A Report On Indian Psus -2009

India’s Top PSUs 2009

Contents Preface .............................................................................................. I Foreword ......................................................................................... II executive summary . ....................................................................III Methodology ................................................................................ IV Insights.....................................................................................V-XIV PSU Listings . ........................................................................ L1-L16

Preface Dun & Bradstreet India is pleased to release the second edition of its premium publication, ‘India’s Top PSUs 2009’. The public sector is an important constituent of the Indian economy, and has been a major instrument in driving industrial growth, economic development, employment generation and equitable distribution of wealth in post-independence India. Designed to reduce regional imbalances, low employment and inequalities of income, PSUs have played a significant role in country’s overall economic development. During 1960-1990, public sector enterprises experienced robust growth, generated large scale employment and emerged as national assets. However, in the early 1990’s the economic liberalisation in India brought about certain fundamental changes in the way public sector enterprises were organised and conducted their business. Profitability and productivity emerged as significant aspects of performance along with equity and commitment to the society. Contrary to initial expectations, reforms, and the resulting change and innovation have proved beneficial for public sector enterprises, aiding them in meeting and sometimes, staying ahead of the competition. Public sector enterprises have shown admirable resilience in absorbing the impact of economic reforms and are now better prepared to face challenges arising from a competitive environment. As the Indian economy grows, PSUs will continue to play an important role in critical sectors like power, transportation and manufacturing to name a few. For instance, the total public sector outlay for infrastructure during the 11th Five Year Plan will be around Rs 36,447.2 bn, of which the share of central sector PSUs is expected to be around 59%. Further, during the 11th Five Year Plan, it is expected that total investment on infrastructure development by PSUs will reach Rs 14,365.6 bn which will provide a crucial impetus to the slowing economy in the present scenario of an economic slowdown. ‘India’s Top PSUs 2009’ is an endeavour to capture the essence of growth and performance of the public sector in India, and providing the leading players the unique advantage of D&B’s global footprint in disseminating vital and useful information about these companies to a wide audience. We expect ‘India’s Top PSUs 2009’ to be a valuable publication for understanding public sector enterprises in India and we are sure that this publication will serve as an authoritative and useful ready reference tool for business leaders globally. I hope you enjoy reading this edition and I look forward to receiving your suggestions. Dr Manoj Vaish President & CEO - India Dun & Bradstreet

I

Foreword I am happy to launch the second edition of Dun & Bradstreet’s, ‘India’s Top PSUs 2009’. This publication will prove to be a valuable resource on the Indian public sector enterprises. Dun & Bradstreet’s global footprint and market reach will ensure that the publication is established globally as the premier information resource on Indian public sector enterprises. Over the years, especially after the early 1990’s, the Government of India has taken several initiatives to enable public sector enterprises to compete with rapidly growing private enterprises. The government has empowered public enterprises, especially the central government owned sector enterprises. By introducing the concept of Navratna and Miniratna the government has attempted to provide room to these undertakings to operate effectively and independently. The several initiatives that the government has undertaken over the years have given PSUs the required impetus, to become market leaders and one of the biggest wealth creators in the economy. These enterprises have now started thinking beyond India, and some of them have established global business relationships and alliances through joint ventures or subsidiaries, and have also begun to access global financial markets for resource mobilisation. Taking advantage of economic reforms and growing business opportunities that have emerged on the back of a robustly growing economy, these enterprises are making rapid advances on a wide range of performance parameters. It is evident the PSUs have adapted well to changing market dynamics and have taken advantage of business opportunities that have arisen out of liberal economic policies. We are sure that ‘India’s Top PSUs 2009’ will aid Indian public sector enterprises in promoting business further and developing useful relationships both overseas and in India. At Dun & Bradstreet, we will continue to endeavor to meet your expectations from this publication. I look forward to receiving your feedback and suggestions. David J. Emery President International Partnerships & Asia – Pacific

II

Executive Summary The public sector has always been a strategic partner in the process of India’s economic growth and development. In an environment of economic reforms and liberalisation, the Indian public sector has proved competitive and has made rapid gains in profitability and productivity. Public sector enterprises have strong prospects for growth, through harnessing new business opportunities, while expanding the scope of current business. This publication, India’s Top PSUs 2009, is an effort to recognise the strategic importance of this sector. The publication has profiled 121 leading central public sector undertakings (CPSUs), which are under the ambit of the Central Government and represent major industry groups. The aggregate Total Income of these 121 companies stood at Rs 14,675.41 bn, which represented a y-o-y growth of 16.8%, and is approximately 31.1% of the country’s Gross Domestic Product at current prices for FY08. The aggregate Net Profit reported by the profiled 121 CPSUs in FY08 sums up to Rs 1,221.36 bn. Further, the y-o-y growth in aggregate Net Profit (PAT) for all 121 companies stood at around 10%. Together, these companies reported an aggregate Net Worth of Rs 7,690.84 bn for FY08, a Net Profit Margin of 8.3% and a Return on Net Worth of 15.9%. In this year’s edition, we have also conducted a comparable study of listed PSUs, excluding banks, vis-a-vis the listed private sector companies with total income in excess of Rs 10 bn. The comparison threw up some interesting findings: • The study revealed that total sales of 31 government owned companies is just a little below the total sales of the 216 private sector companies. This suggests that in terms of revenues, the 31 PSUs are more or less equal to the 216 private sector companies put together. • Even with gigantic business operations, PSUs have out-performed private companies in terms of growth in sales in the last four out of five years. • The 31 PSUs contributed a substantially larger sum to the exchequer through direct taxes and dividends than the private sector companies. The effective tax rate for the PSUs has grown from 28.9% in 2004 to over 31.4% in 2008; while the effective tax rate has declined by over 350 basis points for private sector companies to 22.9% during the same period. • In 2008, the public sector companies paid over 33.5% of their Net Profits as dividends, whereas their private sector counterparts paid 20.6% of their profits as dividends. • The cash ratio for the listed public sector enterprises rose sharply from 24% in 2004 to around 42% in 2008, whereas for the private sector companies, the ratio improved from 19.18% in 2004 to 21% in the year 2008. However, 2008 marks a decline from the peak levels of around 30% seen in 2005, 2006 and 2007. • The PSUs that are part of this comparison study are less leveraged than their private sector peers. With much less debt than their peers, their financial position is stronger. The public sector in India has immense potential and prospects for growth and profitability in the future and will continue to play an important role in the economy. D&B will endeavor to keep track of various developments in the CPSUs and will develop database and information to make this publication emerge as an important and reliable source of reference. Kaushal Sampat Chief Operating Officer Dun & Bradstreet India

III

Methodology The foremost criterion for selection of Top PSUs is based on the condition that the PSU should necessarily be a Central Public Sector Undertaking (CPSU). Only those CPSUs that are involved in carrying out business for profit have been included in this study; enterprises that are involved in charity or any other social cause have been excluded. Subsidiaries and/or associate companies, in which CPSUs have a majority stake have been considered as separate entities and included in the publication. The initial selection of the PSU data set was based on the list compiled from various sources, including internal D&B database; Department of Public Enterprises (DPE); listed PSUs; and Government of India (GoI) directory and various ministries. The shortlisted PSUs were then sent a detailed questionnaire seeking basic information on the company and its financials. As a selection criterion, PSUs with a total income equal to or above Rs 2 bn as on Mar 08 have been featured in this publication. Companies with negative net worth and those declared financially sick by the Board of Industrial & Financial Reconstruction (BIFR), as available on the BIFR website, have been eliminated. The information contained in this book is sourced and compiled from questionnaires circulated and administered by D&B India, telephonic interviews, mass media channels and authenticated information available in the public domain, like company annual reports, websites and the Registrar of Companies. In the eventuality that a company has not responded with critical data, and/or information which is not available in the public domain, such companies have not been included in this publication. This is to ensure that all information contained in this publication is verified and authenticated. The Total Income, Net Profit and Net Worth figures for companies are as per standalone financials sourced from annual reports/documents from the Registrar of Companies or financial statements for the financial year 2007-08. Those companies whose schedules where not available has been marked by (*) in the listing pages. Total income is a sum of revenue and other income, where the revenue is net of excise duties, sales tax, inter-unit transfers and other government levies. Net profit refers to profit before considering the impact of prior period and extra-ordinary items. Net worth is the sum of share capital and reserves & surplus, deducting debit balances appearing in the profit and loss account, revaluation reserves, miscellaneous expenditure, and intangibles such as patents, goodwill, trademarks, copyrights, know-how, brands, licenses, rights, computer software and the likes. The consolidated revenue of the companies has been taken as provided in the annual report of the respective companies, wherever available. Employee numbers have been taken from the respective annual reports of companies wherever available and/or from responses received by them.

Formulae used are as under Particulars

Formulae

Net Profit Margin (NPM)

Profit after tax /Total Income * 100

Return on Net Worth

PAT/ Tangible Net Worth *100

Return on Capital Employed

EBIT/ Capital Employed *100

A standardised reporting format has been used for listing company management details in write-ups, incorporating key designations. Dun & Bradstreet has compiled the companies’ management details from their respective annual reports and updated these records wherever data were available. Each company featured in the publication has been allotted its unique identification number (D-U-N-S ® - Data Universal Numbering System). This will help readers locate and obtain full-fledged information reports on these companies from the Dun & Bradstreet database. The editorial team is confident that ‘India’s Top PSUs 2009’ will prove useful and we would be pleased to receive your invaluable feedback and suggestions. Your satisfaction remains our goal in Dun & Bradstreet’s journey towards excellence.

IV

Insights • Overview of profiled CPSUs • comparitive study

V

Insights Dun & Bradstreet (India) attempts to highlight key trends in the Indian public sector undertakings (PSU) and provides insights into their performance in two sections through this study. In each section, the study presents the insights derived from a detailed analysis of data gathered through secondary sources. The first section is an analysis of the financial and operational performance of the 121 central public sector undertakings forming part of the publication. The second section presents a comparable matrix between the private companies and the government-owned companies listed on the NSE. In an attempt to highlight the industry trend, information was gathered from annual reports, regulatory filings, and data with industry association, regulatory bodies, government websites and various other secondary sources. The information thus gathered for analysis was used to understand changing dynamics of PSUs as compared to private companies.

Section A This section comments on the performance of PSUs that have long formed the backbone of the Indian economy. The publication features 121 PSUs that fall under the purview of the Central government and are also known as Central Public Sector Undertakings (CPSUs). The PSUs that are featured in this publication have contributed largely to India’s growth story in recent times. The key highlights of the performance of these CPSUs in FY08 are as follows: • The total income of the profiled CPSUs was Rs 14,675.41 bn during FY08, which was equivalent to 31.1% of India’s GDP at current market prices. • The aggregate net profit margin (NPM) of the profiled PSUs was 8.3% in FY08. Within this, the manufacturing PSUs and the service PSUs had an NPM of 9.1% and 7.8%, respectively. • The manufacturing PSUs had the highest return on net worth (RONW) of 19.3% among all profiled companies while those from the service sector had a RONW of 12.0%. • PSUs from the Western region ranked the highest in terms of total income with a 57% share. • In terms of net profit, the Northern region contributed almost 50% of the entire profits of 121 companies profiled in this publication. The Western region followed the Northern region with a 27% share. • The average total income per employee of the profiled companies was Rs 7.30 mn whereas the net profit per employee was Rs 0.6 mn. VI

Review of the performance of 121 CPSUs Oil and gas generation sector records highest total income share, albeit, with low margins The oil and gas generation sector had the highest share in both total income (42.82%) and net profit (28.94%) of the 121 CPSUs. There was a significant gap between the sector’s share in total income and net profit on account of its very low NPM of 6%. The iron and steel sector had a bigger share in the net profit pie (13.59%) than in the total income pie (4.98%) and enjoyed a healthy NPM of 23%. Sector-wise total income contribution

Sector-wise net profit contribution

Source: D&B Research

Source: D&B Research



Sector-wise net profit margin



Source: D&B Research

Manufacturing PSUs register higher RONW The manufacturing PSUs recorded a higher RONW (19.3%) as compared with the services PSUs (12.0%). The 121 profiled CPSUs collectively registered a RONW of 15.8%. The profiled PSUs registered a combined net worth of Rs 7,690.82 bn.

VII

Banking & financial services sector has highest representation but lower share in total income The banking and financial services sector had the maximum representation of companies (31%). In spite of this, the share of oil and gas generating companies in the total income of all the 121 companies was more than twice the share of banking and financial services companies.

Key Financials in FY08: Industry Aggregates Sector

Total Income

Profit After Tax

Net Worth

Rupees in Million Banking & Financial Services

2,716,052.17

Oil & Gas Operations

Net Profit Margin

Return on Net Worth

In Percent

323,227.94

2,235,378.81

n.a.

14

6,284,717.78

353,468.98

1,710,946.38

6

21

Iron Steel & Metals

731,510.24

166,030.39

650,434.50

23

26

Power

607,445.73

135,261.63

1,183,040.59

22

11

Trading

592,847.19

8,451.72

39,832.41

1

21

Coal

319,110.38

80,646.45

324,514.28

25

25

Heavy Engineering Insurance Telecommunication Transportation Others Total

Source: D&B Research

272,922.09

33,540.10

142,776.3

12

23

2,285,139.27

39,550.45

183,890.07

2

22

437,982.07

32,062.74

997,048.53

7

3

90,636.25

16,306.46

90,885.06

18

18

337,042.96

32,812.01

132,100.18

10

25

14,675,406.13

1,221,358.87

7,690,847.11

8.32

16

(n.a.- Not Applicable)

Navratnas’ total income equal to 15% of GDP The 18 Navratnas as identified by the Department of Public Enterprises had a total income of Rs 6,871.62 bn in FY08, which is equivalent to 15% of India’s GDP at current market prices. The share of these Navratnas in the combined total income of 121 CPSUs was an impressive 47% during FY08. Their combined net worth was 41% of the total net worth of all profiled CPSUs.

VIII

Performance of Navratnas Company Bharat Electronics Limited Bharat Heavy Electricals Ltd Bharat Petroleum Coal India Ltd

Total Income (Rs Mn)

Total Income y-o-y growth (%)

Net Profit (Rs Mn)

Net Profit y-o-y growth (%)

Net Worth (Rs Mn)

Net Worth y-o-y growth (%)

41,376.91

1

7,450.94

4

31,463.75

23

207,494.00

15

28,602.60

18

107,309.90

22

1,119,421.76

14

14,551.87

(24)

116,278.21

14

34,774.45

(1)

24,538.58

(13)

124,234.21

4

GAIL (India) Ltd

185,645.50

12

26,232.10

10

129,395.10

14

Hindustan Aeronautics Ltd

103,379.61

16

16,318.80

42

29,984.40

59

Hindustan Petroleum

1,059,017.30

18

11,565.30

(26)

105,116.00

10

Indian Oil Corporation Ltd

2,309,539.60

13

70,015.00

25

407,484.00

18

53,299.33

(5)

2,293.38

49

112,989.94

4

National Aluminium Company

55,435.70

(13)

16,569.10

(31)

88,741.40

15

NMDC Ltd

63,818 .40

41

32,507.60

40

82,643.30

43

NTPC Ltd

399,359.00

13

76,893.00

12

526,083.00

8

Oil & Natural Gas Corporation

648,459.50

7

167,017.57

5

698,333.66

14

Mahanagar Telephone Nigam

Power Finance Corporation

50,400.40

28

12,015.50

22

93,298.00

9

Power Grid Corporation

50,815.30

24

16,305.30

34

133,875.80

25

Rural Electrification

35,376.61

24

8,607.13

31

53,676.92

34

Shipping Corporation

40,616.80

(3)

7,912.20

(20)

56,319.10

10

Steel Authority of India Ltd Total

413,394.80

17

75,354.90

21

227,794.80

34

6,871,624.97

13

614,750.86

9

3,125,021.49

11

Source: D&B Research

IX

Section B This section presents a comparable matrix between the private companies and the governmentowned companies listed on the NSE (excluding financial companies). In this endeavour, D&B India firstly selected the top 31 government-owned listed companies (29 central government companies and 2 state government companies) in terms of total turnover. Subsequently, it identified private companies who had a total turnover of over Rs 10 bn. (The benchmark was taken as Rs 10 bn to ensure fair assessment because out of the 31 PSUs identified for the study, the 31st company had a total turnover of about Rs 10 bn).

The private companies thus selected were screened further and those companies whose comparable 12 month data for any of the previous five years were not available were excluded. The players in the IT and ITeS industry were also excluded because PSUs have a negligible presence in this industry. Finally, D&B India arrived at 216 private sector companies.

A comparison of PSUs vis-à-vis their private sector peers suggests that PSUs had a significant role to play in India’s growth story in the last five years. They managed to achieve similar growth rates as their private peers. It’s noteworthy that because of the government’s role, PSUs have proved to be a little more risk averse and hence financially-sound. It is expected that the measured approach that the public enterprises have taken over the last few years will hold them in good stead in the current financial downturn.

The following study compares the financial parameters such as sales growth, tax payout ratio, dividend payout ratio et al of PSUs and private companies.

Sales The total sales of the 31 government-owned companies were just marginally lower than the total sales of the 216 private sector companies. Though the private sector has grown at a slightly faster rate than the PSUs, the businesses of PSUs have not lagged far behind in the last five years. Another noteworthy observation is that in spite of a huge base in terms of turnover, sales growth of PSUs has remained robust throughout the last five years.

X



Sales growth



Source: D&B Research and CMIE

Even though PSUs are losing their monopoly and India is taking further strides in liberalising its economy, PSUs are managing to grow at a healthy pace. Infact it is evident in the study that the sales growth of PSUs has outperformed the private sector in four out of the past five years.

On further scrutiny of the toplines of the selected companies, a few private sector companies were found to have earned incomes from discontinued operations. However, no such income was recorded by the PSUs. One reason for this could be the social commitments of PSUs, which do not allow them to conduct unviable business units. Instead, the PSUs offset losses arising from such units with profits earned from different business units. Income from discontinued operations (DO) 2005

2006

2007

2008

DO

DO

DO

DO

Private Sector

9.00

7.41

6.75

11.86

Public Sector

0

0

0

0

(Amount in Rs bn) Source: D&B Research and CMIE

PSUs bring home huge monetary gains despite the social obligations Apart from fulfilling their social commitments, public sector enterprises are contributing a huge sum to the exchequer through direct taxes1 and dividends. The effective tax rate for the PSUs grew from 28.9% in 2004 to over 31.4% in 2008 while the effective tax rate declined by over 350 basis points for private sector companies to 22.9% for the same period.

1

Provision for direct tax = Corporate tax + deferred tax – deferred tax assets / credit + other direct taxes like wealth tax, agricultural income tax,

FBT, other miscellaneous taxes

XI



Comparision of effective tax rate



Source: D&B Research and CMIE

PSUs not only take the lead while contributing to the government’s kitty through direct taxes but also lead when it comes to rewarding their shareholders with dividends. In 2008, the public sector companies paid over 33.5% of their net profit as dividends to equity shareholders, whereas their private sector peers paid only 20.6% of their profits as dividends. Over the last five years, the dividend payout ratio has consistently declined for the private sector companies, whereas it has remained more or less the same for the government-owned companies. As the government owns a majority stake in the publicly-listed PSUs, a huge share of the dividends goes to the government’s kitty. Thus, the PSUs make a much higher contribution to the exchequer through both taxes and dividends.



Comparison of Dividend Payout Ratio



Source: D&B Research and CMIE

XII

Export to Sales Predictably, the PSUs earn most of their revenues from the domestic market. Exports constitute a miniscule portion of total sales even though the ratio of exports to sales of PSUs has been increasing slowly and steadily in the last three years.

Comparison of export to sales



Source: D&B Research and CMIE

Cash Ratio The cash ratio (cash and bank balance/current liabilities) is an indicator of the extent to which a company can pay its current liabilities with cash in hand without relying on the sale of inventory and receipt of accounts receivables. The cash ratio for the listed public sector enterprises rose sharply from 24% in 2004 to around 42% in 2008. Meanwhile, their private sector peers’ cash ratio initially improved from 19.18% in 2004 to 30.0% levels during 2005, 2006, and 2007, and later on declined sharply to 21% in 2008. This measure of liquidity suggests that the public sector enterprises are better off in tackling their current liabilities (42%) with the most liquid asset — cash.

Comparison of cash ratio



Source: D&B Research and CMIE

XIII

A look at the table below shows that while the cash and bank balances for the listed PSUs have consistently grown stronger and stronger on the one hand, on the other hand, private sector peers’ cash balance declined by 7.5% in 2008 as compared with 2007. If the expression Cash is the king holds true then the PSUs are definitely better prepared for tough times like these.

Cash and Bank Balance

2004

2005

2006

2007

2008

Private Sector

189.87

390.82

468.60

598.48

556.53

Public Sector

297.79

458.90

498.80

756.46

953.49

(Amount in Rs bn) Source: D&B Research and CMIE

Debt Equity Ratio The debt-equity ratio (debt/equity), which signifies a company’s financial leverage, has always remained on the higher side for private sector companies. The public sector companies are lesser leveraged than their private sector peers because their debt levels are lower; hence, the PSUs are in a stronger financial position to weather the economic downturn.



Comparison of debt-equity ratio

Source: D&B Research and CMIE

Even though raising money in the present market conditions is becoming a difficult task, the PSUs are enjoying a low debt and huge cash reserve position. In the past few years, many private sector companies wanted growth at all costs, whereas PSUs used their strong earnings to strengthen their balance sheets and make calculated expansions. (For the analysis, the financial data of PSUs range from March 2004 to March 2008. Also, as different private companies follow different financial year ending, their financial data ranges from December 2003 to September 2008).

XIV

Alphabetical Listing

India’s Top PSUs 2009

India’s Top PSUs 2009 Sr No

Company Name

Business Operations

1

Agriculture Insurance Company of India Limited

Insurance

2

Allahabad Bank

Banking

3

Andhra Bank

Banking

4

Antrix Corporation Limited

Aerospace Equipments

5

Balmer Lawrie and Company Limited

Logistics & Industrial Packaging

6

Bank of Baroda

Banking

7

Bank of India

Banking

8

Bank of Maharashtra

Banking

9

BEML Limited

Heavy Engineering Products

10

Bharat Dynamics Limited

Defence Equipments

11

Bharat Electronics Limited

Electronics

12

Bharat Heavy Electricals Limited

Heavy Engineering Products

13

Bharat Petroleum Corporation Limited

Oil - Refining & Marketing

14

Bharat Sanchar Nigam Limited

Telecom

15

Bongaigaon Refinery & Petrochemicals Limited

Oil - Refining & Marketing

16

Brahmaputra Valley Fertilizer Corporation Limited

Fertilizer

17

Bridge & Roof Company (India) Limited

Engineering & Construction

18

Canara Bank

Banking

19

Central Bank of India

Banking

20

Central Coalfields Limited

Coal & Coal Products

21

Central Warehousing Corporation

Warehousing Activities

22

Chennai Petroleum Corporation Limited

Oil - Refining & Marketing

23

Coal India Limited

Coal & Coal Products

24

Cochin Shipyard Limited

Manufactures & Maintenance of Vessels

25

Container Corporation of India Limited

Logistics

26

Corporation Bank

Banking

27

Cotton Corporation of India Limited, The

Cotton Distribution

28

Dena Bank

Banking

29

Dredging Corporation of India Limited

Dredging

30

Electronics Corporation of India Limited

Electronics

31

Engineering Projects (India) Limited

Construction

L1

Alphabetical Listing

India’s Top PSUs 2009

L2

Sr No

Company Name

Business Operations

32

Engineers India Limited

Engineering & Consultancy

33

Export Credit Guarantee Corporation of India Limited

Insurance

34

Export-Import Bank of India

Financial Services

35

Fertilisers and Chemicals Travancore Limited, The

Chemicals & Fertilisers

36

GAIL (India) Limited

Gas - Processing, Transmission And Marketing

37

Garden Reach Shipbuilders & Engineers Limited

Manufactures & Maintenance of Vessels

38

General Insurance Corporation of India

Insurance

39

Hindustan Aeronautics Limited

Aerospace Equipments

40

Hindustan Copper Limited

Copper Production

41

Hindustan Organic Chemicals Limited

Organic chemicals

42

Hindustan Petroleum Corporation Limited

Oil - Refining & Marketing

43

HMT Limited

Engineering Goods & Tractors

44

Housing & Urban Development Corporation Limited

Financial Services

45

IDBI Bank Limited

Banking

46

Indian Bank

Banking

47

Indian Oil Corporation Limited

Oil - Refining & Marketing

48

Indian Overseas Bank

Banking

49

Indian Railway Catering and Tourism Corporation Limited

Travel & Tourism Services

50

Indian Railway Finance Corporation Limited

Financial Services

51

Indian Renewable Energy Development Agency Limited

Energy Project Finance

52

Indraprastha Gas Limited

Gas Distribution

53

Kudremukh Iron Ore Company Limited

Iron & Iron-Ore Products

54

LIC Housing Finance Limited

Financial Services

55

Life Insurance Corporation of India

Insurance

56

M S T C Limited

Marketing of Steel Products

57

Mahanadi Coalfields Limited

Coal & Coal Products

58

Mahanagar Telephone Nigam Limited

Telecom

59

Maharashtra Elektrosmelt Limited

Manufactures Ferro Manganese

60

Mangalore Refinery and Petrochemicals Limited

Oil - Refining & Marketing

61

Manganese Ore (India) Limited

Exploration of Manganese Ore

62

Mazagon Dock Limited

Manufactures & Maintenance of Vessels

63

MMTC Limited

Trading

64

Narmada Hydroelectric Development Corporation Limited

Power Generation

65

National Aluminium Company Limited

Non-Ferrous Metals

Alphabetical Listing

India’s Top PSUs 2009 Sr No

Company Name

Business Operations

66

National Bank for Agriculture and Rural Development

Financial Services

67

National Buildings Construction Corporation Limited

Construction

68

National Fertilizers Limited

Fertilisers

69

National Small Industries Corporation Limited, The

Financial Services

70

Neelachal Ispat Nigam Limited

Iron & Metal Products

71

New India Assurance Company Limited, The

Insurance

72

Neyveli Lignite Corporation Limited

Lignite Mining

73

NHPC Limited

Power Generation

74

NMDC Limited

Mining

75

North Eastern Electric Power Corporation Limited

Power Generation & Transmission

76

Northern Coalfields Limited

Coal & Coal Products

77

NTPC Limited

Power Generation & Distribution

78

NTPC Vidyut Vyapar Nigam Limited

Power Distribution

79

Nuclear Power Corporation of India Limited

Power Generation

80

Numaligarh Refinery Limited

Oil - Refining & Marketing

81

Oil and Natural Gas Corporation Limited

Oil Exploration & Production

82

Oil India Limited

Oil Exploration & Production

83

ONGC Videsh Limited

Oil Exploration & Production

84

Oriental Bank of Commerce

Banking

85

Oriental Insurance Company Limited, The

Insurance

86

Orissa Minerals Development Company Limited, The

Iron & Manganese Ore Mining

87

PEC Limited

Trading

88

Petronet LNG Limited

Liquefied Natural Gas

89

Power Finance Corporation Limited

Financial Services

90

Power Grid Corporation of India Limited

Power Generation & Distribution

91

PTC India Limited

Power Trading

92

Punjab & Sind Bank

Banking

93

Punjab National Bank

Banking

94

Rashtriya Chemicals and Fertilizers Limited

Fertilisers

95

Rashtriya Ispat Nigam Limited

Steel Products

96

RITES Limited

Consultancy

97

Rural Electrification Corporation Limited

Financial Services

98

Satluj Jal Vidyut Nigam Limited

Power Generation

99

SBI Capital Markets Limited

Financial Services

L3

Alphabetical Listing

India’s Top PSUs 2009 Sr No

Company Name

Business Operations

100

Shipping Corporation of India Limited, The

Bulk Carrier & Tanker Services

101

Small Industries Development Bank of India

Financial Services

102

South Eastern Coalfields Limited

Coal & Coal Products

103

South Malabar Gramin Bank

Banking

104

State Bank of Bikaner & Jaipur

Banking

105

State Bank of Hyderabad

Banking

106

State Bank of India

Banking

107

State Bank of Indore

Banking

108

State Bank of Mysore

Banking

109

State Bank of Patiala

Banking

110

State Bank of Travancore

Banking

111

State Trading Corporation of India Limited, The

Trading

112

STCL Limited

Trading

113

Steel Authority of India Limited

Steel & Steel Products

114

Syndicate Bank

Banking

115

Telecommunications Consultants India Limited

Telecom Consultancy

116

UCO Bank

Banking

117

Union Bank of India

Banking

118

United Bank of India

Banking

119

UTI Asset Management Company Limited

Financial Services

120

Vijaya Bank

Banking

121

Western Coalfields Limited

Coal & Coal Products

L4

India’s Top PSUs 2009

Total Income Listing

India’s Top PSUs 2009 Sr No

Company Name

Total Income (Rs Mn)

1

Indian Oil Corporation Limited

2,309,539.60

2

Life Insurance Corporation of India

2,063,785.05

3

Bharat Petroleum Corporation Limited

1,119,421.76

4

Hindustan Petroleum Corporation Limited

1,059,017.30

5

Oil and Natural Gas Corporation Limited

648,459.50

6

State Bank of India

576,452.36

7

Steel Authority of India Limited

413,394.80

8

NTPC Limited

399,359.00

9

Bharat Sanchar Nigam Limited

380,534.00

10

Mangalore Refinery and Petrochemicals Limited

327,866.87

11

Chennai Petroleum Corporation Limited

281,470.69

12

MMTC Limited

267,655.61

13

Bharat Heavy Electricals Limited

207,494.00

14

GAIL (India) Limited

185,645.50

15

Canara Bank

164,136.09

16

Punjab National Bank

162,625.78

17

State Trading Corporation of India Limited, The

159,905.09

18

Bank of India

144,721.47

19

Bank of Baroda

138,645.13

20

Union Bank of India

105,342.71

21

Hindustan Aeronautics Limited

103,379.61

22

Rashtriya Ispat Nigam Limited

99,042.80

23

IDBI Bank Limited

96,563.08

24

General Insurance Corporation of India*

93,347.32

25

Syndicate Bank

87,963.65

26

Central Bank of India

87,866.09

27

Indian Overseas Bank

87,758.68

28

Numaligarh Refinery Limited

80,278.00

29

South Eastern Coalfields Limited

79,926.16

30

Oriental Bank of Commerce

74,548.40

31

UCO Bank

72,806.85

L5

India’s Top PSUs 2009

Total Income Listing

Sr No

Company Name

Total Income (Rs Mn)

32

New India Assurance Company Limited, The

71,786.37

33

Allahabad Bank

71,359.73

34

ONGC Videsh Limited

70,231.57

35

Oil India Limited

67,954.63

36

Petronet LNG Limited

66,088.93

37

NMDC Limited

63,818.40

38

Indian Bank

62,186.67

39

Bongaigaon Refinery & Petrochemicals Limited

61,145.68

40

PEC Limited*

57,281.12

41

National Aluminium Company Limited

55,435.70

42

National Bank for Agriculture and Rural Development

55,090.97

43

Western Coalfields Limited

54,168.14

44

Mahanagar Telephone Nigam Limited

53,299.33

45

Rashtriya Chemicals and Fertilizers Limited

52,432.90

46

Corporation Bank

52,163.33

47

M S T C Limited*

51,976.50

48

Northern Coalfields Limited

51,825.89

49

Mahanadi Coalfields Limited

51,130.97

50

Power Grid Corporation of India Limited

50,815.30

51

State Bank of Hyderabad

50,802.96

52

Power Finance Corporation Limited

50,400.40

53

State Bank of Patiala*

49,059.40

54

Andhra Bank

48,712.16

55

Central Coalfields Limited

47,284.78

56

Vijaya Bank

44,205.68

57

Nuclear Power Corporation of India Limited

42,663.59

58

National Fertilizers Limited

42,055.85

59

Bharat Electronics Limited

41,376.91

60

Shipping Corporation of India Limited, The

40,616.80

61

United Bank of India*

40,228.10

62

Oriental Insurance Company Limited, The

40,197.81

63

PTC India Limited

39,493.09

64

State Bank of Travancore

38,728.59

65

Bank of Maharashtra

38,207.58

L6

India’s Top PSUs 2009

Total Income Listing

Sr No

Company Name

Total Income (Rs Mn)

66

Neyveli Lignite Corporation Limited

36,380.70

67

Rural Electrification Corporation Limited

35,376.61

68

State Bank of Bikaner & Jaipur

35,236.83

69

Container Corporation of India Limited

35,117.70

70

Coal India Limited

34,774.45

71

NHPC Limited

31,555.00

72

Dena Bank

31,540.25

73

State Bank of Mysore

29,165.28

74

Export-Import Bank of India

28,151.32

75

Housing & Urban Development Corporation Limited

27,289.49

76

Indian Railway Finance Corporation Limited

26,247.85

77

Mazagon Dock Limited

26,098.10

78

Punjab & Sind Bank

25,369.29

79

State Bank of Indore*

25,361.70

80

STCL Limited

24,604.11

81

LIC Housing Finance Limited

21,847.68

82

BEML Limited

20,916.87

83

National Buildings Construction Corporation Limited

19,117.40

84

Hindustan Copper Limited

17,046.93

85

Small Industries Development Bank of India

16,381.68

86

Cotton Corporation of India Limited, The

16,368.31

87

Satluj Jal Vidyut Nigam Limited

15,822.10

88

Kudremukh Iron Ore Company Limited

15,653.57

89

Balmer Lawrie and Company Limited

14,901.75

90

Neelachal Ispat Nigam Limited

14,261.92

91

Manganese Ore (India) Limited

10,241.80

92

Cochin Shipyard Limited *

9,669.09

93

North Eastern Electric Power Corporation Limited*

9,626.76

94

Antrix Corporation Limited

9,402.63

95

Electronics Corporation of India Limited

9,378.29

96

Fertilisers and Chemicals Travancore Limited, The

8,920.13

97

Engineering Projects (India) Limited

8,723.60

98

Engineers India Limited

8,574.39

99

Export Credit Guarantee Corporation of India Limited

8,271.56

L7

India’s Top PSUs 2009

Total Income Listing

Sr No

Company Name

Total Income (Rs Mn)

100

NTPC Vidyut Vyapar Nigam Limited

7,960.85

101

Central Warehousing Corporation

7,762.29

102

Agriculture Insurance Company of India Limited

7,751.17

103

Narmada Hydroelectric Development Corporation Limited

7,680.70

104

Dredging Corporation of India Limited

7,597.75

105

Indraprastha Gas Limited

7,294.16

106

Bridge & Roof Company (India) Limited*

7,147.91

107

RITES Limited

6,607.02

108

Garden Reach Shipbuilders & Engineers Limited

6,299.78

109

Bharat Dynamics Limited

6,130.21

110

Hindustan Organic Chemicals Limited

5,920.68

111

Indian Railway Catering and Tourism Corporation Limited

5,243.40

112

National Small Industries Corporation Limited, The

4,813.01

113

Telecommunications Consultants India Limited*

4,148.74

114

UTI Asset Management Company Limited

4,048.80

115

Maharashtra Elektrosmelt Limited

3,215.94

116

Orissa Minerals Development Company Limited, The

3,017.68

117

Brahmaputra Valley Fertilizer Corporation Limited

2,632.04

118

Indian Renewable Energy Development Agency Limited*

2,469.33

119

HMT Limited

2,444.25

120

South Malabar Gramin Bank

2,345.76

121

SBI Capital Markets Limited

2,300.77

L8

India’s Top PSUs 2009

Net Profit Listing

India’s Top PSUs 2009 Sr No

Company Name

Net Profit (Rs Mn)

1

Oil and Natural Gas Corporation Limited

2

NTPC Limited

76,893.00

3

Steel Authority of India Limited

75,354.90

4

Indian Oil Corporation Limited

70,015.00

5

State Bank of India

67,291.25

6

NMDC Limited

32,507.60

7

Bharat Sanchar Nigam Limited

29,748.10

8

Bharat Heavy Electricals Limited

28,602.60

9

GAIL (India) Limited

26,232.10

10

Coal India Limited

24,538.58

11

Punjab National Bank

20,487.63

12

Bank of India

20,094.03

13

Rashtriya Ispat Nigam Limited

19,423.50

14

Oil India Limited

17,900.69

15

National Aluminium Company Limited

16,569.10

16

Mahanadi Coalfields Limited

16,500.04

17

Hindustan Aeronautics Limited

16,318.80

18

Power Grid Corporation of India Limited

16,305.30

19

Canara Bank

15,650.07

20

Bharat Petroleum Corporation Limited

14,551.87

21

Bank of Baroda

14,355.22

22

New India Assurance Company Limited, The

14,011.28

23

Union Bank of India

13,870.29

24

South Eastern Coalfields Limited

13,665.70

25

Northern Coalfields Limited

13,592.16

26

Satluj Jal Vidyut Nigam Limited

13,148.50

27

Mangalore Refinery and Petrochemicals Limited

12,729.93

28

National Bank for Agriculture and Rural Development

12,261.48

29

Indian Overseas Bank

12,023.36

30

Power Finance Corporation Limited

12,015.50

31

Hindustan Petroleum Corporation Limited

11,565.30

167,017.57

L9

India’s Top PSUs 2009

Net Profit Listing

Sr No

Company Name

Net Profit (Rs Mn)

32

Chennai Petroleum Corporation Limited

11,221.77

33

NHPC Limited

10,888.00

34

Nuclear Power Corporation of India Limited

10,765.96

35

Neyveli Lignite Corporation Limited

10,655.60

36

Indian Bank

10,087.39

37

General Insurance Corporation of India*

9,927.83

38

Allahabad Bank

9,747.42

39

ONGC Videsh Limited

9,415.52

40

Rural Electrification Corporation Limited

8,607.13

41

Syndicate Bank

8,480.67

42

Life Insurance Corporation of India

8,446.26

43

Oriental Bank of Commerce

8,409.38

44

Shipping Corporation of India Limited, The

7,912.20

45

Container Corporation of India Limited

7,524.10

46

Bharat Electronics Limited

7,450.94

47

Corporation Bank

7,349.88

48

IDBI Bank Limited

7,294.56

49

Central Coalfields Limited

6,333.65

50

Western Coalfields Limited

6,016.32

51

Andhra Bank

5,755.71

52

State Bank of Hyderabad

5,569.89

53

Central Bank of India

5,501.64

54

Manganese Ore (India) Limited

4,798.18

55

Export Credit Guarantee Corporation of India Limited

4,794.31

56

Petronet LNG Limited

4,746.53

57

Indian Railway Finance Corporation Limited

4,231.81

58

State Bank of Patiala*

4,137.30

59

UCO Bank

4,121.56

60

LIC Housing Finance Limited

3,872.62

61

State Bank of Travancore

3,861.11

62

Punjab & Sind Bank

3,823.58

63

Housing & Urban Development Corporation Limited

3,740.22

64

Numaligarh Refinery Limited

3,648.43

65

Dena Bank

3,597.90

L10

India’s Top PSUs 2009

Net Profit Listing

Sr No

Company Name

Net Profit (Rs Mn)

66

Narmada Hydroelectric Development Corporation Limited

3,516.20

67

Vijaya Bank

3,432.48

68

Export-Import Bank of India

3,330.46

69

Bank of Maharashtra

3,283.87

70

United Bank of India*

3,189.50

71

State Bank of Mysore

3,188.54

72

State Bank of Bikaner & Jaipur

3,150.02

73

Bongaigaon Refinery & Petrochemicals Limited

2,960.67

74

National Buildings Construction Corporation Limited

2,798.73

75

North Eastern Electric Power Corporation Limited*

2,583.11

76

Hindustan Copper Limited

2,540.63

77

Mazagon Dock Limited

2,412.10

78

State Bank of Indore*

2,340.00

79

Mahanagar Telephone Nigam Limited

2,293.38

80

Agriculture Insurance Company of India Limited

2,277.76

81

MMTC Limited

2,132.36

82

Small Industries Development Bank of India

2,104.32

83

Engineers India Limited

1,970.21

84

Indraprastha Gas Limited

1,744.56

85

Antrix Corporation Limited

1,682.36

86

Rashtriya Chemicals and Fertilizers Limited

1,541.10

87

Central Warehousing Corporation

1,499.55

88

Orissa Minerals Development Company Limited, The

1,488.37

89

Dredging Corporation of India Limited

1,463.59

90

UTI Asset Management Company Limited

1,404.40

91

BEML Limited

1,361.48

92

Electronics Corporation of India Limited

1,321.23

93

SBI Capital Markets Limited

1,303.35

94

State Trading Corporation of India Limited, The

1,236.65

95

Neelachal Ispat Nigam Limited

1,210.39

96

Kudremukh Iron Ore Company Limited

1,118.89

97

National Fertilizers Limited

1,084.51

98

Cochin Shipyard Limited*

964.04

99

M S T C Limited*

922.00

L11

India’s Top PSUs 2009

Net Profit Listing

Sr No

Company Name

Net Profit (Rs Mn)

100

RITES Limited

919.83

101

Balmer Lawrie and Company Limited

870.16

102

Garden Reach Shipbuilders & Engineers Limited

773.02

103

PTC India Limited

487.60

104

Indian Renewable Energy Development Agency Limited*

483.47

105

Bharat Dynamics Limited

476.51

106

PEC Limited*

413.99

107

Maharashtra Elektrosmelt Limited

363.24

108

STCL Limited

288.39

109

South Malabar Gramin Bank

220.24

110

Cotton Corporation of India Limited, The

214.23

111

Indian Railway Catering and Tourism Corporation Limited

210.36

112

NTPC Vidyut Vyapar Nigam Limited

190.50

113

Engineering Projects (India) Limited

130.90

114

Oriental Insurance Company Limited, The

93.02

115

Bridge & Roof Company (India) Limited*

61.76

116

National Small Industries Corporation Limited, The

42.20

117

Telecommunications Consultants India Limited*

21.26

118

Hindustan Organic Chemicals Limited

(200.12)

119

HMT Limited

(573.14)

120

Brahmaputra Valley Fertilizer Corporation Limited

(1,044.90)

121

Fertilisers and Chemicals Travancore Limited, The

(1,910.20)

L12

India’s Top PSUs 2009

Net Worth Listing

India’s Top PSUs 2009 Sr No

Company Name

Net Worth (Rs Mn)

1

Bharat Sanchar Nigam Limited

880,058.60

2

Oil and Natural Gas Corporation Limited

698,333.66

3

NTPC Limited

526,083.00

4

State Bank of India

490,326.62

5

Indian Oil Corporation Limited

407,484.00

6

National Bank for Agriculture and Rural Development

314,177.31

7

Steel Authority of India Limited

227,794.80

8

Nuclear Power Corporation of India Limited

221,862.85

9

NHPC Limited

172,391.80

10

Power Grid Corporation of India Limited

133,875.80

11

GAIL (India) Limited

129,395.10

12

Coal India Limited

124,234.21

13

Bharat Petroleum Corporation Limited

116,278.21

14

Rashtriya Ispat Nigam Limited

114,810.40

15

Mahanagar Telephone Nigam Limited

112,989.94

16

Bank of Baroda

110,439.27

17

Punjab National Bank

107,466.67

18

Bharat Heavy Electricals Limited

107,309.90

19

Hindustan Petroleum Corporation Limited

105,116.00

20

Power Finance Corporation Limited

93,298.00

21

National Aluminium Company Limited

88,741.40

22

Bank of India

88,262.93

23

Neyveli Lignite Corporation Limited

84,499.30

24

Canara Bank

82,956.33

25

NMDC Limited

82,643.30

26

Oil India Limited

79,329.70

27

New India Assurance Company Limited, The

69,728.04

28

IDBI Bank Limited

67,998.92

29

General Insurance Corporation of India*

66,837.68

30

Oriental Bank of Commerce

57,759.03

31

Shipping Corporation of India Limited, The

56,319.10

L13

India’s Top PSUs 2009

Net Worth Listing

Sr No

Company Name

Net Worth (Rs Mn)

32

Union Bank of India

56,162.66

33

Northern Coalfields Limited

55,603.56

34

Rural Electrification Corporation Limited

53,676.92

35

Small Industries Development Bank of India

52,597.97

36

Indian Bank

49,955.47

37

Indian Overseas Bank

47,427.00

38

Mahanadi Coalfields Limited

46,867.16

39

South Eastern Coalfields Limited

44,595.25

40

Allahabad Bank

43,688.81

41

Corporation Bank

42,285.12

42

Housing & Urban Development Corporation Limited

41,626.56

43

ONGC Videsh Limited

40,558.24

44

North Eastern Electric Power Corporation Limited*

39,701.06

45

Narmada Hydroelectric Development Corporation Limited

39,607.40

46

Central Bank of India

39,040.94

47

Syndicate Bank

38,651.72

48

Mangalore Refinery and Petrochemicals Limited

37,809.65

49

Western Coalfields Limited

34,352.39

50

Chennai Petroleum Corporation Limited

34,274.45

51

Andhra Bank

32,492.89

52

Export-Import Bank of India

32,063.73

53

Bharat Electronics Limited

31,463.75

54

Container Corporation of India Limited

31,319.90

55

Hindustan Aeronautics Limited

29,984.40

56

State Bank of Patiala*

27,086.29

57

State Bank of Hyderabad

26,941.46

58

United Bank of India*

26,612.80

59

Satluj Jal Vidyut Nigam Limited

26,119.50

60

UCO Bank

24,668.67

61

Indian Railway Finance Corporation Limited

24,255.65

62

Numaligarh Refinery Limited

22,391.75

63

Vijaya Bank

20,883.78

64

Kudremukh Iron Ore Company Limited

20,870.80

65

Oriental Insurance Company Limited, The

20,215.86

L14

India’s Top PSUs 2009

Net Worth Listing

Sr No

Company Name

Net Worth (Rs Mn)

66

Central Coalfields Limited

18,861.72

67

LIC Housing Finance Limited

18,312.99

68

Export Credit Guarantee Corporation of India Limited

18,133.69

69

Bank of Maharashtra

17,653.85

70

State Bank of Travancore

17,181.10

71

State Bank of Bikaner & Jaipur

17,132.12

72

Petronet LNG Limited

16,182.91

73

BEML Limited

16,104.49

74

Punjab & Sind Bank

15,642.91

75

Dena Bank

15,602.61

76

Rashtriya Chemicals and Fertilizers Limited

15,354.60

77

PTC India Limited

14,795.42

78

National Fertilizers Limited

14,076.70

79

State Bank of Mysore

13,778.15

80

State Bank of Indore*

13,162.80

81

Dredging Corporation of India Limited

12,303.25

82

Engineers India Limited

11,493.92

83

Bongaigaon Refinery & Petrochemicals Limited

11,489.47

84

Central Warehousing Corporation

11,072.04

85

MMTC Limited

10,277.13

86

Hindustan Copper Limited

8,997.05

87

Indian Renewable Energy Development Agency Limited*

8,186.49

88

Manganese Ore (India) Limited

8,126.82

89

Neelachal Ispat Nigam Limited

7,188.15

90

Mazagon Dock Limited

6,426.20

91

Agriculture Insurance Company of India Limited

5,896.35

92

Orissa Minerals Development Company Limited, The

5,810.18

93

Indraprastha Gas Limited

5,732.57

94

Electronics Corporation of India Limited

5,572.92

95

UTI Asset Management Company Limited

5,479.90

96

RITES Limited

5,372.68

97

State Trading Corporation of India Limited, The

5,248.85

98

Garden Reach Shipbuilders & Engineers Limited

4,855.42

99

Bharat Dynamics Limited

4,850.52

L15

India’s Top PSUs 2009

Net Worth Listing

Sr No

Company Name

Net Worth (Rs Mn)

100

SBI Capital Markets Limited

4,394.98

101

Cochin Shipyard Limited*

4,320.64

102

Telecommunications Consultants India Limited*

3,999.99

103

HMT Limited

3,759.66

104

Antrix Corporation Limited

3,654.82

105

National Buildings Construction Corporation Limited

3,353.17

106

Balmer Lawrie and Company Limited

3,246.06

107

Life Insurance Corporation of India

3,078.46

108

Cotton Corporation of India Limited, The

3,021.83

109

M S T C Limited*

2,706.50

110

Fertilisers and Chemicals Travancore Limited, The

2,492.60

111

National Small Industries Corporation Limited, The

2,438.10

112

South Malabar Gramin Bank

1,795.79

113

Hindustan Organic Chemicals Limited

1,369.51

114

PEC Limited*

1,260.69

115

Engineering Projects (India) Limited

1,009.71

116

Maharashtra Elektrosmelt Limited

952.29

117

Bridge & Roof Company (India) Limited*

820.82

118

Indian Railway Catering and Tourism Corporation Limited

788.49

119

STCL Limited

512.80

120

Brahmaputra Valley Fertilizer Corporation Limited

441.57

121

NTPC Vidyut Vyapar Nigam Limited

417.27

L16

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Yashika Singh, Sanketh Arouje

Sub-Editors Sachin Khedekar, Avinash Khemka, Diya Sengupta Editorial Team Marketing

Deepa Venkateshwaran, Debabrata Das, Hemant Sangani, Neha Chaturvedi, Janit Mahadevia, Ajay Lobo, Nidhi Bajaj, Dheeren Khemani, Devendra Chaubal, Ajit Parab, Imran Baig, Mahendra Mahale

Operations Team

Nadeem Kazi, Abhishek Dalvi, Vishwa Desai, Altamash Mahimi

Design Team

Mohan Chilvery, Pramod Vast Tushar Awate, Sonal Gangnaik, Shilpa Chandolikar, Parul Nirmal

Ravi Saneja Priyanka Badlani, Shivani Gauri, Carlton Lewis, Payal Thakkar, Ami Shah, Alok Gupta, Alok Hawaldar, Meenal Chandorkar, Punit Somani, Shradha Baranwal, Mansi Gupta, Mrinal Agarwal, Gagan Bhatla, Neethi Rana, Mainak Mitra, Hariharan P, Sophia Godinho, Ankur Singh

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India’s Top PSUs 2009 Second Edition ISBN 978-81-89262-43-3 Printed By Srinivas Fine Arts (P) Ltd.