208.53

7700.07

5543.57

5643.52

2534.88

6472.44

1323.76

1451.53

971.11

1377.53

3522.18

1362.48

2566.99

24672.91

3493.88

2034.80

2813.88

297.47

265.86

175.77

97.96

257.03

249.20

367.73

97.03

348.33

72.76

110.80

209.36

-14.87

32.35

247.21

192.74

100.16

144.42

356.25

208.95

271.46

305.66

129.15

46.47

278.05

51.27

26.35

123.12

134.43

304.50

302.58

238.55

264.11

73.03

213.71

245.10

84.31

92

139

82

175

104

132

146

157

72

88

163

184

191

69

195

236

221

76

65

79

115

87

111

110

192

99

269

246

300

256

153

260

189

39

155

208

178

128

171

91

146

131

161

207

129

103

75

136

195

95

41

215

248

188

73

94

93

150

120

109

82

224

77

177

227

280

301

192

281

217

28

170

238

138

47.77

12.67

22.74

30.29

15.44

1.50

-

16.39

25.05

23.16

5.91

7.98

28.85

29.09

12.67

28.47

11.30

13.22

45.24

21.57

34.65

29.87

12.73

8.84

13.71

31.22

-

2.00

6.70

2.15

23.05

10.06

5.87

112.83

9.38

14.42

18.69

38.70

11.00

24.39

37.61

15.15

7.87

3.18

14.78

16.89

29.66

3.29

17.78

42.80

29.16

17.42

39.04

20.20

13.87

22.47

22.41

38.71

38.14

15.66

17.34

12.31

39.37

-

1.35

7.75

10.45

26.03

8.69

10.89

98.90

15.60

16.73

18.76

31.01

5.99

24.02

14.62

16.36

2.91

1.40

9.39

17.99

15.07

6.48

9.61

14.92

31.16

11.93

13.00

15.73

15.38

29.89

14.43

13.05

20.05

7.98

7.94

6.24

13.23

7.27

4.96

3.39

6.53

9.58

4.08

5.23

50.59

5.41

8.22

12.35

37.04

6.28

21.97

17.19

17.98

6.45

3.55

8.82

14.45

20.86

3.53

16.81

21.72

31.38

17.21

23.51

23.98

16.09

15.80

15.02

15.83

23.53

10.88

12.74

5.90

21.11

7.06

4.29

4.08

8.41

9.60

5.96

8.95

50.72

11.31

9.54

14.69

21.28

3.78

7.56

2.46

25.25

10.52

-

14.15

22.50

11.92

1.41

2.65

14.37

26.81

2.82

9.77

7.79

25.59

18.22

15.34

6.26

9.28

5.03

11.68

2.59

8.54

-

1.37

4.71

1.11

8.52

1.53

14.46

12.42

7.04

6.89

5.38

12.35

3.53

7.93

2.73

33.07

31.13

2.65

13.05

26.96

15.85

1.26

5.93

20.27

25.19

3.90

12.83

10.86

28.32

12.96

14.10

6.84

8.84

7.84

27.58

3.21

10.72

-

1.03

5.20

5.34

8.29

2.80

20.37

11.88

19.82

8.75

5.91

Rank2009

Rank2008

%ChangeCompany

Rank2009

Rank2008


%Change

Rank2009

Rank2008

TotalAssets

2009%

ChangeRank2009

Rank2008

NetWorth

2009



149

150

151

152

153

154

155

156

157

158

159

160

161

162

163

164

165

166

167

168

169

170

171

172

173

174

175

176

177

178

179

180

181

182

183

184

185

137

192

164

149

156

157

155

167

161

160

136

172

153

165

179

150

134

265

189

199

175

143

162

178

154

182

204

131

202

171

170

168

233

205

140

195

246

DCM Shriram Consolidated

Aban Offshore

KEC International

Dalmia Cements(Bharat)

Apollo Hospitals

Uttam Galva Steels

Titan Inds.

Dabur (I)

Sun Network

Birla Corporation

GTL

Monnet Ispat

Triveni Engg.& Inds.

TVS Motor Co.

Electrosteel Castings

Balrampur Chini

Hindustan Copper

Shree Renuka Sugars

United Breweries

Patel Engineering

Maharashtra Seamless

Arvind

Kirloskar Oil Engines

Kalpataru Power

Britannia Inds.

Divis Laboratories

BGR Energy Systems

EIH

Mukand

Pidilite Inds.

Redington (I)

Escorts

ABG Shipyard

Havells (I)

Glenmark Pharma

Alstom Projects (I)

Bombay Rayon

3390.78

1005.01

3373.16

1758.67

1457.98

4371.64

3803.38

2401.19

1008.20

1784.61

1450.90

1549.80

1881.85

3670.92

1838.98

1471.45

1220.27

1981.56

1689.62

1471.73

2047.29

2344.85

2141.54

1878.95

3112.38

1190.02

1922.10

888.67

1935.32

1761.12

6066.16

1995.79

1412.22

2195.12

854.56

2290.28

1342.40

36.20

46.97

21.58

19.83

29.55

38.53

27.04

14.95

17.09

3.85

1.23

33.79

17.69

14.02

38.11

5.73

-23.85

148.30

23.57

49.67

37.29

2.41

-1.95

8.52

20.30

15.18

27.73

-18.01

0.65

14.71

5.11

-4.00

46.07

6.99

-37.68

48.04

44.95

106

322

107

184

225

86

99

143

318

179

227

205

173

103

176

223

268

164

193

222

162

148

157

174

115

273

169

359

167

183

63

163

230

155

365

151

239

121

395

112

197

257

99

105

142

336

167

203

248

180

96

216

206

179

352

212

285

192

130

135

164

116

270

191

261

151

187

50

143

292

144

211

185

310

3845.47

4660.45

3075.66

4458.57

2109.19

3780.65

1777.27

1410.42

1987.45

2037.90

3003.69

2926.46

2457.05

2483.08

2706.76

2866.29

1593.85

1848.29

1927.61

2857.02

1613.72

3830.43

1837.06

2320.93

1267.52

1564.61

2666.59

2818.43

3953.18

1617.49

1439.40

2375.08

4201.78

1386.62

2567.06

2727.74

3108.51

9.14

72.02

27.51

30.07

17.35

18.39

12.64

37.02

18.78

20.86

17.83

19.35

-0.51

13.63

21.47

5.75

-5.58

68.57

39.26

36.65

12.85

2.49

-5.03

36.32

5.03

30.86

73.53

13.91

42.41

13.53

16.65

1.91

91.22

18.34

32.64

36.20

114.84

123

101

145

107

204

126

239

273

216

211

149

156

182

181

169

162

257

229

220

163

255

125

233

191

287

258

172

165

120

254

271

186

111

276

176

168

144

109

139

152

114

206

121

224

298

219

217

143

150

148

171

165

138

216

290

251

178

242

99

192

213

278

279

231

147

132

244

270

159

169

281

191

183

240

1231.59

1245.18

558.57

1268.20

1370.86

823.91

551.24

738.20

1792.51

1287.71

986.01

1286.26

922.99

810.16

1261.21

1015.09

967.90

639.94

1081.55

978.86

1309.98

1179.25

960.08

836.95

824.54

1261.79

561.15

1417.63

1797.79

733.62

614.39

1202.66

886.56

931.91

1229.97

408.09

856.42

7.53

22.93

12.80

10.55

10.73

15.87

26.38

39.73

21.88

28.13

6.75

20.46

17.77

-1.39

10.00

17.46

7.58

90.61

76.94

15.95

19.81

-18.62

4.93

9.01

9.09

44.37

19.06

8.61

132.23

14.19

7.87

7.48

20.71

43.59

19.62

15.91

44.68

145

140

256

135

120

208

260

213

99

131

180

132

193

210

137

177

186

238

170

181

127

155

188

204

207

136

253

115

98

216

244

151

199

191

147

316

202

134

156

261

131

123

202

278

248

105

157

170

145

191

187

133

181

177

335

225

186

141

107

172

194

197

179

266

119

192

217

233

137

199

212

152

322

229

ROA(%)

2009

RONW(%)

2009

RONW(%)

2008

ROA(%)

2008

ROS(%)

2009

ROS(%)

2008%

ChangeRank2009

Rank2008

GrossProfit2009

%Change

Rank2009

Rank2008

MarketCap

29.01.2010


Company


DCM Shriram Consolidated

Aban Offshore

KEC International

Dalmia Cements(Bharat)

Apollo Hospitals

Uttam Galva Steels

Titan Inds.

Dabur (I)

Sun Network

Birla Corporation

GTL

Monnet Ispat

Triveni Engg.& Inds.

TVS Motor Co.

Electrosteel Castings

Balrampur Chini

Hindustan Copper

Shree Renuka Sugars

United Breweries

Patel Engineering

Maharashtra Seamless

Arvind

Kirloskar Oil Engines

Kalpataru Power

Britannia Inds.

Divis Laboratories

BGR Energy Systems

EIH

Mukand

Pidilite Inds.

Redington (I)

Escorts

ABG Shipyard

Havells (I)

Glenmark Pharma

Alstom Projects (I)

Bombay Rayon

273.97

501.69

199.49

345.21

213.66

293.90

268.11

445.90

716.17

478.46

154.01

335.01

318.73

130.94

260.07

239.21

23.75

168.08

176.45

241.71

402.71

73.23

258.90

146.71

260.56

509.35

180.69

327.50

-188.96

213.64

128.96

99.68

268.55

183.30

201.02

235.24

259.12

-69.72

46.79

-30.27

-33.44

19.68

-6.09

17.42

16.17

19.56

-19.07

-9.58

26.96

48.77

4.00

172.18

440.83

-92.53

62.24

15.15

26.59

26.22

-56.32

12.88

-34.01

2.36

16.36

39.43

-17.13

-

-19.50

19.86

297.92

5.14

3.21

-58.71

68.55

27.64

159

96

209

133

201

152

167

106

73

98

246

137

146

268

172

187

434

233

226

184

117

349

174

251

171

94

221

141

489

202

270

309

166

217

206

188

173

64

143

170

95

238

160

202

130

86

88

244

182

210

297

342

440

156

331

266

226

153

248

200

205

186

120

294

127

263

180

325

468

185

239

103

281

219

962.69

5240.01

2852.10

1374.53

4226.68

1266.61

6653.17

13839.81

15053.86

2834.35

3937.57

1893.52

3134.77

1755.13

1550.67

3126.64

55138.49

6457.29

3546.00

3089.35

2416.35

854.96

3106.40

2761.96

3745.59

7974.90

3283.92

4890.26

413.18

4962.03

2364.08

1164.38

1522.00

3333.16

6530.11

3531.62

2167.70

115.48

204.84

259.04

120.09

76.50

224.48

60.80

87.55

135.22

162.89

83.13

175.57

149.85

346.53

253.70

123.09

571.12

217.45

97.26

258.97

176.58

181.90

355.84

272.17

16.51

41.98

210.91

27.64

167.14

102.85

175.87

263.64

340.53

407.03

89.24

136.46

218.48

303

114

174

257

135

272

97

66

63

176

141

216

166

224

239

167

18

100

151

171

196

313

169

181

144

86

161

121

385

119

200

280

240

159

98

152

204

267

130

204

233

110

286

78

51

60

174

113

220

160

283

270

151

48

116

124

197

193

316

222

209

92

65

175

83

378

108

198

306

300

226

87

141

223

8.26

20.86

20.82

12.51

8.61

12.16

30.82

50.60

24.39

25.12

9.27

16.79

18.39

3.84

11.13

9.56

-

14.50

5.78

17.81

19.84

-

12.07

11.28

21.88

33.64

20.51

12.02

-

19.95

13.13

0.99

19.30

15.58

17.72

33.05

17.34

58.58

15.71

34.77

30.26

8.22

17.42

36.29

59.96

24.95

39.16

13.13

15.56

14.23

3.87

4.54

-

27.39

16.21

10.22

17.49

17.86

1.93

13.00

19.53

25.27

40.45

17.92

16.64

7.67

29.25

11.78

-

21.88

22.12

37.83

20.82

20.46

7.12

10.76

6.49

7.74

10.13

7.77

15.09

31.61

36.03

23.48

5.13

11.45

12.97

5.27

9.61

8.35

1.49

9.09

9.15

8.46

24.96

1.91

14.09

6.32

20.56

32.55

6.78

11.62

-

13.21

8.96

4.20

6.39

13.22

7.83

8.62

8.34

25.68

12.62

11.86

15.13

9.93

9.80

14.47

37.29

35.80

35.06

6.68

10.76

8.68

5.76

4.29

1.63

18.84

9.45

11.07

9.13

22.31

4.49

11.86

13.06

21.09

36.61

8.43

15.97

5.62

18.63

8.72

1.07

11.62

15.16

25.16

6.97

14.03

3.00

25.85

3.45

9.02

8.10

2.29

4.47

15.56

43.36

18.13

6.30

13.94

9.02

0.85

7.63

6.59

-

4.68

3.70

11.85

12.70

-

5.41

5.02

5.80

35.67

5.99

19.18

-

8.31

1.33

0.59

12.12

6.62

25.50

5.89

11.06

26.95

23.27

6.21

23.65

9.04

3.93

5.29

15.16

42.62

22.90

8.46

14.34

6.97

0.99

3.91

-

15.38

6.82

4.57

15.01

13.09

1.22

5.45

8.66

7.38

34.22

5.61

20.04

3.09

12.24

1.16

-

16.62

7.00

28.37

4.74

13.08

Rank2009

Rank2008

%ChangeCompany

Rank2009

Rank2008


%Change

Rank2009

Rank2008

TotalAssets

2009%

ChangeRank2009

Rank2008

NetWorth

2009



186

187

188

189

190

191

192

193

194

195

196

197

198

199

200

201

202

203

204

205

206

207

208

209

210

211

212

213

214

215

216

217

218

219

220

221

222

117

166

159

198

212

180

228

219

158

176

221

190

222

184

209

183

218

193

217

197

174

231

207

194

214

234

211

235

206

200

187

177

201

128

203

232

294

Parsvnath Developers

Wockhardt

Raymond

Kirloskar Brothers

PSL

Biocon

Nava Bharat Ventures

Tulip Telecom

Sobha Developers

GMDC

Mercator Lines

HT Media

Sterlite Technologies

S.Kumars Nationwide

GlaxoSmithkline Cons. Health

SRF

Prakash Inds.

Gujarat Industries Power

Rolta (I)

Gujarat Alkalies & Chem

Ballarpur Inds.

Gujarat Fluorochemicals

JK Cement

Castrol (I)

Jk Tyre Inds.

Kingfisher Airlines

Hindusthan National Glass & Ind.

Torrent Pharma

Tube Investments (I)

Godrej Inds.

Orchid Chem.& Pharma.

Lakshmi Machine Works

Tata Teleservices ( Mah)

Omaxe

Deccan Chronicle

Blue Star

Fert. & Chem. Travancore

733.54

1504.84

1367.13

1829.35

3161.78

903.46

1268.51

1608.28

974.74

977.71

1137.70

1323.04

2289.34

1550.23

1547.72

1631.28

1527.18

1154.99

850.92

1552.70

1022.10

1051.83

1496.84

2205.10

3269.07

5269.17

1314.16

1144.01

2061.09

811.94

1163.12

1342.90

1941.68

699.78

814.94

2523.17

2128.66

-57.51

30.48

3.37

20.22

54.69

8.52

39.10

32.21

-31.80

-0.29

41.66

11.53

35.96

-3.46

21.15

0.69

21.61

23.46

42.02

26.48

7.16

45.43

2.65

16.88

16.08

174.17

27.55

17.96

18.19

12.05

-2.85

-39.28

13.74

-60.90

4.16

14.86

143.56

411

216

236

178

113

356

255

200

332

331

285

244

152

204

206

198

211

281

366

203

314

305

217

154

111

68

247

282

161

376

279

238

166

420

375

136

158

165

251

217

189

145

345

314

233

204

286

350

240

170

178

229

177

231

304

433

232

296

378

199

155

108

152

272

290

162

376

237

131

168

159

356

133

329

4786.29

3463.83

2914.52

1982.49

3727.04

1869.62

1848.01

2083.49

3585.21

2020.23

3746.33

1815.16

1672.61

3020.67

1079.19

2366.14

1523.67

2454.92

2244.46

2154.31

2515.56

2293.34

2161.16

947.33

2572.22

7387.79

1741.01

1613.18

1470.34

1853.12

4177.86

1487.89

3757.29

3600.65

1846.37

1171.66

1495.94

3.27

54.66

7.74

20.23

89.66

7.73

27.86

47.66

8.30

-1.76

78.12

27.11

7.04

37.38

18.29

21.60

9.66

13.93

16.66

17.20

0.42

26.24

13.42

0.29

8.06

305.81

19.23

31.45

9.95

0.95

21.62

-8.96

9.29

1.17

-12.01

13.01

48.06

98

134

158

217

129

223

230

208

132

212

128

235

251

147

316

187

263

183

196

203

178

193

202

341

175

70

241

256

269

227

113

267

127

131

231

295

266

86

164

140

220

188

211

241

249

117

179

174

243

229

168

324

190

250

173

193

201

145

204

197

315

155

203

238

271

260

202

113

222

112

108

175

297

302

1919.64

677.27

1126.98

709.14

628.52

1374.88

1171.40

680.39

1089.49

1218.71

1094.55

901.61

620.94

912.61

760.88

976.48

1029.14

1183.38

1304.01

1244.93

1349.77

1230.83

1186.06

475.57

575.83

-2125.35

935.18

732.68

736.95

1027.12

670.22

842.73

-368.33

1295.35

1149.86

367.13

295.72

6.26

-33.99

-19.40

7.11

11.13

3.51

45.83

52.85

10.23

14.79

21.33

-1.54

15.09

5.82

17.72

0.51

13.12

4.08

13.68

15.44

6.45

24.24

12.60

10.55

7.85

-

9.10

25.19

2.64

-2.96

-2.60

11.25

-

8.26

7.76

39.30

16.97

89

228

163

221

241

119

157

226

169

148

167

197

242

195

212

182

173

154

128

141

122

146

153

286

251

500

190

217

215

174

229

203

495

129

160

341

373

84

154

112

211

234

116

188

275

160

147

176

171

242

182

215

164

175

136

132

143

121

158

150

280

247

411

183

230

201

148

207

196

497

128

146

371

378

ROA(%)

2009

RONW(%)

2009

RONW(%)

2008

ROA(%)

2008

ROS(%)

2009

ROS(%)

2008%

ChangeRank2009

Rank2008

GrossProfit2009

%Change

Rank2009

Rank2008

MarketCap

29.01.2010


Company


Parsvnath Developers

Wockhardt

Raymond

Kirloskar Brothers

PSL

Biocon

Nava Bharat Ventures

Tulip Telecom

Sobha Developers

GMDC

Mercator Lines

HT Media

Sterlite Technologies

S.Kumars Nationwide

GlaxoSmithkline Cons. Health

SRF

Prakash Inds.

Gujarat Industries Power

Rolta (I)

Gujarat Alkalies & Chem

Ballarpur Inds.

Gujarat Fluorochemicals

JK Cement

Castrol (I)

Jk Tyre Inds.

Kingfisher Airlines

Hindusthan National Glass & Ind.

Torrent Pharma

Tube Investments (I)

Godrej Inds.

Orchid Chem.& Pharma.

Lakshmi Machine Works

Tata Teleservices ( Mah)

Omaxe

Deccan Chronicle

Blue Star

Fert. & Chem. Travancore

172.87

-414.85

-212.89

118.96

183.00

295.75

556.06

323.01

181.11

447.21

332.27

178.51

159.78

106.67

230.38

342.20

269.77

195.89

441.29

370.34

218.31

521.19

284.41

430.45

124.20

-1475.63

195.60

244.36

143.68

41.13

91.52

276.19

287.19

87.61

239.90

261.74

89.18

-71.65

-

-

-29.30

4.82

7.97

41.15

33.36

-40.69

-12.10

18.51

-22.99

-11.44

-57.85

-18.85

14.42

0.32

-11.29

45.04

-0.99

-7.53

14.21

-26.23

21.05

-39.93

-

-10.07

14.71

7.26

-70.79

-72.66

-43.07

-8.42

-82.36

-46.53

0.95

100.77

229

495

490

285

218

150

83

143

220

103

139

223

243

300

193

135

163

210

108

128

199

92

155

109

277

500

211

181

253

403

319

158

154

327

185

170

325

83

165

249

247

241

177

128

193

163

98

172

198

235

187

171

168

179

206

164

132

195

110

129

137

217

498

207

212

287

280

146

104

159

101

115

183

438

2379.86

1868.69

1426.47

2563.91

771.93

5385.00

2997.26

2757.61

2662.43

4649.16

1403.02

3473.30

2595.13

1046.56

5661.49

1163.72

2201.23

1624.43

3288.64

913.59

1419.56

1751.26

988.11

7477.80

705.62

1445.22

2030.01

3742.74

1367.15

4670.31

1119.29

2368.98

4809.40

1635.90

3596.67

3389.32

4134.78

239.98

66.10

155.10

261.86

152.84

169.12

277.77

140.95

320.27

263.68

115.79

171.31

584.68

149.20

127.85

157.57

382.61

123.29

129.74

85.53

69.31

145.62

257.27

83.11

380.70

65.70

105.94

233.18

137.87

148.58

116.78

271.97

11.43

91.76

281.46

158.97

279.23

198

220

249

190

327

112

173

182

185

129

252

156

188

290

109

281

203

232

160

308

251

225

298

89

335

247

209

145

258

127

286

199

123

231

149

158

136

218

168

246

214

313

117

205

167

231

159

228

158

289

277

105

265

263

210

147

256

201

213

323

79

382

194

183

169

242

121

253

230

76

199

185

156

172

5.89

-

-

9.45

13.67

14.82

38.85

36.68

10.07

19.39

16.64

9.45

14.18

6.58

24.75

16.72

19.84

7.21

20.16

15.44

9.29

27.63

12.00

55.17

2.21

-

11.52

25.49

9.79

1.76

-

12.69

-

6.03

12.18

49.11

14.53

22.62

20.85

4.73

16.64

14.99

14.72

39.20

42.07

23.10

24.86

18.72

15.79

18.67

20.65

25.17

14.28

21.84

9.00

15.89

20.78

10.21

32.30

25.17

50.78

12.50

-

18.71

26.57

7.87

10.28

26.82

31.99

-

33.33

25.48

66.06

3.55

3.61

-

-

6.00

4.91

15.82

30.09

15.50

5.05

22.14

8.87

9.83

9.55

3.53

21.35

14.46

17.71

7.98

19.66

17.19

8.68

22.73

13.16

45.44

4.83

-

11.23

15.15

9.77

2.22

2.19

18.56

7.64

2.43

12.99

22.34

5.96

13.16

13.58

6.11

10.20

8.88

15.78

27.26

17.17

9.22

24.74

13.33

16.23

11.55

11.51

31.12

15.37

19.35

10.25

15.81

20.35

9.43

25.12

20.23

37.65

8.69

-

14.90

17.36

10.02

7.67

9.74

29.68

9.12

13.95

21.38

25.01

4.40

15.41

-

-

3.66

2.72

22.56

35.88

15.52

11.25

24.17

16.01

6.44

3.84

3.88

12.17

10.01

13.37

7.39

30.90

12.38

12.27

32.34

9.51

11.90

0.39

-

8.20

16.32

3.50

2.23

-

7.96

-

11.16

17.19

7.15

2.02

23.68

18.55

5.00

7.24

4.15

23.49

34.53

15.39

15.97

26.92

21.02

12.19

5.98

11.09

12.73

8.56

15.82

10.93

30.42

18.25

13.57

44.24

18.18

11.58

2.37

-

15.56

16.04

3.24

15.02

15.41

10.96

-

22.29

34.76

7.92

1.03

Rank2009

Rank2008

%ChangeCompany

Rank2009

Rank2008


%Change

Rank2009

Rank2008

TotalAssets

2009%

ChangeRank2009

Rank2008

NetWorth

2009



223

224

225

226

227

228

229

230

231

232

233

234

235

236

237

238

239

240

241

242

243

244

245

246

247

248

249

250

251

252

253

254

255

256

257

258

259

229

244

253

223

237

215

224

210

251

241

196

216

239

252

226

272

243

188

238

255

186

236

240

325

220

266

260

242

304

247

279

249

270

256

230

213

258

JBF Inds.

Mcleod Russel (I)

GHCL

Gujarat Gas Co.

Ipca Laboratories

Motherson Sumi Systems

Kansai Nerolac Paints

Jindal Poly Films

Binani Cement

Graphite (I)

Indo Rama Synthetics(I)

Uflex

Marico

Jai Balaji Inds.

Great Offshore

EID Parry(I)

Deepak Fert. & Petrochem.

Varun Shipping Co.

SKF (I)

Consolidated Const.Consortium

ITI

Su-raj Diamonds

Aventis Pharma

Godrej Consumer Products

ICI (I)

Orient Paper & Inds.

JK Lakshmi Cement

Dredging Corpn.

Bharati Shipyard

Ceat

Jyoti Structures

ISMT

Bombay Dyeing

Welspun (I)

Finolex Inds.

Amtek(I)

Heg

2394.29

826.54

1239.40

1294.39

1287.60

1312.55

1479.01

1421.76

1496.54

1090.42

2449.66

1521.94

1917.46

1702.66

895.16

755.57

1388.12

964.66

1631.66

1755.86

1701.91

2421.21

1001.29

1090.77

912.99

1539.62

1223.90

685.28

934.47

2527.80

1723.11

1301.59

1006.32

1256.77

1492.12

720.60

1025.73

11.33

26.54

16.00

8.51

21.34

-0.06

5.28

12.83

55.40

2.47

-4.48

18.69

22.23

30.09

32.36

22.57

33.36

2.06

3.81

21.25

47.37

13.07

12.97

22.88

-2.57

16.46

10.43

-2.85

44.85

8.05

25.49

9.08

44.01

6.77

7.81

-26.20

8.33

145

372

264

251

253

248

220

229

218

300

139

213

170

190

357

402

233

336

197

185

191

141

325

299

352

208

266

429

347

135

188

250

320

260

219

417

312

137

406

263

239

265

219

205

230

293

264

119

228

184

221

397

426

268

300

183

200

250

138

323

321

303

218

260

387

415

126

210

238

390

243

207

289

299

1867.89

1905.09

2977.42

1131.48

1359.04

1386.94

1058.60

1736.07

2015.64

1697.49

2227.31

2274.39

897.66

2584.20

2885.78

1852.99

1747.11

3840.07

941.28

1119.89

5662.78

2327.05

1015.28

875.12

1303.46

1441.23

1778.47

1537.97

2867.65

1637.70

1231.38

2017.11

2397.82

2505.34

1860.96

2382.13

1690.52

26.27

3.15

47.35

21.40

15.61

13.58

14.23

31.18

13.97

11.36

-14.93

-4.43

7.81

18.04

40.85

42.64

28.37

17.42

9.47

18.05

8.45

21.50

16.89

54.32

15.67

61.97

18.59

3.83

64.39

4.64

37.31

15.75

14.53

6.41

5.79

4.89

16.19

224

222

152

304

279

275

321

242

214

247

198

195

359

173

160

228

240

124

347

309

86

190

331

361

283

270

238

261

161

253

292

213

184

180

225

185

250

237

198

181

319

280

274

321

262

207

232

141

156

344

170

180

266

256

118

338

314

80

195

332

414

284

329

233

236

209

227

327

210

176

157

208

161

239

639.63

1172.21

1214.03

698.48

638.51

415.84

654.45

973.08

476.41

1018.39

515.44

721.60

367.68

354.30

692.63

969.32

803.11

813.40

645.15

509.09

-4.06

679.84

829.10

536.92

971.07

652.92

831.25

1268.78

702.15

488.38

416.73

526.36

370.42

560.23

499.96

1473.73

576.27

7.15

5.32

141.58

24.03

5.08

3.33

10.23

6.60

14.07

45.92

-18.64

13.20

31.21

0.50

-22.00

89.27

14.93

-11.09

18.32

12.92

-

5.14

17.30

256.76

27.27

32.15

29.39

2.42

21.35

-4.85

22.13

-1.92

-6.44

0.25

-9.75

3.62

9.19

239

156

149

223

240

310

233

183

285

175

270

220

340

344

224

185

211

209

236

275

493

227

206

262

184

234

205

134

222

281

309

266

339

254

277

113

250

227

138

258

235

226

290

228

174

285

205

222

221

362

321

178

257

204

173

241

273

208

214

203

456

195

262

218

122

231

255

332

245

294

236

237

110

249

ROA(%)

2009

RONW(%)

2009

RONW(%)

2008

ROA(%)

2008

ROS(%)

2009

ROS(%)

2008%

ChangeRank2009

Rank2008

GrossProfit2009

%Change

Rank2009

Rank2008

MarketCap

29.01.2010


Company


JBF Inds.

Mcleod Russel (I)

GHCL

Gujarat Gas Co.

Ipca Laboratories

Motherson Sumi Systems

Kansai Nerolac Paints

Jindal Poly Films

Binani Cement

Graphite (I)

Indo Rama Synthetics(I)

Uflex

Marico

Jai Balaji Inds.

Great Offshore

EID Parry(I)

Deepak Fert. & Petrochem.

Varun Shipping Co.

SKF (I)

Consolidated Const.Consortium

ITI

Su-raj Diamonds

Aventis Pharma

Godrej Consumer Products

ICI (I)

Orient Paper & Inds.

JK Lakshmi Cement

Dredging Corpn.

Bharati Shipyard

Ceat

Jyoti Structures

ISMT

Bombay Dyeing

Welspun (I)

Finolex Inds.

Amtek(I)

Heg

172.32

127.95

193.63

271.09

162.69

137.82

176.60

257.23

234.28

244.17

6.28

225.14

209.44

57.95

334.66

937.89

262.92

397.41

222.76

112.51

-641.46

43.96

272.25

200.19

396.31

343.97

320.37

113.55

209.88

30.83

132.41

112.30

-138.89

122.87

-1.40

148.97

200.85

-19.32

76.65

-9.70

-0.59

-20.25

-35.14

-15.42

0.30

-31.81

5.54

-95.92

53.90

4.17

-69.51

5.11

-

34.77

-9.49

-19.33

-17.29

-

-39.96

14.93

8.67

262.29

1.01

-4.41

-46.58

22.99

-86.51

7.73

-38.09

-

-5.27

-

-68.87

-27.45

231

273

212

162

239

260

225

175

190

183

462

196

204

375

138

60

169

119

197

294

499

397

161

208

120

134

144

293

203

420

267

295

486

279

468

249

207

211

379

209

178

218

214

215

184

142

199

265

272

221

228

154

492

223

117

174

283

500

376

194

231

323

144

145

213

243

201

301

234

427

292

260

105

173

712.96

2509.37

449.09

3002.33

2813.50

5023.22

2816.95

929.14

1461.30

1474.02

542.00

621.76

6007.70

1326.57

1562.77

3221.35

924.34

786.05

1905.40

1592.24

1559.52

200.41

3569.03

7245.78

2228.22

870.94

829.12

1879.36

833.44

455.56

1362.83

801.36

2097.49

564.25

709.45

603.93

1399.40

248.13

382.63

66.30

100.91

230.65

143.62

181.78

22.69

148.10

252.17

171.68

72.59

68.77

335.90

75.36

148.49

95.71

14.41

164.24

203.38

253.92

103.81

82.19

112.60

50.61

121.98

267.70

207.40

380.98

276.37

174.60

200.55

271.07

385.54

101.76

125.79

199.86

333

193

378

172

179

118

177

305

245

244

361

344

105

267

237

164

306

323

215

235

238

451

150

90

202

310

318

217

315

377

259

320

206

356

334

347

253

347

252

324

140

200

115

181

208

239

278

350

296

85

314

190

157

259

221

212

250

268

416

118

88

142

284

340

237

368

395

255

328

244

401

298

327

261

11.92

7.57

8.59

22.74

15.88

16.72

15.06

13.00

22.81

19.01

-

14.50

38.65

0.36

30.48

71.39

18.52

15.10

19.79

13.56

-

4.92

20.05

30.09

30.34

30.65

21.48

3.65

18.99

3.30

19.14

10.68

-

5.52

-

3.67

18.57

23.24

4.24

20.06

28.25

23.22

31.85

20.18

14.52

42.10

19.15

0.48

9.72

51.18

33.72

22.88

-

14.35

24.68

29.47

19.32

-

9.68

20.43

98.42

7.89

41.39

34.82

12.50

18.57

28.95

21.22

18.64

4.21

4.70

12.85

24.39

27.73

9.23

6.72

6.50

23.96

11.97

9.94

16.68

14.82

11.62

14.38

0.28

9.90

23.33

2.24

11.60

50.61

15.05

10.35

23.67

10.05

-

1.89

26.82

22.88

30.40

23.87

18.01

7.38

7.32

1.88

10.75

5.57

-

4.90

-

6.25

11.88

14.44

3.92

10.61

29.26

17.35

17.40

22.53

19.38

19.43

15.18

5.88

6.15

24.15

8.68

15.54

0.38

14.33

13.43

32.12

14.34

-

3.82

27.27

32.49

9.71

38.27

22.35

14.35

9.78

14.61

13.71

10.41

2.49

5.51

9.01

21.07

19.03

3.19

10.74

8.42

12.27

7.88

5.30

6.67

8.90

7.26

17.75

-

6.87

7.41

0.08

23.58

91.58

10.71

12.73

7.82

3.93

-

1.38

16.60

14.81

32.27

13.00

14.59

6.77

14.27

0.64

4.63

4.32

-

2.46

-

7.50

10.43

6.45

7.23

9.44

13.34

13.30

9.76

8.53

10.52

18.26

12.56

0.12

4.83

9.14

9.08

30.05

-

9.63

23.89

10.22

6.01

-

2.92

16.29

16.69

6.43

15.47

20.18

21.95

16.66

6.35

5.27

8.38

2.39

2.23

5.14

35.53

15.46

Rank2009

Rank2008

%ChangeCompany

Rank2009

Rank2008


%Change

Rank2009

Rank2008

TotalAssets

2009%

ChangeRank2009

Rank2008

NetWorth

2009



260

261

262

263

264

265

266

267

268

269

270

271

272

273

274

275

276

277

278

279

280

281

282

283

284

285

286

287

288

289

290

291

292

293

294

295

296

264

341

227

273

208

295

245

254

259

285

288

343

269

292

276

277

322

257

263

250

278

314

274

329

282

275

296

267

297

309

382

283

248

280

293

353

284

Colgate Palmolive (I)

Jay Neco Ind

Ansal Prop. & Infras.

Godfrey Phillips(I)

Spice Communications

Electrotherm (I)

Tamil Nadu Newsprint

Micro Inks

Pfizer

Firstsource Solutions

Whirlpool (I)

Rain Commodities

Sundram Fasteners

Adhunik Metaliks

Abhishek Inds.

Jagran Prakashan

AIA Engineering

Chettinad Cement Corpn.

BL Kashyap & Sons

Finolex Cables

Apar Inds.

Madhucon Projects

Indraprastha Gas

Bajaj Electricals

Ramsarup Inds.

Panacea Biotec

MindTree

Berger Paints (I)

Atlas Copco (I)

OCL (I)

Peninsula Land

Man Inds.(I)

Sanghi Inds.

Garden Silk Mills

Balkrishna Inds.

ICSA (I)

Koutons Retail (I)

1750.77

1618.78

649.74

1132.09

1264.38

1699.82

1110.84

1341.55

735.34

566.04

1933.98

1112.17

1262.20

1165.06

1398.78

823.37

921.61

1137.67

1457.24

1341.51

2317.45

1025.77

860.41

1765.29

1908.66

773.29

1012.57

1511.07

1226.13

961.13

541.66

1858.88

806.69

1775.48

1219.01

1100.42

1046.68

15.27

9.93

-22.00

25.38

32.01

27.51

13.39

16.40

-0.28

15.60

8.09

80.39

4.67

16.44

33.38

9.84

55.51

22.31

-5.54

-3.05

41.15

38.91

20.66

28.14

9.67

-6.91

37.98

12.81

31.12

50.52

56.88

28.48

-4.76

5.92

24.64

64.07

31.91

186

199

447

288

257

192

295

240

409

491

168

293

258

276

232

373

348

286

226

241

149

311

363

182

171

393

316

215

265

340

500

175

379

181

269

296

306

190

196

343

318

294

215

287

252

370

491

160

425

235

278

266

365

438

306

186

208

176

369

384

209

163

347

372

214

305

417

544

201

340

171

288

401

353

776.72

1924.77

3354.42

977.92

2351.75

2056.40

2012.59

1046.84

1096.15

2512.94

924.32

1209.55

1277.20

2065.49

2279.60

911.49

778.99

1563.48

1134.87

1047.31

1732.45

1351.20

872.21

1040.21

2544.86

1646.26

907.17

746.87

927.99

1714.30

1498.08

1718.31

1853.23

1564.22

1082.97

1145.18

1220.08

10.79

104.59

21.15

16.73

-14.45

45.24

19.00

-22.18

26.49

11.88

-7.42

40.60

5.66

27.90

15.37

15.76

33.14

38.57

13.20

-6.41

21.96

9.19

16.68

25.27

38.00

30.22

22.22

6.50

22.44

26.99

8.57

32.10

0.40

14.65

-2.62

57.00

31.31

386

221

138

339

188

210

215

325

310

179

350

294

286

209

194

353

385

260

302

324

243

280

364

326

177

252

356

391

349

246

265

245

226

259

314

301

293

379

316

133

342

136

247

215

259

335

162

306

337

277

223

187

354

408

283

303

285

245

269

364

345

200

267

365

378

362

257

252

265

199

255

287

369

320

216.30

588.45

1121.97

578.45

-676.88

459.78

664.32

462.56

899.56

1057.19

304.09

496.25

427.23

291.79

446.34

559.92

648.69

355.15

476.88

596.22

281.25

536.03

683.42

245.01

329.18

615.15

530.36

415.24

406.30

659.19

1057.45

407.87

737.54

435.12

467.83

597.08

425.20

33.35

194.34

4.21

15.70

-

20.44

3.80

-40.07

38.68

68.00

28.60

39.58

1.21

-5.83

1.62

3.93

23.53

-9.51

18.85

-7.06

1.92

8.82

18.55

40.18

-13.25

-11.77

-0.68

18.98

21.97

19.18

12.82

11.38

7.67

10.93

13.80

63.34

21.61

413

247

165

249

499

291

230

290

198

172

365

278

302

376

296

255

235

343

284

246

381

263

225

398

354

243

265

312

318

232

171

317

214

300

289

245

303

447

410

144

259

316

304

220

193

213

223

390

320

283

342

277

243

251

297

292

219

363

263

232

435

305

206

246

326

336

238

166

311

209

298

287

312

325

ROA(%)

2009

RONW(%)

2009

RONW(%)

2008

ROA(%)

2008

ROS(%)

2009

ROS(%)

2008%

ChangeRank2009

Rank2008

GrossProfit2009

%Change

Rank2009

Rank2008

MarketCap

29.01.2010


Company


Colgate Palmolive (I)

Jay Neco Ind

Ansal Prop. & Infras.

Godfrey Phillips(I)

Spice Communications

Electrotherm (I)

Tamil Nadu Newsprint

Micro Inks

Pfizer

Firstsource Solutions

Whirlpool (I)

Rain Commodities

Sundram Fasteners

Adhunik Metaliks

Abhishek Inds.

Jagran Prakashan

AIA Engineering

Chettinad Cement Corpn.

BL Kashyap & Sons

Finolex Cables

Apar Inds.

Madhucon Projects

Indraprastha Gas

Bajaj Electricals

Ramsarup Inds.

Panacea Biotec

MindTree

Berger Paints (I)

Atlas Copco (I)

OCL (I)

Peninsula Land

Man Inds.(I)

Sanghi Inds.

Garden Silk Mills

Balkrishna Inds.

ICSA (I)

Koutons Retail (I)

364.56

93.15

75.76

186.25

-514.12

128.52

244.76

142.56

427.40

64.66

122.31

143.30

64.70

70.93

31.33

173.92

221.60

419.26

135.24

7.91

19.29

116.33

325.67

146.91

-83.19

-41.56

90.39

135.60

160.57

234.21

184.79

105.74

142.73

152.50

163.31

215.75

135.74

18.50

-28.33

-67.60

2.43

-

-4.74

-1.67

26.22

-6.54

-34.03

92.92

-3.18

-52.22

-37.85

-75.75

-1.95

39.85

27.89

-28.52

-94.59

-82.41

12.57

0.75

25.09

-

-

-42.19

0.13

8.10

15.56

13.24

-22.55

-28.25

21.43

-21.18

34.06

18.40

129

318

345

215

497

271

179

256

110

361

281

254

360

351

419

228

198

111

264

460

441

288

142

250

482

476

323

262

242

191

216

302

255

247

237

200

261

162

291

196

233

94

286

191

316

109

337

403

271

285

314

295

240

259

150

229

273

322

332

152

307

268

208

262

284

270

220

252

282

222

298

216

257

309

9228.28

348.80

760.45

2003.82

3825.66

366.61

582.06

1475.29

2652.03

1345.32

1690.54

1424.04

1239.59

1341.05

343.30

3619.82

3262.46

1502.44

811.84

796.87

552.69

1214.75

2767.80

1718.83

245.91

1443.55

2294.71

1787.15

1951.21

723.77

1870.65

293.31

635.74

282.77

1014.83

758.07

1231.62

61.66

223.89

183.30

128.42

110.44

270.91

36.42

491.73

67.66

219.30

381.91

207.47

290.73

420.35

138.90

169.21

212.68

10.72

116.87

160.50

132.52

474.51

78.91

417.55

385.41

295.43

186.88

69.34

116.55

155.42

-

66.57

31.36

149.49

238.93

103.68

-14.23

80

403

329

210

143

396

352

243

186

263

228

250

273

264

405

147

162

241

319

321

359

278

180

227

434

248

201

222

212

332

218

420

342

425

295

330

274

63

405

326

191

123

415

273

332

132

276

299

262

307

329

385

155

178

154

290

312

334

344

134

304

464

295

203

176

189

322

-

365

258

404

318

292

145

134.17

4.62

4.65

18.83

-

11.03

16.16

19.52

33.25

1.43

23.19

17.14

3.62

10.33

-

16.36

20.57

-

16.53

-

1.89

8.75

25.24

36.47

-

-

5.66

21.37

20.61

17.56

14.14

11.63

7.12

15.19

14.95

26.50

18.71

142.85

43.12

15.01

22.45

104.53

16.29

17.63

8.82

52.25

9.16

13.67

32.08

15.96

25.97

9.10

18.21

20.63

41.73

28.75

13.86

30.97

9.59

30.26

41.84

25.34

19.10

19.51

26.38

24.32

21.00

13.85

19.45

15.53

10.20

25.99

30.40

19.87

46.94

4.84

2.26

19.05

-

6.25

12.16

13.62

38.99

2.57

13.23

11.85

5.07

3.43

1.37

19.08

28.45

26.82

11.92

0.76

1.11

8.61

37.34

14.12

-

-

9.96

18.16

17.30

13.66

12.34

6.15

7.70

9.75

15.08

18.84

11.13

43.88

13.81

8.44

21.70

18.94

9.53

14.72

8.40

52.77

4.36

6.35

17.20

11.20

7.07

6.54

22.53

27.08

29.06

18.87

13.06

7.72

8.35

43.24

14.14

8.21

17.18

21.06

19.31

19.60

15.01

11.83

10.50

10.78

9.20

18.63

22.06

12.34

16.58

1.68

8.04

9.62

-

2.98

9.67

6.73

40.68

2.67

3.65

7.65

1.23

2.59

-

11.13

14.48

-

5.41

-

0.23

4.57

20.05

5.06

-

-

2.96

5.87

6.83

12.04

27.60

2.55

6.51

3.72

5.74

14.38

7.60

15.26

5.85

19.40

12.43

39.69

4.66

11.52

5.91

45.96

11.77

1.81

18.50

5.59

8.04

3.81

13.09

18.28

17.61

7.48

6.43

5.21

6.40

24.46

5.31

5.53

16.03

14.20

6.87

8.66

18.19

37.59

4.92

12.56

2.39

10.92

16.57

8.76

Rank2009

Rank2008

%ChangeCompany

Rank2009

Rank2008


%Change

Rank2009

Rank2008

TotalAssets

2009%

ChangeRank2009

Rank2008

NetWorth

2009



297

298

299

300

301

302

303

304

305

306

307

308

309

310

311

312

313

314

315

316

317

318

319

320

321

322

323

324

325

326

327

328

329

330

331

332

333

291

300

313

262

290

348

305

420

287

323

433

330

261

308

331

298

391

307

318

268

310

365

333

303

342

344

320

311

286

334

312

369

358

332

324

316

225

Gokul Refoils & Solvent

Balmer Lawrie & Co.

Amara Raja Batteries

Asahi India Glass

Mangalore Chem.& Fert.

Unity Infraprojects

The Saraswati Indl. Syndicate

Indian Metals & Ferro Alloys

Prism Cement

P & G Hygiene & Health Care

Lakshmi Energy & Foods

HBL Power Systems

Asian Star Co.

Subhash Projects

Sakthi Sugars

Kalyani Steels

Dish TV (I)

KRBL

J K Paper

KSL & Inds.

Nahar Indl. Enterprises

Sarda Energy

Suprem Inds.

Century Enka

Sadbhav Engg.

Texmaco

Emco

Gillette(I)

Bannari Amman Sugars

Visa Steel

Greaves Cotton

Emami

Shriram EPC

Lloyd Steel Inds.

Praj Inds.

Eveready Inds.(I)

Gulf Oil Corpn.

2664.51

1636.06

1316.98

1223.06

2469.62

1130.79

1265.33

1002.74

838.93

774.21

1026.80

1271.40

1255.01

1257.23

778.19

986.44

737.70

1245.46

1203.39

841.84

999.92

942.71

1314.46

1162.33

1060.92

1007.30

996.26

662.96

695.32

1041.53

1036.32

722.35

918.77

2605.51

771.88

857.33

911.84

30.43

13.69

21.70

22.96

49.14

33.10

12.47

38.93

-4.46

19.84

47.47

26.84

-3.84

7.74

4.68

3.28

78.48

24.98

32.00

30.14

15.20

50.03

12.90

-1.80

18.83

20.88

5.51

12.04

3.31

54.53

-9.88

26.11

42.16

18.18

10.01

1.20

21.83

131

196

245

267

137

289

256

324

370

391

310

254

261

259

388

329

408

262

271

369

326

343

246

280

303

319

327

443

425

307

308

415

351

133

396

364

353

147

202

262

280

174

338

258

381

327

414

392

277

222

245

367

295

526

279

315

412

331

422

247

241

319

342

301

440

399

398

253

453

413

132

389

339

366

888.80

847.59

854.47

2088.05

1071.18

1249.98

1234.40

1024.99

872.96

630.15

1061.72

945.18

912.68

1418.41

2295.60

992.69

2096.94

1164.36

1360.54

1695.11

1475.97

1124.66

1002.56

951.66

825.89

793.95

1236.20

625.78

979.27

1978.29

721.71

903.90

1133.33

1820.78

826.35

1148.30

1127.07

13.10

17.00

6.90

8.90

2.85

36.49

46.46

13.09

5.84

19.69

62.69

14.11

-5.08

16.28

36.25

-5.74

73.08

-12.58

-1.00

28.69

-10.23

29.89

26.35

-14.02

25.79

22.20

17.41

3.98

-3.15

26.53

-0.58

113.17

45.46

15.67

20.65

-6.06

-54.23

360

369

365

207

318

288

291

330

363

420

320

345

352

272

192

335

205

297

278

248

268

307

333

340

374

379

290

422

337

218

394

357

303

234

373

300

306

355

373

350

194

296

323

341

325

347

425

389

346

312

275

218

294

276

261

254

264

221

336

353

288

388

390

295

402

301

228

372

448

358

225

382

273

149

342.44

388.35

405.59

189.60

389.20

418.25

296.77

458.33

661.65

440.04

486.95

385.07

345.14

358.52

640.85

515.77

-624.07

401.31

408.86

510.20

578.94

513.33

250.62

470.37

343.50

311.47

420.01

490.89

554.14

280.15

408.63

299.17

379.54

-421.79

443.46

551.85

412.81

77.87

19.55

21.76

-35.61

4.40

17.60

9.45

105.88

7.10

26.94

103.08

27.24

4.71

16.97

65.28

0.64

-

11.27

4.15

8.43

11.04

27.84

10.69

1.57

21.55

27.88

11.54

15.39

18.37

-19.26

8.90

3.52

10.88

-

26.40

0.26

-79.90

351

327

319

432

326

307

372

293

231

299

282

330

349

342

237

269

498

321

314

273

248

272

394

288

350

361

306

280

258

382

315

369

334

496

297

259

313

415

339

337

353

310

319

366

399

224

328

385

350

338

346

300

256

500

317

296

267

254

291

394

271

359

382

307

282

268

327

309

357

330

499

324

239

78

ROA(%)

2009

RONW(%)

2009

RONW(%)

2008

ROA(%)

2008

ROS(%)

2009

ROS(%)

2008%

ChangeRank2009

Rank2008

GrossProfit2009

%Change

Rank2009

Rank2008

MarketCap

29.01.2010


Company


Gokul Refoils & Solvent

Balmer Lawrie & Co.

Amara Raja Batteries

Asahi India Glass

Mangalore Chem.& Fert.

Unity Infraprojects

The Saraswati Indl. Syndicate

Indian Metals & Ferro Alloys

Prism Cement

P & G Hygiene & Health Care

Lakshmi Energy & Foods

HBL Power Systems

Asian Star Co.

Subhash Projects

Sakthi Sugars

Kalyani Steels

Dish TV (I)

KRBL

J K Paper

KSL & Inds.

Nahar Indl. Enterprises

Sarda Energy

Suprem Inds.

Century Enka

Sadbhav Engg.

Texmaco

Emco

Gillette(I)

Bannari Amman Sugars

Visa Steel

Greaves Cotton

Emami

Shriram EPC

Lloyd Steel Inds.

Praj Inds.

Eveready Inds.(I)

Gulf Oil Corpn.

55.52

161.18

156.54

16.68

59.90

119.26

68.47

408.82

234.37

244.43

182.17

162.96

39.07

73.73

-24.40

32.76

-260.87

96.08

129.35

102.82

81.30

176.78

113.71

81.42

98.07

122.37

95.89

187.28

172.85

-69.49

104.03

109.47

68.86

-49.33

168.02

45.02

53.37

-41.06

13.87

-8.00

-86.20

-21.85

21.68

-42.85

62.97

-32.70

28.28

59.48

33.61

-32.35

-15.50

-

-73.55

-

7.97

12.91

9.32

-14.40

9.24

1.13

2.06

9.31

11.96

-8.02

-3.80

121.09

-

-35.84

-2.09

20.36

-

-6.16

108.72

19.69

378

240

244

444

372

284

357

115

189

180

219

238

407

347

475

418

491

315

269

304

336

224

292

335

312

280

316

214

230

480

303

298

355

477

234

394

380

345

278

245

305

371

338

306

188

140

227

313

302

415

353

442

299

499

350

310

346

343

255

317

365

349

324

330

224

368

356

254

320

416

398

237

475

437

700.39

969.09

1334.38

1040.95

282.74

785.55

1041.12

1272.06

1346.96

5175.58

830.04

942.44

1227.21

516.03

257.77

829.57

3967.80

472.27

373.56

519.99

301.23

692.92

1100.76

543.36

1485.06

1905.46

567.02

4275.65

1346.72

455.95

1311.35

3609.66

923.31

252.55

1609.66

421.54

683.28

38.50

164.52

265.07

60.15

92.80

470.98

121.09

-

175.38

116.90

-

232.32

23.14

186.76

146.01

338.93

360.99

187.13

218.66

-62.20

249.21

252.68

255.84

426.72

249.38

230.40

223.16

87.49

46.22

149.70

299.85

188.88

130.91

226.21

69.22

258.70

238.49

336

302

266

292

426

324

291

271

261

117

316

304

276

369

430

317

140

372

393

366

417

337

288

360

242

214

355

134

262

376

270

148

307

433

233

381

340

254

293

294

229

383

387

260

-

257

111

-

321

182

363

409

356

196

372

400

153

428

351

309

412

274

241

366

112

186

359

305

162

282

439

184

399

348

7.50

26.17

19.84

-

7.24

16.65

9.22

56.87

19.39

40.64

21.87

23.62

5.51

14.83

-

0.64

-

11.55

9.30

4.78

0.19

24.01

20.39

3.53

18.43

24.49

12.64

23.05

21.62

-

13.70

29.25

10.54

-

29.26

3.52

7.04

28.01

26.76

28.33

4.64

10.85

16.88

25.78

47.08

39.11

37.91

25.16

22.17

12.24

18.99

7.77

15.46

-

15.18

11.79

9.52

0.45

30.24

22.15

2.90

18.53

28.63

17.11

27.59

9.04

12.44

29.36

32.09

10.34

-

43.76

-

1.22

6.25

19.02

18.32

0.80

5.59

9.54

5.55

39.89

26.85

38.79

17.16

17.24

4.28

5.20

-

3.30

-

8.25

9.51

6.07

5.51

15.72

11.34

8.56

11.87

15.41

7.76

29.93

17.65

-

14.41

12.11

6.08

-

20.33

3.92

4.74

11.99

19.54

21.29

6.30

7.36

10.70

14.21

27.68

42.23

36.19

17.50

14.73

6.01

7.15

2.58

11.76

-

6.68

8.34

7.14

5.78

18.69

14.17

7.21

13.67

16.82

9.90

32.35

7.73

5.43

22.34

26.37

7.34

4.14

26.14

1.76

1.81

0.96

6.21

6.11

-

1.14

6.16

2.16

25.99

15.29

23.10

10.37

7.15

1.51

4.23

-

0.34

-

3.72

3.16

2.89

0.11

13.07

3.89

1.43

5.97

7.57

5.33

17.06

17.23

-

5.40

12.12

4.36

-

16.81

2.26

3.18

2.64

6.04

8.72

1.37

2.44

7.07

6.21

14.52

27.52

20.34

8.66

6.69

3.09

4.99

4.05

8.30

-

5.49

5.08

6.93

0.27

19.33

4.31

1.13

5.87

8.37

6.83

19.84

6.29

6.40

9.58

16.19

5.48

-

21.88

-

3.36

Rank2009

Rank2008

%ChangeCompany

Rank2009

Rank2008


%Change

Rank2009

Rank2008

TotalAssets

2009%

ChangeRank2009

Rank2008

NetWorth

2009



334

335

336

337

338

339

340

341

342

343

344

345

346

347

348

349

350

351

352

353

354

355

356

357

358

359

360

361

362

363

364

365

366

367

368

369

370

299

327

315

302

306

398

360

373

339

352

421

349

317

359

301

378

281

326

337

350

335

336

321

374

404

368

355

346

372

345

347

340

401

271

370

357

392

Gokaldas Exports

Manaksia

Nahar Spinning

Value Industries

Atul

HeidelbergCement (I)

West Coast Paper

Varun Inds.

BASF (I)

Aarti Industries

Sujana Metal Products

Honeywell Automation (I)

South Asian Petrochem

Godawari Power & Ispat

Alembic

Strides Arcolab

India Glycols

Spicejet

Carborundum Universal

Elecon Engg.

Blue Dart Express

CMC

RSWM

Rallis (I)

Walchandnagar Inds.

Philips Carbon Black

Unichem Laboratories

Novartis (i)

Ruchi Infrastructure

Transport Corpn.(I)

Sunflag Iron & Steel Co.

Alfa Laval (I)

Ahluwalia Contract(I)

Gujarat Ambuja Exports

3M India

Bata (I)

Ankur Drugs

1093.40

978.56

962.03

1244.68

1167.07

765.80

619.75

1194.75

1117.98

1407.62

1513.72

962.34

1121.86

1032.93

1085.23

593.14

958.67

1689.45

667.33

880.78

974.47

767.33

1291.18

838.01

696.24

1163.28

651.19

600.51

1173.17

1338.87

1099.98

756.99

1164.08

1601.62

743.05

989.47

962.08

9.06

32.43

9.20

-3.62

16.29

28.53

6.11

39.44

22.37

60.02

101.58

11.11

11.63

24.07

9.61

43.66

-26.54

30.46

12.49

21.69

20.50

-17.18

10.79

23.70

9.98

12.59

13.11

8.57

21.04

11.71

11.17

16.57

32.27

-12.32

22.10

14.10

43.25

298

330

339

263

275

400

464

272

292

231

214

337

291

309

301

478

341

194

440

360

333

399

252

371

423

278

446

472

274

242

297

401

277

201

407

328

338

276

368

324

226

275

434

445

337

312

326

364

333

274

344

281

527

223

224

437

377

349

309

246

396

421

269

450

464

291

236

282

411

325

157

431

332

400

902.57

847.71

1247.46

1379.31

1053.86

848.90

1972.54

1086.61

639.78

945.73

1122.84

613.37

1090.45

842.26

988.40

1728.87

1505.59

746.24

873.01

1321.65

506.60

654.77

1399.93

659.46

910.93

1027.39

707.89

644.22

781.94

580.93

834.99

601.01

714.34

635.01

469.85

560.78

1130.96

0.19

-2.36

-15.80

-10.70

-5.37

65.45

102.60

23.26

24.24

13.14

74.23

17.75

12.60

13.55

5.40

9.90

19.21

-44.65

12.57

30.71

18.78

4.94

-5.51

26.27

63.77

21.44

18.42

15.47

0.70

6.66

4.74

12.41

23.17

-39.70

19.31

5.88

26.63

358

368

289

277

322

367

219

313

416

344

308

426

311

371

336

244

264

392

362

282

448

411

274

409

354

329

399

415

384

433

372

430

395

419

455

435

305

326

333

235

230

286

431

309

330

429

343

391

427

310

366

317

226

268

258

360

300

447

395

234

426

417

340

404

416

359

419

352

422

409

293

460

423

328

442.97

509.96

507.44

449.46

458.73

541.33

556.28

379.90

385.23

339.85

334.45

316.20

389.62

433.23

326.99

375.97

378.79

-435.51

390.86

275.40

391.88

382.51

220.51

348.68

421.85

218.19

519.96

514.74

175.93

285.96

328.18

307.25

177.56

302.24

347.76

293.16

261.63

-1.85

-2.84

-3.41

2.07

5.91

48.48

39.36

0.58

13.41

20.31

30.48

34.93

1.25

12.80

-4.21

48.58

-21.52

-

11.08

16.34

23.50

26.02

-27.57

13.38

89.37

-8.45

21.48

14.79

1.60

8.73

11.60

13.72

42.05

-15.66

19.79

16.62

24.15

298

274

276

294

292

261

257

333

329

352

353

359

325

301

357

336

335

497

324

383

322

332

409

347

304

411

267

271

444

380

355

363

441

368

348

375

389

272

253

250

276

279

314

293

306

334

360

374

392

301

302

331

377

265

494

323

389

341

349

347

345

398

386

281

274

439

372

354

367

469

318

356

379

407

ROA(%)

2009

RONW(%)

2009

RONW(%)

2008

ROA(%)

2008

ROS(%)

2009

ROS(%)

2008%

ChangeRank2009

Rank2008

GrossProfit2009

%Change

Rank2009

Rank2008

MarketCap

29.01.2010


Company


Gokaldas Exports

Manaksia

Nahar Spinning

Value Industries

Atul

HeidelbergCement (I)

West Coast Paper

Varun Inds.

BASF (I)

Aarti Industries

Sujana Metal Products

Honeywell Automation (I)

South Asian Petrochem

Godawari Power & Ispat

Alembic

Strides Arcolab

India Glycols

Spicejet

Carborundum Universal

Elecon Engg.

Blue Dart Express

CMC

RSWM

Rallis (I)

Walchandnagar Inds.

Philips Carbon Black

Unichem Laboratories

Novartis (i)

Ruchi Infrastructure

Transport Corpn.(I)

Sunflag Iron & Steel Co.

Alfa Laval (I)

Ahluwalia Contract(I)

Gujarat Ambuja Exports

3M India

Bata (I)

Ankur Drugs

37.83

48.54

68.14

90.84

76.49

128.42

120.36

30.54

123.17

152.37

70.22

117.30

44.63

91.17

46.06

24.32

14.31

-342.00

114.76

109.70

133.67

135.34

-23.58

126.65

67.01

-12.74

161.01

165.85

10.93

69.06

89.06

145.58

87.45

73.30

95.59

89.74

79.50

-54.47

-26.86

-29.67

-20.39

10.06

14.57

5.23

-24.39

15.54

89.47

40.75

20.30

-54.13

-30.79

-68.33

-

-95.25

-

-28.71

-2.37

3.06

9.58

-

-23.05

11.94

-

50.06

10.24

-79.12

11.17

-3.00

2.21

12.07

-47.94

-13.44

27.91

-4.61

410

389

358

322

344

272

282

421

278

248

352

286

395

320

392

433

448

493

291

297

266

263

474

275

359

471

241

236

454

354

326

252

328

348

317

324

340

359

396

341

315

390

319

311

447

327

364

430

339

340

290

274

496

167

497

256

318

293

300

382

251

413

288

326

269

426

407

347

276

369

279

321

387

358

538.22

616.21

302.00

78.38

243.75

972.20

404.74

317.50

1020.90

346.39

176.27

1977.51

317.77

556.07

602.75

1138.23

329.96

1341.02

1760.58

763.69

1387.49

1869.96

235.78

1387.76

969.89

518.81

1231.27

1678.70

1061.16

692.85

461.46

2160.86

1118.52

284.31

2083.99

1159.25

391.73

124.29

159.45

285.06

116.10

87.77

341.99

93.98

424.10

95.02

62.11

377.96

179.85

89.31

260.85

45.12

295.00

105.11

332.99

116.78

128.91

38.41

315.93

235.58

206.94

218.72

451.51

118.09

115.14

358.54

172.66

194.82

23.77

406.39

20.88

92.69

111.85

133.49

362

345

415

489

435

299

387

412

293

404

458

211

411

358

348

284

406

265

223

328

255

219

439

254

301

367

275

230

289

338

374

205

287

424

207

282

390

333

335

437

477

389

342

345

458

251

343

476

216

369

379

279

320

375

308

202

303

180

266

443

264

315

420

245

206

337

330

377

127

341

336

173

247

370

0.76

4.68

-

1.78

7.75

23.19

16.28

3.37

17.82

24.85

9.14

25.89

4.04

13.24

2.23

1.63

-

-

15.28

20.86

19.74

27.60

-

20.45

9.43

-

24.02

20.15

-

9.91

13.28

29.35

32.51

7.80

16.52

20.72

14.19

10.55

7.81

2.29

2.90

8.20

26.78

20.52

5.66

17.48

12.98

8.97

27.77

14.43

24.73

32.87

-

36.99

-

27.61

28.39

22.04

29.07

0.09

40.71

15.96

37.47

18.04

21.68

20.54

10.83

14.83

33.86

41.31

19.88

23.31

20.32

30.13

4.19

5.73

5.46

6.59

7.26

15.13

6.10

2.81

19.25

16.11

6.25

19.12

4.09

10.82

4.66

1.41

0.95

-

13.15

8.30

26.39

20.67

-

19.21

7.36

-

22.75

25.74

1.40

11.89

10.67

24.22

12.24

11.54

20.34

16.00

7.03

9.22

7.64

6.54

7.39

6.24

21.85

11.75

4.58

20.70

9.62

7.74

18.72

10.05

17.76

15.51

-

23.88

-

20.76

11.11

30.41

19.80

4.81

31.51

10.76

15.71

17.95

26.97

6.74

11.41

11.52

26.64

13.45

13.37

28.04

13.25

9.33

0.31

2.44

-

0.64

3.05

16.39

14.61

1.07

6.14

6.00

2.02

8.51

1.40

5.55

0.67

1.04

-

-

8.95

6.52

7.94

13.76

-

8.51

5.71

-

19.18

17.27

-

2.12

3.96

11.91

4.96

1.47

7.73

6.14

3.86

4.75

5.55

1.36

0.99

3.54

16.39

14.02

2.49

6.50

4.17

3.06

7.52

5.53

11.41

11.33

-

13.68

-

16.38

9.28

8.65

9.52

0.02

18.48

5.62

8.64

13.41

17.58

3.67

2.38

4.41

14.09

5.87

3.90

11.12

5.89

9.45

Rank2009

Rank2008

%ChangeCompany

Rank2009

Rank2008


%Change

Rank2009

Rank2008

TotalAssets

2009%

ChangeRank2009

Rank2008

NetWorth

2009



371

372

373

374

375

376

377

378

379

380

381

382

383

384

385

386

387

388

389

390

391

392

393

394

395

396

397

398

399

400

401

402

403

404

405

406

407

408

409

410

411

412

413

414

415

416

417

375

319

455

363

356

364

361

470

388

367

381

402

328

384

338

393

351

409

385

387

362

424

354

395

390

410

389

371

383

379

416

405

289

417

418

377

376

427

396

460

397

406

436

400

425

448

394

Savita Oil Technologies

Radico Khaitan

McNally Bharat Engg.

DCW

Nectar Lifesciences

Chemplast Sanmar

Clariant Chemicals (I)

Ushdev International

ITD Cementation(I)

JB Chemicals & Pharma.

Sujana Universal Inds.

Zylog System

National Steel & Agro Inds.

Meghmani Organics

Mirc Electronics

Surana Inds

Shrenuj & Co.

JMC Projects (I)

Surya Roshni

FAG Bearings (I)

Elder Pharma

Jindal Drilling & Inds.

Vishal Retail

NIIT

Ratnamani Metals & Tubes

Gayatri Projects

FDC

Andhra Pradesh Paper Mills

Supreme Petrochem

Nitco

Federal-Mogul Goetze (I)

Titagarh Wagons

Ashapura Minechem

Piramal Glass

Spanco

Tamilnadu Petro Products

Wheels (I)

Balaji Distilleries

Sanwaria Agro Oils

Pratibha Inds.

Rico Auto Inds.

Force Motors

HSIL

KEI Inds.

JVL Agro Inds.

KNR Construction

Kirloskar Ferrous Inds.

1138.49

679.73

972.86

905.34

727.97

675.76

920.15

1382.29

940.63

678.82

939.13

734.94

2120.93

767.59

1430.43

869.32

911.37

1309.00

1571.61

755.35

620.03

777.83

1323.23

545.62

955.21

1004.59

576.51

627.94

1466.63

666.14

698.23

685.88

669.07

595.07

666.81

939.38

1128.02

1476.89

1111.43

747.05

727.91

772.87

616.31

972.37

1382.12

769.37

721.80

25.79

-14.25

77.47

20.51

-1.08

5.57

6.85

83.62

28.47

22.81

3.20

21.29

-1.55

32.13

-6.41

8.81

-7.70

43.06

16.21

16.32

12.49

88.45

38.85

16.74

13.03

33.53

17.75

8.47

-1.04

4.49

13.03

23.63

-55.06

24.31

17.93

20.21

-0.19

22.04

18.29

56.97

2.71

-16.91

18.99

11.17

19.68

40.30

-0.66

284

432

334

355

412

435

349

234

344

433

346

410

160

398

228

362

354

249

202

403

463

390

243

496

342

323

486

458

224

442

422

428

439

476

441

345

290

221

294

406

413

394

465

335

235

397

416

317

354

471

363

371

416

335

361

373

465

316

432

136

446

188

351

283

311

213

410

467

528

297

506

341

362

492

448

195

418

424

463

193

497

454

357

256

234

302

498

385

307

480

328

249

470

375

701.91

1087.51

997.27

1027.52

1290.07

1806.12

515.91

473.56

1080.39

789.40

842.91

678.56

853.40

786.58

658.12

1154.45

1531.31

806.94

742.11

541.57

921.70

615.00

1076.46

790.21

713.97

908.61

534.92

1160.42

606.64

978.20

673.57

528.79

1004.36

1285.81

1338.38

762.74

797.51

269.88

374.46

687.87

786.25

761.41

941.32

774.29

627.46

644.52

501.54

11.79

16.23

50.92

4.49

35.55

27.65

0.25

125.39

38.34

7.20

18.48

33.00

-13.40

14.00

-9.46

15.32

41.46

27.37

10.28

24.87

13.90

56.06

16.20

30.51

19.41

21.42

8.94

5.23

16.73

24.97

-1.02

-0.05

15.73

10.27

53.77

-4.42

9.40

12.46

-3.85

20.84

1.54

-10.35

65.69

-4.81

27.48

15.14

-8.04

400

312

334

328

284

236

445

453

315

381

370

405

366

382

410

299

262

376

393

439

351

425

317

380

396

355

440

298

428

338

407

441

332

285

281

389

378

493

477

403

383

390

346

387

421

414

451

394

318

386

308

313

248

430

495

357

367

375

432

307

381

371

305

292

393

385

445

349

459

322

401

403

363

436

289

428

356

383

424

334

282

331

351

370

491

462

412

361

339

413

348

435

415

418

258.93

233.69

196.01

315.60

303.13

186.56

317.64

193.32

349.83

532.05

495.37

486.46

172.58

448.17

272.58

248.06

198.11

203.55

200.88

405.01

415.33

270.35

176.68

384.80

288.20

215.75

420.77

417.98

189.02

518.09

297.14

391.67

236.45

209.36

327.41

371.80

192.59

-207.02

153.98

224.72

272.69

227.52

250.53

196.58

122.93

263.33

297.30

3.48

-3.46

43.04

2.33

7.05

-26.31

2.66

290.70

1.01

14.87

26.92

19.50

-34.69

9.99

7.21

41.94

-9.31

17.46

9.75

27.32

8.27

14.48

-34.84

5.78

27.61

20.42

12.11

0.37

10.34

4.27

68.60

73.04

-51.92

-20.61

7.82

1.73

8.39

-

22.92

22.20

1.22

120.98

13.53

-5.07

47.29

16.39

-0.95

391

402

428

360

367

436

358

429

345

264

279

283

446

295

385

396

425

421

422

320

311

386

443

331

379

414

305

308

433

268

371

323

401

420

356

337

430

494

459

406

384

405

395

427

471

388

370

380

384

462

344

358

376

343

489

329

270

299

289

369

288

375

436

403

438

423

340

303

391

365

315

397

428

308

286

440

260

434

395

264

370

348

313

431

498

468

422

368

477

401

409

481

396

351

ROA(%)

2009

RONW(%)

2009

RONW(%)

2008

ROA(%)

2008

ROS(%)

2009

ROS(%)

2008%

ChangeRank2009

Rank2008

GrossProfit2009

%Change

Rank2009

Rank2008

MarketCap

29.01.2010


Company


Savita Oil Technologies

Radico Khaitan

McNally Bharat Engg.

DCW

Nectar Lifesciences

Chemplast Sanmar

Clariant Chemicals (I)

Ushdev International

ITD Cementation(I)

JB Chemicals & Pharma.

Sujana Universal Inds.

Zylog System

National Steel & Agro Inds.

Meghmani Organics

Mirc Electronics

Surana Inds

Shrenuj & Co.

JMC Projects (I)

Surya Roshni

FAG Bearings (I)

Elder Pharma

Jindal Drilling & Inds.

Vishal Retail

NIIT

Ratnamani Metals & Tubes

Gayatri Projects

FDC

Andhra Pradesh Paper Mills

Supreme Petrochem

Nitco

Federal-Mogul Goetze (I)

Titagarh Wagons

Ashapura Minechem

Piramal Glass

Spanco

Tamilnadu Petro Products

Wheels (I)

Balaji Distilleries

Sanwaria Agro Oils

Pratibha Inds.

Rico Auto Inds.

Force Motors

HSIL

KEI Inds.

JVL Agro Inds.

KNR Construction

Kirloskar Ferrous Inds.

47.32

34.24

53.23

62.98

102.02

20.30

126.14

28.44

25.23

116.94

49.89

115.72

-71.52

77.23

27.51

62.19

24.93

81.01

51.49

167.04

68.51

69.56

-92.68

101.32

138.71

82.90

114.94

78.05

44.27

51.17

40.12

100.35

-114.16

30.03

42.37

34.53

62.65

17.82

62.76

60.45

52.27

230.99

84.49

4.00

38.99

91.11

41.86

-52.88

-45.99

56.56

-23.11

-16.15

-61.54

80.95

21.23

-6.00

60.59

-8.96

10.62

-

25.50

-56.55

9.16

-51.10

27.39

-1.89

16.63

-21.87

86.09

-

28.46

-15.86

7.12

31.96

6.06

-30.51

-28.96

65.10

6.28

-

-63.07

-37.30

141.81

-11.08

-84.76

-7.16

39.61

-29.94

-

20.08

-94.47

18.69

48.78

-50.23

390

416

381

364

305

438

276

425

430

287

387

289

481

343

426

367

431

337

384

235

356

353

483

306

259

334

290

341

396

386

405

307

484

423

399

415

366

443

365

370

382

192

332

464

408

321

401

334

404

458

360

303

424

389

470

464

378

421

329

406

408

405

417

428

402

425

275

351

455

348

366

250

370

354

375

400

381

469

344

236

361

394

482

385

308

393

443

374

495

386

380

459

409

357

586.70

1187.85

744.92

413.88

526.96

785.21

1125.99

790.63

226.14

512.43

162.35

528.37

69.44

399.25

232.72

322.50

267.15

288.24

186.16

906.79

613.33

1222.59

126.78

1149.10

462.61

349.21

1324.59

241.86

301.17

156.42

842.79

773.83

577.78

589.15

185.68

172.29

210.48

574.94

627.27

517.64

329.07

363.17

420.86

210.28

143.68

353.75

461.33

191.41

64.11

648.74

172.61

130.67

320.71

187.80

-

146.31

66.90

232.34

326.83

103.28

115.95

80.61

229.99

116.58

226.62

196.48

134.16

45.18

113.56

3.00

224.67

135.78

276.26

150.16

111.71

180.86

60.73

341.04

77.99

249.94

756.70

270.03

101.37

59.14

470.72

63.49

395.82

213.01

337.40

164.08

221.28

177.86

318.59

185.71

350

279

331

384

365

325

285

322

442

370

463

364

490

388

441

409

427

423

454

309

346

277

476

283

373

402

268

437

418

465

314

326

353

349

455

462

445

354

343

368

407

398

382

446

468

401

375

349

211

414

381

339

357

285

466

423

310

468

392

479

358

390

417

393

427

456

287

275

243

394

297

352

421

249

403

406

418

355

272

371

448

465

429

388

413

288

410

407

432

376

454

463

430

374

6.66

2.80

17.41

4.51

18.00

-

21.25

11.13

1.57

14.80

4.64

17.51

-

11.27

3.29

13.10

6.69

18.06

10.72

23.63

12.19

13.81

-

12.27

24.71

19.29

19.83

4.53

12.44

4.82

-

16.54

-

-

5.99

1.76

10.98

-

24.71

19.90

1.74

54.75

16.03

0.63

21.04

16.79

2.67

24.76

13.66

16.35

11.61

29.56

2.56

10.27

31.55

2.61

11.16

5.76

20.20

9.54

9.23

13.60

18.55

14.02

17.73

11.15

25.00

17.90

7.78

14.99

9.01

39.86

22.35

17.52

3.97

18.85

10.27

-

26.76

27.66

6.16

12.60

-

14.56

-

34.58

18.63

8.27

-

12.98

21.02

28.37

13.62

16.34

6.74

3.15

5.34

6.13

7.91

1.12

24.45

6.01

2.34

14.81

5.92

17.05

-

9.82

4.18

5.39

1.63

10.04

6.94

30.84

7.43

11.31

-

12.82

19.43

9.12

21.49

6.73

7.30

5.23

5.96

18.98

-

2.34

3.17

4.53

7.86

6.60

16.76

8.79

6.65

30.34

8.98

0.52

6.21

14.14

8.35

15.99

6.78

5.15

8.33

12.78

3.73

13.55

11.17

3.44

9.89

7.70

20.50

6.33

8.92

8.71

5.69

4.71

10.04

7.80

33.02

10.84

9.49

9.73

13.03

27.57

10.34

17.74

6.67

12.26

9.20

3.57

17.85

20.79

6.97

7.76

1.79

9.67

48.73

17.36

7.61

9.64

-

12.38

8.90

6.67

10.94

15.42

1.51

0.96

3.51

1.57

7.50

-

7.33

1.56

0.58

11.60

2.45

11.59

-

6.58

0.63

3.74

1.45

2.81

1.37

12.67

8.17

4.80

-

8.65

7.45

4.14

14.47

3.02

1.60

3.75

-

9.44

-

-

2.94

0.70

1.87

0.64

3.42

5.99

0.65

16.12

6.51

0.13

1.87

5.75

1.10

6.85

4.17

4.09

4.76

11.37

1.01

3.69

2.07

1.24

9.35

2.47

13.57

1.17

6.47

2.26

4.06

3.10

3.36

1.51

12.25

12.45

4.45

4.26

7.01

10.65

5.32

13.43

2.86

2.18

8.00

-

10.92

9.14

3.40

6.77

-

2.29

8.76

4.61

7.20

3.14

-

5.53

4.98

2.05

5.62

6.75

Rank2009

Rank2008

%ChangeCompany

Rank2009

Rank2008


%Change

Rank2009

Rank2008

TotalAssets

2009%

ChangeRank2009

Rank2008

NetWorth

2009



418

419

420

421

422

423

424

425

426

427

428

429

430

431

432

433

434

435

436

437

438

439

440

441

442

443

444

445

446

447

448

449

450

451

452

453

454

455

456

457

458

459

460

461

462

463

464

407

463

497

399

442

413

445

443

415

465

429

386

366

450

408

444

414

428

440

380

447

403

423

422

411

437

452

412

464

426

493

419

438

453

461

432

459

435

458

462

474

476

487

468

454

456

430

Mahindra Ugine Steel Co.

Surya Pharma

Mawana Sugar

Abbott(I)

Hanung Toys & Textiles

Mastek

Rohit Ferro Tech

Tata Sponge Iron

Nilkamal

Greenply Inds.

Anik Inds.

Jagatjit Inds.

Samtel Color

DCM Shriram Inds.

Century Ply

Voltamp Transformers

Sutlej Textiles & Inds.

KSB Pumps

Kpit Cummins Infosystems

Tata Metaliks

Gati

Alps Inds.

Eskay KnIT (I)

Goodyear (I)

Sangam (I)

Hatsun Agro Product

Cosmo Films

Agro Tech Foods

Automotive Axles

Sona Koyo Steering Sys.

Gujarat Sidhee Cement

Lloyd Electric & Engg.

Kajaria Ceramics

Mangalam Cement

TIL

Paper Products

Balasore Alloys

Pennar Inds.

Munjal Showa

Ind-swift

Hyderabad Inds.

Indian Hume Pipe Co.

Sujana Towers

Oudh Sugar Mills

Omax Autos

Subros

Classic Diamonds (I)

1065.75

722.93

677.25

695.32

637.01

583.27

870.67

609.95

892.38

789.91

1010.44

584.25

786.47

798.54

698.69

643.06

843.04

597.21

644.18

1005.81

552.07

793.38

718.92

919.10

748.27

1013.05

649.00

773.61

748.68

695.89

1140.31

585.32

660.67

564.15

817.31

612.90

632.08

653.28

842.48

587.16

624.31

624.60

598.20

574.81

810.67

694.36

622.84

16.84

48.60

319.74

11.71

30.39

17.08

42.44

33.75

18.08

33.33

38.61

4.50

-33.41

43.35

17.61

15.80

6.55

28.24

39.03

-2.50

20.71

25.09

10.27

3.22

7.91

17.36

11.77

-23.29

22.93

1.39

189.44

-11.99

30.88

10.42

17.38

15.37

51.99

16.61

17.13

14.40

29.56

47.50

36.12

74.71

13.60

4.80

-12.04

302

414

434

426

454

482

361

469

358

385

317

481

386

382

421

452

367

475

451

321

494

383

418

350

405

315

448

392

404

424

283

480

444

492

374

468

456

445

368

479

461

460

474

487

377

427

462

313

494

569

423

493

488

428

511

360

439

374

459

242

460

436

462

355

507

509

271

510

419

408

320

393

334

447

273

429

394

534

403

485

483

391

474

525

457

382

482

496

522

517

552

383

404

386

675.63

939.07

1065.23

336.68

802.34

428.26

768.47

448.86

587.44

637.76

602.56

670.63

1036.07

712.18

424.21

334.59

1048.54

504.67

523.51

518.79

621.86

1169.65

709.85

367.74

946.30

359.59

652.57

214.18

288.92

552.09

196.22

600.35

624.05

424.30

394.76

427.77

697.23

357.37

396.74

811.46

397.21

508.64

526.73

945.85

561.73

435.94

701.33

-3.80

53.95

383.29

7.59

32.05

11.40

41.93

-3.45

-5.30

32.68

-5.24

10.23

-15.26

7.80

2.66

31.16

4.73

22.31

24.23

-12.36

54.29

7.70

5.33

-4.70

-6.99

35.84

55.10

17.87

-16.91

8.41

-23.94

4.37

0.62

6.02

11.30

-0.26

16.70

2.55

29.98

13.48

9.91

29.76

82.59

-2.11

-1.69

21.31

-0.20

406

348

319

486

377

463

388

458

432

418

429

408

327

397

467

487

323

450

443

444

424

296

398

478

342

479

412

494

492

437

496

431

423

466

471

464

402

480

470

375

469

447

442

343

434

461

401

377

398

492

479

400

464

420

439

396

437

392

399

272

387

453

490

304

454

450

406

455

291

384

463

299

487

451

496

474

433

488

410

397

456

471

446

405

473

480

374

469

461

484

311

411

470

376

170.34

230.11

259.75

221.25

305.51

291.64

222.97

349.71

211.40

180.92

196.62

386.40

187.03

209.42

168.74

264.67

122.53

291.25

171.60

43.69

303.78

55.92

310.61

160.76

177.31

57.27

257.28

129.90

169.89

166.68

45.92

371.41

162.07

294.33

149.82

246.17

241.72

198.18

165.30

217.56

186.20

164.91

251.76

137.70

145.61

183.95

220.43

-9.89

28.91

37.35

-4.23

24.45

3.51

13.48

43.64

1.64

22.22

4.71

-2.30

-14.45

16.20

5.23

60.73

-20.41

22.52

-37.03

-77.30

71.16

-81.21

6.05

10.95

-8.27

18.92

41.99

16.09

35.26

-8.14

-

9.31

4.64

32.54

22.40

3.32

-7.86

5.31

7.36

22.18

23.30

14.19

48.01

36.57

-0.04

5.69

1.65

448

404

390

408

364

377

407

346

418

439

426

328

435

419

451

387

472

378

447

489

366

485

362

456

442

484

392

469

449

452

488

338

455

374

461

397

400

424

453

412

437

454

393

467

464

438

410

418

429

417

393

381

361

413

383

408

457

420

295

402

427

448

446

453

388

364

416

432

352

355

459

414

490

425

474

467

424

496

333

451

400

470

387

373

419

452

430

455

460

441

478

458

437

406

ROA(%)

2009

RONW(%)

2009

RONW(%)

2008

ROA(%)

2008

ROS(%)

2009

ROS(%)

2008%

ChangeRank2009

Rank2008

GrossProfit2009

%Change

Rank2009

Rank2008

MarketCap

29.01.2010


Company


Mahindra Ugine Steel Co.

Surya Pharma

Mawana Sugar

Abbott(I)

Hanung Toys & Textiles

Mastek

Rohit Ferro Tech

Tata Sponge Iron

Nilkamal

Greenply Inds.

Anik Inds.

Jagatjit Inds.

Samtel Color

DCM Shriram Inds.

Century Ply

Voltamp Transformers

Sutlej Textiles & Inds.

KSB Pumps

Kpit Cummins Infosystems

Tata Metaliks

Gati

Alps Inds.

Eskay KnIT (I)

Goodyear (I)

Sangam (I)

Hatsun Agro Product

Cosmo Films

Agro Tech Foods

Automotive Axles

Sona Koyo Steering Sys.

Gujarat Sidhee Cement

Lloyd Electric & Engg.

Kajaria Ceramics

Mangalam Cement

TIL

Paper Products

Balasore Alloys

Pennar Inds.

Munjal Showa

Ind-swift

Hyderabad Inds.

Indian Hume Pipe Co.

Sujana Towers

Oudh Sugar Mills

Omax Autos

Subros

Classic Diamonds (I)

-4.22

80.06

-62.02

99.56

84.93

141.64

25.26

204.46

41.95

59.64

19.54

12.40

-49.39

59.92

24.36

174.56

12.03

110.89

87.03

-149.69

45.32

-162.48

96.53

61.97

43.25

40.78

84.97

30.18

106.15

-21.07

192.32

35.49

36.78

155.93

63.99

58.51

20.25

61.15

49.48

53.68

98.06

37.95

73.90

57.33

37.53

51.24

10.22

-

22.32

-

-6.27

5.46

-0.29

-75.33

28.87

-57.98

-6.86

-50.10

-68.50

-

837.72

-67.62

36.62

7.22

41.84

-0.71

-

6.64

-

19.60

-9.04

-21.29

-10.86

-1.03

32.31

7.41

-

181.46

-50.21

-15.02

-0.84

5.04

-8.10

-66.37

27.69

10.37

20.96

260.91

44.24

27.04

265.16

-25.46

-29.65

-73.90

469

338

479

310

331

258

429

205

400

373

440

450

478

371

432

227

452

296

329

487

393

488

314

368

398

404

330

422

301

473

213

414

413

245

363

374

439

369

388

379

313

409

346

377

411

385

456

384

397

488

328

363

277

333

258

335

399

453

451

493

491

373

296

485

367

352

304

445

457

362

392

420

435

355

473

336

419

391

383

444

261

410

401

411

432

436

439

463

466

414

478

429

377

452

184.49

203.95

136.34

1010.13

293.09

1020.18

158.51

582.81

300.33

408.19

180.38

311.51

105.06

243.51

1000.14

866.73

124.05

683.47

865.18

355.70

479.82

41.72

103.90

434.06

127.33

326.77

221.62

653.12

563.23

374.55

233.64

173.29

371.43

398.35

301.35

363.35

143.07

416.40

199.40

118.67

426.71

374.83

208.03

173.95

109.20

254.40

80.55

181.19

158.85

134.10

60.71

209.04

131.77

110.20

222.90

260.71

394.54

200.93

15.56

326.03

221.72

50.59

158.59

279.24

83.47

385.13

96.71

56.58

39.30

158.78

166.88

219.84

80.76

87.19

182.41

347.75

146.40

103.66

166.19

78.76

189.25

191.27

88.46

83.59

37.46

120.09

151.95

305.93

211.40

211.80

153.28

191.74

179.87

137.54

456

449

472

296

421

294

464

351

419

386

457

413

483

436

297

311

477

339

312

400

371

496

484

379

475

408

443

341

357

392

440

461

394

389

416

397

470

383

452

479

380

391

447

460

482

432

488

453

436

461

232

419

269

441

362

431

433

459

325

489

440

225

302

482

291

364

360

311

484

472

373

473

361

398

338

391

380

402

455

346

386

411

354

438

317

425

469

408

396

451

449

475

424

480

-

24.39

-

27.96

21.10

34.02

4.05

34.50

2.89

20.62

5.49

-

-

13.74

6.59

43.38

-

21.93

36.58

-

7.83

-

5.69

20.02

-

20.90

16.61

16.05

32.84

-

212.49

5.49

5.49

33.01

21.54

8.65

0.39

19.22

12.51

17.35

23.68

12.93

14.66

13.92

3.73

7.29

1.62

15.60

23.37

0.58

29.62

24.74

36.40

40.93

39.24

27.58

26.17

12.39

4.45

-

-

27.83

48.52

1.97

19.35

23.52

36.18

13.16

3.99

7.06

27.76

2.78

35.98

24.56

14.53

42.70

13.89

-

15.51

9.70

51.13

26.34

11.91

10.15

16.37

12.55

17.55

9.32

10.31

23.12

-

10.87

16.45

14.36

-

8.53

-

29.57

10.59

33.07

3.29

45.55

7.14

9.35

3.24

1.85

-

8.41

5.74

52.17

1.15

21.97

16.62

-

7.29

-

13.60

16.85

4.57

11.34

13.02

14.09

36.74

-

98.01

5.91

5.89

36.75

16.21

13.68

2.90

17.11

12.47

6.62

24.69

7.46

14.03

6.06

6.68

11.75

1.46

10.10

10.73

4.56

33.94

13.25

36.95

18.91

34.12

16.10

13.32

6.16

6.47

-

0.97

18.21

50.09

1.12

18.95

20.80

20.52

10.54

3.15

11.98

17.66

5.40

17.28

20.41

12.55

28.42

10.85

26.49

12.39

6.98

39.29

17.18

14.84

10.08

13.74

14.69

6.21

7.52

6.71

20.16

1.62

8.81

20.27

5.57

-

7.76

-

8.90

10.12

17.01

1.04

19.78

0.68

4.72

1.07

-

-

3.60

1.59

17.85

-

10.70

9.74

-

4.31

-

2.46

3.50

-

1.18

6.59

2.70

7.45

-

8.56

3.48

1.35

17.22

3.95

3.47

0.15

5.83

2.46

6.43

7.06

3.41

6.17

3.34

0.67

1.93

0.57

3.23

8.57

0.68

10.99

12.43

20.58

13.16

20.95

7.59

6.54

3.19

3.15

-

-

7.51

14.39

0.38

9.88

13.83

6.75

5.11

1.87

3.17

4.52

0.77

2.01

7.66

1.61

8.81

3.67

13.29

7.93

2.98

22.23

4.63

5.34

6.40

5.50

2.69

6.09

2.92

3.52

8.95

-

2.22

4.32

4.40

Rank2009

Rank2008

%ChangeCompany

Rank2009

Rank2008


%Change

Rank2009

Rank2008

TotalAssets

2009%

ChangeRank2009

Rank2008

NetWorth

2009



465

466

467

468

469

470

471

472

473

474

475

476

477

478

479

480

481

482

483

484

485

486

487

488

489

490

491

492

493

494

495

496

497

498

499

500

478

449

446

457

434

473

489

481

469

491

475

488

431

451

467

480

482

485

495

486

471

472

441

477

466

490

479

484

439

483

499

500

494

492

496

498

Lanco Inds.

INEOS ABS (I)

Bharat Bijlee

Garware Polyester

Pricol

Sree Rayalaseema Alkal. & Allied

Sunil Hitech Engineers

Rathi Steel

Valecha Engg.

Renaissance Jewellery

Heritage Foods (I)

Nagarjuna Agrichem

Hindustan Motors

Hindustan Organic Chem.

Trend Electronics

Excel Crop Care

Visaka Inds.

Jayant Agro Organics

Nakoda Textile Inds.

Steel Exchange(I)

Siyaram Silk

Universal Cables

Swaraj Mazda

Amrit Banaspati Co.

IG Petrochemicals

Compuage Infocom

Deepak Nitrite

Venkys (I)

Salora International

Atlas Cycles (H)

Vikash Metal & Power

Spice Mobiles

Emmsons International

Flawless Diamonds (I)

Tulsyan NEC

Kriti Inds.

644.72

603.18

542.81

574.68

642.86

681.52

598.21

771.90

606.37

669.43

792.55

613.30

626.65

546.25

778.17

684.76

577.97

810.27

778.95

672.50

647.87

583.22

543.09

803.90

557.81

803.71

579.13

569.26

713.88

635.16

593.58

566.76

675.21

615.27

629.86

544.75

39.05

9.13

-3.55

9.73

1.46

52.10

97.03

48.95

21.88

54.60

34.78

46.82

-11.07

-4.92

-6.44

41.02

34.40

36.38

39.17

10.47

9.92

19.07

-18.64

5.76

-4.82

31.46

23.15

8.81

-35.62

10.14

78.97

88.87

20.41

10.68

18.42

15.13

450

471

499

488

453

431

473

395

470

438

384

467

459

495

389

430

485

378

387

437

449

483

498

380

493

381

484

489

419

455

477

490

436

466

457

497

508

466

455

475

420

514

559

478

489

518

443

524

388

451

346

495

520

435

458

430

442

490

402

359

444

427

503

477

259

449

549

561

456

461

473

500

646.09

382.02

354.74

683.76

638.75

613.21

552.47

545.55

511.26

447.23

343.10

386.68

383.83

499.14

458.50

426.90

429.37

174.53

378.43

472.34

442.07

417.71

463.16

111.83

352.16

206.33

352.82

325.35

291.63

384.69

505.07

172.94

303.74

348.83

328.25

162.90

20.09

-4.17

3.44

-6.88

-7.44

3.74

55.79

19.25

11.10

47.12

-0.31

20.22

-13.43

0.75

3.78

17.09

1.40

-19.03

35.81

63.43

-6.45

-0.13

3.07

-17.71

-10.69

42.96

-7.40

17.36

-10.00

3.87

32.95

12.16

90.61

35.43

10.50

-24.16

413

475

481

404

417

427

436

438

446

459

485

472

474

452

457

465

462

497

476

454

460

468

456

500

483

495

482

489

491

473

449

498

490

484

488

499

421

457

476

368

380

407

472

441

440

481

475

478

443

434

444

468

449

493

485

483

438

452

442

500

458

499

465

486

477

467

466

498

497

489

482

494

125.26

230.64

199.50

243.13

156.83

179.62

168.85

147.72

211.69

211.93

80.77

151.15

92.29

148.60

82.75

139.93

187.79

71.82

71.47

106.22

142.32

173.94

96.53

28.96

215.45

18.81

190.64

157.11

133.40

119.24

89.88

76.70

53.68

80.94

54.98

30.93

12.28

5.88

18.40

34.79

-16.07

17.93

7.36

8.70

6.77

25.21

-30.19

36.66

-30.17

-15.75

2.08

17.95

17.89

11.06

20.50

66.12

4.37

2.44

3.15

-1.70

-1.17

20.04

13.71

11.90

-0.97

0.16

6.12

-1.70

8.31

19.72

18.21

-8.06

470

403

423

399

458

440

450

463

417

416

480

460

476

462

478

466

434

482

483

474

465

445

475

491

415

492

431

457

468

473

477

481

487

479

486

490

475

405

444

426

421

454

450

464

412

443

473

476

466

433

482

472

449

485

487

486

463

442

479

493

404

495

445

461

465

471

480

483

488

484

491

492

Can you make something out of nothing?Join the IT company where you can make a difference.

Knowledge. Passion. Results.

Tieto Corporation is an industry focused Information & Communications Technology Company based in Europe

and present in close to 30 countries worldwide. With over 16,000 experts, we are one of the largest IT service

providers. In India, Tieto is located in three cities, Pune, Hyderabad and Bangalore.

ROA(%)

2009

RONW(%)

2009

RONW(%)

2008

ROA(%)

2008

ROS(%)

2009

ROS(%)

2008%

ChangeRank2009

Rank2008

GrossProfit2009

%Change

Rank2009

Rank2008

MarketCap

29.01.2010


Company


Lanco Inds.

INEOS ABS (I)

Bharat Bijlee

Garware Polyester

Pricol

Sree Rayalaseema Alkal. & Allied

Sunil Hitech Engineers

Rathi Steel

Valecha Engg.

Renaissance Jewellery

Heritage Foods (I)

Nagarjuna Agrichem

Hindustan Motors

Hindustan Organic Chem.

Trend Electronics

Excel Crop Care

Visaka Inds.

Jayant Agro Organics

Nakoda Textile Inds.

Steel Exchange(I)

Siyaram Silk

Universal Cables

Swaraj Mazda

Amrit Banaspati Co.

IG Petrochemicals

Compuage Infocom

Deepak Nitrite

Venkys (I)

Salora International

Atlas Cycles (H)

Vikash Metal & Power

Spice Mobiles

Emmsons International

Flawless Diamonds (I)

Tulsyan NEC

Kriti Inds.

64.08

41.58

79.52

47.15

13.17

84.25

37.08

23.28

29.62

25.94

-11.61

98.29

-18.15

1.52

15.87

51.78

71.48

12.21

21.46

10.69

33.32

27.43

9.89

8.20

14.94

7.31

57.69

39.07

5.91

9.03

18.43

1.60

10.94

15.74

21.97

1.91

-16.27

-38.39

-30.42

32.52

-75.52

48.46

-7.32

54.38

-36.41

15.49

-

79.69

-

-96.18

-7.46

17.71

141.08

4.09

53.51

-57.65

14.54

-31.27

-76.11

-4.98

-68.53

3.84

148.66

-21.13

-84.74

-16.62

-20.15

-91.57

-28.82

-42.97

-16.75

-87.11

362

402

339

391

449

333

412

435

424

428

470

311

472

467

445

383

350

451

437

455

417

427

457

459

447

461

376

406

463

458

442

466

453

446

436

465

372

395

312

456

423

418

448

480

434

474

487

422

388

450

477

441

460

484

483

467

461

449

446

489

433

490

471

431

454

486

472

476

479

462

465

481

258.24

307.74

528.53

123.17

201.60

86.00

263.22

46.19

176.16

117.44

220.40

370.79

356.19

317.85

24.60

154.66

205.88

135.00

92.96

154.06

143.31

190.71

288.38

114.41

137.37

39.89

133.55

238.22

39.34

67.76

56.37

254.99

42.50

54.04

31.18

82.21

282.01

112.70

108.50

167.41

187.92

24.30

195.65

113.05

228.66

203.86

201.01

301.68

83.71

166.94

117.12

89.35

230.31

174.78

391.33

404.12

216.36

141.10

65.45

475.79

132.91

90.41

90.89

262.15

12.75

167.83

105.81

270.14

25.59

88.89

35.27

180.29

429

414

363

478

450

486

428

494

459

480

444

395

399

410

500

466

448

473

485

467

469

453

422

481

471

497

474

438

498

491

492

431

495

493

499

487

450

384

331

470

444

446

426

491

462

474

442

422

353

397

495

434

457

467

494

483

471

435

367

493

460

492

445

452

478

488

487

447

481

486

490

485

14.65

7.78

23.82

4.27

-

15.20

6.10

7.54

6.85

9.60

-

32.59

-

-

2.94

19.91

19.14

7.86

18.80

4.51

8.04

4.02

4.96

11.60

0.62

23.62

14.83

13.09

-

1.59

7.25

1.07

11.90

16.46

17.29

-

23.23

16.05

43.02

1.18

10.21

15.14

13.36

6.32

16.62

10.49

0.81

23.28

23.33

7.72

2.14

20.82

4.82

9.49

15.68

23.83

6.97

10.17

26.93

8.58

14.02

27.30

4.19

18.95

17.34

1.68

14.87

18.80

20.34

35.66

29.54

22.28

9.92

10.88

22.42

6.90

2.06

13.74

6.71

4.27

5.79

5.80

-

25.42

-

0.30

3.46

12.13

16.65

7.00

5.67

2.26

7.54

6.57

2.14

7.33

4.24

3.54

16.35

12.01

2.03

2.35

3.65

0.93

3.60

4.51

6.69

1.17

14.22

16.93

33.32

4.85

7.80

9.60

11.28

3.30

10.12

7.39

3.13

17.01

15.74

8.04

3.88

12.07

7.00

5.44

5.02

8.73

6.16

9.54

9.21

6.35

12.04

4.88

6.09

17.87

11.95

2.92

6.08

12.32

9.65

10.72

8.88

6.90

2.85

2.98

8.76

1.81

-

4.01

1.72

1.44

2.39

3.04

-

8.03

-

-

0.31

4.07

6.22

0.70

1.73

0.71

1.77

1.20

0.88

0.42

0.24

0.55

4.88

3.61

-

0.30

1.10

0.14

0.95

2.17

1.51

-

5.59

6.32

12.88

0.41

3.01

5.14

6.92

1.66

6.62

4.10

0.16

6.16

4.38

2.37

0.21

5.09

1.78

1.03

1.66

2.50

1.61

3.52

3.78

0.33

5.21

0.70

1.49

5.09

2.11

0.35

3.80

4.89

1.80

4.34

2.58

1.59

Pradip Kumar Dey

INDIA Inc’s sales have increasedsteadily during the last ten years.The compounded annual growth

rate or CAGR of the top 100 companiesin terms of composite ranking was17.86% during the past ten years i.e.1999-2000 to 2008-09.

In actual value terms, the total salesof the top 100 companies steadilyincreased from Rs 3.57 lakh crore dur-ing 1999-2000 to Rs 15.68 lakh crore dur-ing 2008-09. Indian Oil kept the firstposition intact throughout this period.The sales CAGR of Indian Oil was13.75% during the above period. Thesales of the company steadily increasedfrom Rs 83,176 crore during 1999-00 to Rs 2.65 lakh crore during2008-09 after a decline in 2001-02.

On the other hand, the privatesector giant, Reliance Industriesimproved its rank from the sixthplace during 1999-2000 to the sec-ond slot during 2008-09. Sales ofthe company was grew at a CAGRof 29.9%. In absolute terms, salesof Reliance Industries steadilyincreased from Rs 13,396 croreduring 1999-2000 to Rs 1.42 lakhcrore during 2008-09.

Several factors have con-tributed to this enviable trackrecord of Reliance Industries.These include best-in-class pro-ject execution; world class assets;economies of scale; use of con-temporary technology and finan-cial discipline. Among the 100companies, more than 40% ofCAGR in sales was achieved in thecase of Essar Oil (75.77%), Wel-spun-Guj Stahl Rohren (69.41%),Rajesh Exports (68.30%), Lupin(55.14%), Pantaloon Retail (I)

(53.60%), Jindal Steel & Power (44.87%),Jaiprakash Associates (44.26%),IVRCL Infrastructure (42.06%), InfosysTechnologies (41.66%) and Sesa Goa(40.58%).

The sales of Welspun-Guj StahlRohren steadily increased from Rs 50crore during 1999-2000 to Rs 5,747 croreduring 2008-09. Acoording to the direc-tors report, recently, Welspun baggednumerous projects, taking the orderbook to an unprecedented Rs 7,740crore, largely from international oiland gas giants, reaffirming Welspun’spremium position in the internationalpipe market. Additionally, it won somehigh-profile and significant orders forits recently commissioned plate mills,

from large international clients.Similarly, in the case of Pantaloon

as well, the sales steadily increasedfrom Rs 135 crore during 1999-2000 to Rs6,423 crore during 2008-09. According tothe directors report, the companygained strength from its commitmentto rewrite rules, retain values and isbuilding a strong foundation for longterm, sustainable and profitablegrowth. It worked diligently to bring inproductivity and efficiency to increasesquare foot sales.

On the other hand, the lowest CAGRwas seen in the case of HindustanUnilever (5.50%), Shipping Corpora-tion (5.64%), CESC (6.46%), CenturyTextiles & Inds (6.72%),Neyveli Lignite

Corpn.(7.32%) and Nirma(8.5%).The net sales of Nirmasteadily increased from Rs 1,725crore during 1999-2000 to Rs 3,031 crore during 2008-09,after a decline in 2001-02 and 2004-05.

A negative growth rate wasseen in the case of MTNL (-1.66%) and Tata Communi-cations (-6.66%) during the studyperiod.

During 2008-09, the top fivecompanies in terms of sales were Indian Oil, RelianceIndustries, BPCL, HPCL andONGC. But in 1999-2000, the topfive were Indian Oil, HPCL,BPCL, ONGC and SAIL. Fourcompanies, namely Indian Oil,BPCL, HPCL and ONGC are com-mon in the top five list duringboth the years.

Among the 100 companies,thesales CAGR of 52 companiesexceeded the average sales CAGRof the top 100 companies duringthe last 10 years.


RETROSPECTIVE

A commendable ten year track recordOver the past decade India Inc went through several trials andtribulations, and has managed to come out shining

Illus

trat

ion:

RO

HN

IT P

HO

RE

The IMC Ramkrishna Bajaj National Quality Award (IMC RBNQA) recognizes organizations that show an outstanding system for managing its products, services, human resources and customer relationships. The Award process started in 1997 with manufacturing organizations and now covers six categories – manufacturing, service, small business, overseas, education and health care. Moving onto Education and Health Care was a conscious decision on our part as these two categories are of great significance in bringing about inclusive growth. At the Indian Merchants’ Chamber (IMC) we see the Ramkrishna Bajaj National Quality program as a catalyst for nation-building. Since the institution of the Award approximately 400 companies have expressed their intention to apply and 270 of these companies have gone through the evaluation process. To match the stature of international awards, the IMC RBNQA criteria are similar to the Malcolm Baldrige criteria of USA and follows a similar process of training and rigorous evaluation. Organizations participating in the IMC RBNQA apply the concepts of total quality management with the objective of winning customers, to grow and to remain competitive in the global scenario.

The IMC Ramkrishna Bajaj National Quality Awards….. Mapping the Journey Towards Excellence for Indian organizations since 1997

Over these years RBNQA has rapidly become a symbol of excellence by creating general awareness that quality is the only feature, which helps beat competition, by creating a clear, tough universal standard for measuring quality by integrating all the quality concepts and at the same time emphasizing high integrity and quality leadership.

All applicant organizations irrespective of winning an Award or not – receive a detailed feedack report – beneficial to map the quality journey of the Organization.

We are proud of the fact that Indian organizations have made great strides

in the excellence journey. They understand that investing in quality principles and performance excellence pays off in increased productivity, satisfied employees and customers, and improved profitability – both for customers and investors.

The IMC RBNQ Award process has multiple benefits to Indian Industry. The sharing of best practices by winners, the examiners, who develop into a pool of quality experts and the participating organizations all benefit from this process. In fact, every applicant has expressed that the very process of writing the application has been a learning experience.

The IMC Ramkrishna Bajaj National Quality Awards has the unique distinction of having its winners go on further, to win the International Asia Pacific Quality Awards for eight years consecutively. Only organizations that have won Quality awards at a national level in their respective countries are eligible to apply for the International Asia Pacific Quality Awards.

Niraj BajajChairman, IMC RBNQA Trust

Advertorial


TEN YEARS SALES PERFORMANCE OF TOP 100

Indian Oil Corpn.

Reliance Inds.

BPCL

HPCL

ONGC

SAIL

MRPL

Essar Oil

Larsen & Toubro


BHEL

Tata Motors

Tata Steel

Gail (I)

Wipro

Maruti Suzuki(I)


STC(I)

Hindalco Inds.

Hindustan Unilever

ITC

JSW Steel

Mahindra & Mahindra

HCL Infosystems

Hero Honda Motors

Ruchi Soya Inds.

Sterlite Inds.(I)

Rajesh Exports

Adani Enterprises

Grasim Inds.




Tata Chemicals

Ispat Inds.

Siemens


NMDC

Tata Power Co.

ACC

ABB


Ambuja Cements

Ashok Leyland



GSFC

Hindustan Zinc

Cipla


National Aluminium

Company(Rs Crore)

83176

13396

29119

29787

19861

14327

2972

238

6956

5388

6207

7204

6094

8257

2274

6990

882

1163

2013

10134

3844

807

3526

1065

2246

1921

2626

105

2713

4273

2226

606

2298

1417

1292

1116

273

790

1391

2323

776

135

1058

2331

214

50

1961

1305

693

2483

1991

110975

20443

41669

43140

23368

14215

2863

230

7333

6971

5860

6614

6839

9826

3051

6717

1901

1040

2275

10643

4208

1160

3512

1065

3171

2592

2893

167

2950

4459

2699

427

2071

1382

1963

1116

508

1015

3348

2585

793

177

1117

2315

1615

226

2051

1365

975

2809

2263

101169

42122

35270

39657

22911

13555

5340

169

7642

6068

6714

7247

6697

10307

3416

7075

2604

1577

2331

10722

5059

1736

3245

892

4465

2836

2112

270

2792

4376

2674

651

2033

1311

1843

1136

584

1130

3741

2836

1042

281

1269

2327

1531

261

1954

1225

1277

2950

2248

109423

45704

43185

48553

34248

16722

7992

196

9243

8082

6894

8864

8743

10218

3985

7185

3623

2532

4986

10037

5866

2502

3697

1188

5102

3399

2205

220

2728

4615

2680

573

2045

1521

2941

1274

881

1214

4189

2862

1176

441

1384

2750

182

381

1833

1428

1444

3654

2572

117224

51850

48239

51200

32088

21126

11378

140

9506

8708

7948

12938

10702

10826

5133

9162

4761

8349

5952

10227

6470

3596

4914

1565

5832

3534

3067

2988

6783

5226

3419

1212

2318

2524

3648

1404

1259

1454

4083

3282

1468

655

1735

3442

254

828

2102

1844

1897

3388

3153

139375

65919

59271

59868

46367

28536

18490

837

13003

14213

9449

17154

14499

12422

7233

11054

6860

9522

9299

10034

7639

6675

6581

1417

7422

3895

3989

4057

13443

6238

4145

1525

2794

2983

5875

1762

2252

2230

3721

3583

2260

1085

1958

4258

2831

1038

2605

2205

2223

3474

4140

167022

80878

76815

70729

47976

27704

24998

598

14662

21196

13367

19861

15139

14459

10190

12166

9028

7125

11081

11192

9786

6207

8130

1932

8714

7480

7496

5283

9224

6659

4013

1852

3070

3498

5018

2710

2565

3711

4504

3896

2731

1851

2598

5330

3226

1788

2833

3878

2933

3591

4866

201502

111699

97332

88996

56636

33832

28395

458

17457

24771

17229

26664

17458

16037

13684

14556

13149

14335

16489

12244

12094

8555

9889

2295

9900

8555

11822

6599

9884

8610

5710

2071

3517

3947

7473

4475

3500

4186

4668

5086

4283

3187

4146

7324

3502

2560

3323

8560

3515

3866

5964

226786

133806

110750

104313

59848

39550

32566

653

24663

28161

19357

28175

19653

18012

17493

18142

15648

15774

17093

13838

13921

11391

11370

11635

10313

10908

12674

8188

11162

10251

6364

3762

5171

4037

8323

7678

5437

5711

5900

6881

5940

5023

3732

7935

4016

3875

3398

7895

4151

4141

5000

265145

141959

135248

124935

63630

43077

38279

38107

33525

32172

26374

25140

24349

23785

21507

20573

20264

19786

16537

16403

14882

14007

13018

12411

12300

11922

11548

11377

10929

10838

9696

9380

8388

8363

8264

8250

7671

7564

7230

7190

6851

6423

6182

6126

5790

5747

5747

5689

5178

5127

5108

2000200120022003200420052006200720082009NET SALES

COMPANIES ACCORDING TO COMPOSITE RANKING

Sesa Goa

MRF


Bhushan Steel

Jindal Saw

Aditya Birla Nuvo

HCL Technologies

Crompton Greaves

Bosch

Chambal Fertilisers

Bharat Electronics

MTNL


Asian Paints

Shipping Corpn.(I)


Apollo Tyres


Kesoram Inds.


Exide Inds.

Tata Communications

Gammon (I)


India Cements

HCC

Cummins (I)


Nirma

CESC

BEML

GNFC

Lupin

Alok Inds.


Aurobindo Pharma

Sun Pharma Inds.

Shree Cement

Madras Cements

Jubilant Organosys

United Phosphorus

Piramal Healthcare


Bharat Forge

Sintex Inds.

Unitech

Indian Hotels Co.



Total(100)

NNoottee :: Companies those who have 10 years data are only considered; Figures are adjusted for 12 months SSoouurrccee:: FE-Research and Capital Line

Company(Rs Crore)

237

1850

211

839

339

1036

400

1525

1363

1362

1458

5182

1538

1167

2543

214

1067

438

564

2116

759

6968

453

831

1195

469

829

915

1455

1725

1237

1153

56

330

1496

692

442

410

514

407

346

433

197

496

202

214

603

287

409

357265

350

1872

264

924

277

1416

725

1254

1477

1795

1670

5785

1640

1335

2995

247

1142

913

1108

2113

770

7182

504

1076

1251

437

863

1117

2053

1780

1275

1354

831

443

2439

946

560

467

619

780

236

511

309

457

285

193

688

385

449

444530

289

1684

392

996

364

1411

723

1485

1456

1909

1898

6144

2045

1462

2785

439

1377

1487

1115

2155

787

6508

515

1286

1013

526

745

1173

1930

2080

1338

1418

861

553

2237

974

692

334

689

800

160

872

415

410

371

213

580

406

486

456671

400

1792

440

1098

583

1406

872

1595

1557

1948

2443

5807

2865

1596

2377

453

1608

1514

1139

2174

882

4539

727

1483

852

789

840

964

2053

2185

1522

1387

939

791

2681

1113

788

484

607

894

183

1058

365

596

442

236

569

480

483

523957

646

2127

773

1552

628

1577

1128

1720

1905

2217

2685

6370

3612

1787

2989

758

1920

1661

1296

2216

1058

3164

1155

1764

1017

1171

936

1349

1741

2349

1621

1455

1112

1047

2807

1254

841

494

697

859

832

1373

684

797

528

374

668

505

650

600670

1503

2539

1053

2636

1053

1838

1447

1983

2337

2679

3006

5582

3674

2045

3585

1185

2225

1549

1422

2497

1299

3303

1120

1995

1162

1577

1197

2071

1843

2321

1713

1831

1157

1196

3002

1086

997

602

742

1112

1045

1236

903

1167

658

509

848

647

847

758732

1771

2976

1518

2716

2267

2598

3033

2532

2989

2742

3508

5563

3563

2436

3543

1840

2626

2003

1613

2598

1535

3781

1160

2433

1542

2028

1479

2260

1917

2515

2072

2153

1607

1400

2503

1391

1293

695

1010

1385

1281

1410

1154

1511

855

653

1116

831

682

897644

2017

3724

2335

3807

3773

3368

3769

3378

3798

2594

3896

4909

3952

2951

3703

2871

3292

3802

2209

3161

2083

3746

1821

3057

2255

2395

1860

2136

2246

2484

2441

2739

1972

1806

2610

1874

1663

1408

1577

1609

1346

1589

1552

1810

1116

2504

1541

868

1024

1130427

3602

4407

3686

4152

5276

3884

4615

3895

4341

2722

4065

4723

4033

3408

3727

3473

3698

3364

2988

3463

3158

3283

2341

3347

3044

3083

2351

3063

2333

2775

2567

3434

2539

2122

3033

2295

2369

2108

2015

1976

1485

1902

1793

2125

1657

2804

1765

1042

776

1316570

5082

5042

4973

4971

4875

4743

4675

4633

4620

4596

4589

4456

4333

4275

4167

4151

4081

4020

3878

3800

3761

3749

3636

3417

3358

3314

3304

3172

3032

3031

2922

2920

2916

2908

2825

2795

2777

2716

2530

2429

2414

2310

2213

1975

1884

1832

1534

1210

1023

1567864

2000200120022003200420052006200720082009NET SALES


Pradip Kumar Dey

AMONG the industries (83) stud-ied, only six showed negativegrowth in their total income

during 2008-09. Mention may be made of aluminium and aluminium Pro-ducts (-1.63%),automobiles-four wheel-ers (-6.31%), hotels (-5.83%), real estate(-34.70%), textiles-large (-3.80%) andtextiles-processing (-1.33%). All theother 77 broad industry categoriesunder which the FE 500 had beenclubbed had positive growth to show.

As always, aggregates tend to con-ceal some real good or bad perfor-mances. Thus, even though cementproducts showed good income growthof 48.20%, Rain Commodities grew atthe higher rate of 75.47%. The groupaverage was also weighed up by the47.20% income increase reported byIndian Hume Pipe—one of the biggestcement products companies. The netprofit of the group also increased by23.70% during 2008-09.

Similarly, the engineering industrysaw a 30.94% income growth. But atleast three engineering companies,namely Engineers India, Sunil HitechEngineers and McNally Bharat Enggreported more than 75% increase. Thenet profit of the engineering group ofcompanies increased by 20.38% to Rs 3,712 crore during 2008-09.

Among the industries studied, thebest performers of the year were con-struction, telecommunications, com-puter-software mega, pharmaceutical-Indian bulk drugs and formulations,fertilisers and sugar.

The details of industry perfor-mance appear in the tables startingfrom page 70. Given below is a briefsynopsis of the major gainers andlosers of 2008-09.

Construction: The industryshowed excellent results with positivegrowth rates in all financial indicators.While total income increased by

around 41.42%, net profit went up by24.57%. And the retained profit of thegroup increased by 26.53% to Rs 2,848crore during 2008-09. And the debt-equity ratio increased from 1.01 during2007-08 to 1.30 during 2008-09. PunjLloyd, Lanco Infratech, Gammon Indiaand Era Infra Engineering were amongthe best performers.

According to industry sources, theIndian construction industry grew by7.2% in the year 2008-09 against 10.1%growth in 2007-08. This has primarilybeen on account of increased govern-ment spending on physical infrastruc-ture in the last few years,with program-mes such as National HighwayDevelopment Programme (NHDP) andPMGSY/Bharat Nirman Programmereceiving a major fillip of late.

On the basis of an analysis of theforward and backward linkages of con-struction, the multiplier effect for con-struction on the economy is estimatedto be significant. With more than 27,770enterprises involved directly in theactivity of construction,the industry isone of the largest employers in the

country and is characterized by a mix of both organised and unorganisedentities.

Recently, the financing of infra-structure development has largelyshifted to the private sector, primarilythrough the use of Public PrivatePartnership (PPP), which are based ona partnership between the public andthe private sectors for the purpose ofdelivering a project or service tradi-tionally provided by the public sector.

Fertilisers: This industry reporteda significant growth in almost all finan-cial indicators,with a net profit growthof 37.15% during the year 2008-09. Theretained profit of this group alsoincreased by 40.97% to Rs 1,659 croreduring 2008-09. The stars in the cate-gory were Fert & Chem Travancore(378.82%), Coromandel International(136.64%) and GSFC (109.42%). Thedebt-equity ratio of the groupdecreased from 0.38 during 2007-08 to0.17 during 2008-09.

The Indian fertiliser industry hasbeen rapidly growing during the lastseveral years.While urea is under priceand movement control, the phosphaticfertilisers continue to be under theindirect control of the government.The government made certain changesin the policies relating to the conces-sion scheme for phosphatic and potasic(P&K) fertilisers. The governmentchanged the payment of subsidy onurea from a despatch basis to receiptbasis and in case of ANP, payment ofconcession was changed from a salebasis to receipt basis. The governmentalso rationalised selling prices of allfertilisers based on their nutrient con-tents w.e.f. June 18, 2008.

FMCG: This industry reported pos-itive growth in all financial indicators,with net profit growth of 3.13% duringthe year 2008-09. The retained profit ofthis group also increased by 42.25% toRs 2,183 crore during 2008-09. NestleColgate Palmolive, Procter & Gamble

More positive factorsDespite the global meltdown and a domestic slowdown, the numberof sectors with positive results far outnumbered the negatives

THE INDUSTRY LEAGUE


and Dabur did well during the year.The better performance of Nestle isreflected in the net profit growth of29.06% during 2008-09. The retainedprofit of the company also increased by 105.58% to Rs 196.62 crore during2008-09.

According to the directors’ report,the milk products and nutrition busi-ness continued to perform well as perexpectations. Staggered price in-creases and cost optimisation initia-tives contributed to offset a steepincrease in commodity prices like milk solids, green coffee, fuels and vegetable fat. In the year 2009-10, theeconomic environment is going to bemore challenging and will requireinnovative thinking, agility and speedin anticipating changes. Companiesshould continue to direct its efforts on product innovation and renovation,to control costs, improve penetration

and manage price-value relationshipfor its brands in increasingly difficultmarket conditions.

Cement: The cement industryshowed a somewhat better perfor-mance in terms of sales during 2008-09with total income of 17 major cementcompanies increasing by just 21.20%but net profit decreased by 9.61%.

The lower profitability of thecement companies during the year2008-09 has been due to the ban ofexports, spiraling input costs, espe-cially coal and freight and lowerdemand in the international markets.This is reflected in the performance ofACC, whose net profit decreased by15.70% during the year 2008-09. Theretained profit of the company alsodecreased by 21.26% to Rs 837.46 croreduring 2008-09.

India’s cement industry recorded agrowth of 7.8% in the year 2008 in the

Indian economy. The change of exciseduty structure imposed by the govern-ment affected sales realisation. Somecompanies in the cement industry hadvoluntarily decided to hold cementprices in response to the government’sconcerns over acceleration in inflationand therefore were unable to materi-ally pass on the increases in input costto customers.This was also responsiblefor lowering profitability of cementcompanies. A ban of cement exportswas also implemented, and these mea-sures had an immediate impact ondemand and reduced the growth.

Automobiles- four wheelers: Theindustry’s total income decreased by6.31% and net profit decreased by40.49% during the year 2008-09. AshokLeyland, Tata Motors, HindustanMotors and Saraj Mazda experienced asignificant decrease in total incomeduring the year 2008-09. Among these


Date post:	06-Apr-2015
Category:	Documents
Upload:	sabharwalssss7313
View:	74 times
Download:	6 times

FE500-2010

Documents