Financial Express 500

fe 500 contents T H E

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Nine Months Performance of Top 100

BHEL Setting milestones for achievement ៉ Page 22

Methodology, Caveats & Limitations How we did it ៉ Page 84-85

Infosys Growing from strength to strength

Crystal Grazing

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Shaping up in slowdown times ៉ Page 86-87

The Market’s Verdict Depletion of wealth ៉ Page 88 2 THE FINANCIAL EXPRESS | MARCH 2009

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Page 82-83

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TATA STEEL Plenty of sheen on world stage

GAIL(I) Moving forward through innovation ៉ Page 27

RCOM Connect with the future ៉ Page 18

BPCL Fuelling India’s growth ៉ Page 21

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Ranks in Alphabetical Order

SAIL Optimising capacity

Bharti Airtel Leading the way in touching lives ៉ Page 16

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Profits & Profitability Earnings grow faster than topline ៉ Page 70-71

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A comparison of India’s top performing companies grouped by industry. The section contains total income, net profit, retained profit, forex earnings, forex expenditure, and debt-equity ratios ៉ Page 52 - 68

IOC Storming ahead in troubled waters

NTPC Networking to augment potential ៉ Page 13

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Under the lens

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The FE-500 How India’s top 500 companies fared in 2007-08 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 ៉ Page 30 - 51

ONGC Guarding national interests

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A plateau after accelerated growth ៉ Page 6-9

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Overall Performance

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Rural India beckons India Inc ៉ Page 4

Setting the global benchmark

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Editorial

L&T On terra firma and progressing forward ៉ Page 24

ITC Gains from dynamism and diversification ៉ Page 26

WIPRO Looking beyond business into life ៉ Page 28

fe 500 editorial A FINANCIAL EXPRESS RESEARCH BUREAU PROJECT

Rural India beckons India Inc CHAIRMAN OF THE BOARD Viveck Goenka GROUP EDITOR-IN-CHIEF Shekhar Gupta PROJECT CO-ORDINATOR Akash Joshi RESEARCH EDITOR Pradip Kumar Dey EDITORIAL MG Arun, Rishi Raj, Anandita Singh Mankotia, Arun S, Shaheen Mansuri, Mona Mehta, Smita Joshi Saha, Rachana Khanzode DESK Ayesha Dominica Singh RESEARCH REPORT Sujith Pillai, Sandeep Nalge, Tara Boi COVER DESIGN Manoj Bhramar & Anirban Bora DESIGN TEAM PL Santosh, MP Singh, Asit Bagchi, Gopakumar Warrier, Rajeshkumar Menon MARKETING CO-ORDINATORS Bharat Punjani, Milind Godave, Kannan Venkatraman, Amit Shrivastava, UK Sharma, Vijay Kak, Pradeep Sharma, Prashanth DJ, Nirmala Priya Charles, Siddharth Mukherjee, M Bhaskar Murthy, Buddha Reddy, Sushmita, BR Mohan Reddy, T Shankar

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HEN fe500 had decided to use revenue and not market capitalisation as the key marker for corporate performance, this was not a fashionable decision. Market cap was the favourite criterion of all analyses. Allow us to say that 2008’s stock market bloodbath showed how puzzling market cap can be as a substantive indicator. Market cap is important. But when markets are responding to global fear and uncertainty, their verdict on a company can be bemusing. Revenue, on the other hand, reflects the rewards of a company’s real business activities and can give you a good idea of a company’s performance even the day after Lehmann Brothers dies. So, this edition of fe500 has a special significance—many of the corporates present here may have taken a market cap battering. But they can still be judged and found to have solid attributes. The study, covering 2007-08, shows how the impact of the slowdown had begun to set in. Profitability, especially of larger companies, remained high. However, the sales growth at 17% was much lower than the 28% recorded in 2006-07. The fe500 also profiles the top 15 companies in our list. There are a few notable trends. Reliance Communication debuts on fe500—another indication of how big the telecom story can become. And Bharti Airtel pushes established companies like L&T out of the top 10. Most of the other big ones continue to hold their place. But interestingly, the only FMCG firm to feature in the list is ITC. The company has, over the years, diversified and invested a great deal in the Indian rural sector. The rewards have just about started to come in. There’s a bigger lesson here. As 2008-09 ends with evidence of dampened urban demand, the focus is on rural demand, which seems to be in healthy shape. The aam aadmi could be India Inc’s biggest friend in a slowdown.

PRODUCTION BR 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 Mumbai 400 710 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, without prior written permission is prohibited.

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SHEKHAR GUPTA

fe 500 overallperformance

A plateau after accelerated growth With higher GDP growth, the FE-500 registered an 18% sales surge in 2007-08 Pradip Kumar Dey

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FTER a sparkling performance in 2006-07, the Indian corporate sector showed a slight dull moment in its performance during 2007-08. Rising cost of raw materials and energy cost placed some obstacles in their growth path. Speeding ahead at a rate of 17.69%, the FE 500’s net sales reached a high of Rs 19.32 lakh crore. Though, in comparison with 2006-07, the sales growth was significantly low. The FE 500’s sales growth was 28.02% in the year 2006-07. The top ten, in terms of composite ranks, seemed slightly slower than the FE 500 as a whole. Their sales growth, at 15.20%, was lower than the overall FE 500, which recorded a collective growth of 17.69%. In absolute terms also, the top ten ended 2007-08 with a lower record: their aggregate sales as a percentage of the total FE 500 saw a marginal decrease from 36.26% in the year before to 35.49% in 2007-08. Barring Larsen & Toubro, all the other nine who graced the super league in 2006-07, also showed up in the next year. Larsen & Toubro, the top tenner of 2006-07 was edged out by BPCL in 2007-08. At the top spot in 2007-08 was Reliance Industries. In the slot just behind it was stablemate ONGC; the third runner-up was NTPC. The other seven top tenners, in descending order of their composite ranks were: Indian Oil Corp, Bharti Airtel, SAIL, Reliance Communications, Tata Steel, BPCL and BHEL. Within the top ten group some shifting of positions has taken place. Thus, Bharti Airtel, sixth in

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2006-07, moved up to the fifth position and Sail lost the position from fifth to the sixth. BHEL lost ground and declined, from the eighth to the tenth. The FE 500, clubbed in five groupsthe first 100, the second 100, the third 100, fourth 100 and the rest were neck to neck. So, comparisons, if any, have to be made within the FE 500. As against an overall sales growth rate of 17.69% for the 500 as a group, the sub-groups of 100 each recorded growth rates of 16.75, 20.01, 23.78,18.24 and 19.34% respectively during 2007-08. The top 100 group (according to composite rankings) saw seven new companies making an entry in 2007-08.The highest rate of rise in net sales in the first set was recorded by DLF (388.13%), Lanco Infratech (190.68%), Punj Lloyd (99.79%), HDIL (97.75%), Sesa Goa (76.45%) and Siemens (71.78%). The laggards in the top 100 were

National Aluminium (-15.64%), Tata Communication (-12.36%), Dr Reddys Lab (-11.53%), Ambuja Cements (-8.78%), Hindustan Zinc (-7.97%) Moser Baer (-6%) and MTNL (-3.81%). Around 11 companies in the first group of 100 recorded more than a 50% increase in net sales in 2007-08. The second set of 100 companies grew at 20.01%, higher than the FE 500’s average. Their combined net sales increased from Rs 1.86 lakh crore (on an annualised basis) in 2006-07 to Rs 2.23 lakh crore in 2007-08. The second set saw many changes, but the more noteworthy among them were the 16 new entrants from the lower ranks in 200708.The highest rate of rise in net sales was recorded by Era Infra Engineering (91.93%), followed by KS Oils (90.93%) and Omaxe ( 90.20%). Among the poor performers in this group was Ballarpur Inds (-56.1%). Compared to the first two, the third group of 100 companies did perform well in terms of net sales growth. Aggregate net sales of the set increased by 23.78% from Rs 97,484 crore in 2006-07 to Rs 1,20,665 crore in 2007-08. In terms of individual performance, eight companies recorded declines in the third set. Of them, Fert & Chem. Travancore (-41.15%), followed by Bannari Amman Sugar (-17.65%), Shree Renuka Sugars (-6.90%) and OCL (-5.44%). Hind National Glass (98.14%), Koutons Retail (I) (97.18%), BGR Energy Systems (94.14%), BL Kashyap & Sons (90.91%), Bombay Rayon (89.24%), Consolidated Const Consortium (70.43%) and Nava Bharat Ventures (61.88%) were among those registering significant sales growth. There were 23 new members in

fe 500 overallperformance

the set in 2007-08. Not all the new members however, have any cause for jubilation. As many as nine of them are rejects from the second set, including such big names like JK Cement, Shree Precoated Steels, Matrix Laboratories, JK Tyre Industries and Kingfisher Airlines. And 14 others, which were in the fourth set in 2006-07, entered the third set of companies in 2007-08. Mention may be made of Hind National Glass, Gulf Oil Corp., Chettinad Cement Corp., Ramsarup Industries, Koutons Retail (I), Electrotherm (I) and MindTree. The fourth set of 100 companies registered the lowest growth in sales compared to the second and third set, indicating that at the bottom of the corporate heap, there is serious lack of enterprise. The fourth group of companies grew at 18.24%, and their combined net sales increased from Rs 74,114 crore (on an annualised basis) in 2006-07 to Rs 87,629 crore in 2007-08. The highest rate of rise in net sales was recorded by Sanwaria Agro Oil (110.60%), followed by ICSA(I) (101.72%), Spicejet (101.15%), HBL Power System (89.02%), Godavari Power&Ispat (88.81%), Amara Raja Batteries (82.69%), Ankur Drugs (80.41%) and Bharati Shipyard (78.27%). Most interesting part of the FE 8 THE FINANCIAL EXPRESS | MARCH 2009

500 is the sales growth of fifth and final set of 100 companies. The fifth group of companies grew at 19.34%, which is higher than first hundred and fourth hundred groups and their combined net sales increased from Rs 53,980 crore in 2006-07 to Rs 64,418 crore in 2007-08. Looking at the FE 500 as a whole, it is obvious that individual performance was substantially determined by the fortunes of the industry in which they operated. The fastest growing

industries in 2007-08 were dry cells, steel-sponge iron, construction, retailing, glass and glass products, ship breaking and repairing, steel-pig iron, solvent extractions, engineering and air conditioning. The slowest growing industries were aluminium and products, textilesprocessing, cycles and accessories, packaging, biotech, tea, pharmaceutical-multinationals, automobiles LCVs, HCVs and passenger cars, computershardware and compressors/ drilling equipment. Given the perky overall growth rate of 17.69% for the FE 500, asset growth was significantly higher than the sales growth. The combined total assets of the FE 500 (according to sales) rose by 28.17% from Rs 16.90 lakh crore in 2006-07 to Rs 21.66 lakh crore in 2007-08. While building assets, the FE 500 were more concerned about profits. Gross profits grew higher than sales. The total gross profits of the FE 500 rose from Rs 2.78 lakh crore (on an annualised basis) in 2006-07 to Rs 3.34 lakh crore in 2007-08; a 20.14% jump. The top 10 of the FE 500 accounted for a major share of the booty (Rs 1.31 lakh crore), leaving Rs 2.03 lakh crore to be divided up among the remaining 490. ONGC, the numero uno profit-

maker of the year, notched up gross profits of Rs 35,381 crore, a 6.95% increase from Rs 33,083 crore in the previous year. The other nine companies in the top ten list in terms of gross profits were Reliance Industries (Rs 27,810 crore), Indian Oil Corp (Rs 12,761 crore), SAIL (Rs 12,674 crore), NTPC (Rs 12,158 crore), Bharti Airtel (Rs 10,126 crore), Tata Steel (Rs 7,882 crore), Hindustan Zinc (Rs 6,283 crore),TCS (Rs 5,789 crore) and Infosys Technologies (Rs 5,646 crore). Reliance Industries topped in terms of net worth during 2007-08, it raised net worth to Rs 79,766 crore, a 24.70% rise from Rs 63,967 crore in the previous year. The other companies in the Top 10 list in terms of net worth were ONGC (Rs 70,617 crore), NTPC (Rs 52,638 crore), Indian Oil Corp (Rs 41,086 crore), Tata Steel (Rs 27,300 crore), Reliance Communications (Rs 24,840 crore), Sail (Rs 23,063 crore), Bharti Airtel (Rs 20,241 crore), Hindalco Inds (Rs 17,296 crore) and Power Grid Corp (Rs 13,507 crore). The aggregate net worth of the FE 500 increased by 28.48% from Rs 7.74 lakh crore in 2006-07 to Rs 9.95 lakh crore in 2007-08. Four companies, namely Tata Teleservices (Mah), Lloyds Steel, Spic and Balaji Distilleries had a negative net worth

in absolute terms. As for market capitalisation, performance was dismal, the aggregate market capitalisation of the FE 500 corporates decreased by 47.41% from Rs 42.29 lakh crore as January 30, 2008 to Rs 22.24 lakh crore as on 30 January 2009.The highest decline in market capitalisation among the FE 500 companies was witnessed in the case of Vishal Retail (-92.62%), Unitech (-91.67%), Madhucon Projects (-91.38%), ABG

Shipyard (-90.66%), Bharati Shipyard (-90.16%), BL Kashyap&Sons(-89.96%), Shree Precoated Steel(-89.8%), Ansal Prop.&Infra (-89.44%) and Subhash Projects (-89.08%). In contrast, 18 companies showed an increase in market capitalisation during the study period. Mention may be made of GlaxoSmithkline Pharma (36.09%), Hindustan Unilever (31.18%), Hero Honda Motors (27.90%), Castrol(I) (23.32%), Jindal Poly Film (19.91%), Kajaria Ceramics (17.16%) and HPCL (14.31%). The top 10 in terms of market capitalisation in 2007-08 were Reliance Industries (Rs 2,08,719 crore), NTPC (Rs 1,56,251 crore), ONGC (Rs 1,40,780 crore), Bharti Airtel (Rs 1,20,320 crore), Infosys Technologies (Rs 74,758 crore), MMTC (Rs 72,412 crore), ITC (Rs 67,801 crore), NMDC (Rs 66,032 crore), BHEL (Rs 64,638 crore) and Hindustan Unilever (Rs 56,937 crore). The market capitalisation of the top 10 companies (in terms of composite rank) decreased by 36.95% to Rs 8.41 lakh crore on January 30, 2009 from Rs 13.34 lakh crore on January 30, 2008. The share of top 10 market capitalisation in the FE 500 increased from 31.54% on January 30, 2008 to 37.81% on January 30, 2009. MARCH 2009 | THE FINANCIAL EXPRESS | 9

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This was a landmark year for Reliance as we delivered record financial and operating performance in challenging and volatile market conditions. MUKESH AMBANI CMD, RIL

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EGINNING as a small textile company, Reliance Industries Limited (RIL) has crossed several milestones to become India’s largest private sector company, with businesses in the energy and materials value chain. The group’s annual revenues are today in excess of Rs 1,76,800 crore ($34 billion). RIL is a Fortune Global 500 company. RIL’s net profit for the financial year ended March 2008 stood at Rs 19,458 crore, an increase of 63% as compared to Rs 11,943 crore in fiscal 2007. It also posted a turnover of Rs 1,39,269 crore for fiscal 2008, an 18% increase. Starting with textiles, Reliance pursued a strategy of backward vertical integration—in polyester, fibre intermediates, plastics, petrochemicals, petroleum refining and oil and gas exploration and production—to be fully integrated along the materials and energy value chain. The group’s activities span exploration and production of oil and gas, petroleum refining and marketing, petrochemicals (polyester, fibre intermediates, plastics and chemicals), textiles, retail and special economic zones. Reliance enjoys global leadership in its businesses, being the largest polyester yarn and fibre producer in the world and among the top five to ten producers in the world in major petrochemical products. RIL is likely to begin gas production from the Krishna-Godavari basin by midApril. K-G basin in the Bay of Bengal to Jamnagar in Gujarat, where it has set up the world’s largest petroleum refinery and has a capacity of 33 million tones per annum. Reliance’s manufacturing division at Naroda, Ahmedabad is one of the largest and most modern textile complexes in the world. The company’s flagship brand ‘Vimal’ is one of the most trusted brands of premium textiles in the country. Apart from being a major supplier of fabrics with all the leading US and European brands, Reliance proposes to enter into garment supplies, ensuring a one point solution for their needs. The textile division has achieved a major

breakthrough in the domestic and American automotive markets aimed at obtaining a foothold in the world’s autotextile segment, currently worth $ 5 billion. The manufacturing facility at Naroda, Ahmedabad has completed its modernisation and upgradation. Reliance Retail Limited (RRL), a subsidiary of RIL, was set up to lead Reliance Group’s foray into organised retail. RRL has embarked upon an implementation plan to build state-of-the-art retail infrastructure in India, which includes a multi-format store strategy of opening neighbourhood convenience stores, hypermarkets, specialty and wholesale stores across India. While falling demand for fuel and lower gains from processing crude oil has caused a slump in profits, RIL managed to prevent a drastic profit fall by posting better gross refining margins (GRMs). For the third quarter for the current financial year,RILhadpostedanetprofitdipof 10% to Rs 3,501 crore (excluding exceptional items), compared to Rs 3,882 crore in Q3 of the previous year. GRMs did not fall as much as feared, dropping to $10 per barrel against $15.4 per barrel on a year-on-year basis. RIL’s GRM in the quarter was higher by $6.4 per barrel than the benchmark Singapore Complex GRM. Mukesh Ambani, CMD, RIL had said, “This was one of the most challenging quarters with volatility in prices and margins. Producers and consumers are coming to terms with slower global trade and economic outlook. Reliance performed commendably with high operating rates. We reached an important mark in the start up of the RPL refinery.” In February 2009, RIL merged with its refining subsidiary Reliance Petroleum Limited (RPL) and offered a swap ratio of 1:16. RIL will issue 69.2 million new shares to shareholders of RPL in order to buy back the company and will have 3.7 million shareholders after the merger. RIL’s equity capital will rise to Rs 1,643 crore and the promoter’s holdings will fall by 2%. With the merger, RIL becomes the world’s fifth largest polypropylene producer.

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The company is the torchbearer in seeking energy security for the nation and in providing affordable energy to fuel our growth. R S SHARMA CMD, ONGC

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F one were to look at the accolades this premier Navratna has garnered, it would be an extremely long list. However, here are a few noteworthy— numero uno oil exploration and production company in Asia as per Platts 250 Global Energy Companies List in 2007. Ranked 20th amongst the top global publicly-listed energy companies as per PFC Energy 50 in January 2008. And, the only company from India in the Fortune Magazine’s list of the world’s most admired companies in 2007. This speaks volumes about the kind of giant that the nation can count on. And, little wonder then that it is right up there amongst the FE 500 list. And the financial year 2007-08 saw the company record a highest ever revenue of Rs 60,137 crore, a net profit of Rs 16,701.6 crore, and distributed Rs 32 per share or a 320% dividend. As a group, the company crossed the one trillion mark in 2007-08. This again was a record of sorts. However, the year marks the increased intensity in exploratory efforts by the company and it made significant discoveries in deep water and ultra-deepwater provinces in the east coast of India. “This focus has enabled us to maintain a reserve replacement ratio (RRR) of more than one consistently for the past four years,” said chairman and managing director RS Sharma. The company had also made 38 project acquisitions in 18 countries. And despite the handsome payout, ONGC has an enviable cash position. Cash and bank balance increased 23.8%, from Rs 15070 crore 2006-07 to Rs 18,650 crore in 2007-08 and this constituted 24.1% and 18.3% of reported net worth and total assets respectively. Such a cash position puts ONGC in a position of strength to make global acquisitions. And surely, it has been making its international presence felt. ONGC operates in the international markets through its wholly-owned subsidiary OVL, through which it has acquired interests in several oil and gas

blocks. OVL operates in 15 countries with 44 properties and has produced around 8.8 MMT of oil and oil equivalent gas last year. Therefore, the percentage of overseas production to total production of ONGC has increased from 7.23% in 200203 to 15.4% in 2007-08. The company has an extremely strong overseas plan and a similar one on the domestic front. OVL at the end of 2008 has completed the Imperial Energy acquisition for $1.9 billion. And recently, the board approved an investment of about Rs 3,500 crore for investing in additional facilities at its oilfields in Assam and Western Offshore to boost output and also reported five oil and gas discoveries. The third quarter results, however, were rather disappointing. Thanks to the fall in crude prices and under-recovery. Due to this, the company reported a substantial drop in standalone net profit for the quarter ended December 2008. During the quarter, the profit of the company declined 43.32% to Rs 24,74.81 crore from Rs 43,66.54 crore in the same quarter previous year. Net sales declined 17.07% to Rs 12,538.6 crore, while total income for the quarter fell 14.55% to Rs 13,657.39 crore, when compared with the prior year period. However, the depreciating rupee is expected to boost earnings in the short run, its ambitious plans and vision in the long-run. Every single rupee fall against the dollar causes the standalone earnings per share of the company to increase by more than Rs 3, say analysts. As for the long-run, RS Sharma said, “As we look into the future, it is strewn with opportunities. Even though ONGC is committed to concentrate on its core business area of E&P, it shall continue to capture growth opportunities in integration projects and retain its leadership position in the energy sector of the country.” In this, the company is also looking at new vistas in the nuclear power generation area. It would be looking at joint ventures to tap the uranium potential and further enhance its role in India’s energy security.

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TPC, the country’s largest power company, has emerged as an ‘Integrated Power Major’, with a significant presence in the entire value chain of power generation business. At present, it has a generating capacity of 29,894 MW, from coal and gas. But the company has also diversified into hydro power, coal mining, power equipment manufacturing, oil and gas exploration, power trading and distribution. The public sector company, incorporated in the year 1975 and ranked 411th in the Forbes list of ‘World’s 2000 largest companies, 2007’, has embarked on plans to become a 75,000 MW company by 2017. The company contributes to 19.11% of the country’s capacity and accounted for 28.51% of the total power generation in India in 2007-08. On March 20, RS Sharma, CMD of the company, said that it would add 3,000 megawatts of capacity in FY 2009-10. This expansion target is around 70% more than what the company would achieve in 2008-09. The company undertakes many pro-active measures to protect the environment and ecology around its projects. It was the first among power utilities in India to start Environment Impact Assessment (EIA) studies and reinforced it with periodic environmental audits and reviews. NTPC is also planning to increase the share of non-fossil based generation. The share of fossil fuel-based generation is expected to come down from 82% of the total generation today to about 70% by 2017. NTPC’s is also diversifying into equipment manufacturing and formed a JV with BHEL for manufacturing balance-of-plant equipment and main-plant equipment. NTPC has developed green cover of over 18 million trees and plans to develop one million square feet of green building space by 2017. It is also fasttracking the solar power development programme of setting up 15 MW solar capacity by 2012 and 50 MW capacity by 2014. In 2007- 08, the company’s gross revenue crossed the Rs 40,000 crore-mark, while its shareowner base breached the

one million-mark. It is the eight largest in the country in terms of shareholder base. It generated 200.8 billion units of power in 2007-08, while the capacity utilisation (PLF) of coal-based power stations crossed the 90% mark (92.24%). Net profit crossed the Rs 7,000 crore-mark (Rs 7414.8 crore) and capex crossed the Rs 8,500 crore-mark (Rs 8,621 crore). In the December quarter of 2008-09, the company reported a 26% higher net profit. The company has hired 1,225 people in the current year and plans to recruit over 1,000 engineering and management professionals in the coming years. Thanks to its competent human resources team and an excellent training policies, it received special recognition from the India chapter of Great Places to Work Institute. NTPC came first in the category ‘Best workplaces for large organisations’. It was also placed eighth in overall rankings for 2008. The company also mulls setting up a network of distribution centres close to its power plants and later transfer them to state electricity boards. The company is looking at setting up power projects in Kazakhstan in order to import coal from there. The company is likely to soon get to supply 3 million tonne per annum of gas in Nigeria. This is in return for constructing a 500 MW coal-based plant and 700 MW gas-based power plant there. To address manpower shortage in the sector, NTPC is adopting and upgrading 21 identified Industrial Training Institutes (ITIs) and is also helping to set up new ITIs near its units. Doing its part in contributing to rural electrification, the company has taken up electrification of nearly 40,000 villages in six states and one union territory, with special focus on providing electricity to families living below poverty line, through the Rajiv Gandhi Grameen Vidyutikaran Yojana. According to Sharma, the company’s power trading subsidiary NVVN has crossed the cumulative power trading mark of 12 billion units. NVVN will sell power from the upcoming merchant capacity as well.

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NTPC has always demonstrated leadership by adopting the latest technologies to pursue sustainable and efficient power generation. R S SHARMA CMD, NTPC

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fe 500 profile IOC Storming ahead in 5 COMPOSITE

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Indian Oil too is seeking quantum leaps in its core business, adding on new and emerging segments on the way. SARTHAK BEHURIA Chairman, IOC

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HE India growth story so far and even henceforth rests on the fortunes of several corporations. Indian Oil Corporation (IOC) is definitely one of them. The sheer magnitude of operations and its reach make it a critical element in India’s growth prospects. Consider this, in the financial year 2007-08, the IndianOil group sold 59.29 million tonne of petroleum products, including 1.74 million tonne of natural gas, and exported 3.33 million tonne of petroleum products. It, along with its group of companies, owns and operates 10 of India’s 19 refineries with a combined refining capacity of 60.2 million metric tonne per annum (or 1.2 million barrels per day). These include two refineries of subsidiary Chennai Petroleum Corporation Ltd (CPCL) and one of Bongaigaon Refinery and Petrochemicals Limited (BRPL). The corporation’s cross-country network of crude oil and product pipelines, spanning about 9,300 km is the largest in the country. In fact, 2007-08 saw the culmination of a major restructuring exercise in the form of a seamless merger of the marketing subsidiary, IBP, with Indian Oil. “Integration of the countrywide assets and operations of both the companies led to the formation of a larger and more formidable marketing network of over 34,000 touch points for Indian Oil,” said Sarthay Behuria, chairman, Indian Oil in the annual general meeting. “A similar exercise is underway for the merger of the refining subsidiary, Bongaigaon Refinery and Petrochemicals Ltd, which will bring synergy in our refining operations” he added. Indian Oil’s revenues for the year 2007-08 reached a new high of Rs 2,47,479 crore, up by 12.1% as compared to the previous year. The net profit was Rs 6,963 crore, after considering the compensation of Rs 18,997 crore in the form of the special oil bonds issued by the Government of India. The total net under-recovery on account of price under-realisation on sale of the four sensitive products in

the year 2007-08 was Rs 9,774 crore, after considering the oil bonds and burdensharing by upstream companies. Among new businesses, natural gas marketing and petrochemicals together generated revenues of nearly Rs 4,700 crore for the year 2007-08. The petrochemical plants set new records in production during the year to match increased sales. The year also marked expansion of the corporation’s upstream portfolio to over 20 oil and gas assets in India and abroad. In fact, Indian Oil has been creating assets internationally as well and most of them are present in value-added product segments. Indian Oil (Mauritius) has developed its presence in the competitive aviation business. Lanka IOC looks at widening the lubricants business. Similarly, Indian Oil Middle East FZE concentrates on blending lubricants and marketing petroleum products in the Middle East, Africa and CIS countries. The combined turnover of all subsidiaries for the year 2007-08 was Rs 41,831 crore, registering a growth of 11.2% over the previous year. Their combined profit was Rs 1,524 crore, an increase of 109% over the previous year. The joint ventures also fared well during the year, with their aggregate turnover reaching Rs. 8,245 crore, representing a 31.6% growth over the previous year. Their combined profits registered a 64% jump to Rs 595 crore Going ahead there are ambitious plans. The management envisages investments of over Rs. 50,000 crore currently and plans to take the group refining capacity from 60.2 to 80 million tonne per annum by the year 2011-12. Similarly, IndianOil will add about 4,000 km of new pipelines by the year 2012. “In this, we see gas pipelines as a high-growth area,” said Behuria. He also mentioned, “Indian Oil’s new businesses assume great significance for its growth plans for the future, with its current marketing margins taking a hit on account of soaring prices of crude oil in the international market and incomplete pass-through of product prices to the customers.”

fe 500 profile Bharti Airtel Leading the way in 5 COMPOSITE 5 NET

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I have always believed that Airtel’s services have changed millions of lives. We are fortunate that our business has social relevance. SUNIL BHARTI MITTAL CMD, Bharti Airtel

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touching lives Anandita Singh Mankotia

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HARTI Airtel Ltd, the country’s largest telecom service provider, is a group company of Bharti Enterprises led by Sunil Bharti Mittal. It is Asia’s leading integrated telecom services provider with operations in India and Sri Lanka and an aggregate of over 93.8 million customers as of end February 2009, consisting of 91.11 million mobile customers. Bharti Airtel Ltd has been voted India’s most innovative company in a survey conducted by The Wall Street Journal. The company commands a market share of 32.88% in the GSM segment. Bharti Airtel is structured into three strategic business units—mobile services, telemedia services and enterprise services. The mobile business offers services in India and Sri Lanka. The telemedia business provides broadband and telephone services in 95 cities. Last year it forayed into DTH and IPTV services. The enterprise business provides end-toend telecom solutions to corporate customers and national and international long distance services to carriers. All these services are provided under the Airtel brand. Airtel’s high-speed optic fibre network spans over 90,205 kms covering all the major cities in the country. The company has two international landing stations in Chennai that connects two submarine cable systems—i2i to Singapore and SEA-ME-WE-4 to Europe. Bharti Airtel recently announced key apex level organisational changes aimed at laying the foundation for the company’s next phase of growth. As per it Manoj Kohli, CEO and joint managing director, Bharti Airtel will now increasingly focus on strategy development, governance and organisation development. He will also provide additional focus on building the B2B powerhouse. Sanjay Kapoor has been elevated from president —mobile services to a newly created position of deputy CEO. In his new role, Sanjay will lead the mobile, telemedia and DTH businesses. Atul Bindal will take over as president—mobile services.

K Srinivas who was executive director (east)—mobile services and in-charge of Sri Lanka operations will take over as joint president—telemedia services. According to Sunil Bharti Mittal, chairman and managing director, Bharti Airtel, the company continues to lead the telecom growth story adding customer and revenue market share despite intense competition. “Bharti’s strategy of extensive roll out ahead of competition, especially in new villages, has yielded rich dividends. Our launch in Sri Lanka has received a huge response and despite coming in as the fifth operator we hope to be in a leadership position in the coming years. The customer response to the launch of our world class DTH and IPTV services has been encouraging. Bharti Airtel is well placed to capitalise on the huge telecom opportunity that India offers.” Last year, the company launched its mobile services in Sri Lanka under the Airtel brand on a state-of-theart 3.5G network. The company plans to invest around $200 million in its Sri Lanka operations. The vision is that of emerging as a conglomerate by 2020 and the company has thus forayed into the retail sector. Bharti Retail Ltd, a wholly owned subsidiary of Bharti Enterprises, launched their first “Easyday market”. It also launched neighbourhood format stores “Easy Day” in Ludhiana, Punjab. The group, which had also forayed into the insurance sector with Bharti AXA Investment Managers, a joint venture between Bharti Group and AXA Group, last year announced that it is targeting assets worth $10 billion under its management by 2012. The company in association with Indian Farmers Fertiliser Cooperative ltd (IFFCO) also announced the launch of a joint venture company IFFCO Kisan Sanchar Ltd (IKSL), to provide a boost to Indian agriculture and the rural economy. The JV company will harness the power of telecom to add value to the farm sector and empower the rural farmer by giving him access to vital information, which will enhance his livelihood and quality of life.

Optimising capacity to SAIL empower the nation Rishi Raj

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TATE-OWNED Steel Authority of India Ltd (SAIL) is the country’s largest steel maker. It was among the leading profit earning corporates of the country in 2007-08 with an annual profit (before tax) of Rs 11,469 crore and a turnover of Rs 45,555 crore. The company paid its shareholders 37% dividend for the year, amounting to over Rs 1,500 crore. Sail set new performance landmarks in financial year 2007-08 with high production and productivity, market-driven product-mix, higher value-added/special steel production and by taking several initiatives towards cost reduction. Strong market demand for steel supported best-ever sales of 12.3 million tonne during the year, with substantial growth in sales of value-added products like long rails of 130/260 metre, plates, HR coils and medium structurals. Sales were also boosted by the presence of SAIL’s authorised dealers in all districts of the country, with an addition of about 1,200 new dealers during 2007-08. Sail thus became the first steel company in the country to have a distribution network covering each and every district. During 2007-08, Sail recorded the highest-ever saleable steel production of 13 million tonne with a capacity utilisation of 118%. Of this, 8.9 million tonne was produced through the energy-efficient continuous casting route with capacity utilisation of 128%. Production of special quality/value-added products went up to 3.5 million tonne. Over 30 new products were developed for special applications, including high corrosion/earth quake resistant TMT rebars for construction, high tensile plates for hydel power projects and high yield strength (SAILMA 550 HI) plates, SUP-11A/9 grade spring steel for the auto sector, environment-friendly C-5 coated CRNO sheets, armour steel plates for the defence sector, boron-treated aluminium-killed low carbon steel, vanadium micro-alloyed rails for application in tracks for higher axle load at high speed, low carbon HR coils with titanium for extra deep drawing.

The company also achieved the lowestever energy consumption at 6.95 giga calories per tonne of crude steel and coke rate at 533 kgs per tonne of hot metal in 2007-08 by fine-tuning operational efficiencies. Thrust on cost reduction resulted in savings of over Rs 300 crore. Hence SAIL was able to partially offset the price increase of inputs such as coal, zinc, nickel, freight charges. SAIL implemented measures, including introduction of the Integrated Project Management system, adoption of latest monitoring techniques and employee empowerment, to ensure smooth implementation of its expansion and modernisation plan, which will take SAIL’s annual hot metal production capacity to over 26 million tonne from the level of 14 million tonne by 2011-12. “SAIL has been at the forefront in developing new grades of quality steel including for projects of national importance. Some of the products during 200708 include earthquake resistant TMT and wire rods with improved corrosion resistance, vanadium micro-alloyed rails for application in tracks for higher axle load at high speed, steel armour plates for the defence sector,” says SK Roongta, chairman SAIL. Initiatives were taken by the company during 2007-08 to ensure security of raw material supplies and expand business. These included the decision to install Steel Processing Units in states where SAIL has no plants, equity participation in International Coal Ventures Ltd, a special purpose vehicle formed with four other PSUs for acquisition of coal assets in overseas territories, and MoUs with MOIL and Tata Steel. Initiatives in other areas included setting up of two JV companies for production of slag cement and a decision to install a wind power plant of 50 MW capacity in Tamil Nadu, expansion of JV captive power plants by 1,250 MW at Bhilai and Bokaro, alliance with POSCO, Korea. SAIL spent around Rs 120 crore on CSR in 2007-08. It adopted 79 villages across eight states as Model Steel Villages for exclusive development of medical facilities, education, roads, etc.

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The essence of organisational excellence goes much beyond the mere physical and financial numbers that highlight operating performance. S K ROONGTA Chairman, SAIL

MARCH 2009 | THE FINANCIAL EXPRESS | 17

fe 500 profile RCOM Reaching out to 5 COMPOSITE 5 NET

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Through our nationwide GSM launch, along with our continued focus on our CDMA network, we will endeavor to re-write the rules of the industry. ANIL AMBANI Chairman, RCOM

18 THE FINANCIAL EXPRESS | MARCH 2009

connect with the future Rachana Khanzode

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ELIANCE Communications (RComm) is the flagship company of the Anil Dhirubhai Ambani Group (ADAG). It is India’s leading integrated telecommunication company with over 71 million customers. The company’s business encompasses a complete range of telecom services covering mobile and fixed line telephony. It includes broadband, national and international long distance services and data services along with a range of value-added services and applications. For the financial year 2007-08, the company posted a net profit of Rs 5,401 crore, higher by 70.8% compared to a net profit of Rs 3,164 crore in the previous year. Revenues stood at Rs 19,068 crore compared to Rs 14,468 crore earlier, a growth of 31.8%. The company had many milestones in the period 2007-08. In May 2007, it offered feature rich mobile handset at just Rs 777. It also emerged as the 2nd largest marketer of mobile handsets in India. The same month, it slashed rates for calls to Gulf by over 36%, enabling customers to make calls to all countries in Gulf region at just Rs 6.99 per minute with Reliance Global Call Card of denomination of Rs 1,900. In July, it teamed up with Qualcomm Incorporated to grow CDMA2000 technology in India. At the same time, it also announced their world leading CDMA2000 network expansion, covering more than 20,000 towns in India. It also announced the acquisition of US based Yipes Holdings, Inc., a leading provider of managed Ethernet services. In November, RComm and Microsoft announced a strategic partnership to deliver a highly connected, personalized TV experience to consumers in India through Reliance’s IPTV service, which will be powered by the Microsoft Mediaroom Internet Protocol Television (IPTV) software platform. In January 2008, it the received startup spectrum to launch nationwide GSM

services under its existing Unified Access Service License (UASL). In the same month, FLAG Telecom Group Limited, a subsidiary of Reliance Communications announced the signing of a bilateral agreement with USbased GlassHouse Technologies, an independent IT infrastructure consulting and services firm providing managed IT services directly to enterprise customers. In 2008, the company entered into talks to strike a merger deal with South Africa’s MTN, but the talks failed in July that year. In May 2008, Reliance Globalcom Limited, a subsidiary of Reliance Communications, announced an agreement to acquire the London headquartered Global Managed Network Services, VANCO Group Limited. The acquisition of VANCO would add $365 million to the annual revenues of Reliance Globalcom through secure Long-term contracts with largest enterprise customers, the company said then. In December 2008, RComm announced the launch of its GSM services across 11,000 towns in India. More recently, in March 2009, the company became India’s first operator to offer nationwide CDMA and GSM mobile services, by adding a record 3.38 million new customers during February 2009, on its next-generation wireless network. For the third quarter of 2008-09, the company posted a net profit of Rs 1,410 crore, higher by 2.7% compared to net profit of Rs 1,373 crore in the corresponding quarter last year. Revenue growth was 20% at Rs 5,850 crore from Rs 4,874 crore. According to the company website, Reliance Communications has a reliable, high-capacity, integrated (both wireless and wireline) and convergent (voice, data and video) digital network. It is capable of delivering a range of services spanning the entire infocomm (information and communication) value chain, including infrastructure and services—for enterprises as well as individuals, applications, and consulting.

fe 500 profile Tata Steel Plenty of sheen on 5 COMPOSITE 5 NET

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The demand for steel in the developing world will continue be an important engine of growth. It will be the anchor material for various sectors. RATAN TATA Chairman, Tata Group

20 THE FINANCIAL EXPRESS | MARCH 2009

HE year 2007-08 marked the 100 years of existence of India’s oldest largest integrated private sector steel company—Tata Steel Ltd. Established in 1907, Tata Steel today is among the lowest cost producers of steel in the world. The present decade has marked several joint ventures for the company, as well as some big ticket acquisitions, especially that of UK’s Corus Plc in April 2007. With this acquisition, Tata Steel, with a crude steelmaking capacity of 28.1 million tonne per annum, became the sixth largest steel company in the world, with a presence in several countries across continents. In the financial year 2007-08, Tata Steel had included Corus’ financials in its consolidated accounts for the first time. Consolidated net sales for FY 2007-08 stood at Rs 1,31,536 crore ($33 billion). The consolidated net profit was Rs 12,350 crore. On a stand alone basis, Tata Steel’s net sales grew 12% to Rs 19,693.28 crore against Rs 17,551.09 crore in FY 2007. Net profit for the year was Rs 4,687.03 crore against Rs 4,222.15 crore in FY 2007. The company, during the year, also completed its long-term financing programme for its Corus acquisition. Of the total enterprise value of $14.2 billion, the financing included around $10.5 billion as bridge funding, the balance applied out of Tata Steel’s own cash and borrowings. Going ahead, Tata Steel’s long-term raw material strategy will see the synergies of combined buying come into play. Tata Steel meets all of its current iron ore and 60% of its coal requirement for Indian operations from its own mines. While Tata Steel’s stand alone raw material security is 80%, it was 22% for Tata Steel Group in 2007. “With the global demand for finished steel growing dramatically in the last few years, the need for securing raw materials efficiently and effectively has become increasingly important,” said Tata Steel’s group director (global miner-

als), Arun Baijal in the annual report. In keeping with the group’s raw material strategy, the company had finalised the following agreements in FY 2007-08. In November 2007, the Tata Steel group entered into definitive agreements with Riversdale Mining Ltd for a 35% stake in Mozambique Coal projects for a purchase consideration of $84 million, where the group will have the right to a 40% offtake for coking coal. In December 2007, the group entered into a joint venture with Sodemi for an 85% stake for the development of an iron ore project in Cote d’lvoire, with Sodemi holding a 15% stake (Ivory Cost - iron ore deposits). And in January 2008, Tata Steel Group entered into a joint venture agreement with the shareholders of Al Rimal Mining LLC for a 70% stake in the company (Oman limestone project). Currently, the global steel industry is going through unprecedented times. Post the steep run up in the steel prices beginning January 2008, steel prices have collapsed over the last 3-4 months owing to the sharp fall in the spot prices and uncertainty over demand on account of the adverse global macroeconomic factors. Tata Steel’s long-term greenfield expansion plans at Jharkhand and Chattisgarh are on hold, except Orissa Phase I, which is to be completed by 2011. Meanwhile, Tata Steel enhanced capacity from 5 MTPA to 7 MTPA during the 1st half of FY2009 with the setting up of the new H-Blast furnace. The company expects to further raise its steel capacity to 10 MTPA by December 2010 at Jamshedpur. Going ahead, Tata Steel will continue its cost competitiveness due to Indian sources of raw material and skilled low cost labour and will also implement rapid low cost implementation programmes. And, as the financial year 2008-09 unfolds, news that the company has improved its production keeps pouring in. It has recorded a 47% rise in sales in February 2009, compared with sales in the corresponding month of 2008

Fuelling India’s growth BPCL and development Shaheen Mansuri

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HARAT Petroleum Corporation Limited (BPCL) is a Fortune 500 company having an equity base of Rs 361.54 crore. It is a leading player in India’s downstream oil refining and marketing sector with the second largest market share. Its two refineries in Mumbai and Kochi processed about 21 million metric tons of crude in the year ended March 31, 2008. For the financial year 2007-08, BPCL earned revenues of Rs 1,12,410 crore compared to revenues of Rs 99,107.8 crore in 2006-07. Net profit for the period stood at Rs 1,912.5 crore compared to Rs 2,355.9 crore the previous financial year. BPCL is directly connected to the lives of millions across the nation. It produces kerosene that ignites a stove in the remotest of areas in addition to the fuel used to fly aircrafts. It is engaged in the, refining and marketing of aviation turbine fuel, petrol, diesel, fuel oils, kerosene, greases and lube oil based stock. The company provides benzene, toluene, furnace oil, hexane, mineral turpentine oil and bitumen to industries. Bharatgas has in excess of 25 million consumers whereas Bharat metal cutting gas caters to the construction industry by producing low cost metal cutting products. BPCL has a wide-spread network of petrol stations, kerosene dealers, LPG distributors and lube shoppes. BPCL launched the concept of convenience stores called ‘In & Out’ housed within the petrol-stations with the objective of making life easier for consumers. These stores remain open till late in the night to enable call centre executives and those working late meet their needs. Today BPCL has distribution locations and sales offices spread across the country, 8300 gas stations and more than 2100 liquefied petroleum gas (LPG) distributors. BPCL is one of the only 7 Indian companies to figure in the Fortune Global 500 list and is ranked 287 in the latest list. BPCL also brought into play Enter-

prisewide Resource Planning (ERP) solutions—SAP. The implementation project—ENTRANS (Enterprisewide Transformation) was awarded the ‘SAP Star Implementation Award’. The ongoing BPCL projects include: Central India Refinery Project: A 6 Million Metric Tonnes per annum (MMTPA) capacity state-of-the-art grass roots Refinery at Bina, in Madhya Pradesh along with crude oil import facilities being undertaken by Bharat Oman Refineries Limited (BORL) a joint venture company promoted by BPCL. Bina Despatch Terminal: BPCL has got into product purchase and sale agreement with BORL and would take charge of marketing the refined products from the new refinery at Bina in Madhya Pradesh. Bina Kota Pipeline Project: An 18” dia, 265 km long cross-country product pipeline from Bina to Kota would be laid out to enable the economic evacuation of MS, HSD, Superior Kerosene Oil (SKO) and ATF from the new refinery at Bina. Crude Oil Receipt Facilities at Kochi: The project comprising Single Point Mooring, Shore Tank Farm, associated pipelines and pumping facilities to process receipt of crude oil in Very Large Crude Carriers (VLCC) was mechanically completed on November 30, 2007 and is currently operational . The use of VLCC for transporting crude oil to Kochi has resulted in reduction in the freight cost of both the Kochi and Mumbai refineries. Fuels Quality Upgrade Project at Mumbai Refinery: The project intends plant modifications for improving the quality of MS & HSD to meet the Euro IV equivalent norms for meeting the demand in Mumbai from April 2010. Under its CSR plans, BPCL undertakes Community Development Program to usher in holistic development in adopted villages, comprising economically and socially backward population. At the recently held Asian CSR awards ceremony in Singapore, BPCL won the Award in the category of Environmental Excellence for ‘Project Boond”.

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The year gone by has been very challenging for the downstream oil sector in India. BPCL has still performed credibly in all areas of operations. ASHOK SINHA CMD, BPCL

MARCH 2009 | THE FINANCIAL EXPRESS | 21

fe 500 profile BHEL Setting milestones 5 COMPOSITE

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All our businesses operate in a highly competitive environment and we are progressing to build on the momentum gained in years gone by. KRISHNASWAMY RAVI KUMAR CMD, BHEL

22 THE FINANCIAL EXPRESS | MARCH 2009

for achievement Arun S

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URING the slowdown, BHEL—the country’s largest engineering and manufacturing enterprise, was in the news recently when a report by Emkay Global Financial Services Ltd said that the company’s turnover would exceed all expectations for 2008-09 and register a 30% growth. There were also reports that the company is mulling a JV in the nuclear forging business with the consortium of French nuclear technology provider Areva and Pune-based Bharat Forge. For the fourth consecutive year, the company was chosen for the ‘ICWAI (the Institute of Cost and Works Accountants of India) National Award for Excellence in Cost Management’. With an order book position of Rs 1,13,500 crore, at the end of the third quarter of FY’08-09, the company expects to achieve robust growth in 2008-09 and beyond. An interim equity dividend of 90% on the enhanced equity capital post-bonus has been paid for fiscal 2008-09, maintaining the track record of paying dividends uninterruptedly for the last 33 years. The company also declared a first time ever bonus issue in the year 2007-08. It has also adopted the various mandatory accounting standards and corporate governance practices. BHEL’s topline CAGR was 28%. It is expected to be around 25% in 2008-09. In the current fiscal, the company’s order receipts would cross Rs 60,000 crore-mark and the outstanding order book is more than Rs 1,15,000 crore. In 2007-08, the company achieved a gross margin of Rs 4,763 crore and a net profit of Rs 2,859 crore. The earnings per share has gone up from Rs 13.5 in 2003-04 to Rs 58.4 in 2007-08. Return on capital employed and return on net worth at 61% and 27% respectively are one of the highest in the industry. Macquarie Research said capacity addition plans at four important plants of BHEL at Haridwar, Hyderabad, Bhopal and Trichy are ahead of schedule, thereby allaying fears about execution. With over 42,600 employees, it makes over 180 products under 30 major product

groups and caters to core sectors like power generation and transmission, industry, transportation, telecommunication, etc. It has a network of 14 manufacturing divisions, four power sector regional centres, over 100 project sites, eight service centres and 18 regional offices. BHEL has installed equipment for over 90,000 MW of power generation. Its achievements reads as: supplied over 2,25,000 MVA transformer capacity and other equipment operating in Transmission & Distribution network up to 400 kV (AC & DC); supplied over 25,000 motors with drive control system to power projects, petrochemicals, refineries, steel, aluminum, fertiliser and cement plants, and supplied traction electrics and AC/DC locos to power over 12,000 kms of railway network. Besides, BHEL has supplied over one million valves to many industries. BHEL has augmented its manufacturing capacity to 10,000 MW per annum and this is expected to go up further to 15,000 MW per annum by December, 2009 and to 20,000 MW per annum by December, 2011. It aims to be a Rs 45,000-crore company by 2011-12 and is implementing a ‘Strategic Plan 2012’ that will enable it to grow at a compounded annual growth rate of 20%. BHEL outbid European MNCs and Indian majors to win a major contract for transformers for the Tirora Power Project. Valued at Rs 81 crore, the order has been placed on BHEL by Powergen Infrastructure for the upcoming 1,980 MW (3x660 MW) Tirora Thermal Power Project of Adani Power Maharashtra Limited (APML). In February, the company had bagged an order for the supply of 7 single-phase generator transformers from NTPC Ltd for its Barh Thermal Power Project. BHEL has supplied over 4,000 transformers, aggregating to over 3,00,000 MVA in cumulative capacity for transmission and distribution networks, which are the mainstay of the Indian grid. These have been supplied to all major utilities in the country, including SEBs, NTPC and PowerGrid. On the export front, it has supplied transformers to more than 20 countries.

fe 500 profile L&T On terra firma and 5 COMPOSITE

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progressing forward Mona Mehta

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We are poised for rapid growth by reorganising the business structure and placing an emphasis on talent management, self sufficiency, sharper focus on IT. A M NAIK CMD, Larsen & Toubro

24 THE FINANCIAL EXPRESS | MARCH 2009

NGINEERING and construction (E&C) conglomerate Larsen & Toubro Limited (L&T) has interests in manufacturing, services and information technology and has a leadership position in many of its major lines of business for more than seven decades. Recently, L&T has also shot into limelight when it submitted its expression of interest to acquire Satyam Computer, and is seen by many as a front-runner for the Hyderabad based firm. In heavy engineering, L&T is acknowledged as one of the top five fabrication companies in the world, with engineering and manufacturing capabilities that are among the most sought after in the industry. Strategic alliances with world leaders enable L&T to access technical know-how and execute process-intensive large-scale turnkey projects to maintain its leadership position. L&T’s globallybenchmarked workshops are located at Powai in Mumbai, Hazira and Baroda in Gujarat, and Vizag in Andhra Pradesh. Between April 7, 2007 to March 31, 2008, L&T achieved several milestones in bagging major domestic and international orders. It included, construction of Mumbai International Airport worth Rs 5,500 crore; construction and civil work for the Northern Area Development project in Rajasthan for Cairn Energy India Private Ltd at Rs 1,347 crore; Mumbai High South Redevelopment Phase – II for ONGC at Rs 1,261 crore, among others. Some major orders from the international market included manufacture and supply of reactors (18) and separators (4) for clean fuel project for Kuwait National Petroleum Company for Rs 1,696 crore and building of semi submersible heavy lift container carrier vessels for Roll Dock BV, Netherlands. With ship-building being a major thrust area, in January 2008, L&T’s proposal to put up an integrated ship building yard and port got the green signal from the Tamil Nadu Government wherein it was decided that the facility will come up at Ennore, north of Chennai,

with an investment of over Rs 2,000 crore. L&T has a shipyard capable of constructing vessels of up to 150 metres in length and displacement of 20,000 tonnes at its heavy engineering complex at Hazira on India’s west coast. The focus will be on construction of commercial vessels, warships for the navy and the coast guard. L&T is a major international manufacturer of a wide range of electrical and electronic products and systems. Larsen & Toubro Infotech Limited, a 100% subsidiary of L&T, offers comprehensive, end-to-end software solutions and services with a focus on manufacturing, BFSI and communications & embedded systems. It provides a cost cutting partnership in the realm of offshore outsourcing, application integration and package implementation. L&T has posted 54.9% increase in profit after tax (PAT) at Rs 2,173 crore for the year ended March 31, 2008, as compared to Rs 1,403 crore reported during the previous corresponding period. The company has registered a 40.7% rise in gross sales and service revenue at Rs 25,187 crore for the year ended March 31, as compared to Rs 17,901 crore recorded during the previous corresponding period. The share of revenue from the international operations constituted 16.5% of the gross revenue. For the year ended March 31, 2008, the L&T’s order inflow rose by 37% over the previous year. During the first quarter of the financial year 2008-09, L&T sold off L&T Concrete (LC), a ready-mix concrete manufacturer, to Lafarge SA for Rs 1,483 crore in May 2008. Larsen & Toubro Ltd has reported over two fold increase in net profit for the third quarter of the financial year 200809, due largely to the sale of its ready mix concreted unit to French major Lafarge for Rs 1,480 crore. The company’s thirdquarter stand-alone net profit, including one-time gain on account of the sale of RMC unit, stood at Rs 1,520.44 crore or Rs 25.80 per share, which increased more than two-fold over the same period in 2007. The figures for 2007 stood at Rs 481.79 crore or Rs 8.11 per share.

Growing from strength Infosys to digital strength FE Bureau

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VER the years, Infosys Technologies has come to represent all that is good with India Inc. High growth, strong values and transparent corporate governance. So, even when the times are tough, the company manages to report strong numbers. The second-largest IT services company in India is also among the fastest growing IT services organisation in the world. It is a clear leader in the offshore services space with a pioneer in the global delivery model. “Our global delivery model along with our consulting and solution capabilities provides a strong platform for our customers seeking efficiencies in their IT spend,” said S Gopalakrishnan, CEO and MD Infosys. Apart from providing business consulting, application development and maintenance and engineering services to more than 500 clients across 29 countries, the company has also its own proprietary core banking software - Finacle. For the financial year 2007-08, when the impact of the global financial meltdown was not so pronounced, the company managed to grow its revenues to Rs 15,648 crore from Rs 13,149 crore in the previous year, at a growth rate of 19%. The company’s software export revenues aggregated Rs 15,429 crore, up by 19% from Rs 12,935 crore in the previous year. Of these, 63.1% of the revenues came from North America, 26.9% from Europe, and 8.6% from the rest of the world. The move to de-risk the business sources and have a balanced revenue stream from different geographies has seen that the revenue from Europe increased from Rs 3,393 crore to Rs 4,207 crore, with a growth rate of 24%, which was higher than the other regions. The company continued to reap the benefits of economies of scale. The net profit after tax and exceptional item in 2007-08 was Rs 4,470 crore (28.6% of revenue) as against Rs 3,783 crore (28.8% of revenue) in the previous year. The fact that Infosys manages to exceed customer

expectations can be seen from the fact that it derived 97% of its revenues from repeat business. The total client base at the end of the year stood at 538. Also, Infosys has been named as the best company in India in corporate governance in The Asset Magazine’s annual Corporate Governance Index 2008. And, at the end of 2007-08, the company had 310 million-dollar clients (275 in the previous year), 141 five-million-dollar clients (107), 89 ten-million-dollar clients (71), 18 fifty-million-dollar clients (12), and 6 hundred-million-dollar clients (3). The revenues for the third quarter of the 2008-09 stood at Rs 5,786 crore, an increase of 35.5% from the corresponding quarter last fiscal. The sequential revenue growth was 6.8%. However, the impact of the global meltdown will be felt in the current year and there are many who are even contemplating the possibility of the company recording a fall in revenues. But then there are signs that it might actually not. Infosys added 5,997 employees on a gross basis versus the 4,500 employee guidance in the third quarter of financial year 2008-09. The management has mentioned that it would recruit 27,000 people as against the earlier guidance of 25,000. It has won four large deals in excess of $50 million and is currently pursuing 10 such large deals. Little wonder then that Gopalkrishnan said after the third quarter results, “While there could be challenges due to global economic uncertainties, we as a company see significant growth opportunities in the medium to long term.” As a part of the efforts of the managment to increase transparency and disclosure levels in in financial reporting, it has started the practice of adding relating to detailed information on its ‘cash and bank balances’ in its financial statements from this quarter. And thus, Infosys creates yet another first in the annals of Indian corporate history and sets the standards high for corporate governance, especially in distressed times.

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Our focus is on creating value for clients, running an optimised business, and evolving our business model that will allow us to emerge stronger. S GOPALAKRISHNAN CEO and MD, Infosys

MARCH 2009 | THE FINANCIAL EXPRESS | 25

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A relentless mission to build a world-class Indian institution continues to inspire us to achieve leadership and excellence in everything we are engaged in. Y C DEVESHWAR Chairman, ITC

26 THE FINANCIAL EXPRESS | MARCH 2009

EFORE the turn of the nineties, ITC was known primarily for its strong presence in the cigarette segment and a marginal presence in the hotel industry. Over the past few years, the company has metamorphosed itself into a diversified entity with strong presence in the agricultural sector. Its integrated development approach and aggressive penetration in the FMCG and foods sector has left many established players astounded. This diversification is reflected in the fact that the net revenues for the financial year 2007-08 at Rs 13,947.53 crore, grew by 14.7%, driven by a robust 48.6% growth in the non-cigarette FMCG businesses, and a steady performance by the hotels and paperboards, paper and packaging segments. The non-cigarette portfolio accounted for 52.4% of the company’s net revenues. And this translated into a net profit of Rs 3,120.10 crore, a growth of 15.6% over the previous financial year. The group’s focus on the agri-sector is not just to cater to the domestic market. The ITC Group’s contribution to foreign exchange earnings over the last decade amounts to nearly $3.2 billion, of which agri exports constitute 60%. “Earnings from agri exports are an indicator of ITC’s contribution to the rural economy by effectively linking small farmers with international markets,” said YC Deveshwar, chairman ITC at the annual general meeting in July 2008. The ITC ‘Choupal Pradarshan Khet’, a collaborative and paid agri extension service, aimed at enhancing farm productivity through the adoption of best practices in agriculture, grew exponentially by 210% during 2007-08, covering 43,500 hectares. And not just that, the company’s aggressive penetration and brand creation in the FMCG and branded packaged food business has caught the eye. In the salty snacks segment Bingo has sales of Rs 300 crore with a market share of around 13%, in the confectionaries segment Candyman and Minto are market

leaders with sales of Rs 200 crore, in the biscuits segment Sunfeast is the number three player with sales of around Rs 1,000 crore and Aashirwad has more than a 50% market share with sales of Rs 900 crore. And all this has been achieved within a couple of years. In fact, within a year’s launch ITC has already gained around 2.5% of the market share in the soaps segments and is expected to reach around 3.5% market share within the next two quarters. Closer to the quarter, when the FMCG and hotels division performed in an ordinary manner, the cigarettes division boosted its performance. The cigarette segment net sales were up 17.7% in the third quarter of the current financial year and profit before interest and tax (PBIT) grew by 18% to Rs 1,134.1 crore. This is because of the relative in-elastic demand for cigarettes, allowing the company to gain from price increases. Moreover, it has an 80% share of the cigarette segment. The third quarter did cast concerns over the non-cigarette FMCG revenues and also from the hotel business. The focus would be on growing the agribusiness further and also expanding the hotels. ITC WelcomHeritage, a joint venture between ITC and Marudhar Hotels of Jodhpur will be taking up three heritage locations in India at a time when there is a pronounced slowdown in the sector. Wills Lifestyle, the lifestyle retailing business, is already leveraging ITC’s properties across the country to build specialty outlets and these are expected to generate substantial returns, say analysts. The going was never easy, but then as Deveshwar puts it, “The path to realising a new paradigm of high growth is strewn with several fundamental challenges. These can seriously undermine the growth process and derail the pace of progress in the coming years. Unless we take impactful strides in resolving these challenges through focussed policy intervention and radical innovation, we stand the unfortunate prospect of undoing many of the gains made so far.”

Moving forward through innovation FE Bureau

F

ROM being a mere gas transporter at the start of operations, GAIL India has come a long way in becoming a diversified gas solutions provider and will be looking at diversifying aggressively into building capacity in petrochemical and city gas areas. And, in many ways, tap the potential that the natural gas sector has to offer. Speaking about this at the annual general meeting, UD Choubey, chairman and managing director said, “The natural gas sector is progressively opening up and there is considerable dynamism in the policy and regulatory environment. These changes present significant challenges as well as opportunities in the coming years.” GAIL is India’s largest natural gas transmission company, operating a gas pipeline network of over 4,600 kms across India. The company dominates the gas sector, transporting 90% of the total gas transported through pipeline in India. Over the past decade, the company has managed a compounded annual growth rate of 13% in revenues and 10% in net profits. For the financial year 2007-08 it got in revenues worth Rs 18,008 crore, which is 12% higher than the previous year and earned a net profit of Rs 2,601 crore, which again is 9% higher than the previous year. However, in the silver jubilee year, the management intends to take the company to new heights and has chalked out an ambitious plan. “Three focus areas decided by the Board and Top Management Team (TMT) have been identified as, (i) enhancing transmission and distribution capabilities, (ii) petrochemicals and (iii) city gas and CNG activities,” said Choubey. These three businesses will be at the core of the company’s competence in natural gas-related businesses and is not an unrelated diversification. At the same time, it has the ability to capture the huge capacity expansion expected in this sector.

On the one hand, GAIL has huge capacity expansion plans. These approximately add up to around Rs 28,000 crore over the next five years. And this is expected to increase the transmission capacity from current 150 mmscmd to 346 mmscmd. And, this expansion is expected to capture the opportunity thrown in by the twofold increase in the production of natural gas. It also has linkages with the Reliance Industries’ KG6 basin gas production and will be a major beneficiary when gas operations are at full swing. Moreover, the government, in the previous year has permitted the company to distribute gas in as many as 230 cities across the country. At its AGM in September (FY08) GAIL announced the increase in its petchem capacity to 500 KTA and further to 800KTA. GAIL’s existing and large plans for city gas distribution and even E&P will provide the company with in-built business hedges. The management will, apart from developing city gas infrastructure, be building gas corridors on national highways. Through this, the company plans to add 17 cities in the first phase of expansion over the next two years. So, when the petrochemical cycle is down, like it is at the moment, the increase in gas transportation and the revenues from the city gas business will hold it in good stead. However, at the moment, there are a lot of concerns over near-term profitability. This is due to the overall economic slowdown and the delay in commissioning of some key gas production units like the RIL KG6 basin gas. But then when the cycle turns, the company, which was adjudged the “Gas Utility in Asia” and also finds its way in the prestigious Platts Top 250 Global Energy Companies list, will be in a position to reap most benefits and take its vision forward. Chairman Choubey and team have a vision of taking the company’s revenues beyond Rs 50,000 crore by 2011-12.

GAIL(I) 5 COMPOSITE

RANK 14

5 NET

RANK 18

SALES

5 GAS

DISTRIBUTION

RANK 1

In its quest for excellence with ethics, the company is making efforts to take economic growth and the growth of the energy markets to the common man. U D CHOUBEY CMD, GAIL

MARCH 2009 | THE FINANCIAL EXPRESS | 27

fe 500 profile WIPRO Looking beyond 5 COMPOSITE

RANK 15

5 NET

RANK 19

SALES

5 COMPUTER-SOFTWARE-

MEGA

RANK 2

Our confidence stems from fundamentals like business environment, strategic initiatives, leadership depth, ability to innovate and passion to look beyond business. AZIM PREMJI Chairman, Wipro

28 THE FINANCIAL EXPRESS | MARCH 2009

business into life itself FE Bureau

W

IPRO is an organisation that has literally metamorphosed over the past six decades. It all started off in the pre-independence era as a manufacturing unit of hydrogenerated vegetable oil, later grew into a diversified consumer care products company and then in 1975 into hydraulics engineering. It was only in 1980 that the company stepped into the information technology sphere and has now become one of India’s largest players. It is in all spheres of operations, especially in the IT business that the company has created an indelible impact. In the financial year 2007-08, Wipro’s combined IT businesses grew 43% to cross $4.3 billion in revenues. Its global IT business delivered 38% growth (in dollar terms) and its India, Middle East and Asia Pac IT business grew by 51%. Speaking about this, chairman Azim Premji said in his letter to stakeholders, “Achieving these landmarks, in a tough environment for our technology business and unprecedented currency appreciation of the rupee, was satisfying. Extending our track record set over the decades was particularly rewarding. During the financial year ending March 2008, the company’s revenues grew by 34% to Rs 20,397 crore and the net profit by 12% to Rs 3,282.9 crore. Over the last decade, Wipro’s revenues have grown at a compounded rate of 31% and its net profit even faster at 41%, something that very few organisations can match. For this Premji said, “In Wipro, we look at milestones that reflect value as seen by our customers. 2007-08 saw another year of impressive performance by Wiproites. We delivered all-round growth, built and sustained leadership while continuing to invest for the future.” The global IT services and products segment revenue was Rs 13,641.7 crore, of which Rs 11,955.6 crore was from IT services, Rs 1,157 crore from BPO services and the balance Rs 529.1 crore from acquisitions made. During the current year, the company earned 54.4%

of revenue from work done in locations outside India (onsite) and remaining 45.6% of revenue from the work performed from our development centres in India (offshore”). However, with the global meltdown and the extremely volatile currency, a lot of firms in the IT sector have started feeling the heat and Wipro is also one of them. For the third quarter of financial year 2008-09, the company has posted steady results, rather detached from the flamboyant numbers declared earlier. Revenues for the quarter ended December 31, 2008, were at Rs 6,618 crore, representing a 25% increase over the same quarter of the previous year and net profit was Rs 1,004 crore, an 18% increase. To challenge these testing times, the management has outlined a few measures, which it presented to analysts. These included a set of non-linear strategies, including infrastructure services, diversification in R&D services and process transformation initiatives. Apart from that there has been a restructuring of business processes and also the management team. The management would be broadbasing their R&D services and diversifying from offering telecom and high-tech-oriented services to include automotive and aerospace. It would also be assimilating pooling consulting capabilities from various verticals within the company. Analysts say that Wipro has already created a consulting unit with around 1,000 employees. This could easily be amongst the largest consulting units across sector leaders, reckon analysts. Importantly, the Global Program Management unit will target large IT contracts coming up for renewal. Going ahead, Premji reckons, “We are living in tough times; the macro-economic challenges are significant and impacting businesses across segments. However, recessions do not last, resilient companies do. I am confident Wiproites are resilient to withstand the near-term challenges posed by an uncertain environment and come out stronger.”

fe 500 companiesbasedoncompositeranking Composite Rank Rank 2008 2007

Company

Net Sales 2008

% Rank Rank Change 2008 2007

Total Assets 2008

% Rank Rank Change 2008 2007

Net Worth 2008

% Rank Rank Change 2008 2007

1

1 Reliance Inds

133805.78

19.79

2

2

149463.63

27.70

1

1

79766.20

24.70

1

1

2

2 ONGC

59847.95

5.67

5

5

105626.09

10.02

3

3

70617.40

14.04

2

2

3

3 NTPC

37050.10

13.67

7

7

87852.08

11.57

4

4

52638.60

8.32

3

3

4

4 Indian Oil Corp

226809.22

12.56

1

1

116277.13

19.84

2

2

41086.25

17.95

4

4

5

6 Bharti Airtel

25703.51

44.45

12

12

38973.80

45.33

11

11

20241.49

76.89

8

10

6

5 SAIL

39546.88

16.89

6

6

40864.54

20.87

10

7

23063.57

33.21

7

6

7

7 Reliance Communications

13416.19

43.03

25

30

56364.62

23.00

5

5

24840.03

21.02

6

5

8

8 Tata Steel

19654.78

12.58

14

13

53780.82

73.60

6

10

27300.73

95.72

5

7

18 BPCL

110750.36

13.79

3

3

42615.43

26.84

8

8

11676.84

13.66

17

15

9 BHEL

9 10

19356.86

12.35

15

15

30690.23

32.20

13

13

10774.21

22.60

22

19

11

10 Larsen & Toubro

24643.51

41.17

13

14

27067.24

55.49

14

16

9440.69

65.14

24

29

12

11 Infosys Technologies

15648.00

19.01

22

22

17006.00

34.61

26

24

13490.00

20.86

11

12

13

13 ITC

13920.76

15.11

23

24

17249.47

15.24

25

20

12057.67

15.53

14

14

14

12 Gail(I)

18012.14

12.32

18

17

19701.22

17.44

22

18

13004.88

14.15

13

11

15

14 Wipro

17492.60

27.83

19

21

20175.40

50.67

21

22

11552.70

24.00

18

18

16

17 TCS

18533.72

24.05

16

18

14557.59

37.13

29

32

11004.81

36.55

20

21

17

20 HPCL

104312.99

17.21

4

4

41379.66

30.71

9

9

10563.29

10.05

23

16

18

21 Sterlite Inds(I)

12673.58

7.20

26

25

18427.84

107.33

24

35

13165.02

195.32

12

34

19

15 Hindalco Inds

17171.19

4.14

20

16

30888.86

23.85

12

12

17296.31

39.28

9

8

20

22 Power Grid Corp(I)

4681.36

28.40

60

71

42640.50

17.10

7

6

13507.37

26.23

10

13

21

84 DLF

5532.85

388.13

51

204

22443.79

107.56

16

30

11269.15

-

19

176

22

23 Maruti Suzuki(I)

18389.50

26.34

17

19

12404.00

20.85

37

33

8415.40

22.78

27

25

23

16 Tata Motors

28060.16

5.24

10

9

25313.09

32.44

15

14

7839.50

14.12

30

24

24

25 Hindustan Zinc

7877.77

-7.97

39

32

13206.55

50.85

32

37

11848.19

55.34

16

23

25

19 Reliance Infrastructure

6364.22

11.46

44

43

20322.32

9.35

20

15

10903.47

16.75

21

17

26

24 Grasim Inds

10250.53

19.06

33

31

14093.83

25.68

31

27

8140.71

30.67

29

27

27

28 Tata Power Co.

5876.53

25.88

48

50

12973.44

15.18

33

26

7458.23

36.66

32

31

28

31 NMDC

5711.31

36.44

50

55

7197.34

45.17

56

61

8289.65

42.90

28

28

29

30 MRPL

32565.84

14.69

8

8

11536.91

30.72

39

36

3782.94

37.22

46

48

30

27 JSW Steel

11391.05

33.15

28

33

20563.36

57.46

19

23

7677.25

37.78

31

30

31

38 Idea Cellular

6719.99

53.90

42

53

12737.27

48.77

35

39

3546.03

62.73

52

65

32

26 National Aluminium

5031.60

-15.64

57

41

11022.76

15.71

40

34

8874.45

15.32

26

22

33

33 Mahindra & Mahindra

11328.55

14.55

29

28

10124.94

30.24

41

41

4350.07

22.44

41

38

34

32 Suzlon Energy

6926.01

28.73

41

45

12592.19

99.09

36

50

6947.66

87.10

33

37

35

42 Jindal Steel & Power

5394.39

54.13

53

75

9263.39

27.15

43

46

3756.38

50.45

47

54

36

34 MTNL

4722.52

-3.81

59

48

18957.25

10.08

23

17

11921.36

2.51

15

9

37

36 Jaiprakash Associates

4015.70

14.67

71

74

16914.94

54.52

27

29

4199.50

46.17

43

46

38

37 Neyveli Lignite Corp.

3033.02

16.20

102

91

14104.20

17.88

30

25

9040.28

8.52

25

20

39

40 ACC

6054.61

19.04

45

46

6969.75

19.19

58

52

4152.61

32.14

45

42

40

43 Hero Honda Motors

10331.80

4.36

32

27

5073.57

19.55

80

68

2986.24

20.90

60

55

41

29 Hindustan Unilever

13880.56

13.37

24

23

6830.07

-8.69

61

44

1439.23

-47.15

104

49

42

39 Tata Communications

3283.30

-12.36

92

67

8445.29

12.14

47

42

6547.34

2.95

34

26

43

53 MMTC

26503.03

13.52

11

11

8878.37

146.70

45

81

1029.96

16.76

147

136

44

54 Cipla

4151.29

18.11

66

73

5384.62

30.37

73

70

3755.82

16.05

48

41

45

41 Ambuja Cements

3782.24

-8.78

76

56

6539.14

23.27

63

59

4661.25

33.50

38

39

46

35 Videocon Inds

8285.43

14.78

36

38

12283.09

10.70

38

28

5678.38

12.69

35

33

47

47 Jet Airways(I)

8750.33

26.29

34

39

20662.77

93.28

18

31

4551.65

103.45

40

62

48

50 Chennai Petroleum Corp

28184.98

13.78

9

10

9610.58

23.03

42

40

3464.52

31.34

53

51

49

48 Ranbaxy Laboratories

4032.64

2.04

70

57

7717.44

12.73

51

48

2537.22

8.01

70

61

50

46 HCL Technologies

4615.39

22.47

61

66

5502.16

15.00

72

63

3213.12

-6.19

56

40

30 THE FINANCIAL EXPRESS | MARCH 2009

* 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

Gross Profit 2008

% Rank Rank Change 2008 2007

Market Cap 30.01.2009

% Rank Rank Change 2008 2007

RONW RONW (%) (%) 2008 2007

ROA (%) 2008

ROA (%) 2007

ROS (%) 2008

ROS (%) 2007

( Figures in Rs Crore) Company

27810.28

44.13

2

2

208719.00

-41.87

1

1

24.39

18.67

18.61

16.49

14.54

10.69

Reliance Inds

35381.33

6.95

1

1

140780.42

-32.04

3

2

23.65

25.26

33.50

34.46

27.91

27.62

ONGC

12158.10

13.27

5

4

156251.47

-6.05

2

3

14.09

14.13

13.84

13.63

20.01

21.06

NTPC

12761.53

-2.11

3

3

53221.43

-2.02

11

18

16.95

21.53

10.98

13.44

3.07

3.72

10126.07

45.74

6

7

120320.64

-25.62

4

4

30.85

35.25

25.98

25.91

24.29

22.67

Bharti Airtel

12674.01

19.10

4

5

34199.71

-62.31

16

11

32.68

35.82

31.01

31.48

19.06

18.33

SAIL

4432.21

30.50

14

19

35129.62

-72.18

15

7

10.41

9.39

7.86

7.41

19.28

20.54

Reliance Communications

7881.97

11.56

7

6

13493.85

-74.49

32

19

17.17

30.27

14.66

22.80

23.85

24.18

Tata Steel

3673.47

0.56

18

16

14161.52

8.67

30

60

13.54

17.57

8.62

10.87

1.43

1.85

BPCL

4688.73

18.83

13

13

64638.67

-36.80

9

10

26.54

27.48

15.28

17.00

14.77

14.02

BHEL

3284.13

52.66

20

27

40342.32

-62.71

13

9

23.02

24.54

12.13

12.36

8.82

8.04

5646.00

22.63

10

9

74758.15

-12.47

5

12

33.14

33.89

33.20

36.44

28.57

28.77

Infosys Technologies

5010.23

16.80

12

11

67801.56

-9.75

7

14

25.88

25.87

29.05

28.66

22.41

22.33

ITC

4418.48

17.22

15

15

24754.39

-31.28

19

25

20.00

20.95

22.43

22.47

14.44

14.88

Gail(I)

3925.70

11.02

17

18

33825.30

-43.81

17

16

26.52

30.50

19.46

26.41

17.51

20.77

Wipro

5789.57

28.76

9

10

50099.43

-40.86

12

13

40.97

46.62

39.77

42.35

24.33

25.15

TCS

2354.97

-20.56

28

21

9687.21

14.31

42

79

10.74

16.37

5.69

9.36

1.09

1.77

HPCL

1242.58

18.97

50

51

19568.77

-64.17

21

17

7.23

17.59

6.74

11.75

7.51

6.63

Sterlite Inds(I)

4142.69

2.39

16

12

8340.95

-61.40

48

42

16.54

20.65

13.41

16.22

16.66

15.55

Hindalco Inds

3152.05

18.31

23

22

37100.92

-19.86

14

22

10.72

11.49

7.39

7.32

30.94

33.72

Power Grid Corp(I)

3143.60

399.17

24

64

30171.84

-79.47

18

5

22.84

62.16

14.01

5.82

46.53

35.80

DLF

3052.50

20.56

25

24

16497.33

-32.23

24

37

20.57

22.79

24.61

24.67

9.41

10.73

Maruti Suzuki(I)

3221.78

2.18

21

20

7692.76

-71.34

51

32

25.88

27.85

12.73

16.50

7.23

7.18

6283.66

-5.27

8

8

14680.80

-41.97

28

36

37.10

58.24

47.58

75.76

55.80

51.89

Hindustan Zinc

1467.94

26.16

44

44

13265.38

-71.85

34

21

9.95

8.58

7.22

6.26

17.04

14.04

Reliance Infrastructure

3535.75

39.53

19

23

10978.04

-59.97

37

31

27.43

24.65

25.09

22.60

21.78

17.84

Grasim Inds

1298.11

23.13

48

50

16859.26

-41.34

23

30

11.66

12.77

10.01

9.36

14.80

14.93

Tata Power Co.

5032.57

41.08

11

17

66032.08

-51.34

8

6

39.22

40.00

69.92

71.95

56.92

55.43

NMDC

2165.15

53.15

31

33

6476.00

-54.51

62

54

33.63

19.06

18.77

16.02

3.91

1.85

MRPL

3171.30

31.40

22

25

3946.76

-76.10

79

50

22.51

23.19

15.42

18.48

15.17

15.10

JSW Steel

1908.87

78.94

35

48

14570.47

-52.01

29

28

29.45

23.04

14.99

12.46

15.54

11.50

Idea Cellular

2757.11

-29.85

26

14

12786.33

-50.88

36

35

18.38

30.95

25.01

41.25

32.43

39.93

National Aluminium

1645.43

-1.97

39

29

7585.94

-55.33

54

48

25.36

30.61

16.25

21.59

9.74

11.00

Mahindra & Mahindra

1504.43

20.20

42

40

7086.96

-85.17

56

20

18.22

28.58

11.95

19.79

18.27

19.72

Suzlon Energy

1949.80

52.42

34

39

16043.16

-52.73

25

26

32.93

28.16

21.05

17.56

22.93

20.09

Jindal Steel & Power

1335.71

-9.50

46

32

4551.75

-41.45

72

86

3.41

4.01

7.05

8.57

8.61

9.49

1040.28

33.38

56

55

9026.48

-77.78

45

24

14.52

14.44

6.15

7.12

15.18

11.85

Jaiprakash Associates

1966.66

60.14

33

42

13430.07

-41.65

33

40

12.19

6.80

13.94

10.26

36.32

21.71

Neyveli Lignite Corp.

2247.77

21.62

30

28

9485.12

-36.66

43

51

34.64

39.20

32.25

31.61

23.76

24.22

ACC

1566.21

13.26

41

36

17512.69

27.90

22

56

32.41

34.73

30.87

32.59

9.37

8.67

2440.97

7.42

27

26

56937.26

31.18

10

23

133.78

68.13

35.74

30.38

13.87

15.15

Hindustan Unilever

746.57

-32.02

71

47

12924.75

-8.57

35

55

4.65

7.37

8.84

14.58

9.27

12.51

Tata Communications

325.19

66.41

146

185

72412.25

-41.21

6

8

19.47

14.37

3.66

5.43

0.76

0.54

MMTC

962.61

2.97

59

53

14924.16

1.72

27

52

18.68

20.64

17.88

22.63

16.90

19.01

Cipla

1828.89

23.33

36

31

10726.72

-40.41

38

45

25.30

28.70

27.97

27.95

31.18

24.17

Ambuja Cements

1498.90

20.14

43

41

2134.88

-79.99

111

71

15.06

16.24

12.20

11.24

10.32

11.34

Videocon Inds

353.99

-23.13

133

86

1543.58

-77.03

133

92

-

1.25

1.71

4.31

-

0.40

Jet Airways(I)

1977.05

77.49

32

46

1642.73

-63.81

127

127

32.41

21.43

20.57

14.26

3.98

2.28

Chennai Petroleum Corp

893.14

62.47

62

73

8679.34

-34.54

47

58

24.35

16.20

11.57

8.03

15.32

9.63

Ranbaxy Laboratories

1074.22

-20.08

54

38

7768.95

-53.50

50

49

24.30

32.17

19.52

28.09

16.91

29.24

Indian Oil Corp

Larsen & Toubro

Tata Motors

MTNL

Hero Honda Motors

HCL Technologies

MARCH 2009 | THE FINANCIAL EXPRESS | 31

fe 500 companiesbasedoncompositeranking Composite Rank Rank 2008 2007

Company

Net Sales 2008

% Rank Rank Change 2008 2007

Total Assets 2008

% Rank Rank Change 2008 2007

Net Worth 2008

% Rank Rank Change 2008 2007

51

49 Bharat Electronics

4068.18

4.42

68

59

6926.19

19.15

59

53

3212.95

24.91

57

53

52

55 Shipping Corp(I)

3726.84

0.63

78

70

8115.52

8.00

49

43

5632.10

10.44

36

32

53

44 Aditya Birla Nuvo

3878.46

15.17

73

77

7667.84

16.46

52

49

3646.33

16.70

49

43

54

51 Dr Reddys Laboratories

3363.63

-11.53

90

63

6131.91

11.54

67

57

4811.80

10.03

37

35

55

57 Ultratech Cement

5509.90

12.18

52

47

6258.40

34.78

64

66

2696.99

52.91

65

73

56

67 Sun Pharma. Inds

2369.08

42.44

119

143

5355.87

30.91

74

71

4207.62

71.78

42

56

57

59 Tata Chemicals

4036.68

2.28

69

58

7452.02

58.02

53

65

3571.68

49.27

51

59

58

62 ABB

5940.30

38.71

47

54

4599.59

44.83

84

97

1626.34

36.00

89

91

59

52 Adani Enterprises

11162.16

12.93

30

29

6547.38

14.19

62

54

1337.66

28.11

110

109

60

63 Bosch

4295.28

13.10

64

64

3895.66

16.27

94

86

2563.41

25.54

68

67

61

58 Siemens

7686.56

71.78

40

52

5105.01

33.21

79

76

1590.88

46.34

94

104

62

56 Unitech

2802.27

11.91

108

97

16608.75

93.55

28

38

2143.82

84.65

73

95

63

66 Container Corporation

3347.30

9.48

91

82

3876.49

26.12

95

101

3183.92

21.07

58

52

64

60 Torrent Power

3625.60

30.23

81

86

6881.48

23.63

60

56

2889.76

6.82

62

50

65

61 CESC

2774.97

11.70

109

98

8369.07

13.88

48

45

4586.48

20.22

39

36

66

45 Ispat Inds

8323.09

11.38

35

36

12853.02

-4.23

34

21

2901.61

-1.36

61

45

67

64 Ashok Leyland

7929.77

8.27

38

37

5562.24

23.94

71

67

2148.98

13.43

72

70

68

68 Great Eastern Shipping Co.

3062.75

43.39

99

113

7111.43

26.99

57

55

4157.37

35.52

44

44

69

72 Punj Lloyd

4470.69

99.79

62

106

5320.16

36.32

75

73

2414.57

118.67

71

101

70

71 India Cements

3044.25

34.99

101

104

6257.94

31.76

65

64

3321.11

50.38

55

64

71

73 Pantaloon Retail(I)

5023.30

57.59

58

80

4743.90

68.99

82

108

1783.36

63.29

84

102

70 Petronet LNG

6555.31

18.99

43

44

3998.13

19.84

89

88

1618.55

26.89

91

88

2379.87

97.75

118

194

7414.34

292.35

54

151

3637.22

400.42

50

159

72 73

115 HDIL

74

86 Sesa Goa

3559.33

76.45

84

121

3184.48

77.34

119

157

2791.13

85.29

64

76

75

65 United Spirits

3148.87

14.50

97

88

3903.03

15.31

93

85

2009.32

49.72

77

85

76

69 Bhushan Steel

4152.30

9.08

65

62

8803.83

63.06

46

58

1625.32

33.83

90

90

77

74 Rashtriya Chem. & Fert.

5171.19

47.02

55

72

3734.05

19.01

98

98

1538.91

6.11

96

78

78

77 Jindal Saw

5275.81

39.83

54

65

4236.05

15.15

86

77

1985.01

94.58

78

117

79

80 Oracle Financial Ser. Soft.

1792.97

15.50

155

154

3200.01

8.48

117

104

2812.62

19.26

63

60

80

96 Welspun-Guj Stahl Rohren

3875.37

51.38

74

96

5294.17

60.26

76

91

1489.47

130.33

98

179

81

76 JSL

5050.78

5.24

56

49

9208.57

46.80

44

51

1788.06

27.56

83

79

82

81 Indian Hotels Co.

1764.51

14.51

157

158

3780.09

13.19

96

87

2016.58

12.11

76

71

83

82 IVRCL Infrastructures

3686.03

57.87

80

103

3481.77

26.73

106

109

1605.98

21.51

92

87

28.74

116

123

2939.47

29.05

126

129

1317.05

48.25

113

133

84

108 Lupin

2538.64

85

85 Nirma

2333.06

3.89

123

105

3345.98

3.84

112

94

2584.98

6.39

67

57

86

78 Nagarjuna Construction

3472.94

20.96

87

84

4024.04

40.33

88

105

1566.95

51.60

95

111

87

75 Century Textiles & Inds

3462.50

9.54

88

81

3614.22

18.04

102

102

1303.90

21.45

116

107

88

93 United Phosphorus

1484.99

10.37

190

178

4128.55

7.28

87

75

1703.11

51.15

87

99

89

89 HCL Infosystems

12411.44

6.68

27

26

3056.87

19.81

121

118

1006.26

19.05

153

141

90

79 Bharat Forge

2076.68

14.71

139

133

3984.95

13.77

90

83

1473.28

11.04

101

86

91

97 BEML

2751.34

12.71

110

99

3381.13

49.28

111

131

1705.70

65.04

86

112

92

95 Crompton Greaves

3894.47

15.28

72

76

2380.60

16.86

153

142

930.75

38.03

163

166

93

87 National Fertilizers

4140.65

7.11

67

60

2906.09

12.36

127

115

1407.67

2.69

106

81

94

146 Lanco Infratech

1574.55

190.68

179

403

4515.83

90.27

85

122

1593.11

15.50

93

80

95

98 Tech Mahindra

3604.70

30.71

82

87

2171.80

40.53

169

188

1228.40

39.91

122

137

96

104 Chambal Fertilisers

2721.82

4.94

111

94

3629.44

-0.45

101

78

1138.27

11.36

131

116

97

102 Jubilant Organosys

1976.22

22.83

145

146

3646.28

18.46

100

100

1378.66

43.36

108

122

98

83 Moser Baer

1901.62

-6.00

150

120

4996.81

17.99

81

69

1969.55

-6.07

79

66

99

103 Asian Paints

3577.10

21.23

83

83

2001.79

30.64

180

190

928.50

24.78

166

157

100

142 Sintex Inds

1657.12

48.55

169

210

3750.20

121.43

97

171

1463.85

124.91

103

177

32 THE FINANCIAL EXPRESS | MARCH 2009

Gross Profit 2008

% Rank Rank Change 2008 2007

Market Cap 30.01.2009

% Rank Rank Change 2008 2007

RONW RONW (%) (%) 2008 2007

ROA (%) 2008

ROA (%) 2007

ROS (%) 2008

ROS (%) 2007

( Figures in Rs Crore) Company

1282.39

13.08

49

45

6620.80

-48.71

60

61

25.73

27.92

18.52

19.51

20.32

18.43

Bharat Electronics

1213.08

-14.07

51

34

3667.08

-40.93

82

100

14.45

19.89

14.95

18.79

21.84

27.40

Shipping Corp(I)

487.55

6.16

98

87

4469.75

-76.96

73

44

6.67

7.20

6.36

6.98

6.27

6.68

Aditya Birla Nuvo

746.09

-50.24

72

30

7598.27

-16.22

53

77

9.88

26.91

12.17

27.27

14.13

30.95

Dr Reddys Laboratories

1738.37

25.26

38

35

4934.78

-54.94

68

69

37.36

44.35

27.78

29.89

18.29

15.93

Ultratech Cement

1106.86

61.42

53

61

22233.30

-4.40

20

39

24.10

25.68

20.67

16.76

42.80

37.82

Sun Pharma. Inds

1302.56

67.18

47

56

3610.93

-52.45

83

87

26.58

18.56

17.48

16.52

23.51

11.26

Tata Chemicals

779.37

43.80

67

75

10167.44

-58.15

39

38

30.23

28.46

16.94

17.07

8.28

7.95

ABB

364.27

80.85

131

180

6980.01

-68.13

58

41

23.33

14.43

5.56

3.51

2.80

1.52

Adani Enterprises

1120.02

5.68

52

49

9889.19

-18.99

40

64

23.77

26.84

28.75

31.63

14.18

14.43

912.15

68.58

60

76

6994.38

-75.91

57

29

37.50

33.13

17.87

14.12

7.76

8.05

Siemens

1372.59

1.80

45

37

5219.23

-91.67

66

15

48.08

84.72

8.26

15.71

36.78

39.28

Unitech

1053.98

8.10

55

52

9200.20

-8.68

44

73

23.57

26.47

27.19

31.72

22.42

22.77

Container Corporation

500.17

28.68

95

95

3413.45

-58.63

86

83

7.31

5.30

7.27

6.98

5.83

5.16

569.31

55.01

85

107

2908.71

-53.41

93

99

7.75

7.88

6.80

5.00

12.81

12.10

749.96

24.08

70

70

1248.52

-76.05

162

114

1.20

-

5.83

4.50

0.42

-

808.51

7.81

65

58

1875.72

-60.56

119

124

21.84

23.29

14.54

16.71

5.92

6.03

1742.68

48.42

37

43

2607.20

-57.08

102

102

32.63

28.62

24.51

20.97

44.30

41.10

453.76

155.35

107

202

2874.15

-77.68

97

62

9.17

5.58

8.53

4.55

4.95

2.75

1036.16

74.76

57

71

2880.82

-51.60

96

104

19.20

21.68

16.56

12.48

20.94

21.23

275.80

27.99

169

168

2832.98

-70.02

98

75

7.06

10.99

5.81

7.68

2.51

3.76

816.83

29.60

64

63

2782.50

-48.58

100

112

29.33

24.56

20.43

18.89

7.24

5.69

1603.15

159.04

40

67

2659.86

-86.30

101

43

38.78

74.54

21.62

32.75

59.27

45.02

HDIL

2278.88

144.89

29

54

6671.52

-43.34

59

67

53.46

40.26

71.56

51.82

41.92

30.06

Sesa Goa

513.58

-20.88

93

62

5928.97

-65.50

63

47

15.49

36.81

13.16

19.18

9.89

17.96

United Spirits

769.89

23.91

68

65

1223.99

-77.71

163

109

26.07

25.79

8.74

11.51

10.20

8.23

Bhushan Steel

328.87

4.34

144

120

1809.54

-63.43

122

120

10.28

10.26

8.81

10.05

3.06

4.23

Rashtriya Chem. & Fert.

968.58

207.21

58

119

998.36

-76.81

179

136

35.32

17.27

22.87

8.57

13.29

4.67

Jindal Saw

516.54

20.06

92

92

5093.03

-39.29

67

81

14.61

15.04

16.14

14.59

22.92

22.85

592.40

125.17

83

142

1321.35

-84.07

155

82

23.59

22.05

11.19

7.96

9.07

5.57

Welspun-Guj Stahl Rohren

632.45

-17.61

79

57

613.74

-73.39

240

196

13.49

25.18

6.87

12.24

4.77

7.36

JSL

656.40

16.91

77

72

2904.45

-64.80

94

84

18.72

17.92

17.36

16.81

21.39

20.92

316.62

53.81

153

175

1463.21

-75.82

146

103

13.11

10.70

9.09

7.49

5.71

6.06

602.29

38.42

81

91

4722.02

5.58

71

130

33.66

34.00

20.49

19.10

17.47

15.32

Lupin

452.83

17.50

108

97

1554.00

-50.56

132

161

8.89

4.49

13.53

11.96

9.85

4.86

Nirma

291.51

17.84

164

149

1188.88

-81.13

164

98

10.47

14.70

7.24

8.63

4.73

5.29

Nagarjuna Construction

563.41

13.96

86

82

1557.95

-81.62

131

78

23.27

26.29

15.59

16.15

8.76

8.93

Century Textiles & Inds

170.05

-37.58

242

135

4116.39

-42.04

76

90

5.43

9.66

4.12

7.08

6.23

8.09

United Phosphorus

446.97

1.93

112

90

1519.76

-55.83

140

152

30.29

37.61

14.62

17.19

2.46

2.73

529.12

15.63

89

88

1888.50

-70.49

118

96

18.57

18.16

13.28

13.07

13.17

13.31

364.40

11.59

130

116

1410.14

-74.44

148

108

13.23

19.83

10.78

14.42

8.20

8.40

BEML

521.31

52.34

90

114

4748.66

-62.24

70

63

33.73

28.53

21.90

16.80

8.06

5.69

Crompton Greaves

248.91

-33.57

186

101

1260.79

-55.34

160

171

7.72

12.85

8.57

14.49

2.62

4.56

308.18

195.28

155

288

2507.80

-76.62

103

70

12.57

5.30

6.82

4.40

12.71

13.49

Lanco Infratech

901.40

30.09

61

60

2897.88

-83.21

95

46

62.34

67.22

41.50

44.84

21.24

21.40

Tech Mahindra

451.25

14.94

109

94

1604.49

-20.52

128

213

17.90

14.79

12.43

10.77

7.49

5.83

Chambal Fertilisers

535.63

53.41

88

112

1779.59

-60.33

123

128

28.45

24.07

14.69

11.34

19.85

14.39

Jubilant Organosys

353.13

-25.90

134

84

1072.98

-70.40

173

149

-

5.24

7.07

11.25

-

5.43

Moser Baer

599.67

32.38

82

89

7530.20

-33.04

55

68

40.41

36.56

29.96

29.56

10.49

9.22

Asian Paints

330.89

63.69

143

179

1857.03

-68.40

120

105

14.78

20.06

8.82

11.94

13.05

11.71

Sintex Inds

Bosch

Torrent Power CESC Ispat Inds Ashok Leyland Great Eastern Shipping Co. Punj Lloyd India Cements Pantaloon Retail(I) Petronet LNG

Oracle Financial Ser. Soft.

Indian Hotels Co. IVRCL Infrastructures

HCL Infosystems Bharat Forge

National Fertilizers

MARCH 2009 | THE FINANCIAL EXPRESS | 33

fe 500 companiesbasedoncompositeranking Composite Rank Rank 2008 2007

101 102 103

Company

91 GNFC 144 Mundra Port 92 HCC

Net Sales 2008

% Rank Rank Change 2008 2007

Total Assets 2008

% Rank Rank Change 2008 2007

Net Worth 2008

% Rank Rank Change 2008 2007

3433.91

25.36

89

89

2863.85

6.31

130

111

1845.70

17.51

80

74

818.58

40.47

343

380

5712.70

89.14

69

103

2612.51

250.04

66

156

3104.34

29.64

98

102

3982.49

17.17

91

84

988.87

9.38

156

130

104

134 Bongaigaon Refinery

6034.61

4.24

46

42

2500.59

44.93

143

169

1152.21

18.20

126

121

105

105 GlaxoSmithKline Pharma

1575.20

2.14

178

156

1963.33

13.51

185

167

1360.92

13.91

109

92

10908.48

27.51

31

34

5679.87

43.40

70

72

1084.21

22.04

138

134

106

94 Ruchi Soya Inds

107

125 Exide Inds

3156.87

51.55

95

116

1996.52

37.69

182

202

1026.35

53.08

149

167

108

114 Rajesh Exports

8187.62

24.08

37

40

6184.29

-11.34

66

47

788.92

155.26

186

294

109

255 PTC(I)

3855.51

4.03

75

69

1700.26

275.49

211

417

1479.56

457.13

99

331

110

100 GSFC

3556.43

7.03

85

78

2998.91

-6.17

123

95

1473.34

7.92

100

83

111

109 Tata Tea

1134.53

7.59

246

219

3084.72

14.05

120

110

1804.05

16.86

82

75

112

112 Zee Entertain. Enterprises

1041.99

20.09

258

275

2879.10

10.53

129

114

2128.24

9.98

74

69

113

110 Apollo Tyres

3693.92

12.20

79

79

2479.50

7.79

144

127

1233.16

26.00

120

119

114

169 Coromandel Fertilisers

3762.36

81.69

77

118

2714.40

56.89

137

166

794.44

55.08

185

213

115

101 Parsvnath Developers

1726.25

39.65

162

189

4634.77

41.83

83

93

1806.59

23.51

81

77

116

113 Nagarjuna Fert. & Chem.

2193.59

20.71

130

132

3611.58

2.52

103

82

1667.16

-5.89

88

72

117

118 Cummins(I)

2350.67

26.37

120

129

1798.04

30.03

200

210

1103.69

18.73

136

126

118

106 Bajaj Hindusthan

1735.87

18.58

160

164

5250.23

57.91

77

89

1434.53

4.81

105

82

119

123 Aurobindo Pharma

2231.11

19.05

125

127

3480.71

5.47

107

92

1220.60

31.35

123

127

120

107 Piramal Healthcare

1902.25

19.73

149

148

2001.09

12.29

181

159

1016.47

-3.78

151

108

121

128 Madras Cements

2014.65

27.74

144

149

3263.18

78.66

115

154

953.85

43.14

162

169

122

120 Patni Computer Systems

1172.30

17.48

239

236

2970.64

15.60

125

116

2558.01

15.81

69

63

123

132 Cadila Healthcare

1674.10

16.22

168

166

2291.00

21.05

159

149

1053.80

19.44

145

135

124

111 STC(I)

15774.13

10.04

21

20

7255.06

99.80

55

79

524.89

21.01

254

235

125

154 Jain Irrigation Systems

1855.11

32.72

152

172

2435.84

45.41

150

173

929.26

95.23

165

223

126

130 Gitanjali Gems

2654.33

19.57

112

107

3720.11

50.97

99

119

1782.76

134.90

85

153

127

185 Omaxe

1789.50

90.20

156

247

3559.04

87.64

104

148

1196.49

272.53

124

289

128

117 Essar Oil

524.63

14.49

468

456

21344.07

37.21

17

19

3449.05

22.93

54

47

129

119 MRF

4406.55

18.32

63

68

2396.81

15.52

151

138

986.15

19.64

158

145

130

122 EIH

1079.88

15.01

253

249

2474.26

8.65

145

130

1305.23

11.20

114

94

131

121 Thermax

3177.10

52.72

94

117

1909.01

14.93

191

174

736.14

27.10

193

193

132

116 Hindustan Copper

1600.26

2.16

176

152

1688.09

10.61

213

191

899.71

37.73

174

175

133

131 Alok Inds

2122.04

17.50

135

135

7870.41

64.11

50

62

1321.18

28.97

112

115

134

143 GTL

1433.33

55.44

200

253

2549.07

3.89

141

120

923.63

-10.80

167

110

135

149 DCM Shriram Consolidated

2489.55

-7.84

117

90

3523.37

13.85

105

99

1145.33

107.55

130

201

2340.84

28.58

121

131

2719.73

16.61

136

124

1228.66

6.81

121

96

69.69

208

298

1935.36

19.23

187

180

1028.25

128.42

148

230 217

136

99 Gammon(I)

137

176 Glenmark Pharma

1371.33

138

151 Shree Cement

2110.02

49.86

136

169

2243.74

39.94

162

181

672.81

33.55

208

776.24

-24.22

356

227

5763.63

59.93

68

80

3071.30

27.75

59

58

139

90 Essar Shipping Ports & Logs.

140

139 Vardhman Textiles

2294.67

9.44

124

114

3965.39

24.26

92

96

1172.14

7.34

125

103

141

135 Kesoram Inds

2987.92

35.26

104

108

2724.10

44.44

134

152

981.92

50.04

160

174

142

136 Nestle(I)

3482.19

24.61

86

85

1378.56

17.70

249

241

418.42

7.59

288

256

143

148 Balrampur Chini

1407.50

12.50

202

186

2662.18

47.38

139

155

864.17

-4.60

178

129

144

127 Triveni Engg. & Inds

1593.01

-16.51

177

126

2470.27

12.03

146

133

783.71

13.25

187

165

145

159 Mphasis

1703.56

54.47

165

212

1420.13

27.88

244

246

982.67

17.55

159

143

146

179 Simplex Infrastructures

2809.50

64.46

107

141

2761.80

58.57

133

164

731.86

165.29

195

319

147

160 Dalmia Cements(Bharat )

1467.63

49.36

192

238

3454.19

46.70

108

123

1147.14

52.25

128

154

148

156 Britannia Inds

2581.72

17.31

114

109

1206.76

29.46

274

267

755.81

22.93

192

183

149

140 Voltas

3044.53

26.83

100

100

2006.13

33.83

178

199

538.32

41.38

246

264

150

196 Apollo Hospitals

1123.81

26.13

248

262

1797.40

64.00

201

249

1238.04

64.34

119

155

34 THE FINANCIAL EXPRESS | MARCH 2009

Gross Profit 2008

% Rank Rank Change 2008 2007

Market Cap 30.01.2009

% Rank Rank Change 2008 2007

RONW RONW (%) (%) 2008 2007

ROA (%) 2008

ROA (%) 2007

ROS (%) 2008

ROS (%) 2007

( Figures in Rs Crore) Company

684.55

13.18

75

69

901.44

-69.40

191

166

20.20

20.79

23.90

22.45

10.86

11.92

GNFC

470.40

81.05

102

143

15460.20

-53.46

26

27

8.17

25.11

8.23

8.60

26.07

32.17

Mundra Port

250.07

28.28

183

186

1135.50

-75.08

167

126

11.00

8.77

6.28

5.74

3.50

3.31

HCC

477.74

51.17

101

118

871.22

-31.34

198

285

25.54

18.98

19.11

18.32

4.88

3.20

Bongaigaon Refinery

758.48

1.29

69

59

9874.33

36.09

41

88

39.51

45.66

38.63

43.29

34.13

35.37

318.32

45.28

150

166

432.35

-79.65

277

205

14.69

11.33

5.60

5.53

1.46

1.18

Ruchi Soya Inds

438.57

51.54

115

133

3252.00

-47.00

90

101

24.39

23.15

21.97

19.96

7.93

7.45

Exide Inds

233.72

121.16

192

286

660.33

-78.61

229

162

26.18

32.77

3.78

1.52

2.52

1.53

Rajesh Exports

120.74

27.51

299

303

1533.95

-8.90

134

242

3.29

13.25

7.10

20.91

1.26

0.95

PTC(I)

498.90

-6.14

96

78

696.98

-63.96

220

219

16.18

19.55

16.64

16.63

6.70

8.03

GSFC

396.03

7.53

122

106

3754.31

-28.11

81

113

17.34

19.86

12.84

13.62

27.58

29.07

Tata Tea

463.25

82.75

103

146

4787.02

-59.69

69

66

13.87

8.59

16.09

9.73

28.32

19.16

Zee Entertain. Enterprises

416.75

62.76

120

145

884.70

-61.65

195

195

17.78

11.59

16.81

11.13

5.94

3.44

383.14

103.57

127

194

1509.52

-1.65

141

260

26.40

19.66

14.12

10.88

5.58

4.86

Coromandel Fertilisers

609.84

71.41

80

110

715.71

-85.96

215

117

22.62

18.58

13.16

10.89

23.68

21.99

Parsvnath Developers

154.85

-8.54

255

210

695.50

-58.19

221

244

1.35

1.79

4.29

4.81

1.03

1.74

427.19

13.26

117

99

3333.33

-49.39

88

94

25.43

26.04

23.76

27.28

11.94

13.01

Cummins(I)

187.52

-50.54

226

98

815.17

-71.05

203

172

3.18

13.94

3.57

11.40

2.63

13.04

Bajaj Hindusthan

418.97

33.04

118

121

859.89

-51.94

199

229

23.82

24.65

12.04

9.54

13.03

12.22

Aurobindo Pharma

417.26

38.20

119

129

4452.75

-30.78

74

95

29.66

17.82

20.85

16.94

15.85

11.85

Piramal Healthcare

708.88

31.42

73

77

1529.15

-68.12

135

123

42.80

46.22

21.72

29.53

20.27

19.53

Madras Cements

538.69

43.46

87

100

1566.02

-56.73

129

150

15.15

9.32

18.13

14.61

33.06

20.62

Patni Computer Systems

347.10

16.24

136

131

3132.46

-2.50

91

158

22.41

23.20

15.15

15.78

14.11

14.21

Cadila Healthcare

173.71

35.21

238

256

624.90

-74.83

236

188

23.71

20.35

2.39

3.54

0.79

0.62

STC(I)

265.03

66.05

176

220

2434.50

-42.70

107

138

15.66

20.82

10.88

9.53

7.85

7.09

Jain Irrigation Systems

151.95

62.44

259

304

427.43

-77.87

279

220

7.75

10.79

4.08

3.80

5.21

3.69

Gitanjali Gems

496.52

189.18

97

208

839.21

-83.60

201

116

33.33

38.87

13.95

9.05

22.29

13.27

-39.22

-

491

497

8906.82

-66.14

46

34

-

-

-

-

-

-

412.49

69.19

121

151

713.85

-65.21

216

212

17.42

9.69

17.21

11.75

3.90

2.15

MRF

390.58

18.05

124

115

3862.70

-39.32

80

97

16.64

17.07

15.79

14.53

20.12

21.34

EIH

449.18

46.22

110

124

1905.21

-75.49

117

85

38.14

32.42

23.53

18.49

8.84

9.03

317.94

-11.32

151

109

8225.21

-69.03

49

33

27.39

48.06

18.83

23.49

15.40

20.04

462.42

30.11

104

111

307.27

-74.26

316

289

15.04

16.08

5.88

7.41

9.36

9.12

Alok Inds

170.32

77.60

240

298

2098.98

-20.74

113

182

13.13

5.15

6.68

3.91

8.46

5.78

GTL

804.30

406.26

66

221

451.76

-60.21

272

297

58.58

8.30

22.83

5.13

26.95

1.70

DCM Shriram Consolidated

183.90

3.85

228

203

563.88

-88.69

247

119

7.19

8.55

6.76

7.59

3.77

5.40

Gammon(I)

486.87

133.60

99

174

3435.61

-71.21

85

65

37.83

29.95

25.16

12.84

28.37

16.68

Glenmark Pharma

831.03

33.81

63

66

1734.34

-61.20

125

131

38.70

35.13

37.04

38.73

12.34

12.57

Shree Cement

371.91

62.20

129

160

1280.37

-86.55

158

74

7.87

5.57

6.45

6.36

31.13

13.08

336.47

-2.27

140

113

344.02

-52.34

304

342

10.45

15.72

8.49

10.79

5.34

8.19

640.43

60.51

78

93

526.70

-76.12

254

199

39.04

40.60

23.51

21.16

12.83

12.03

Kesoram Inds

699.14

28.81

74

74

14139.51

7.90

31

59

98.90

81.02

50.72

46.34

11.88

11.28

Nestle(I)

44.22

-84.61

432

134

1527.89

-23.22

136

215

-

21.46

1.66

15.91

-

15.54

Balrampur Chini

214.24

34.07

204

219

1359.13

-55.55

149

163

14.23

10.90

8.67

7.25

7.00

3.95

224.36

59.58

199

242

3118.34

-35.50

92

122

22.47

15.73

15.80

12.66

12.96

11.93

163.05

74.89

247

305

683.43

-79.10

226

156

12.31

19.47

5.90

5.35

3.21

3.14

518.61

38.92

91

103

629.79

-68.04

235

216

30.26

30.38

15.01

15.86

23.65

23.30

254.55

83.90

181

244

3317.37

-3.57

89

153

25.27

17.51

21.09

14.85

7.40

4.89

Britannia Inds

317.53

34.04

152

154

1430.28

-78.42

147

93

38.71

48.87

15.83

15.80

6.84

7.75

Voltas

178.52

10.38

234

218

2447.75

-13.04

105

173

8.22

13.28

9.93

14.76

9.05

11.23

GlaxoSmithKline Pharma

Apollo Tyres

Nagarjuna Fert. & Chem.

Omaxe Essar Oil

Thermax Hindustan Copper

Essar Shipping Ports & Logs. Vardhman Textiles

Triveni Engg. & Inds Mphasis Simplex Infrastructures Dalmia Cements(Bharat )

Apollo Hospitals

MARCH 2009 | THE FINANCIAL EXPRESS | 35

fe 500 companiesbasedoncompositeranking Composite Rank Rank 2008 2007

Company

Net Sales 2008

% Rank Rank Change 2008 2007

Total Assets 2008

% Rank Rank Change 2008 2007

Net Worth 2008

% Rank Rank Change 2008 2007

151

198 Monnet Ispat

1642.96

89.33

170

274

2452.05

41.73

148

165

1067.83

87.03

141

196

152

167 Titan Inds

2993.74

43.22

103

115

1577.77

33.99

221

238

436.17

33.21

282

287

153

180 Uttam Galva Steels

3155.84

22.54

96

95

3193.30

21.50

118

112

711.04

29.40

197

202

154

177 Birla Corporation

1709.85

10.17

163

155

1686.14

30.48

214

217

1004.98

50.94

154

170

155

129 Sobha Developers

1429.14

20.45

201

197

3310.41

68.95

113

145

988.34

21.19

157

147

156

126 Raymond

1312.67

2.95

216

185

2723.83

6.13

135

117

1398.29

3.11

107

84

157

133 Wockhardt

1221.84

9.05

227

207

2239.58

9.15

163

140

1026.02

7.26

150

123

158

152 Sun Network

861.06

27.20

329

341

1668.82

23.20

216

211

1470.67

20.65

102

89

159

138 Kirloskar Oil Engines

2184.12

14.43

131

125

1934.34

28.97

188

198

914.99

7.48

169

140

160

141 Usha Martin

1639.24

17.53

172

173

2888.10

37.44

128

135

865.50

20.60

177

161

161

184 KEC International

2813.74

37.95

106

119

2436.74

45.00

149

172

495.17

82.05

264

326

162

137 TVS Motor Co.

3219.50

-16.48

93

61

2185.17

-1.24

168

132

821.58

1.52

183

149

163

183 Dabur(I)

2088.98

30.29

137

147

1029.36

42.84

296

312

528.32

31.03

250

251

164

157 Escorts

2078.99

18.56

138

138

2325.50

0.33

157

126

1118.97

9.86

133

118

165

145 Redington(I)

5771.01

27.23

49

51

1246.26

2.19

267

231

569.56

6.46

236

209

166

155 Zuari Inds

2617.95

9.22

113

101

2224.59

6.10

165

136

844.45

8.07

181

152

952.12

-56.08

285

111

2504.92

-35.81

142

74

1267.99

-36.61

117

68

980.56

66.37

277

376

2056.33

-1.74

175

137

1061.70

26.58

143

142

167

88 Ballarpur Inds

168

171 GMDC

169

168 Rolta(I)

850.92

42.02

332

371

2244.46

16.66

161

146

1304.01

13.68

115

97

170

201 Pidilite Inds

1533.59

33.00

184

203

1406.60

69.85

247

291

642.48

31.66

216

219

171

315 K S Oils

2043.89

90.93

142

216

1321.33

196.36

260

420

643.29

288.69

215

402

172

158 Maharashtra Seamless

1491.17

7.28

188

175

1429.99

23.38

241

242

1093.40

18.32

137

128

173

150 Lakshmi Machine Works

2215.88

18.89

126

128

1634.30

8.95

219

197

757.50

30.53

191

191

174

147 Kalpataru Power

1734.47

13.78

161

159

1702.55

12.54

210

195

767.77

19.51

189

180

175

174 Biocon

832.51

1.07

340

293

1735.43

33.25

208

215

1328.20

41.05

111

124

176

209 Divis Laboratories

1033.15

42.81

260

329

1195.66

40.43

275

288

873.99

61.24

176

206

177

166 Electrosteel Castings

1331.49

18.39

213

206

2230.18

29.27

164

170

1146.60

41.27

129

148

178

219 Gujarat NRE Coke

872.15

69.90

320

425

2310.91

39.60

158

176

1108.04

101.80

135

203

179

153 S.Kumars Nationwide

1605.72

30.60

175

190

2198.78

11.96

166

144

862.40

47.30

179

190

180

212 Varun Shipping Co.

932.57

38.65

295

342

3270.35

25.45

114

113

914.84

26.39

170

160

181

262 Era Infra Engineering

1464.48

91.93

194

314

2339.81

82.91

156

220

466.21

60.39

272

310

182

124 ITI

1154.88

-34.55

243

137

5221.46

-0.44

78

60

686.22

-36.34

205

106

183

193 Engineers(I)

721.87

26.62

376

388

1809.64

26.03

199

205

1152.05

11.69

127

113

184

187 Gujarat Industries Power

935.55

17.59

292

302

2154.84

15.94

170

153

1137.00

5.38

132

105

185

197 Orchid Chem. & Pharma.

1197.24

35.40

232

267

3429.24

20.34

110

107

688.10

37.28

203

218

186

163 HT Media

1186.23

14.14

236

223

1427.98

20.49

242

235

915.73

16.83

168

151

187

172 SRF

1620.18

-10.33

174

134

1945.90

10.23

186

162

971.56

11.19

161

138

188

186 Aban Offshore

657.92

32.83

397

435

2709.20

42.78

138

147

1012.91

52.90

152

171

189

164 United Breweries

1367.31

29.75

209

220

1373.99

10.86

251

226

611.26

9.62

225

200

190

175 Indo Rama Synthetics(I)

2552.31

26.92

115

122

2618.29

8.91

140

121

633.53

-3.88

221

172

191

182 Alstom Projects(I)

1547.08

26.84

182

191

2002.71

35.61

179

201

352.09

3.39

327

280

192

194 Castrol(I)

1886.62

7.84

151

139

944.58

19.80

315

299

430.18

3.00

284

243

193

162 Patel Engineering

983.30

-3.03

276

231

2090.76

47.21

174

207

844.19

20.06

182

164

194

215 Godrej Inds

724.65

10.57

373

349

1835.71

59.63

197

243

1058.42

157.77

144

247

195

161 Kirloskar Brothers

1462.81

13.11

195

181

1647.50

24.88

217

213

662.06

9.97

210

186

196

189 Gujarat Alkalies & Chem

1136.04

8.48

245

222

1838.09

11.57

196

177

1078.43

21.38

139

132

197

205 Tata Teleservices(Mah)

1707.19

21.34

164

170

3437.99

20.35

109

106

-200.59

-

497

498

198

173 Mukand

1910.39

6.40

148

136

2775.99

21.82

131

128

774.13

5.81

188

158

199

202 Tube Investments(I)

1762.33

9.12

158

145

1353.95

22.26

255

247

717.97

9.47

196

173

200

199 Deccan Chronicle

782.37

41.53

353

396

2098.36

38.34

173

192

1067.09

29.04

142

144

36 THE FINANCIAL EXPRESS | MARCH 2009

Gross Profit 2008

% Rank Rank Change 2008 2007

Market Cap 30.01.2009

% Rank Rank Change 2008 2007

RONW RONW (%) (%) 2008 2007

ROA (%) 2008

ROA (%) 2007

ROS (%) 2008

ROS (%) 2007

( Figures in Rs Crore) Company

263.87

32.78

177

183

691.82

-66.84

223

208

15.56

23.61

10.76

11.49

10.11

15.53

228.33

48.26

196

228

4092.54

-20.90

78

115

36.29

28.81

14.47

13.08

5.29

4.51

Titan Inds

202.72

15.85

215

204

388.07

-18.82

290

373

17.42

20.58

6.35

6.66

3.93

4.39

Uttam Galva Steels

591.17

18.22

84

81

1081.22

-38.11

171

233

39.16

49.00

35.06

38.70

23.02

21.02

Birla Corporation

305.34

45.07

157

173

634.59

-88.56

233

107

23.10

19.80

9.22

10.74

15.97

13.61

Sobha Developers

165.15

-44.63

244

132

562.55

-74.40

248

201

4.73

14.84

6.06

11.62

5.04

15.78

Raymond

304.04

-0.08

158

125

1128.33

-71.94

168

140

20.85

22.32

13.58

14.83

17.50

19.06

Wockhardt

677.54

28.41

76

79

6492.47

-51.56

61

57

24.95

22.05

40.60

38.95

42.62

39.71

Sun Network

229.36

-14.87

194

138

683.41

-72.42

227

189

13.00

20.96

11.86

17.96

5.45

9.35

Kirloskar Oil Engines

275.45

28.99

170

170

589.62

-75.86

242

190

16.73

14.14

9.54

10.16

8.84

7.28

Usha Martin

286.07

48.49

165

189

799.06

-70.59

206

179

34.77

38.47

11.74

11.46

6.12

5.13

KEC International

125.90

-27.52

290

205

394.25

-60.00

288

307

3.87

8.23

5.76

7.85

0.99

1.73

TVS Motor Co.

383.85

26.71

126

128

7612.88

-10.14

52

80

59.96

62.52

37.29

42.04

15.16

15.72

Dabur(I)

25.05

-64.92

462

348

334.27

-54.38

309

340

-

1.87

1.08

3.08

-

1.08

Escorts

107.59

57.50

317

356

898.62

-66.74

192

180

11.78

7.93

8.63

5.60

1.16

0.94

Redington(I)

132.53

-71.73

280

85

406.12

-55.53

286

317

8.69

50.37

5.96

22.36

2.80

16.42

Zuari Inds

236.09

-50.48

190

83

819.51

-70.13

202

176

10.21

12.54

9.43

12.22

13.60

11.57

Ballarpur Inds

508.80

61.61

94

122

1305.39

-77.74

156

106

24.86

12.96

24.74

15.04

26.92

18.44

GMDC

441.29

45.04

113

126

1495.84

-62.28

144

141

20.16

15.89

19.66

15.81

30.90

30.42

Rolta(I)

265.39

45.63

175

197

2446.21

-43.69

106

135

29.25

24.53

18.87

22.01

12.26

10.38

Pidilite Inds

194.13

147.80

221

336

1524.96

-26.46

137

210

18.76

34.63

14.69

17.57

5.91

5.35

319.06

-13.48

148

105

887.75

-67.43

194

177

17.86

25.31

22.31

31.82

13.09

16.82

Maharashtra Seamless

485.13

29.75

100

102

635.63

-76.07

232

181

31.99

35.53

29.68

24.93

10.93

11.06

Lakshmi Machine Works

222.33

-4.06

200

158

741.07

-81.00

211

143

19.53

24.83

13.06

15.32

8.65

10.46

Kalpataru Power

273.93

17.57

171

156

2030.00

-49.80

115

139

14.72

16.82

15.78

17.89

23.49

19.22

Biocon

437.73

76.08

116

148

5721.22

-39.24

65

76

40.45

35.37

36.61

29.20

34.22

26.51

Divis Laboratories

95.55

-50.02

338

191

434.11

-75.35

275

231

4.54

13.08

4.28

11.08

3.91

9.44

249.97

162.13

184

300

1123.17

-74.63

169

132

15.60

10.15

10.82

5.76

19.82

10.86

Gujarat NRE Coke

253.05

42.36

182

201

440.08

-83.80

274

178

20.65

21.10

11.51

9.05

11.09

10.05

S.Kumars Nationwide

439.10

40.40

114

123

705.80

-40.29

218

291

24.68

19.53

13.43

12.00

24.21

21.01

Varun Shipping Co.

224.51

89.28

198

266

1056.77

-37.32

176

241

26.03

27.22

9.60

9.27

8.29

10.37

Era Infra Engineering

-329.11

-

500

499

442.08

-66.81

273

277

-

-

-

-

-

-

302.11

47.25

159

176

2814.74

-42.31

99

121

16.82

13.38

16.69

14.29

26.84

24.20

Engineers(I)

220.83

-18.51

201

136

760.03

-52.75

209

253

9.00

16.95

10.25

14.58

10.93

22.99

Gujarat Industries Power

334.72

74.88

142

190

508.93

-68.64

258

249

26.82

19.28

9.76

6.72

15.41

10.93

Orchid Chem. & Pharma.

242.59

14.13

187

172

1261.44

-72.75

159

125

15.79

14.68

16.99

17.93

12.19

11.07

HT Media

300.47

-42.05

162

80

414.58

-47.27

284

331

14.28

33.08

15.44

29.37

8.56

16.00

SRF

341.76

28.96

138

140

1829.79

-87.26

121

53

15.71

15.03

12.61

13.97

24.18

20.11

Aban Offshore

153.24

16.50

258

253

1777.20

-74.00

124

91

10.22

11.67

11.15

10.61

4.57

6.18

United Breweries

154.08

7.88

257

236

204.97

-66.56

349

357

0.48

3.13

5.88

5.94

0.12

1.03

Indo Rama Synthetics(I)

139.57

-18.14

271

209

1524.37

-70.07

138

118

20.82

32.12

6.97

11.54

4.74

8.97

Alstom Projects(I)

355.59

41.10

132

147

4093.63

23.32

77

154

50.78

36.99

37.65

31.96

11.58

8.83

Castrol(I)

190.94

28.24

222

231

878.21

-80.42

196

129

17.49

15.66

9.13

10.48

15.01

10.86

Patel Engineering

140.79

32.82

270

285

2049.92

-80.22

114

72

10.28

19.01

7.67

9.22

15.02

11.91

Godrej Inds

168.25

-56.54

243

96

710.64

-80.22

217

151

16.64

55.89

10.21

29.35

7.53

26.02

Kirloskar Brothers

374.04

3.77

128

108

490.58

-60.37

261

287

20.78

21.00

20.35

21.88

19.73

17.81

Gujarat Alkalies & Chem

313.61

131.24

154

249

4306.62

-39.42

75

89

-

-

9.12

4.75

-

-

156.04

-19.33

254

187

154.67

-77.77

381

344

7.67

12.76

5.62

8.49

3.11

5.20

Mukand

133.96

-45.04

278

152

582.89

-52.16

243

288

7.87

23.75

9.89

22.01

3.21

9.65

Tube Investments(I)

447.04

73.64

111

144

928.17

-83.02

186

111

25.48

19.51

21.30

16.97

34.76

29.19

Monnet Ispat

K S Oils

Electrosteel Castings

ITI

Tata Teleservices(Mah)

Deccan Chronicle

MARCH 2009 | THE FINANCIAL EXPRESS | 37

fe 500 companiesbasedoncompositeranking Composite Rank Rank 2008 2007

Company

Net Sales 2008

201

240 Havells(I)

2051.64

33.04

140

157

1171.68

95.67

277

355

649.03

147.32

211

335

202

319 BGR Energy Systems

1504.84

94.14

187

306

1536.63

149.03

229

349

471.33

461.04

269

467

203

226 Jindal Poly Films

1260.06

23.49

225

229

1323.40

6.06

259

223

912.86

16.01

171

150

204

195 JK Cement

1458.25

39.24

196

221

1905.50

16.50

192

178

1053.34

28.44

146

146

205

370 Hind.Nat.Glass

1021.58

98.14

262

424

1460.16

143.57

236

354

857.17

275.90

180

356

206

214 GlaxoSmithkline Cons Health

1276.86

14.80

224

211

913.11

21.92

323

305

646.35

19.09

214

205

207

165 Shree Precoated Steels

1940.09

16.33

146

142

1722.29

8.34

209

182

611.86

63.37

224

270

208

190 Matrix Laboratories

952.09

25.88

286

318

1457.71

-3.31

237

196

687.90

-29.70

204

120

209

204 PSL

2043.91

43.11

141

167

1965.08

25.97

184

186

565.56

68.22

237

281

210

203 Uflex

1282.31

6.55

222

193

2379.80

14.80

154

139

637.44

31.44

220

221

211

181 JK Tyre Inds.

2816.16

7.93

105

92

2386.17

2.46

152

125

533.92

-9.77

249

188

212

218 Motherson Sumi Systems

1303.10

20.52

219

215

1229.83

24.72

270

260

402.45

33.71

296

301

213

200 ABG Shipyard

966.84

37.27

284

333

3032.40

85.44

122

179

734.46

24.95

194

189

214

191 ICI(I)

937.03

4.98

291

260

1126.92

-14.14

280

214

762.97

-12.27

190

139

215

188 Prakash Inds

1255.81

34.61

226

251

1391.47

13.88

248

229

909.75

36.04

172

168

216

296 Tulip Telecom

1216.44

44.68

228

283

1410.96

192.07

246

401

445.13

59.27

279

318

217

221 Sterlite Technologies

1683.89

39.79

166

192

1562.58

27.92

225

230

539.51

30.37

244

244

218

192 Mercator Lines

803.12

0.64

345

300

2103.23

5.27

171

143

902.13

60.56

173

199

219

225 Eicher Motors

2202.39

12.80

128

124

1121.07

2.55

281

251

458.33

10.88

275

245

220

178 Ansal Prop. & Infras.

832.98

15.06

338

328

2768.87

53.58

132

156

1076.63

15.53

140

125

221

216 Great Offshore

694.30

22.18

387

389

2048.89

35.23

176

194

887.97

42.55

175

182

222

270 Nava Bharat Ventures

895.25

61.88

309

395

1445.33

40.60

240

253

803.27

92.18

184

242

223

253 Gujarat Gas Co.

1192.92

44.43

234

291

934.70

33.02

319

320

563.15

31.61

238

236

224

210 Kansai Nerolac Paints

1393.17

8.55

203

183

926.70

15.77

321

296

593.69

16.02

230

214

225

366 Gulf Oil Corp

747.17

24.25

363

369

2462.54

328.89

147

365

2053.89

-

75

409

226

170 Kingfisher Airlines

1922.12

18.46

147

144

1790.20

0.50

202

160

198.87

-48.31

408

262

227

236 JBF Inds

2150.67

45.60

133

162

1479.29

34.77

234

248

596.96

53.96

229

258

228

206 Gujarat Fluorochemicals

723.27

26.06

375

384

1816.59

26.73

198

206

990.69

39.23

155

162

229

227 Blue Star

2196.72

39.77

129

150

1036.82

39.70

294

307

263.55

23.75

376

364

230

220 Finolex Inds

1382.85

36.62

204

232

1759.09

18.59

206

200

554.00

4.79

240

210

231

252 Torrent Pharma

969.85

11.52

281

272

1227.20

28.63

271

263

585.25

26.03

232

227

232

237 Ipca Laboratories

1060.93

14.11

256

252

1178.37

28.56

276

272

607.66

25.03

226

220

233

230 Su-Raj Diamonds

2141.32

36.31

134

151

1915.32

20.81

190

183

646.63

14.91

213

198

234

224 Aventis Pharma

886.34

-0.05

314

266

867.39

4.54

334

290

706.85

16.22

198

185

235

239 Graphite(I)

1064.09

29.12

255

292

1524.33

5.77

230

204

697.91

17.46

201

187

236

211 Dredging Corp

705.32

23.12

384

386

1481.21

15.35

233

218

1238.78

9.33

118

98

237

229 SKF(I)

1571.82

16.98

180

179

859.87

21.10

337

316

545.25

29.13

243

238

238

238 Deepak Fert. & Petrochem.

1054.20

26.34

257

285

1354.64

13.88

254

233

698.80

9.97

200

181

239

248 Marico

1568.79

14.37

181

176

832.11

23.25

344

332

280.23

52.72

368

387

240

242 Hotel Leelaventure

514.58

35.11

473

510

3259.36

59.08

116

141

930.17

3.22

164

131

241

228 Mcleod Russel(I)

653.18

8.07

400

362

1846.87

3.62

193

158

1113.03

0.01

134

100

242

291 Bombay Rayon

926.11

89.24

301

440

1446.92

57.68

239

271

591.96

22.56

231

222

243

235 Tamil Nadu Newsprint

979.62

10.02

278

264

1691.28

9.32

212

187

640.01

11.02

219

195

244

208 Ceat

2334.79

9.17

122

112

1565.07

10.30

223

208

513.26

35.55

257

266

245

213 Sanghi Inds

846.97

3.46

335

294

1845.78

11.18

194

175

685.00

18.39

206

194

246

207 ISMT

1193.19

-0.65

233

195

1764.02

12.99

205

185

536.64

14.12

247

225

247

223 GHCL

1068.41

24.44

254

278

2020.65

6.84

177

150

502.54

19.04

261

239

248

264 Binani Cement

967.08

42.54

283

340

1768.63

40.97

204

222

417.64

38.64

289

300

249

222 Finolex Cables

1382.33

33.47

205

225

1119.10

14.93

282

262

641.52

10.59

218

192

250

251 Asian Hotels

513.52

24.22

474

490

1790.02

18.02

203

193

1503.13

25.84

97

93

38 THE FINANCIAL EXPRESS | MARCH 2009

% Rank Rank Change 2008 2007

Total Assets 2008

% Rank Rank Change 2008 2007

Net Worth 2008

% Rank Rank Change 2008 2007

Gross Profit 2008

% Rank Rank Change 2008 2007

Market Cap 30.01.2009

% Rank Rank Change 2008 2007

( Figures in Rs Crore)

RONW RONW (%) (%) 2008 2007

ROA (%) 2008

ROA (%) 2007

ROS (%) 2008

ROS (%) 2007

Company

Havells(I)

177.60

37.90

235

255

667.82

-79.41

228

157

22.12

38.92

15.16

21.51

7.00

6.62

129.59

91.33

286

359

1081.08

-75.42

172

134

17.92

46.66

8.43

10.98

5.61

5.06

BGR Energy Systems

256.47

69.99

179

229

802.25

19.91

205

349

14.52

8.26

19.38

12.09

10.52

6.37

Jindal Poly Films

385.54

27.18

125

127

277.27

-76.14

327

293

25.17

21.78

20.23

18.53

18.18

17.06

203.84

141.72

213

323

942.94

-20.91

183

290

18.71

15.02

13.96

14.07

15.70

6.64

297.46

30.32

163

161

2503.83

-0.66

104

187

25.17

23.39

32.58

30.48

12.74

11.41

301.61

0.56

160

130

382.04

-89.80

294

148

40.13

56.15

17.51

18.87

12.66

12.61

Shree Precoated Steels

-230.34

-

498

251

1329.56

-49.38

153

184

-

10.18

-

8.79

-

13.17

Matrix Laboratories

174.58

35.00

237

254

306.36

-83.09

319

225

14.99

18.49

8.88

8.29

4.15

4.35

PSL

146.29

3.94

262

241

382.35

-62.11

293

304

9.72

8.68

6.15

6.79

4.83

3.50

Uflex

206.75

77.53

211

268

146.99

-66.31

386

379

12.50

2.88

8.66

5.00

2.37

0.65

JK Tyre Inds.

212.48

11.37

208

192

2111.67

-33.26

112

160

31.85

37.94

17.28

19.35

9.84

10.56

255.43

39.63

180

196

356.95

-90.66

298

145

21.88

19.78

8.42

11.19

16.62

16.51

ABG Shipyard

109.39

-81.95

315

68

1521.54

-27.01

139

209

7.89

51.56

9.71

46.17

6.43

50.24

ICI(I)

268.92

24.89

173

169

465.92

-84.13

266

167

21.84

19.86

19.33

17.62

15.82

14.23

Prakash Inds

242.20

99.08

188

263

1137.09

-58.74

165

175

42.07

34.69

17.17

25.18

15.39

11.53

Tulip Telecom

180.43

100.06

231

309

415.19

-69.58

283

275

18.67

12.29

11.55

7.38

5.98

4.22

Sterlite Technologies

280.37

62.75

166

206

652.54

-75.31

230

183

18.72

12.75

13.33

8.62

21.02

8.98

Mercator Lines

126.83

-0.70

289

257

616.29

-24.41

238

327

13.76

14.82

11.31

11.68

2.86

3.14

Eicher Motors

233.81

16.94

191

181

307.59

-89.44

315

169

15.01

14.15

8.44

11.09

19.40

18.22

Ansal Prop. & Infras.

318.38

37.33

149

157

897.67

-72.69

193

155

22.88

22.70

15.54

15.30

29.27

24.89

Great Offshore

393.95

119.35

123

199

845.60

-56.64

200

217

39.20

33.60

27.26

17.47

35.17

25.40

Nava Bharat Ventures

271.87

73.04

172

224

1501.11

-30.76

142

202

28.25

20.78

29.09

22.36

13.34

10.76

Gujarat Gas Co.

208.79

8.10

209

188

993.38

-51.66

180

211

20.18

21.04

22.53

24.13

8.60

8.39

Kansai Nerolac Paints

44.59

8.10

428

430

200.00

-86.94

352

261

1.22

14.58

1.81

7.18

3.36

3.83

Gulf Oil Corp

-226.48

-

497

500

932.01

-61.24

185

192

-

-

-

-

-

-

213.58

35.19

205

223

205.70

-77.35

348

318

23.24

20.83

14.44

14.39

6.45

5.47

456.35

22.66

106

104

692.78

-83.91

222

137

32.30

33.96

25.12

25.96

44.24

42.12

259.27

133.79

178

279

1336.21

-69.73

152

133

66.06

33.42

25.01

14.94

7.92

4.53

Blue Star

158.44

1.81

253

227

353.49

-66.99

302

299

12.85

13.22

9.01

10.49

5.15

6.90

Finolex Inds

213.02

28.58

206

212

1117.83

-13.77

170

283

26.57

24.32

17.36

17.36

16.04

12.99

Torrent Pharma

204.00

14.12

212

200

873.62

-46.95

197

246

23.22

25.15

17.31

19.50

13.30

13.15

Ipca Laboratories

JK Cement Hind.Nat.Glass GlaxoSmithkline Cons Health

Motherson Sumi Systems

Kingfisher Airlines JBF Inds Gujarat Fluorochemicals

73.22

34.50

370

400

100.07

-61.03

419

426

9.68

8.52

3.82

3.43

2.92

3.05

Su-Raj Diamonds

236.88

-10.11

189

141

2012.39

-6.01

116

204

20.43

27.83

27.31

31.76

16.29

19.09

Aventis Pharma

231.35

-14.25

193

137

425.35

-52.04

281

319

19.15

32.63

15.18

18.72

12.56

23.52

Graphite(I)

212.55

-12.10

207

153

630.56

-70.80

234

203

12.50

16.66

14.35

18.83

21.95

32.94

Dredging Corp

276.15

53.28

168

198

720.03

-60.51

214

224

29.47

24.15

32.12

25.37

10.22

7.59

195.09

17.26

219

211

480.69

-54.37

264

301

14.35

14.62

14.40

13.99

9.51

11.14

201.05

9.46

217

195

3535.25

-6.97

84

146

51.18

63.31

24.16

27.21

9.14

8.47

267.49

20.14

174

163

683.82

-59.81

225

239

16.14

14.03

8.21

10.87

29.17

33.20

72.43

9.28

374

363

527.60

-29.68

253

336

4.24

4.27

3.92

3.72

7.23

7.85

203.01

137.19

214

320

727.62

-59.53

213

227

20.46

11.27

14.03

9.33

13.08

11.12

248.91

30.68

185

193

428.06

-45.31

278

332

17.63

14.93

14.72

12.31

11.52

9.66

Tamil Nadu Newsprint

228.61

155.15

195

311

124.46

-86.99

396

311

28.95

10.37

14.61

6.31

6.36

1.84

Ceat

198.92

-15.47

218

155

453.16

-72.55

271

245

15.53

24.68

10.78

14.17

12.56

17.44

Sanghi Inds

181.39

-8.12

230

184

271.03

-78.35

328

286

18.64

27.67

10.28

12.64

8.38

10.83

ISMT

214.42

-1.90

203

167

285.56

-79.02

324

276

20.06

28.10

10.61

11.56

9.44

13.82

GHCL

343.59

72.04

137

182

601.18

-66.70

241

226

42.10

31.74

19.43

15.92

18.18

14.09

Binani Cement

146.15

18.86

263

262

306.66

-79.63

318

263

13.86

11.89

13.06

12.63

6.43

6.66

Finolex Cables

225.93

39.62

197

217

547.20

-62.74

250

268

8.78

7.66

12.62

10.67

25.71

22.13

SKF(I) Deepak Fert. & Petrochem. Marico Hotel Leelaventure Mcleod Russel(I) Bombay Rayon

Asian Hotels

MARCH 2009 | THE FINANCIAL EXPRESS | 39

fe 500 companiesbasedoncompositeranking Composite Rank Rank 2008 2007

Company

251

254 Jai Balaji Inds

252

323 Chettinad Cement Corp

253

Net Sales 2008

% Rank Rank Change 2008 2007

Total Assets 2008

% Rank Rank Change 2008 2007

Net Worth 2008

% Rank Rank Change 2008 2007

1277.49

25.62

223

230

2189.24

94.18

167

244

352.53

57.46

326

358

930.18

28.25

298

327

1128.33

64.73

279

327

392.49

49.10

303

332

232 Welspun(I)

1177.07

25.15

238

248

2354.43

10.88

155

134

558.82

2.96

239

204

254

261 JK Lakshmi Cement

1108.31

31.58

251

282

1499.68

19.26

231

221

642.42

56.76

217

248

255

278 Pfizer

737.43

0.36

366

322

866.58

34.22

335

336

648.64

59.87

212

250

256

243 HEG

946.87

16.13

287

295

1454.96

0.72

238

203

527.76

47.34

251

276

257

305 Consolidated Const. Consortium

1448.09

70.43

197

281

948.66

88.39

314

397

450.84

142.57

277

385

258

250 Asahi India Glass

994.69

30.66

271

316

1917.40

7.89

189

161

294.45

2.56

359

313

259

256 Asian Star Co.

1305.10

12.16

217

202

961.57

8.37

311

278

329.60

13.65

342

311

260

263 Suashish Diamonds

932.09

-0.15

296

250

1550.28

37.94

226

245

584.42

15.40

233

216

261

217 Colgate Palmolive(I)

1517.47

14.19

186

180

701.09

1.30

381

326

162.21

-42.18

438

317

262

234 Punjab Tractors

970.05

1.43

280

245

857.48

5.59

338

293

664.84

2.76

209

178

263

260 BL Kashyap & Sons

1542.74

90.91

183

299

1003.45

48.20

301

331

401.25

35.79

298

306

264

329 Ramsarup Inds.

1740.31

35.23

159

182

1844.08

164.98

195

325

379.44

103.91

311

384

265

288 Shree Renuka Sugars

798.05

-6.90

347

279

1096.43

57.21

287

324

335.74

50.94

339

361

266

297 KSL & Inds

646.88

25.26

404

422

1317.22

49.40

261

280

470.54

32.40

270

277

267

257 Abhishek Inds

1186.67

22.62

235

244

1975.88

27.97

183

189

439.24

9.96

281

253

268

306 Orient Paper & Inds.

1321.65

17.39

214

205

889.75

24.12

328

314

494.09

183.98

265

395

269

258 EID Parry(I)

616.45

11.73

418

398

1299.06

9.38

263

234

512.14

-4.57

259

208

270

265 Bombay Dyeing

709.71

84.06

380

506

2100.74

21.73

172

168

395.91

-1.68

300

252

271

282 Berger Paints(I)

1339.91

14.97

211

200

701.28

14.91

380

351

349.01

26.52

331

320

272

295 Godfrey Phillips(I)

902.93

18.57

308

315

837.79

33.48

342

344

499.96

19.56

262

241

273

247 Sundram Fasteners

1205.92

0.54

230

196

1208.78

19.76

273

255

422.11

12.63

287

269

274

281 Gujarat Ambuja Exports

1829.09

30.63

153

171

1053.22

81.38

290

363

358.34

18.09

324

296

275

231 Panacea Biotec

830.73

-0.11

341

287

1264.20

37.06

264

268

697.20

29.33

202

207

276

276 Apar Inds

1641.78

16.02

171

168

1420.48

52.17

243

266

275.95

30.61

369

368

277

249 Jagran Prakashan

749.63

25.32

362

372

787.42

9.14

357

311

538.76

5.41

245

215

278

274 Garden Silk

1676.28

20.31

167

174

1364.37

16.18

252

239

392.26

9.27

304

275

279

294 Indraprastha Gas

713.11

14.64

379

356

747.50

19.40

366

346

576.46

23.30

235

226

280

244 Firstsource Solutions

489.64

13.16

485

474

2246.19

91.52

160

240

629.28

-38.84

222

114

281

269 Jyoti Structures

1373.06

41.21

207

243

896.80

25.40

326

315

341.22

23.72

336

321

282

268 India Glycols

1305.06

47.07

218

265

1262.94

6.69

265

236

482.68

52.26

268

290

283

379 Koutons Retail(I)

793.46

97.18

348

498

929.16

83.37

320

395

349.63

114.06

330

404

284

275 Man Inds(I)

1446.78

29.25

198

209

1300.80

30.33

262

256

366.20

19.33

320

295

285

289 Prism Cement

878.21

14.31

318

313

826.43

27.29

349

335

617.77

50.23

223

246

286

266 Polaris Software Lab

938.02

3.73

290

257

745.13

5.36

367

317

601.30

5.52

228

197

287

302 Whirlpool(I)

1797.40

21.76

154

163

998.40

15.15

305

285

236.47

15.60

391

373

288

287 Bannari Amman Sugars

653.22

-17.65

399

304

1011.07

29.72

299

302

468.15

7.47

271

233

289

349 Electrotherm(I)

1333.06

82.25

212

325

1546.60

78.10

227

282

381.74

79.25

310

365

290

311 Bayer CropScience

934.43

27.28

294

324

785.73

24.99

359

343

369.44

11.47

319

286

291

259 Ashapura Minechem

1488.67

64.29

189

256

867.88

48.51

333

359

491.82

34.48

267

273

292

298 Adhunik Metaliks

1000.58

36.20

268

323

1614.93

69.29

220

264

309.85

17.79

346

334

293

285 Mangalore Chem. & Fert.

1623.11

18.51

173

177

1041.54

28.58

293

294

372.80

7.31

318

279

294

391 Gokul Refoils & Solvent

2042.86

30.88

143

153

785.88

71.77

358

413

192.52

55.46

410

435

295

272 Balkrishna Inds

978.05

13.07

279

277

1112.09

28.25

284

284

411.10

18.32

291

278

296

233 Fert. & Chem. Travancore

858.39

-41.15

330

165

1010.38

-14.41

300

237

252.81

0.06

381

340

297

279 OCL(I)

765.12

-5.44

357

296

1349.98

36.76

256

258

553.10

50.32

241

272

298

309 Atlas Copco(I)

935.13

31.67

293

331

757.93

44.92

365

387

333.11

24.47

340

329

299

322 MindTree

733.84

24.31

369

375

742.26

32.81

369

374

533.98

22.62

248

234

300

299 Alembic

990.07

43.16

272

336

937.79

5.99

317

279

341.37

-11.31

335

261

40 THE FINANCIAL EXPRESS | MARCH 2009

Gross Profit 2008

% Rank Rank Change 2008 2007

Market Cap 30.01.2009

% Rank Rank Change 2008 2007

RONW RONW (%) (%) 2008 2007

ROA (%) 2008

ROA (%) 2007

ROS (%) 2008

ROS (%) 2007

( Figures in Rs Crore) Company

190.06

58.42

224

264

321.76

-83.18

312

221

33.72

27.77

8.68

10.64

9.30

6.11

327.84

47.80

145

165

1357.00

4.59

150

282

41.73

43.58

29.06

32.38

17.61

15.82

129.71

-16.88

284

226

116.94

-75.50

401

374

4.70

9.60

5.51

7.35

2.23

5.54

335.15

50.67

141

164

230.99

-70.17

342

333

34.82

43.46

22.35

17.69

20.18

21.15

JK Lakshmi Cement

457.29

165.85

105

207

1563.62

-19.46

130

218

52.25

26.06

52.77

26.64

45.96

14.39

Pfizer

276.90

86.62

167

232

459.24

-71.91

268

248

27.73

20.61

19.03

10.27

15.46

9.06

136.03

109.44

274

367

511.90

-86.89

256

142

19.32

24.88

14.34

12.90

6.01

5.44

Consolidated Const. Consortium

120.85

-8.71

298

252

649.99

-59.23

231

254

4.64

14.75

6.30

7.45

1.37

5.56

Asahi India Glass

57.75

32.70

403

425

965.64

-29.99

182

274

12.24

9.50

6.01

4.90

3.09

2.37

Asian Star Co.

99.54

84.13

329

402

334.65

-24.19

308

376

11.34

8.55

6.42

4.81

7.11

4.64

Suashish Diamonds

307.64

44.66

156

171

5756.20

5.14

64

110

142.85

57.09

43.88

30.73

15.27

12.05

114.02

-8.78

310

261

581.17

-63.97

244

252

9.80

12.05

13.30

15.39

6.72

8.15

189.19

99.38

225

302

377.94

-89.96

296

147

28.75

18.82

18.85

14.01

7.48

6.88

BL Kashyap & Sons

117.17

60.90

301

344

100.86

-69.51

417

406

16.33

23.41

6.35

10.46

3.56

3.38

Ramsarup Inds.

102.70

24.64

324

327

2194.20

-8.79

110

191

16.21

24.99

9.37

11.81

6.82

6.48

Shree Renuka Sugars

94.05

13.53

342

326

1354.08

-35.22

151

206

9.52

10.36

7.14

9.40

6.93

7.13

KSL & Inds

129.20

-6.85

287

243

139.82

-65.55

387

389

9.10

10.25

6.54

8.98

3.37

4.23

Abhishek Inds

340.54

39.17

139

150

411.63

-64.97

285

292

41.39

75.11

38.27

34.14

15.47

11.61

4.90

-97.59

488

177

1282.08

-25.42

157

237

-

23.74

0.38

17.11

-

23.10

52.15

-8.38

412

389

579.73

-80.86

245

165

4.21

8.92

2.48

3.30

2.35

9.32

135.43

14.11

275

265

1050.61

-27.98

177

269

26.38

30.11

19.31

19.45

6.87

7.13

181.83

23.40

229

233

911.82

-36.38

189

272

22.45

21.07

21.70

23.48

12.43

11.57

135.40

-4.01

276

240

315.15

-63.77

313

320

15.96

19.17

11.20

13.98

5.59

5.99

Sundram Fasteners

140.81

47.96

269

301

233.12

-76.24

340

309

19.88

15.41

13.37

16.39

3.90

3.34

Gujarat Ambuja Exports

217.16

-6.13

202

159

347.03

-84.68

303

197

19.10

27.23

17.18

25.08

16.03

17.65

116.01

60.81

303

345

250.15

-72.85

334

315

30.97

21.76

8.17

7.73

5.21

3.25

177.37

29.19

236

246

1325.06

-65.49

154

144

18.21

14.91

22.53

19.03

13.09

12.74

125.59

17.09

291

283

124.25

-54.49

398

422

10.20

6.48

9.20

9.13

2.39

1.67

323.24

21.91

147

139

1500.10

-10.07

143

243

30.26

29.51

43.24

42.35

24.46

22.18

Indraprastha Gas

98.01

-15.56

331

270

492.85

-78.16

260

198

9.16

7.22

4.36

9.90

11.77

17.17

Firstsource Solutions

122.91

32.22

294

306

498.88

-73.74

259

223

21.22

19.95

13.71

13.00

5.27

5.66

Jyoti Structures

301.53

186.63

161

287

159.47

-83.40

378

310

36.99

12.95

23.88

8.89

13.68

4.63

India Glycols

114.65

103.35

305

393

1465.79

-51.80

145

164

19.87

21.12

12.34

11.13

8.76

8.57

Koutons Retail(I)

136.52

35.71

273

291

175.29

-72.42

366

352

19.45

18.02

10.50

10.08

4.92

4.94

Man Inds(I)

348.26

6.95

135

117

510.01

-65.83

257

264

39.11

46.88

42.14

50.15

27.51

25.09

100.39

-25.47

327

250

483.51

-41.63

263

326

8.75

13.97

13.47

19.04

5.61

8.80

63.80

140.75

390

456

354.60

-18.51

300

380

13.67

-

6.39

3.06

1.80

-

Jai Balaji Inds Chettinad Cement Corp Welspun(I)

HEG

Colgate Palmolive(I) Punjab Tractors

Orient Paper & Inds. EID Parry(I) Bombay Dyeing Berger Paints(I) Godfrey Phillips(I)

Panacea Biotec Apar Inds Jagran Prakashan Garden Silk

Prism Cement Polaris Software Lab Whirlpool(I)

78.18

-46.29

363

235

916.74

0.11

188

316

9.04

20.73

7.73

18.68

6.48

11.38

134.91

71.14

277

333

107.40

-74.59

409

384

16.29

20.29

8.72

9.08

4.66

5.91

71.75

-34.08

376

280

924.10

-29.71

187

281

10.63

17.16

9.13

17.32

4.20

7.74

180.40

9.56

232

214

165.51

-93.00

372

193

27.66

29.67

20.79

28.18

9.14

11.98

Ashapura Minechem

114.13

16.19

308

294

268.67

-81.74

329

267

25.97

29.45

7.07

10.30

8.04

10.55

Adhunik Metaliks

76.65

34.52

365

388

147.59

-58.64

385

395

10.85

7.90

7.36

7.03

2.49

2.01

Mangalore Chem. & Fert.

94.19

107.74

341

418

489.20

-

262

-

28.55

21.57

11.99

9.91

2.69

1.71

Gokul Refoils & Solvent

207.20

25.99

210

215

290.53

-79.88

322

271

25.99

23.93

18.63

18.97

10.92

9.61

Balkrishna Inds

44.42

-

429

495

1135.61

-40.51

166

222

3.55

-

4.40

-

1.04

-

202.68

35.05

216

230

280.52

-73.20

326

303

21.00

21.07

15.01

15.20

15.18

9.58

154.27

11.81

256

245

910.97

-68.88

190

168

24.32

26.92

20.35

26.38

8.66

10.14

Atlas Copco(I)

147.66

29.53

261

274

778.61

-41.20

208

279

19.51

20.68

19.89

20.40

14.20

15.25

MindTree

145.43

35.37

264

282

433.04

-53.04

276

314

32.87

18.36

15.51

12.14

11.33

10.22

Alembic

Bannari Amman Sugars Electrotherm(I) Bayer CropScience

Fert. & Chem. Travancore OCL(I)

MARCH 2009 | THE FINANCIAL EXPRESS | 41

fefe 500 companiesbasedoncompositeranking Composite Rank Rank 2008 2007

Company

Net Sales 2008

% Rank Rank Change 2008 2007

Total Assets 2008

% Rank Rank Change 2008 2007

Net Worth 2008

% Rank Rank Change 2008 2007

301

271 Gokaldas Exports

1005.82

0.60

264

234

901.08

12.99

325

297

451.34

10.69

276

249

302

290 Value Inds

1291.48

15.33

221

208

1544.66

24.06

228

224

440.34

10.88

280

254

303

246 Kalyani Steels

930.11

7.22

299

276

1053.09

22.06

291

287

512.47

12.88

258

229

304

283 Century Enka

1183.68

20.69

237

241

1106.84

1.18

285

250

463.11

0.10

274

228

305

340 Bharati Shipyard

645.15

78.27

406

522

1744.39

45.17

207

232

578.61

136.37

234

347

306

307 Balmer Lawrie & Co.

1443.40

12.85

199

184

724.43

20.19

375

353

324.84

20.17

343

328

307

301 Supreme Inds

1314.46

12.90

215

201

1002.56

26.35

302

298

250.62

10.69

383

357

308

333 Subhash Projects

1167.12

44.37

240

297

1219.84

74.58

272

323

306.50

152.97

350

440

309

327 Atul

1001.05

10.94

267

258

1113.87

24.82

283

277

433.13

44.65

283

302

310

245 Nahar Indl.Enterprises

868.01

-2.97

322

259

1644.22

4.11

218

184

521.36

-0.65

256

211

311

328 Gillette(I)

591.72

30.04

428

462

601.81

16.04

406

389

425.41

18.30

286

274

312

308 KRBL

996.53

9.15

270

255

1331.84

34.96

258

259

360.66

15.74

323

292

313

314 Ingersoll-Rand(I)

500.07

-16.95

481

367

827.22

30.70

348

341

702.34

58.20

199

232

314

277 Nahar Spinning

880.94

-1.07

316

263

1481.51

19.38

232

225

525.38

1.15

252

212

315

267 Madhucon Projects

738.43

44.69

365

427

1237.50

24.06

268

257

492.57

9.97

266

231

316

273 Eveready Inds(I)

847.18

9.66

334

308

1232.98

-0.28

269

227

550.40

-9.95

242

184

317

364 Amara Raja Batteries

1100.68

82.69

252

366

800.64

62.75

353

399

333.10

36.70

341

348

318

303 South Asian Petrochem

1004.96

-1.63

266

228

968.46

11.57

310

283

384.80

39.70

307

322

319

280 Greaves Cotton

1149.95

8.14

244

217

699.91

15.69

382

352

375.22

25.38

316

304

320

292 J K Paper

911.63

7.23

303

280

1374.28

1.92

250

212

392.58

3.53

302

265

321

353 Godrej Consumer Products

887.18

17.03

313

317

568.12

25.20

417

415

150.50

35.71

444

449

322

336 AIA Engg

592.64

48.45

427

499

585.06

22.61

411

405

525.13

23.38

253

237

323

331 Radico Khaitan

788.72

37.66

350

385

935.69

-1.39

318

265

242.06

3.96

387

352

324

310 Emco

944.25

43.96

288

348

1052.86

33.53

292

300

376.55

26.76

314

305

325

342 P & G Hygiene & Health Care

646.01

19.71

405

406

526.49

20.51

427

424

346.64

19.05

333

308

326

300 Spicejet

1294.99

101.15

220

352

1346.04

3.76

257

216

27.98

-84.84

492

386

327

304 Lloyd Steel Inds

2204.64

27.76

127

140

1574.07

-10.45

222

163

-409.77

-

500

500

328

286 RSWM

1165.47

12.80

241

226

1477.09

15.37

235

219

304.44

0.71

351

298

329

344 Manaksia

783.85

14.18

352

338

868.16

23.56

332

321

524.86

96.38

255

330

330

335 Praj Inds

701.62

15.50

386

360

684.92

25.50

385

379

350.84

136.65

329

415

331

332 Bajaj Electricals

1377.79

27.15

206

214

830.35

21.71

345

329

174.78

49.61

428

444

332

293 Sakthi Sugars

743.88

-14.90

364

271

1684.86

20.94

215

209

387.74

-0.44

306

255

333

316 National Steel & Agro

2154.22

17.06

132

130

985.42

19.37

308

292

264.24

9.03

374

349

334

381 HBL Power Systems

998.87

89.02

269

414

828.30

57.31

346

383

302.64

26.20

355

350

335

326 Prithvi Information Solutions

1112.79

44.69

249

312

956.96

40.70

312

330

405.70

7.50

295

268

336

362 Trent

499.31

12.51

482

470

805.51

43.86

352

372

605.84

56.35

227

259

337

341 Visa Steel

680.77

28.16

390

413

1563.55

53.81

224

254

346.96

9.58

332

291

338

367 Blue Dart Express

808.72

21.06

344

344

426.52

22.50

447

448

317.30

26.81

345

343

339

241 SPIC

984.49

-54.87

275

110

2996.61

-9.67

124

90

-383.76

-

499

388

340

313 CMC

926.52

-1.97

300

246

623.92

8.82

400

367

303.53

30.70

354

353

341

371 Carborundum Universal

593.22

26.56

426

453

775.50

39.30

363

375

351.88

28.44

328

324

342

317 Jayaswal Neco Industries

1472.59

18.64

191

188

940.81

2.33

316

270

199.92

63.69

407

438

343

368 Alfa Laval(I)

649.37

17.10

402

393

534.67

16.65

424

411

270.19

16.55

372

355

344

318 Mirc Electronics

1528.38

0.96

185

160

739.63

12.08

371

334

254.25

7.61

379

351

345

356 BASF(I)

908.17

17.88

306

310

514.94

14.44

429

419

339.68

11.96

338

297

346

284 Dhampur Sugar

594.90

-39.03

423

242

1356.68

49.68

253

275

411.08

-12.60

292

224

347

378 Vishal Retail

1005.31

66.81

265

365

926.37

119.81

322

426

271.16

113.92

371

434

348

346 Unity Infraprojects

849.55

56.50

333

401

985.86

59.26

307

348

355.64

17.82

325

299

349

347 Shrenuj & Co.

987.37

12.06

274

269

1082.47

20.84

289

276

218.45

31.80

400

401

350

320 Hexaware Technologies

468.80

13.60

499

491

882.78

9.74

329

295

680.43

-4.22

207

163

42 THE FINANCIAL EXPRESS | MARCH 2009

Gross Profit 2008

% Rank Rank Change 2008 2007

Market Cap 30.01.2009

% Rank Rank Change 2008 2007

( Figures in Rs Crore)

RONW RONW (%) (%) 2008 2007

ROA (%) 2008

ROA (%) 2007

ROS (%) 2008

ROS (%) 2007

Company

83.09

-19.15

356

289

240.83

-70.33

337

328

10.55

17.24

9.22

12.89

4.73

7.03

Gokaldas Exports

114.11

54.20

309

341

36.07

-68.72

475

473

2.90

0.96

7.39

5.94

0.99

0.34

Value Inds

123.85

-13.27

292

237

187.91

-88.57

357

247

15.46

19.80

11.76

16.55

8.52

10.36

Kalyani Steels

79.78

2.74

361

337

103.16

-60.33

414

425

2.90

3.61

7.21

7.10

1.13

1.70

Century Enka

170.65

47.72

239

272

176.72

-90.16

365

228

18.57

29.89

9.78

9.61

16.66

20.22

141.55

22.06

268

271

362.78

-47.44

297

346

26.76

25.98

19.54

19.24

6.02

5.49

Balmer Lawrie & Co.

113.71

1.13

311

277

297.00

-59.46

321

341

20.39

22.15

11.34

14.17

3.89

4.31

Supreme Inds

87.22

33.83

349

366

177.02

-89.08

364

250

18.99

36.00

7.15

9.33

4.99

5.40

Subhash Projects

68.74

19.26

383

385

128.62

-40.50

393

440

8.03

8.57

6.17

6.46

3.48

2.84

Atul Nahar Indl.Enterprises

Bharati Shipyard

94.98

-41.36

339

216

87.07

-79.97

430

381

0.45

12.93

5.78

10.26

0.27

7.59

194.67

24.22

220

225

2290.59

-20.26

109

170

27.59

26.39

32.35

30.22

19.84

20.86

88.99

19.67

347

339

153.16

-53.15

382

407

15.18

15.89

6.68

7.54

5.49

5.42

KRBL

95.59

40.78

337

357

750.10

-25.04

210

305

9.80

10.34

11.56

10.73

13.77

7.63

Ingersoll-Rand(I)

96.89

-41.30

335

213

75.73

-71.85

439

423

2.29

12.38

6.54

13.30

1.36

7.22

Nahar Spinning

103.34

22.80

323

324

217.16

-91.38

345

186

9.59

9.28

8.35

8.44

6.40

8.15

Madhucon Projects

21.57

322.11

466

488

114.47

-70.83

402

391

-

-

1.75

0.41

-

-

170.15

94.68

241

315

353.98

-72.25

301

284

28.33

19.31

21.25

17.77

8.57

7.81

Amara Raja Batteries

97.29

31.15

334

340

171.12

-65.62

369

369

14.43

16.22

10.05

8.55

5.53

4.37

South Asian Petrochem

162.15

2.15

248

222

331.87

-78.71

311

257

29.36

40.87

23.17

26.24

9.58

11.50

114.56

-8.84

306

260

117.23

-63.81

400

409

11.79

12.11

8.34

9.32

5.08

5.40

184.22

26.07

227

234

3378.51

30.62

87

185

98.42 105.70

32.43

32.20

16.70

15.46

Godrej Consumer Products

158.45

59.60

252

292

1072.07

-61.86

174

174

20.63

15.72

27.08

20.81

18.28

16.76

AIA Engg

63.40

11.70

393

390

731.49

-35.21

212

298

13.66

13.98

6.78

5.98

4.19

5.68

Radico Khaitan

104.25

53.60

322

358

163.31

-87.59

374

280

17.11

13.67

9.90

8.61

6.83

6.19

Emco

190.54

33.75

223

238

2368.77

1.54

108

194

37.91

30.85

36.19

32.61

20.34

16.64

-124.57

-

495

496

337.43

-80.00

305

240

-

-

-

-

-

-

Spicejet

65.09

46.70

389

421

89.11

-74.41

427

400

-

-

4.14

2.52

-

-

Lloyd Steel Inds

66.88

-47.47

387

258

64.36

-81.11

450

404

0.09

14.58

4.53

9.94

0.02

4.27

RSWM

66.37

29.02

388

407

237.51

-64.89

338

348

7.81

11.50

7.64

7.32

5.23

4.48

Manaksia

179.05

58.52

233

276

1017.25

-67.93

178

159

43.76

58.37

26.14

20.70

21.88

14.24

Praj Inds

117.44

77.05

300

361

336.72

-60.30

306

322

41.84

33.06

14.14

9.72

5.31

3.56

43.52

-59.50

434

281

109.95

-52.28

405

433

7.77

24.47

2.58

7.71

4.05

10.90

62.39

14.25

395

399

32.99

-65.34

479

479

9.54

9.43

6.33

6.62

1.17

1.24

National Steel & Agro

121.97

108.57

295

383

282.38

-66.19

325

323

22.17

13.38

14.73

11.11

6.72

6.07

HBL Power Systems

85.21

-11.96

352

296

72.23

-86.49

440

365

15.70

24.02

8.90

14.23

5.73

11.79

45.40

-5.85

423

412

613.93

-46.69

239

295

5.38

8.15

5.64

8.61

6.53

7.12

Trent

Gillette(I)

Eveready Inds(I)

Greaves Cotton J K Paper

P & G Hygiene & Health Care

Bajaj Electricals Sakthi Sugars

Prithvi Information Solutions

84.94

94.95

353

424

182.60

-61.88

361

372

12.44

6.48

5.43

4.29

6.34

3.86

Visa Steel

129.70

30.97

285

293

987.17

-31.97

181

270

22.04

20.07

30.41

28.44

8.65

7.52

Blue Dart Express

-293.94

-

499

498

97.69

-64.92

421

419

-

-

-

-

-

-

SPIC

123.51

35.38

293

307

464.50

-65.03

267

278

29.07

27.60

19.80

15.91

9.52

6.78

CMC

160.98

58.98

250

290

812.15

-42.31

204

273

27.61

21.41

20.76

18.19

16.38

12.51

Carborundum Universal

129.97

105.91

283

373

107.69

-81.20

408

360

43.12

21.55

13.81

6.87

5.85

2.12

Jayaswal Neco Industries

142.81

25.67

266

275

1682.98

3.95

126

251

33.86

30.04

26.71

24.79

14.09

12.56

63.32

-9.43

394

352

129.98

-58.74

391

411

13.60

14.44

8.56

10.59

2.26

2.25

Mirc Electronics

106.60

19.82

319

312

525.04

-22.49

255

347

17.48

16.51

20.70

19.77

6.54

6.50

BASF(I)

-45.85

-

493

178

168.14

-50.75

370

403

-

21.80

-

22.32

-

10.51

90.09

65.97

346

401

128.69

-92.62

392

235

14.99

19.77

9.73

12.88

4.04

4.16

Vishal Retail

98.01

55.67

332

374

137.11

-88.18

389

294

16.88

12.68

9.94

10.17

7.07

7.05

Unity Infraprojects

50.98

1.86

413

409

124.74

-64.42

394

399

14.02

18.13

4.71

5.59

3.10

3.41

Shrenuj & Co.

7.73

-94.35

484

247

287.30

-70.77

323

308

-

16.70

0.88

17.01

-

28.75

Alfa Laval(I)

Dhampur Sugar

Hexaware Technologies

MARCH 2009 | THE FINANCIAL EXPRESS | 43

fefe 500 companiesbasedoncompositeranking Composite Rank Rank 2008 2007

Company

Net Sales 2008

% Rank Rank Change 2008 2007

Total Assets 2008

% Rank Rank Change 2008 2007

Net Worth 2008

% Rank Rank Change 2008 2007

351

397 Sadbhav Engg

870.05

78.08

321

441

656.54

36.13

394

402

282.61

92.72

366

417

352

372 Honeywell Automation(I)

866.13

34.65

324

353

546.58

32.88

421

427

234.35

30.25

392

390

353

338 Transport Corp(I)

1198.38

10.52

231

213

544.64

17.15

423

408

262.99

39.95

377

381

354

355 Novartis(I)

553.13

2.27

458

404

557.92

19.88

419

407

448.42

15.40

278

257

355

337 Sunflag Iron & Steel Co.

989.48

19.52

273

290

797.18

9.88

355

310

294.08

13.13

360

336

356

363 Aarti Inds

889.42

25.80

311

332

835.90

18.20

343

318

282.47

10.04

367

337

357

312 Elecon Engg

723.79

15.94

374

355

1012.71

35.99

298

306

236.73

25.99

390

382

358

409 Texmaco

826.94

92.05

342

475

649.69

40.38

395

410

243.56

49.30

385

405

359

434 ICSA(I)

670.69

101.72

393

534

729.42

108.11

373

446

365.54

242.78

321

453

360

359 Bata(I)

867.21

12.57

323

311

529.66

15.69

425

412

251.38

18.58

382

366

361

354 KPR Mill

573.96

19.17

444

444

1259.86

36.73

266

269

508.74

52.93

260

283

362

339 Madras Aluminium Co.

472.97

-11.97

496

407

684.38

21.50

386

371

374.05

12.47

317

284

363

369 Unichem Laboratories

575.73

6.62

440

405

597.76

12.91

408

381

428.02

15.27

285

271

364

408 Nectar Lifesciences

735.95

72.75

367

480

951.72

22.71

313

303

283.16

35.89

365

370

365

396 West Coast Paper

583.06

5.14

436

394

973.59

78.11

309

378

399.18

71.93

299

354

366

343 Chemplast Sanmar

640.08

4.63

407

359

1414.89

54.81

245

273

253.17

2.92

380

345

367

351 DCW

751.31

13.36

360

347

991.04

37.71

306

313

308.41

21.30

348

339

368

321 Clariant Chemicals(I)

861.21

-5.75

328

254

508.45

-10.65

433

370

309.42

-0.26

347

293

369

418 Godawari Power & Ispat

832.56

88.81

339

471

741.73

40.97

370

384

384.08

87.26

308

372

370

411 Sarda Energy

628.34

69.13

415

519

865.13

79.89

336

403

401.54

109.50

297

377

371

374 Elder Pharma

551.20

22.69

461

467

809.19

25.86

351

337

383.59

18.60

309

288

372

350 Emami

583.71

13.17

434

423

423.06

3.66

448

428

289.00

-13.79

364

282

373

334 Philips Carbon Black

1033.18

3.46

259

235

846.02

15.32

341

309

238.33

47.73

388

406

374

377 3M India

608.41

20.51

421

429

393.63

26.70

455

460

290.30

29.70

363

360

375

361 A P Paper

578.88

18.86

438

442

1102.79

5.94

286

252

416.43

8.14

290

260

376

365 Ruchi Infrastructure

969.22

10.84

282

270

776.53

32.54

362

358

173.16

20.38

432

420

377

348 JB Chemicals & Pharma.

552.75

6.85

459

420

736.41

5.18

372

322

463.19

9.99

273

240

378

352 Supreme Petrochem

1466.63

-1.04

193

161

606.64

16.73

405

388

189.02

10.34

413

396

379

426 Varun Inds

856.80

15.24

331

321

881.57

89.82

330

409

377.70

272.34

313

457

380

375 Wheels(I)

1130.21

12.65

247

233

728.97

27.16

374

368

177.68

11.12

425

407

381

386 Rallis(I)

677.47

8.08

391

354

522.28

9.01

428

404

307.54

45.22

349

367

382

410 Tata Metaliks

1031.64

51.48

261

339

591.95

31.06

410

418

192.43

35.08

411

421

383

376 Savita Chemicals

905.05

13.62

307

301

627.90

21.92

399

392

250.23

20.20

384

371

384

358 Sujana Universal Inds

909.98

2.06

305

261

711.41

21.94

377

360

390.30

33.70

305

307

385

380 Nitco

633.51

38.46

413

458

782.73

39.98

360

373

496.88

70.77

263

309

386

330 Tamilnadu Petro Products

781.47

-5.83

354

288

798.01

-7.65

354

286

365.46

-3.25

322

267

387

388 Meghmani Organics

587.20

26.74

432

454

690.00

33.12

384

390

407.46

43.94

293

314

388

360 Surya Roshni

1352.36

14.14

210

198

672.95

5.99

390

340

183.04

8.98

419

399

389

389 Fag Bearings(I)

648.26

18.50

403

399

433.71

22.09

443

445

318.10

28.46

344

344

390

436 ITD Cementation(I)

735.04

49.29

368

436

780.96

24.73

361

345

346.33

220.77

334

452

391

407 FDC

489.61

14.37

486

478

494.47

21.30

435

429

375.31

13.02

315

285

392

415 Time Techno

470.82

32.35

497

528

594.44

48.52

409

431

378.43

81.02

312

369

393

383 Jagatjit Inds

559.09

23.10

453

463

608.41

4.75

404

361

395.51

3.09

301

263

394

463 Ankur Drugs

673.72

80.41

392

517

893.11

77.46

327

398

210.74

100.55

404

454

395

384 Surana Inds

798.93

3.05

346

305

1001.10

70.66

303

356

174.76

20.97

429

418

396

394 Ratnamani Metals & Tubes

845.09

47.94

337

387

597.90

16.02

407

391

225.85

60.67

396

426

397

464 Sanwaria Agro Oils

938.12

110.60

289

469

377.69

97.20

461

483

125.27

47.20

463

466

398

404 Abbot(I)

622.42

16.53

416

409

330.38

-2.97

473

451

231.02

-6.02

393

346

399

382 KEI Inds

874.69

44.75

319

363

813.38

21.33

350

333

207.07

36.36

406

411

400

395 Kirloskar Ferrous Inds

726.58

38.49

372

415

545.37

24.63

422

423

300.15

14.06

356

333

46 THE FINANCIAL EXPRESS | MARCH 2009

Gross Profit 2008

% Rank Rank Change 2008 2007

Market Cap 30.01.2009

% Rank Rank Change 2008 2007

( Figures in Rs Crore)

RONW RONW (%) (%) 2008 2007

ROA (%) 2008

ROA (%) 2007

ROS (%) 2008

ROS (%) 2007

Company

90.35

69.04

345

405

425.94

-72.95

280

256

18.75

18.14

13.76

11.08

6.09

5.44

Sadbhav Engg

97.51

20.76

333

328

685.81

-55.85

224

258

27.77

32.24

17.84

19.63

7.52

9.02

Honeywell Automation(I)

62.12

-0.40

396

375

267.89

-67.80

330

324

10.83

16.27

11.41

13.42

2.38

2.82

Transport Corp(I)

150.45

10.31

260

248

780.78

-25.94

207

300

21.68

22.79

26.97

29.31

17.58

16.37

91.81

3.47

344

314

162.36

-62.01

376

383

14.83

14.25

11.52

12.23

4.41

4.48

Sunflag Iron & Steel Co.

80.42

33.72

360

379

209.66

-34.17

346

410

12.98

10.21

9.62

8.50

4.12

3.71

Aarti Inds

112.36

16.70

312

297

335.19

-84.79

307

200

28.39

29.22

11.09

12.93

9.28

8.79

Elecon Engg

108.66

129.77

316

414

554.55

-63.97

249

259

28.37

17.46

16.72

10.22

8.35

6.61

Texmaco

160.93

113.72

251

338

404.82

-79.79

287

214

30.40

55.25

22.06

21.48

16.57

17.72

ICSA(I)

70.16

14.08

380

377

567.77

-50.10

246

296

20.32

18.94

13.25

13.43

5.89

5.21

Bata(I)

137.71

18.28

272

269

104.37

-78.80

413

370

15.60

17.56

10.93

12.64

13.83

12.13

KPR Mill

99.17

-55.91

330

162

934.88

-36.55

184

266

17.45

54.27

14.49

39.94

13.80

33.59

Madras Aluminium Co.

107.30

-8.18

318

267

545.65

-7.92

251

358

18.04

24.29

17.95

22.07

13.41

16.70

Unichem Laboratories

121.67

51.14

296

330

234.54

-37.49

339

394

29.56

26.99

12.78

10.38

11.37

13.20

Nectar Lifesciences

114.38

19.74

307

299

217.26

-47.23

344

386

20.52

28.63

11.75

17.47

14.05

11.98

West Coast Paper

52.78

-20.38

409

362

178.97

-69.80

362

359

2.56

9.43

3.73

7.25

1.01

3.79

Chemplast Sanmar

81.91

45.23

357

392

156.33

-71.18

380

364

11.61

7.93

8.27

7.84

4.76

3.04

DCW

69.71

-19.92

382

316

391.64

-45.21

289

343

10.27

14.13

13.71

15.30

3.69

4.80

Clariant Chemicals(I)

131.73

88.91

281

353

149.61

-76.11

384

354

24.73

25.46

17.76

13.25

11.41

11.84

Godawari Power & Ispat

161.15

120.36

249

343

193.74

-87.32

355

262

30.07

22.23

18.63

15.21

19.22

11.47

Sarda Energy

87.69

28.22

348

355

422.40

-43.00

282

337

17.90

16.32

10.84

10.64

12.45

11.75

Elder Pharma

111.81

42.05

313

335

1257.61

-29.07

161

230

32.09

19.67

26.43

19.29

15.89

12.78

Emami

132.93

104.82

279

369

94.78

-82.97

423

362

37.47

14.59

15.71

8.85

8.64

2.36

Philips Carbon Black

110.43

32.86

314

325

1065.58

-48.95

175

207

23.31

22.53

28.05

26.75

11.12

9.99

3M India

73.59

4.90

369

350

114.24

-47.86

403

438

3.97

6.27

6.67

6.74

2.86

4.95

A P Paper

52.35

38.68

411

435

231.42

-62.87

341

355

20.54

14.10

6.74

6.44

3.67

2.32

72.82

-18.94

372

310

307.03

-39.93

317

368

11.16

16.86

9.89

12.83

9.35

13.73

44.27

-30.51

431

371

107.04

-61.14

410

420

12.44

18.85

7.30

12.26

1.60

2.18

Supreme Petrochem

40.39

24.24

439

444

60.69

-73.75

453

432

5.66

19.24

4.58

7.00

2.49

2.63

Varun Inds

70.46

8.52

379

368

133.15

-47.94

390

427

14.56

16.28

9.67

11.33

2.29

2.59

Wheels(I)

164.58

90.82

246

317

458.35

-15.89

269

363

40.71

27.44

31.51

18.00

18.48

9.27

Rallis(I)

121.49

121.62

297

398

187.53

-56.43

358

382

36.18

20.72

20.52

12.14

6.75

4.33

Tata Metaliks

100.42

40.33

326

346

194.18

-55.97

354

377

24.76

22.70

15.99

13.89

6.85

5.93

Savita Chemicals

54.80

22.95

407

420

51.77

-74.45

459

447

5.76

6.62

7.70

7.64

2.47

2.17

Sujana Universal Inds

75.68

21.40

366

376

100.21

-88.24

418

321

10.27

13.07

9.67

11.15

8.05

8.31

Nitco

14.28

-19.28

474

470

83.13

-51.62

436

457

-

-

1.79

2.05

-

-

61.54

4.77

397

382

185.13

-76.05

359

334

9.23

14.44

8.92

11.33

6.40

8.82

Novartis(I)

Ruchi Infrastructure JB Chemicals & Pharma.

Tamilnadu Petro Products Meghmani Organics

52.48

7.10

410

411

64.22

-66.49

452

452

11.15

8.82

7.80

7.72

1.51

1.25

143.22

13.71

265

259

378.02

-60.10

295

313

25.00

29.76

33.02

35.46

12.27

13.47

26.84

122.92

458

476

94.35

-65.56

424

421

2.61

2.50

3.44

1.92

1.23

0.55

87.10

-2.05

350

313

535.13

-15.06

252

353

17.52

19.37

17.61

21.81

13.43

15.03

FDC

91.99

56.45

343

381

455.23

-73.50

270

238

16.78

18.73

15.48

14.69

13.49

11.01

Time Techno

39.36

19.24

442

442

261.26

-36.13

332

387

4.45

4.27

6.47

5.68

3.15

3.60

Jagatjit Inds

83.34

83.25

355

417

165.62

-50.48

371

405

30.13

31.15

9.33

9.04

9.43

8.76

Ankur Drugs

56.97

6.59

404

404

99.64

-71.73

420

397

18.55

21.28

5.69

9.11

4.06

3.97

Surana Inds

164.86

43.23

245

273

184.50

-81.54

360

306

39.86

45.66

27.57

22.33

10.65

11.24

67.60

257.48

385

468

382.80

-37.82

292

356

34.58

14.36

17.90

9.87

4.62

2.74

106.22

17.03

320

308

622.13

-21.80

237

330

29.62

24.41

32.15

26.65

10.99

11.23

Abbot(I)

72.62

14.49

373

372

66.37

-87.38

446

366

21.14

26.45

8.93

9.46

5.01

6.65

KEI Inds

84.10

4.16

354

329

159.82

-78.22

377

339

16.34

16.90

15.42

18.45

6.75

8.47

Kirloskar Ferrous Inds

Surya Roshni Fag Bearings(I) ITD Cementation(I)

Ratnamani Metals & Tubes Sanwaria Agro Oils

MARCH 2009 | THE FINANCIAL EXPRESS | 47

fe 500 companiesbasedoncompositeranking Composite Rank Rank 2008 2007

Company

Net Sales 2008

% Rank Rank Change 2008 2007

Total Assets 2008

% Rank Rank Change 2008 2007

Net Worth 2008

% Rank Rank Change 2008 2007

401

357 Rico Auto Inds.

708.71

-8.01

381

309

774.30

22.84

364

342

269.41

5.25

373

338

402

398 Mastek

583.27

17.08

435

434

428.26

11.40

444

436

291.64

3.51

362

315

403

420 Gati

552.07

20.71

460

459

621.86

54.29

401

430

303.78

71.16

352

393

404

438 Century Ply

594.08

40.40

425

483

413.19

43.80

452

469

160.34

36.22

439

443

405

387 Ahluwalia Contracts(I)

880.09

31.50

317

343

579.98

59.99

412

441

125.00

56.88

465

470

406

406 Shri Lakshmi Cotsyn

845.24

40.17

336

364

909.02

32.74

324

328

217.02

30.62

402

400

407

412 Alps Inds

634.27

47.80

410

477

1086.04

53.93

288

319

297.65

8.17

357

323

408

403 Walchandnagar Inds

633.10

76.50

414

526

556.21

13.16

420

400

222.77

12.32

397

376

409

449 Zylog System

605.94

50.20

422

496

510.21

72.37

431

466

407.07

88.08

294

363

410

494 Titagarh Wagons

554.80

97.12

457

552

529.06

125.63

426

476

226.34

133.17

394

459

411

345 Force Motors

930.54

-5.16

297

240

849.31

8.35

340

301

102.96

-44.83

471

383

412

416 Kohinoor Foods

635.07

7.78

409

377

791.46

23.41

356

338

146.95

3.76

445

423

413

325 Samtel Color

786.47

-33.41

351

199

1036.07

-15.26

295

228

187.03

-14.45

416

362

414

447 Nilkamal

887.51

66.58

312

411

620.29

90.69

402

454

207.99

59.11

405

432

415

435 JMC Projects(I)

914.99

82.91

302

433

636.87

77.65

397

444

173.29

40.08

431

436

416

413 Agro Tech Foods

1010.64

-2.65

263

224

182.37

6.74

491

488

111.80

18.19

470

462

417

392 SIL Investments

791.34

10.22

349

330

1000.62

29.07

304

304

155.55

0.49

440

410

418

393 Sangam(I)

693.39

25.53

388

397

1017.42

11.68

297

274

193.29

2.86

409

380

419

405 Mahindra Ugine Steel Co.

863.42

29.65

326

346

702.32

21.30

379

364

189.03

10.96

412

397

420

439 Federal-Mogul Goetze(I)

617.74

16.13

417

412

680.50

17.19

388

362

176.24

95.26

427

464

421

428 Piramal Glass

478.68

21.69

491

502

1166.02

32.34

278

281

263.71

5.17

375

342

422

414 Goodyear(I)

890.43

7.33

310

289

386.05

-0.29

457

435

144.89

19.75

447

441

423

324 Shah Alloys

910.18

-27.23

304

187

856.14

-12.92

339

261

129.87

-48.30

461

341

424

399 Spanco

565.45

32.55

449

479

870.38

37.04

331

339

303.66

12.25

353

327

425

401 Lloyd Electric & Engg.

665.04

35.48

395

438

575.20

22.19

413

406

339.79

13.48

337

303

426

385 Sujana Metal Products

750.92

3.40

361

326

644.48

25.49

396

394

256.33

-10.79

378

312

427

456 JVL Agro Ind

1154.88

66.90

242

335

492.21

41.66

436

449

83.46

47.12

473

477

428

373 Spentex Inds

777.34

3.34

355

319

827.75

-0.30

347

289

164.13

-17.38

437

375

429

425 Sona Koyo Steering Sys.

686.32

17.88

389

381

509.27

40.84

432

442

181.45

36.01

421

428

430

427 Eskay KnIT(I)

651.98

35.91

401

447

673.95

27.02

389

380

292.90

7.58

361

325

431

440 Balaji Distilleries

1208.57

21.66

229

237

239.98

21.06

486

481

-216.50

-

498

499

432

419 Ciba(I)

468.77

-8.35

500

426

426.55

13.16

446

438

295.19

4.95

358

316

433

431 Paper Products

569.80

13.64

446

431

427.99

17.87

445

440

238.27

6.44

389

359

434

400 Hindustan Motors

704.66

5.72

385

345

442.99

-13.79

440

393

132.17

27.84

459

455

435

448 Anik Inds

728.98

58.13

370

455

635.85

21.55

398

385

187.78

11.48

415

398

436

390 Classic Diamonds(I)

708.13

8.21

382

350

702.74

12.61

378

347

216.86

22.17

403

392

437

467 Pennar Inds

559.65

11.84

452

432

348.81

12.29

469

461

188.19

71.74

414

451

438

402 Pricol

633.58

3.14

412

358

690.09

12.11

383

350

186.85

7.33

417

394

439

432 Salora International

1108.89

25.53

250

268

324.05

13.79

474

471

134.71

16.13

456

446

440

469 Hatsun Agro Product

863.19

47.48

327

379

264.72

45.72

482

487

48.16

33.52

487

485

441

423 Hindustan Sanitaryware

517.97

8.68

472

448

568.13

7.71

416

382

220.68

9.42

399

374

442

446 Swaraj Mazda

667.52

10.87

394

368

448.73

18.41

439

437

93.58

23.68

472

471

443

455 Kajaria Ceramics

504.78

21.25

480

487

620.22

5.73

403

357

154.89

9.39

441

424

444

454 Kpit Cummins Infosystems

480.44

52.14

489

544

421.40

13.08

449

439

272.51

42.94

370

378

445

450 Voltamp Transformers

555.35

36.86

456

494

255.10

49.43

485

489

164.67

65.40

436

458

446

424 Kirloskar Electric Co.

727.77

23.06

371

374

384.46

24.06

458

462

125.25

30.63

464

460

447

417 Garware Polyester

574.68

9.73

441

417

683.76

-6.88

387

308

243.13

34.79

386

389

448

422 Bharat Bijlee

562.73

19.92

450

451

342.93

19.73

472

470

168.50

45.46

434

447

449

442 Seshasayee Paper & Boards

495.04

8.18

483

457

744.94

29.82

368

366

182.11

29.08

420

425

450

452 Hindustan Organic Chem.

574.49

13.75

442

428

497.25

-4.93

434

386

176.37

-

426

497

48 THE FINANCIAL EXPRESS | MARCH 2009

Gross Profit 2008

% Rank Rank Change 2008 2007

Market Cap 30.01.2009

% Rank Rank Change 2008 2007

RONW RONW (%) (%) 2008 2007

ROA (%) 2008

ROA (%) 2007

ROS (%) 2008

ROS (%) 2007

( Figures in Rs Crore) Company

74.61

-5.38

368

332

106.26

-74.56

411

385

8.27

10.08

9.64

12.51

3.14

3.35

141.64

-0.29

267

239

385.75

-50.06

291

335

34.02

36.40

33.07

36.95

17.01

20.58

45.32

6.64

424

426

303.41

-71.16

320

302

7.83

13.16

7.29

10.54

4.31

5.11

Gati

74.92

102.71

367

437

701.99

-52.37

219

265

27.83

17.36

18.13

12.86

7.51

4.83

Century Ply

100.81

49.06

325

360

229.35

-86.71

343

236

41.31

39.14

17.38

18.66

5.87

4.66

Ahluwalia Contracts(I)

79.44

29.57

362

378

35.96

-81.59

476

449

21.46

21.86

8.74

8.95

5.51

6.02

Shri Lakshmi Cotsyn

34.18

-31.97

450

408

29.89

-85.92

484

442

3.99

11.03

3.15

7.12

1.87

7.07

Alps Inds Walchandnagar Inds

Rico Auto Inds. Mastek

59.86

144.43

400

460

333.70

-80.88

310

234

15.96

6.70

10.76

4.98

5.62

3.71

104.61

60.52

321

365

124.69

-74.35

395

371

20.20

24.97

20.50

22.02

13.57

13.40

Zylog System

94.42

103.23

340

415

476.45

-

265

-

26.76

30.07

17.85

19.81

10.92

10.37

Titagarh Wagons

-42.65

-

492

493

83.17

-71.70

435

415

-

-

-

0.08

-

-

15.60

-62.50

470

428

241.47

10.84

336

439

3.63

15.58

1.97

6.49

0.84

3.75

-49.39

-

494

494

25.64

-69.77

486

483

-

-

-

-

-

-

99.84

327.58

328

461

85.11

-77.70

431

393

27.58

5.32

16.10

7.18

6.46

1.30

Nilkamal

63.59

100.35

392

446

96.78

-86.85

422

338

17.73

12.98

9.98

8.85

3.36

3.21

JMC Projects(I)

22.81

11.16

465

464

245.28

-39.84

335

388

14.54

17.01

12.51

12.01

1.61

1.55

Agro Tech Foods

59.22

-30.83

401

319

44.62

-67.96

468

465

1.95

23.46

5.92

11.04

0.38

5.06

SIL Investments

55.63

-24.24

405

342

40.84

-75.48

469

458

2.78

14.38

5.47

8.06

0.77

4.89

Sangam(I)

70.90

-16.49

378

321

64.31

-73.44

451

430

15.60

26.36

10.10

14.66

3.42

6.74

24.56

-16.18

463

454

202.50

-23.92

351

424

-

-

3.61

5.05

-

-

81.31

-4.06

358

322

68.95

-

443

-

6.16

14.10

6.97

9.62

3.40

8.99

Piramal Glass

68.13

-4.63

384

347

162.76

-53.03

375

401

27.76

37.29

17.65

18.45

4.52

5.44

Goodyear(I)

-147.73

-

496

351

25.36

-71.66

488

480

-

16.04

-

7.13

-

3.22

Shah Alloys

67.58

19.36

386

391

50.70

-88.85

460

375

12.60

12.08

7.76

8.91

6.77

7.66

Spanco

71.28

20.41

377

380

65.41

-85.04

449

378

15.51

14.35

12.39

12.58

7.93

8.75

Lloyd Electric & Engg.

49.85

4.44

417

413

40.79

-78.79

470

450

8.95

9.82

7.73

9.29

3.06

3.89

Sujana Metal Products

32.85

82.60

452

469

50.44

-57.31

461

471

28.37

19.78

6.67

5.18

2.05

1.62

JVL Agro Ind

-0.37

-

490

429

32.09

-84.36

481

445

-

2.11

-

5.00

-

0.56

Spentex Inds

55.26

3.31

406

403

156.77

-69.66

379

367

13.89

20.77

10.85

14.79

3.67

4.76

Sona Koyo Steering Sys.

80.79

46.86

359

397

37.63

-69.82

472

468

7.06

5.32

11.99

10.37

3.17

3.02

Eskay KnIT(I)

116.94

-

302

489

105.77

-46.37

412

448

-

-

48.73

2.17

8.78

-

37.90

-61.27

448

295

262.01

-23.94

331

402

6.55

28.83

8.89

25.96

4.13

15.86

63.67

-19.20

391

334

193.43

-40.44

356

408

11.91

17.84

14.88

21.70

4.98

7.97

Paper Products

69.79

77.22

381

432

199.37

-75.14

353

329

23.33

12.86

15.75

7.66

4.38

2.00

Hindustan Motors

39.16

92.15

444

465

58.28

-67.21

456

455

12.39

6.85

6.16

3.90

3.19

2.50

Anik Inds

39.16

5.41

443

436

33.34

-88.93

478

412

14.36

12.70

5.57

5.95

4.40

3.45

Classic Diamonds(I)

44.82

26.57

427

439

309.88

35.02

314

434

16.37

20.36

12.85

11.40

5.51

4.46

Pennar Inds

53.80

-32.58

408

331

71.55

-70.61

442

429

10.21

20.80

7.80

12.96

3.01

5.89

Pricol

38.74

22.05

446

447

36.30

-80.57

474

453

17.34

14.02

11.95

11.15

2.11

1.84

Salora International

45.75

65.46

422

455

178.24

-20.13

363

436

35.98

22.58

17.28

15.22

2.01

1.39

Hatsun Agro Product

71.76

3.06

375

354

165.15

-53.05

373

398

12.93

14.43

12.63

13.20

5.51

6.11

Hindustan Sanitaryware

41.40

61.72

438

457

172.10

-41.70

368

414

26.93

21.27

9.23

6.76

3.78

2.67

Swaraj Mazda

43.28

36.31

436

445

203.37

17.16

350

456

9.70

5.42

6.98

5.41

2.98

1.84

96.22

65.18

336

384

172.88

-75.12

367

345

23.52

23.99

22.83

15.63

13.34

14.48

127.77

96.93

288

370

355.06

-77.67

299

255

48.52

39.74

50.09

38.01

14.39

9.75

31.57

2.43

454

450

151.05

-84.09

383

312

18.90

18.25

8.21

9.94

3.25

2.96

Kirloskar Electric Co.

47.15

32.52

420

438

46.92

-62.57

466

467

4.27

1.18

6.90

4.85

1.81

0.41

Garware Polyester

115.08

34.19

304

318

255.61

-85.39

333

232

43.49

47.54

33.56

29.94

13.02

11.74

77.90

35.57

364

387

89.16

-60.37

426

435

25.14

29.35

10.46

10.01

9.25

9.05

Seshasayee Paper & Boards

39.84

-9.76

441

422

124.45

-69.04

397

390

7.72

-

8.01

8.44

2.37

3.37

Hindustan Organic Chem.

Force Motors Kohinoor Foods Samtel Color

Mahindra Ugine Steel Co. Federal-Mogul Goetze(I)

Balaji Distilleries Ciba(I)

Kajaria Ceramics Kpit Cummins Infosystems Voltamp Transformers

Bharat Bijlee

MARCH 2009 | THE FINANCIAL EXPRESS | 49

fe 500 companiesbasedoncompositeranking Composite Rank Rank 2008 2007

Company

Net Sales 2008

% Rank Rank Change 2008 2007

Total Assets 2008

% Rank Rank Change 2008 2007

Net Worth 2008

% Rank Rank Change 2008 2007

451

421 DCM Shriram Inds.

557.05

-7.09

454

370

660.62

20.84

392

377

180.23

0.52

423

391

452

451 Cosmo Films

580.66

8.86

437

410

420.73

6.03

450

433

181.19

22.19

422

414

453

495 KNR Construction

548.39

69.04

464

541

559.76

115.42

418

474

226.25

242.13

395

474

454

430 Omax Autos

713.61

3.58

378

337

571.41

13.37

414

396

145.67

9.26

446

429

455

457 Mangalam Cement

509.88

11.82

476

461

400.19

37.17

453

468

222.07

50.36

398

416

456

437 McNally Bharat Engg.

548.17

9.03

465

430

662.44

45.55

391

414

137.03

45.50

453

463

457

429 Subros

662.57

2.37

396

351

359.36

2.94

466

447

174.05

15.23

430

412

458

461 Sai Service Station

885.72

11.53

315

303

159.74

1.44

493

492

50.62

14.42

484

481

459

443 Munjal Showa

719.24

2.59

377

334

305.24

8.08

477

472

153.97

6.92

442

419

460

441 TIL

706.47

26.15

383

390

354.68

8.69

467

453

122.40

43.63

466

465

461

476 Pratibha Inds

475.92

61.20

493

549

569.23

92.06

415

465

183.90

93.86

418

461

462

444 Trend Electronics

863.83

11.57

325

307

441.80

0.89

441

422

81.06

1.63

474

469

463

462 LT Foods

567.89

18.06

447

445

658.80

45.34

393

416

144.24

20.21

449

442

464

468 Ind-swift

513.27

36.01

475

514

715.08

28.64

376

376

178.06

19.83

424

413

465

433 IG Petrochemicals

586.91

1.02

433

382

394.32

-0.75

454

432

217.99

15.58

401

379

466

479 Diamond Cables

486.68

85.54

487

555

307.34

60.92

476

485

126.16

134.32

462

479

467

453 Thirumalai Chem.

591.22

9.01

429

402

436.04

-1.46

442

421

131.24

12.60

460

445

468

459 Siyaram Silk

589.67

12.42

430

416

472.57

20.23

437

434

136.36

2.71

454

430

469

445 LG Balakrishnan & Bros

549.87

15.62

463

449

513.56

-10.14

430

369

144.84

6.92

448

427

470

470 VIP Inds

550.19

29.84

462

481

350.06

15.90

468

463

132.79

17.87

457

448

471

477 Ushdev International

752.81

37.68

359

400

210.11

162.08

490

498

49.48

34.90

486

484

472

472 Universal Cables

489.81

28.71

484

511

418.27

27.39

451

452

169.80

6.47

433

408

473

487 Heritage Foods(I)

588.03

69.79

431

530

344.15

59.77

471

478

115.70

66.96

469

473

474

474 Hyderabad Inds

481.88

10.19

488

473

361.38

11.46

465

455

151.01

6.49

443

422

475

460 Lumax Inds

509.37

-5.09

477

408

390.79

23.87

456

459

143.36

75.97

450

468

476

480 Jay Bharat Maruti

657.04

26.46

398

419

226.73

5.11

487

477

67.05

23.91

478

478

477

471 Deepak Nitrite

470.27

13.19

498

488

381.00

-11.15

459

425

167.65

1.50

435

403

478

478 Amrit Banaspati Co.

758.80

22.52

358

357

135.18

21.60

497

496

29.46

1.13

491

489

479

458 Precision Wires(I)

573.99

-1.97

443

378

348.54

9.75

470

456

141.72

29.01

451

450

480

486 Excel Crop Care

509.27

25.92

478

495

364.59

14.87

464

457

118.03

14.73

468

456

481

483 Venkys(I)

523.16

27.45

469

492

277.22

5.81

481

473

140.40

15.36

452

439

482

488 Jayant Agro Organics

594.11

31.88

424

466

215.55

12.06

489

482

64.67

28.88

479

480

483

485 Rathi Steel

518.22

32.56

470

503

457.50

44.88

438

458

135.90

5.56

455

433

484

473 Atlas Cycles(H)

576.67

17.21

439

437

370.36

3.24

463

443

119.05

-2.86

467

437

485

484 Steel Exchange(I)

608.79

29.80

420

452

289.01

42.89

479

480

63.94

85.28

480

486

486

475 T T

639.22

8.05

408

373

257.83

21.38

483

479

61.46

2.09

481

475

487

465 Gabriel(I)

473.43

-9.24

495

418

373.49

27.00

462

467

132.65

1.40

458

431

488

481 Panchmahal Steel

505.73

19.47

479

482

322.23

6.95

475

464

69.31

147.01

476

490

489

482 Nicco Corp

476.99

24.49

492

508

379.08

10.58

460

450

74.26

6.51

475

472

490

490 Vimal Oil

634.20

29.32

411

439

146.09

1.28

495

493

24.50

22.93

494

494

491

497 Flawless Diamonds(I)

555.91

84.52

455

548

257.57

34.78

484

484

67.61

258.10

477

495

492

499 Compuage Infocom

611.38

102.52

419

547

144.33

29.42

496

495

15.67

-47.64

495

488

493

496 Nakoda Textile Inds

565.91

65.27

448

532

278.65

67.88

480

490

59.31

36.34

483

482

494

493 Emmsons International

560.77

53.28

451

521

159.35

-12.68

494

486

49.56

148.05

485

493

495

491 Tulsyan NEC

531.90

23.65

466

476

297.06

21.97

478

475

46.51

36.91

488

487

496

500 Sakuma Exports

573.42

144.27

445

559

71.57

-2.25

499

499

60.08

5.46

482

476

497

492 Competent Automobiles

529.07

16.58

467

464

101.54

4.90

498

497

42.57

9.97

489

483

498

489 Bhuwalka Steel Inds

518.11

7.80

471

446

180.17

12.73

492

491

27.67

8.77

493

492

499

498 Kriti Inds

474.01

42.61

494

535

217.45

86.24

488

494

33.64

24.22

490

491

500

466 Platinum Corporation

479.49

-42.45

490

286

35.07

-44.88

500

500

14.11

7.06

496

496

50 THE FINANCIAL EXPRESS | MARCH 2009

Gross Profit 2008

% Rank Rank Change 2008 2007

Market Cap 30.01.2009

% Rank Rank Change 2008 2007

RONW RONW (%) (%) 2008 2007

ROA (%) 2008

ROA (%) 2007

ROS (%) 2008

ROS (%) 2007

( Figures in Rs Crore) Company

13.84

-27.65

476

467

83.26

-54.25

434

454

-

0.88

2.10

3.50

-

0.26

DCM Shriram Inds.

85.84

53.31

351

394

120.92

-43.20

399

441

24.56

16.74

20.40

14.11

7.66

4.65

Cosmo Films

61.24

74.03

398

440

83.66

-

433

-

13.62

30.81

10.94

13.54

5.62

6.28

KNR Construction

50.35

-12.50

415

386

36.36

-69.40

473

470

10.87

17.74

8.81

11.42

2.22

3.43

Omax Autos

131.25

17.81

282

278

138.00

-64.13

388

392

51.13

56.78

32.80

38.19

22.27

18.39

34.00

58.58

451

462

108.04

-83.60

407

350

16.35

18.59

5.13

4.71

4.09

3.48

McNally Bharat Engg.

72.84

10.05

371

364

90.00

-69.97

425

413

16.45

18.41

20.27

18.96

4.32

4.30

Subros

27.22

39.09

457

466

88.47

0.35

428

481

23.20

19.11

17.04

12.43

1.33

1.07

Sai Service Station

44.83

-14.59

426

406

88.40

-43.11

429

461

12.55

18.04

14.69

18.59

2.69

3.71

Munjal Showa

60.92

55.21

399

433

101.50

-81.86

416

361

26.34

21.56

17.18

12.03

4.56

3.28

TIL

43.30

76.45

435

459

109.57

-82.84

406

351

18.63

21.54

7.61

8.28

7.20

6.92

Pratibha Inds

17.15

12.68

469

471

12.64

-74.33

496

489

2.14

3.05

3.88

3.48

0.20

0.31

Trend Electronics

43.27

40.76

437

451

65.92

-54.77

448

462

19.57

17.16

6.57

6.78

4.97

4.28

LT Foods

44.38

40.62

430

448

49.10

-54.88

463

476

17.55

14.03

6.21

5.68

6.09

5.52

Ind-swift

47.47

4.79

419

419

58.37

-71.31

455

446

14.02

15.74

12.04

11.40

5.21

5.11

IG Petrochemicals

50.33

66.66

416

453

208.18

-74.94

347

325

34.52

51.13

16.38

15.81

8.95

10.50

57.88

17.26

402

410

59.19

-73.27

454

437

23.24

22.14

13.27

11.15

5.16

4.76

Thirumalai Chem.

29.09

-24.05

455

434

46.85

-60.69

467

469

6.97

14.70

6.16

9.74

1.61

3.72

Siyaram Silk

46.51

-16.71

421

395

66.10

-68.62

447

443

10.26

16.95

9.06

9.77

2.70

4.83

LG Balakrishnan & Bros

38.24

23.67

447

449

112.47

-68.26

404

396

15.14

12.72

10.92

10.24

3.65

3.38

VIP Inds

18.26

110.37

468

481

49.75

-76.22

462

444

31.55

23.21

8.69

10.83

2.07

1.56

Ushdev International

39.91

-4.59

440

427

78.64

-66.00

437

431

10.17

13.78

9.54

12.74

3.52

5.77

Universal Cables

10.77

6.63

479

477

76.10

-73.13

438

417

0.81

2.49

3.13

4.69

0.16

0.50

Heritage Foods(I)

32.68

8.10

453

452

101.71

-24.73

415

466

9.32

9.85

9.04

9.32

2.92

3.19

Hyderabad Inds

38.85

-11.94

445

423

67.41

-76.36

444

416

9.87

22.44

9.94

13.99

2.78

3.41

Lumax Inds

45.16

12.67

425

431

48.74

-56.09

464

474

23.61

22.13

19.92

18.58

2.41

2.30

Jay Bharat Maruti

23.57

-57.56

464

396

71.70

-34.94

441

475

4.19

21.60

6.19

12.95

1.49

8.59

Deepak Nitrite

5.07

-41.25

487

482

20.79

-49.47

491

492

4.72

8.68

3.75

7.76

0.18

0.41

Amrit Banaspati Co.

35.27

7.30

449

443

35.32

-78.19

477

460

12.17

15.28

10.12

10.35

3.01

2.87

Precision Wires(I)

44.03

25.26

433

441

84.92

-28.12

432

472

20.93

17.98

12.08

11.07

4.85

4.57

Excel Crop Care

49.54

99.12

418

458

66.43

-53.33

445

464

18.95

9.47

17.87

9.50

5.09

2.81

Venkys(I)

11.73

19.33

477

478

52.05

-47.91

458

478

9.49

10.53

5.44

5.11

1.03

1.17

Jayant Agro Organics

15.08

7.87

472

473

21.83

-68.15

490

484

6.32

5.52

3.30

4.43

1.66

1.82

Rathi Steel

10.83

-84.60

478

349

25.38

-54.05

487

487

1.68

43.78

2.92

19.61

0.35

10.91

25.24

86.27

461

474

30.46

-84.13

483

451

23.83

23.38

8.73

6.70

2.50

1.72

Steel Exchange(I)

10.05

-29.13

480

472

13.44

-71.20

494

491

5.12

9.06

3.90

6.68

0.49

0.92

TT

25.69

-75.96

460

284

54.21

-66.81

457

459

5.77

55.89

6.88

36.34

1.62

14.02

50.90

10.17

414

416

48.55

-82.83

465

418

59.52 105.17

15.80

15.33

8.16

6.97

Panchmahal Steel

20.24

-1.80

467

463

38.09

-84.87

471

428

8.68

8.72

5.34

6.01

1.35

1.59

Nicco Corp

Mangalam Cement

Diamond Cables

Atlas Cycles(H)

Gabriel(I)

9.93

51.60

481

486

7.92

-65.46

499

495

22.83

17.00

6.80

4.54

0.88

0.69

Vimal Oil

27.60

206.33

456

480

28.36

-80.38

485

463

35.66

38.48

10.72

4.71

4.34

2.41

Flawless Diamonds(I)

7.04

99.43

486

491

19.63

-67.98

492

486

27.30

6.53

4.88

3.17

0.70

0.65

Compuage Infocom

13.92

53.81

475

479

18.24

-72.24

493

485

15.68

14.12

5.00

5.45

1.64

1.79

Nakoda Textile Inds

15.37

106.86

471

484

32.16

-62.98

480

482

20.34

31.98

9.65

4.07

1.80

1.75

Emmsons International

26.39

106.17

459

475

21.85

-55.09

489

490

29.54

17.99

8.88

5.26

2.58

1.42

Tulsyan NEC

7.22

77.40

485

490

9.92

-72.87

498

493

7.21

4.68

10.09

5.56

0.76

1.14

Sakuma Exports

9.32

21.51

482

483

11.47

-56.99

497

494

10.75

9.93

9.18

7.92

0.86

0.85

Competent Automobiles

9.20

70.69

483

487

12.98

-74.71

495

488

12.97

8.10

5.11

3.37

0.69

0.43

Bhuwalka Steel Inds

14.82

104.41

473

485

30.94

-71.07

482

477

22.28

9.69

6.82

6.21

1.58

0.79

Kriti Inds

1.50

2.74

489

492

5.24

-71.69

500

496

6.60

7.86

4.28

2.29

0.19

0.12

Platinum Corporation

MARCH 2009 | THE FINANCIAL EXPRESS | 51

fe 500 industry-wiseperformance

Under the lens Construction, computer-software mega, pharmaceuticals, cement and tyres were the best performers of 2007-08 Pradip Kumar Dey

A

MONG the industries (82) studied, only three showed negative growth in their total income during 2007-08. Mention may be made of automobiles-motorcycles/mopeds (-9.65%), paper (-6.59%) and sugar (5.79%). All the other 79 broad industry categories under which the FE 500 had been clubbed had positive growth. As always, aggregates tend to conceal some good or bad performances. Thus, even though solvent extraction showed a good income growth of 40.84%, Sanwaria Agro Oils grew at the higher rate of 110.70%. The group average was also weighed up by the 91.98% income increase reported by KS Oils. The net profit of the group also increased by 39.96% during 2007-08. The retailing industry saw a 50.87% income growth. But at least two retailing companies, namely Pantaloon Retail (I) and Vishal Retail - reported more than 50% increases. The net profit of the retailing group of companies increased by 12.77% to Rs 199.19 crore during 2007-08. Among the industries studied, the best performers of the year were construction, telecommunications computer-software mega, pharmaceutical-Indian Bulk Drugs, cement and tyres. The details of industry performances appear in the tables starting from page 60. Given below is a brief synopsis of the major gainers and losers of 2007-08. Construction: The industry showed excellent results with positive growth rates in all financial indicators. While total income increased by around 52.85%, net profit went up by 104.64%. And the retained profit of the group increased by 108.62% to Rs 7153.54 crore during 2007-08. And the debtequity ratio decreased from 1.42 during 2006-07 to 1.12 during 2007-08.

52 THE FINANCIAL EXPRESS | MARCH 2009

DLF, Lanco Infratech, Omaxe, JMC Projects, and HDIL were among the best performers. According to industry sources, India is endowed with an estimated hydro power potential of more than 1,50,000 MW. However, only 21.82% of the potential has been developed till date and 9.13% is being developed. The government focus on infrastructure development to achieve the projected GDP growth level has translated into healthy order books for the engineering and construction sector. The infrastructure sector, which is estimated to grow at a CAGR of 15% over the next five years, requires an investment of $475 billion to support the unprecedented growth rates being witnessed across every other sector. Food processing: This industry reported a significant growth in almost all financial indicators, with a net profit (NP) growth of 23.97% during the year 2007-08. The retained profit of this

group also increased by 25.46% to Rs 134.24 crore during 2007-08. The top performers were Hatson Agro Product (112.64% growth in NP) and JVL Agro Inds (111.05%). The debt-equity ratio of the group increased from 1.91 during 2006-07 to 2.25 during 2007-08. The Indian dairy industry is rapidly growing, trying to keep pace with the galloping progress around the world. The annual growth rate of this sector is 5%. It is estimated that the dairy market will more than double by 2011.By then, the organised sector will account for 30% of the milk output and twothirds will come from the private sector. Diamond cutting/jewellery: This industry reported a significant growth in almost all financial indicators, with a net profit (NP) growth of 65.77% during the year 2007-08. The retained profit of this group also increased by 70.18% to Rs 552.65 crore during 2007-08. Rajesh Exports, Gitanjali Gems, Su-Raj Diamonds and Flawless Diamonds (I) did well during the year. The better performance of Rajesh Exports is reflected in the net profit growth of 103.95% during 2007-08. The retained profit of the company also increased by 110.66% to Rs 197.79 crore during 2007-08. According to the directors' report, the gem and jewellery industry has witnessed a growth of 22.27% amounting to total exports of $20.9 billion against $17.1 billion of the previous year. The US is the largest consumer of retail diamond jewellery, accounting for approximately 48% of world diamond jewellery consumption. The US is India's largest export market for gems and jewellery. Cement: The cement industry showed a somewhat better performance during 2007-08, with the total income of 15 major cement companies increasing by just 20.27% and net profit increased by 27.78%. The

improved profitability of the cement companies during the year 2007-08 has been due to improved prices, cost control and higher demand in the international markets This is reflected in the performance of Binani Cements, whose net profit rose by 83.89% during the year 2007-08. The retained profit of the company also increased by 127.39% to Rs 125.04 crore during 2007-08. The cement industry witnessed a moderate growth of 7.1% in the calendar year 2007 against 11.6% in 2006. Constraints in capacity materialisation and the high base of 2006 contributed to the lower growth rate for the year under review. But the outlook for growth is bright. The cement industry is implementing major capacity additions over the existing level of 173 million tonne per annum. While 7-8 million tonne of capacity was added during the year 2007, significant capacity is expected to be added during 2008. Automobiles - LCVs/HCVs/ passenger cars: The industry's (seven units) total income increased by 10.57% and net profit increased by 7.42% during the year 2007-08. Ashok Leyland, Tata Motors, Eicher Motors and Maruti Suzuki experienced a moderate increase in total income during the year 2007-08. Among these four companies, minimum income growth (4.98%) was seen in the case of Tata Motors. The commercial vehicle industry (including exports) witnessed a moderation in growth in FY 07-08. The domestic market, which accounts for nearly 90% of total commercial vehicle sales was impacted by reduction in economic activity, poor credit availability, hardening of interest rates and increase in fuel prices. It grew by 6.9% as compared to 33% growth in the previous year. In the country, 4,99,978 new commercial vehicles were sold during the year 2007-08 and passenger car sales grew to 1.53 million vehicles during the above period. Computers-software mega: The aggregate total income of the industry (six units) increased by 24.46% to Rs 64,144 crore in 2007-08. The net profit of the industry showed an increase of 12.63% during the year under study and the retained profit of the industry marginally decreased by 0.50% during the

year 2007-08. Infosys Technologies, Tech Mahindra ,TCS and Wipro were among the star performers. The net profit of Tech Mahindra and Infosys Technologies increased by 29.75% and 18.16% respectively during the year. According to the director's report, changing economic and business conditions are creating a competitive market environment that is driving corporations to transform their operating manner. A leading analyst firm has forecasted that outsourcing expenditure on services will increase from $226 billion in 2006 to an estimated $328 billion by 2011.

Pharmaceuticals-Indian-Bulk Drugs: The industry has performed better in 2007-08, with the aggregate total income of four companies rising by 34.24% to Rs 5,381.77 crore during 2007-08. Net profit and retained profit increased by 56.98% and 56.62% respectively. Companies like Ankur Drugs, Orchid Chem & Pharma and Lupin did well during the year. The debt-equity ratio of the group decreased from 1.70 in 2006-07 to 1.49 in 2007-08. According to the director's report, Indian companies' contribution to the Indian Pharmaceutical Market (IPM) is estimated to be around 80% and there are only 11 MNCs among the top 50 pharma companies. The chronic segments have

shown a CAGR of 16% in terms of value, over the last four years, while acute segments exhibited a growth of 12% on a CAGR basis. The contribution of combination drugs is estimated to be around 46%. McKinsey & Co's recent research estimates indicate that the IPM is expected to grow to a size of $20 billion by 2015 and will be among the top 10 pharma markets of the world. Telecommunications-service provider: The industry has performed well in 2007-08, with the aggregate income rising by 33.64% to Rs 58,235 crore in 2007-08. Net and retained profit increased dramatically. Net profit of the group increased by 48.23% to Rs 10,648 crore during 2007-08. Companies like Idea Cellular, Bharti Airtel, Tulip IT, Reliance Communications did well during the year. The net profit of Idea Cellular increased by 108.01% to Rs 1044.36 crore during 2007-08. According to the directors report, the total base of landline and wireless subscribers in India surged by 46% during the year ended March 31, 2008 to reach 300.51 million, according to TRAI. The number of Internet subscribers also increased to 10.8 million during the year, with the broadband subscriber base reaching 3.47 million. Tyres: The industry has done significantly well during the year 2007-08, with aggregate income rising by 12.42% to Rs 16,141 crore in 2007-08. Net and retained profit increased significantly. Net and retained profit of the group increased by 119.39% to Rs 646.64 crore and 142.54% to Rs 577.10 crore respectively during 2007-08. Companies like MRF, Ceat, JK Tyre Industries did well during the year. The net profit of JK Tyre Industries increased by 291.38% to Rs 66.73 crore during 2007-08. According to the directors report, India is in the midst of rapid economic growth. The government's continued emphasis on building infrastructure has given a fillip to the development of road infrastructure and transport. The number of vehicles on road have shown a marked increase. As a direct fallout of this scenario, the tyre industry has had the good fortune of receiving increasing orders from OEM's and the replacement market. MARCH 2009 | THE FINANCIAL EXPRESS | 53

fe 500 industry-wiseperformance Industry/ Company

Total Income 2008 % Rs Crore Change

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

Air-conditioners Blue Star Lloyd Electric & Engg. Total (2)

2270.09

41.23

111.13

151.43

165.16

45.08

303.80

44.24

0.14

677.04

34.59

174.09 144.58 52.72

22.72

49.62

34.98

11.73

7.03

31.06

61.69

0.45

0.42 0.37

2947.13

39.64

226.81

98.71

160.75

98.55

176.89

41.74

334.86

45.70

0.32

0.39

0.59

Aluminium and Aluminium Products Hindalco Inds

19693.96

5.41

2860.94

11.57

2634.02

10.35

6435.00

-7.78

11040.45

9.49

0.48

National Aluminium

6060.87

-12.52

1631.52

-31.49

1244.93

-34.41

2095.26

-18.67

719.32

114.00

-

-

Man Inds(I)

1507.84

26.12

71.21

28.79

63.22

33.66

949.39 128.07

1039.69

72.21

0.85

0.81

Madras Aluminium Co.

583.88

-10.53

65.28

-63.83

45.03

-70.66

21.92

37.60

120.72

101.77

0.06

0.07

27846.55

1.41

4628.95

-10.66

3987.20

-11.12

9501.57

-4.85

12920.18

16.58

0.32

0.37

Bosch

5139.90

16.56

609.21

11.17

529.08

6.52

722.28

6.41

1458.76

-2.67

0.10

0.10

Exide Inds

3613.20

51.00

250.33

61.28

218.33

69.30

137.02

63.70

628.59

25.03

0.34

0.48

Motherson Sumi Systems

1564.93

23.74

128.19

12.27

80.19

1.57

252.63

19.67

464.60

30.32

1.15

1.32

Wheels(I)

1291.40

11.90

25.86

-0.65

18.95

-3.37

223.50

22.28

114.52

19.03

1.62

1.50

Sai Service Station

901.75

11.62

11.74

38.77

7.67

74.72

0.00

-

0.02

-95.56

1.18

1.61

Omax Autos

881.03

3.88

15.84

-33.05

12.63

-33.00

24.71

18.51

18.92

253.64

1.99

1.86

Total (4) Auto Ancillaries

Munjal Showa

843.71

3.04

19.32

-25.66

11.32

-37.08

0.17

30.77

65.46

-6.37

0.23

0.17

Sona Koyo Steering Sys.

834.22

17.83

25.19

-9.09

18.23

-12.86

62.47

13.42

272.72

31.40

1.02

0.72

Rico Auto Inds.

827.34

-6.83

22.27

-13.72

14.74

-10.07

142.94

20.03

58.32

-36.87

1.38

0.93

Jay Bharat Maruti

791.77

26.69

15.83

32.25

13.12

33.88

0.10

-

17.85

-48.97

0.67

1.03

Subros

775.24

2.51

28.63

2.99

23.83

3.61

0.00

-

241.90

-16.82

0.64

0.84

127.49

Pricol

735.41

5.30

19.08

-47.31

13.68

-49.72

Federal-Mogul Goetze(I)

720.28

15.41

-18.62

-

-18.62

-

22.94

182.66

22.66

1.74

1.71

49.65 140.67

110.39

31.60

1.66

4.06

Lumax Inds

602.26

-1.95

14.15

-22.59

10.41

-26.01

10.61

-10.92

101.43

40.74

0.58

1.20

Gabriel(I)

555.79

-19.80

7.65

-89.54

2.62

-96.15

7.22

4.03

43.67

23.71

1.10

0.56

Total (15)

20078.23

16.04

1174.67

5.45

956.18

2.10

1760.79

17.80

3779.81

8.12

0.56

0.63

Automobiles - LCVs / HCVs/ Passenger Cars Tata Motors

33720.35

4.98

2028.92

6.03

1450.49

8.62

2844.12

4.77

3009.89

52.21

0.80

0.58

Maruti Suzuki(I)

21912.80

23.08

1730.80

10.81

1586.30

10.78

741.30

28.23

2751.60

56.81

0.11

0.09

Ashok Leyland

9228.89

7.69

469.31

6.35

269.54

11.05

812.77

23.47

514.74

-0.57

0.41

0.34

Eicher Motors

2541.86

12.98

63.05

2.92

49.00

-

170.19

9.33

46.33

35.55

0.44

0.48

Force Motors

1133.19

-8.01

-83.65

-

-83.65

-

38.59

35.12

125.33

11.85

3.55

1.34 1.83

Hindustan Motors

971.99

9.42

30.84 131.88

30.84

131.88

0.42

-86.45

204.89

35.90

0.85

Swaraj Mazda

765.04

10.50

25.20

56.62

19.43

88.28

33.34

4.38

41.65

133.86

1.52

1.45

70274.12

10.57

4264.47

7.42

3321.95

11.62

4640.73

11.28

6694.43

46.66

0.46

0.37

Total (7)

Automobiles - Motorcycles / Mopeds/ Scooters And 3 - Wheelers Hero Honda Motors TVS Motor Co. Total (2)

12261.76

-7.17

967.88

12.82

588.47

13.51

243.64

-7.54

906.55

38.47

0.04

0.07

3783.66

-16.84

31.77

-52.30

15.14

-67.38

334.47

29.59

207.75

-37.97

0.81

0.78

16045.42

-9.65

999.65

8.13

603.61

6.87

578.11

10.83

1114.30

12.60

0.21

0.24

Automobiles - Tractors Mahindra & Mahindra

13301.38

14.22

1103.37

1.45

820.76

1.91

883.56

23.94

432.43

38.05

0.59

0.46

Escorts

2155.62

11.77

-6.44

-

-6.44

-

247.49

9.16

44.64

13.76

0.40

0.58

Punjab Tractors

1006.42

0.92

65.17

-16.43

34.79

-55.39

16.94

-18.44

4.52

129.44

0.01

0.02

16463.42

12.99

1162.10

-1.90

849.11

-5.90

1147.99

19.54

481.59

35.87

0.49

0.43

Total (3)

54 THE FINANCIAL EXPRESS | MARCH 2009

Industry/ Company

Total Income 2008 % Rs Crore Change

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

Bearings SKF(I)

1751.01

16.45

160.71

57.62

129.07

64.99

517.64

1.33

-

728.96

16.72

79.53

7.91

72.88

8.70

96.23

4.96

154.86

11.26

-

-

2479.97

16.53

240.24

36.76

201.95

39.01

245.71

51.91

672.50

3.46

-

-

Piramal Healthcare

2078.15

17.36

301.48

60.12

212.35

88.20

465.65

61.36

247.13

-2.90

0.50

0.37

Wockhardt

1286.80

6.11

213.88

0.15

90.76

-42.86

398.56

-1.87

239.33

22.83

0.79

0.74 0.11

Fag Bearings(I) Total (2)

149.48 113.33

-

Biotech

Biocon

956.09

6.27

195.56

23.50

145.56

13.41

522.62

9.72

321.30

13.55

0.11

Panacea Biotec

867.34

-0.28

133.17

-9.29

126.50

-8.47

642.06

-5.81

316.62

-24.18

0.57

0.40

5188.38

9.16

844.09

19.39

575.17

6.87

2028.89

9.51

1124.38

-2.22

0.46

0.41

United Breweries

2006.08

33.48

62.47

-4.03

62.46

21.92

0.55

3.77

91.73

33.00

0.86

0.85

Balaji Distilleries

1845.19

19.65

106.06

-

106.06

-

0.00

-

12.78

61.98

-

-

Radico Khaitan

1254.06

26.21

33.07

1.63

24.44

-3.67

63.93

-17.24

25.04

-42.06

2.23

2.62

Total (3)

5105.33

26.41

201.60 118.51

192.96

170.90

64.48

-17.10

129.55

7.89

1.97

3.01

1.29

Total (4) Breweries & Distilleries

Cables - Power Ramsarup Inds.

1825.28

39.75

61.98

42.29

54.77

37.37

99.72

39.59

148.36

389.64

2.39

KEI Inds

985.98

44.55

43.78

8.99

40.74

9.46

141.19

64.88

44.60

40.38

1.65

2.04

Universal Cables

571.55

29.80

17.26

-21.44

11.71

-28.68

17.45 139.04

89.18

39.98

0.87

0.62

Diamond Cables

511.20

83.90

43.55

58.19

43.55

58.19

5.37

-

3.16

-

1.27

2.41

Nicco Corp

480.07

11.25

6.45

6.09

6.45

6.09

5.23

28.82

8.06

21.20

2.05

2.39

4374.08

39.39

173.02

24.20

157.22

23.68

268.96

59.69

293.36

121.52

1.79

1.52

Usha Martin

1873.40

17.55

144.83

42.72

119.81

44.86

371.65

1.62

256.27

4.63

1.09

1.04

Sterlite Technologies

1781.88

36.11

100.72

98.03

94.27

103.87

518.01

74.74

924.23

114.92

1.23

1.42

Finolex Cables

1627.03

34.96

88.92

28.89

65.98

38.67

79.54

18.24

160.29

33.04

0.45

0.46

Total (3)

5282.31

28.57

334.47

51.12

280.06

58.65

969.20

32.87

1340.79

68.56

0.93

0.94

273.59

1.06

Total (5) Cables - Telephone

Castings & Forgings Bharat Forge

2413.51

14.86

13.55

194.95

20.19

1067.24

27.65

340.93

31.08

0.87

Jayaswal Neco Industries

1731.31

18.10

86.20 227.51

86.20

227.51

13.14

-4.09

342.29

16.58

2.92

5.02

Electrosteel Castings

1478.56

19.49

52.02

-51.00

18.52

-76.91

454.03

-2.21

246.49

7.73

0.62

0.82

Total (3)

5623.38

17.04

411.81

10.28

299.67

11.51

1534.41

16.77

929.71

18.81

0.92

1.18

ACC

7270.45

21.82

1438.59

16.78

1063.27

11.81

89.58

29.49

226.74

62.43

0.11

0.29

Ultratech Cement

6386.09

15.16

1007.61

28.80

945.37

29.06

521.06

-22.63

898.29

52.30

0.65

0.90

Ambuja Cements

4442.14

-6.29

1179.40

17.68

824.30

18.66

185.29

-46.64

280.81

12.09

0.07

0.25

India Cements

3605.62

37.57

637.54

33.15

571.67

27.50

48.75

25.77

177.38

602.50

0.55

0.93

Shree Cement

2513.59

53.79

260.37

47.10

232.50

48.94

17.08

-

49.60

-1.25

1.98

1.85

Madras Cements

2350.85

29.37

408.29

32.55

360.26

29.69

0.00

-

308.91

124.37

1.71

1.02

Birla Corporation

2035.06

11.75

393.57

20.64

362.77

21.21

70.19

50.78

75.02

97.94

0.27

0.42

Dalmia Cements(Bharat )

1855.35

45.67

347.15

51.64

314.81

45.67

10.27

37.67

209.83

26.76

1.38

1.35

JK Cement

1481.44

17.37

265.17

48.45

230.21

49.34

15.98

-

18.07

-65.02

0.48

0.68

JK Lakshmi Cement

1319.18

34.46

223.67

25.58

208.37

20.86

0.00

-

8.71

-58.76

1.10

1.78

Binani Cement

1161.69

47.69

175.82

83.89

125.04

127.39

0.00

-

30.10

-56.91

1.84

2.29

Chettinad Cement Corp

1113.00

32.02

163.77

42.77

134.27

45.03

0.00

-

12.80

251.65

1.11

0.88

Cement

MARCH 2009 | THE FINANCIAL EXPRESS | 55

fe 500 industry-wiseperformance Industry/ Company

Prism Cement OCL(I) Mangalam Cement

Total Income 2008 % Rs Crore Change

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

1035.67

16.64

241.63

25.35

211.80

29.99

4.89

55.24

20.17

-4.72

-

-

938.73

-4.01

116.15

49.83

101.92

48.55

24.77

-30.15

109.77

51.55

0.90

1.15

601.70

14.29

113.55

35.40

99.43

37.03

0.00

-

4.00

10.80

0.33

0.52

38110.56

20.27

6972.28

27.78

5785.99

27.05

987.86

-21.58

2430.20

48.18

0.54

0.69

Nitco

654.64

38.81

51.02

34.19

44.60

35.89

2.08

-75.15

235.54

26.63

0.26

0.44

Hindustan Sanitaryware

584.03

9.58

28.53

-1.99

20.28

-4.65

20.32

-27.82

63.00

19.07

0.91

0.96

Kajaria Ceramics

530.44

21.17

15.02

95.83

13.55

118.55

21.25

-59.28

122.71

-17.24

2.18

2.35

1769.11

22.65

94.57

26.43

78.43

30.09

43.65

-50.79

421.25

8.80

0.76

1.03

Total (15) Ceramics - Tiles / Sanitaryware

Total (3) Chemicals Castrol(I)

2251.32

8.60

218.43

41.39

45.33

4.91

19.06

38.72

389.38

-15.46

0.01

0.01

United Phosphorus

1827.44

11.80

92.52

-14.98

48.59

-43.70

851.57

11.23

757.39

32.03

0.88

1.72

Pidilite Inds

1727.72

31.97

187.95

57.02

143.66

75.54

144.19

50.86

265.67

22.12

0.78

0.28

India Glycols

1540.26

42.26

178.53 334.91

167.38

412.02

204.65

61.69

33.98

-33.84

1.15

1.74

Jindal Poly Films

1428.99

25.17

132.57 104.05

126.95

113.90

352.46

0.07

191.64

-44.00

0.19

0.30

Philips Carbon Black

1170.89

3.86

89.31 279.56

79.21

328.63

222.44

-1.25

602.94

1.27

1.22

1.55

Atul

1117.05

12.97

34.79

35.63

25.89

54.57

485.74

4.71

186.28

43.03

0.99

1.23

Savita Chemicals

1049.54

11.93

61.96

31.08

45.17

32.35

137.06

10.17

533.77

5.66

0.14

0.28

BASF(I)

1035.24

17.82

59.37

18.53

39.64

30.57

87.53

25.87

348.38

21.97

-

-

Clariant Chemicals(I)

978.49

-5.69

31.79

-27.47

5.13

-

186.66

-18.60

173.84

-5.39

0.01

0.02

Aarti Inds

970.27

24.22

36.67

39.91

25.75

26.29

355.32

24.63

101.32

10.13

1.52

1.31

Godrej Inds

900.05

6.78

108.81

39.39

68.84

40.86

302.27

35.57

346.19

22.59

0.41

1.14

Gulf Oil Corp

874.51

23.80

25.13

9.21

13.98

17.88

42.98

10.40

166.70

-13.21

0.12

1.38

Gujarat Fluorochemicals

864.19

35.50

319.97

32.41

279.45

31.38

596.72

14.67

116.20

-1.77

0.51

0.62

Hindustan Organic Chem.

687.24

9.51

13.61

-20.13

13.61

-20.13

0.17

-45.16

3.12

-63.08

1.03

-

Thirumalai Chem.

663.57

7.50

30.50

18.17

20.26

22.05

91.50

7.34

294.37

-

1.50

1.23

IG Petrochemicals

629.27

3.34

30.56

2.93

29.02

-2.26

350.01

5.36

164.84

76.77

0.40

0.82

Jayant Agro Organics

607.24

33.46

6.14

16.29

4.05

16.05

517.02

33.57

2.95

-28.05

1.80

2.13

Deepak Nitrite

513.66

4.43

7.02

-80.33

3.43

-89.31

202.56

13.86

99.22

16.99

0.81

1.03

Ciba(I)

489.87

-8.74

19.34

-76.15

14.69

-80.27

70.44

9.79

240.73

-0.87

0.08

0.03

21326.81

15.18

1684.97

35.56

1200.03

41.16

5220.35

13.97

5018.91

12.04

0.52

0.87

Tata Chemicals

4873.37

13.85

949.18 113.68

737.93

171.17

91.94

-18.94

1493.00

8.71

0.66

0.44

Gujarat Alkalies & Chem

1392.13

10.87

224.09

20.12

198.39

19.04

44.90

41.86

78.30

-8.62

0.29

0.45

GHCL

1206.39

26.40

100.82

-15.01

76.81

-20.90

183.06

-4.93

113.33

-28.41

2.32

2.69

Total (3)

7471.89

15.12

1274.09

70.02

1013.13

89.05

319.90

-5.25

1684.63

4.15

0.74

0.70

21979.50

11.90

3120.10

15.56

1801.09

17.44

2168.41

-5.03

1158.90

-4.94

0.02

0.02

1876.34

15.09

112.22

27.38

86.22

38.84

117.89

46.21

66.81

92.70

0.21

0.15

23855.84

12.15

3232.32

15.93

1887.31

18.27

2286.30

-3.28

1225.71

-2.24

0.03

0.02

0.21

Total (20) Chlor-Alkali / Soda Ash

Cigarettes ITC Godfrey Phillips(I) Total (2) Compressors / Drilling Equipment Atlas Copco(I) Ingersoll-Rand(I) Total (2)

1060.86

31.79

81.00

12.44

71.98

14.22

146.20

14.06

226.18

51.54

0.42

586.63

-13.73

68.85

49.93

46.69

94.22

98.12

-5.87

101.96

-34.49

-

-

1647.49

10.95

149.85

27.03

118.67

36.31

244.32

5.12

328.14

7.63

0.14

0.08

56 THE FINANCIAL EXPRESS | MARCH 2009

Industry/ Company

Total Income 2008 % Rs Crore Change

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

Computers - Hardware HCL Infosystems

12617.19

6.23

304.75

-4.12

167.91

-8.02

97.79

12.52

2139.67

9.40

0.35

Redington(I)

5780.28

22.53

67.11

58.20

35.23

53.51

79.94

24.79

1275.69

10.97

0.44

0.59

Moser Baer

2087.31

-3.07

-78.91

-

-95.76

-

1344.21

-15.51

955.15

-21.34

1.33

0.82

Compuage Infocom Total (4)

612.34 102.65 21097.12

10.74

1126.03

4.28 119.49 297.23

-37.03

0.28

4.28

119.49

0.00

-

0.26

-25.71

2.27

0.79

111.66

-62.84

1521.94

-12.63

4370.77

1.18

0.91

0.66

0.76

Computers - Software - Converts Prithvi Information Solutions

45.97

63.71

-29.71

58.29

-31.60

1099.98

51.71

1052.84

64.03

0.92

ICSA(I)

678.55 103.62

111.14

88.63

105.85

92.11

74.86

-

16.42

-

0.55

1.37

Spanco

583.90

35.02

38.26

17.11

34.13

17.89

67.74

-41.50

63.69

-39.00

1.24

0.75

Platinum Corporation

481.22

-42.31

0.93

-10.58

0.93

-10.58

0.00

-

0.00

-

1.15

2.99

2869.70

21.02

214.04

16.79

199.20

16.96

1242.58

47.78

1132.95

51.82

0.89

0.88

Mphasis

1719.90

54.25

220.77

67.85

151.77

120.60

1563.54

51.53

527.40

61.97

-

-

GTL

1489.74

53.41

121.29 127.56

92.92

392.42

52.17

-44.59

71.83

-27.85

0.76

0.79

Patni Computer Systems

1338.96

28.06

387.52

88.34

345.70

110.43

1162.46

16.64

223.20

98.81

-

-

989.77

-0.49

88.22

37.63

71.55

37.65

142.49

2.68

241.19

-2.53

0.10

0.08

Total (4) Computers - Software - Large

CMC Polaris Software Lab

957.64

5.35

52.63

-33.87

37.83

-34.11

861.57

5.32

823.81

1.59

-

-

Rolta(I)

891.59

46.72

262.94

44.27

214.66

50.97

115.67

19.94

46.29

-20.27

0.53

0.53

MindTree

761.60

27.42

104.18

15.69

96.61

16.08

683.10

-

249.32

-

0.17

0.06

Hexaware Technologies

495.75

7.37

-10.76

-

-23.60

-

444.23

16.13

112.41

29.79

-

-

8644.95

28.98

1226.79

32.59

987.44

44.92

5025.23

41.22

2295.45

31.89

0.19

0.21

0.27

Total (8)

Computers - Software - Medium / Small Zylog System

612.53

51.59

82.24

52.16

77.31

50.06

399.00

-1.10

290.00

-9.13

0.14

Mastek

597.07

17.71

99.23

-3.24

71.66

-11.78

564.84

14.93

241.48

6.25

-

-

Kpit Cummins Infosystems

484.34

52.00

64.08

40.10

58.63

44.73

451.24

48.49

146.39

24.43

0.32

0.64

1693.94

37.73

245.55

21.36

207.60

19.82

1415.08

18.04

677.87

2.08

0.15

0.26

Total (3) Computers-Software-Mega TCS

18979.67

25.22

4508.76

20.00

3138.63

19.25

16776.48

21.70

6694.77

2.51

-

0.01

Wipro

17985.00

28.22

3063.30

7.78

2186.80

11.10

12885.20

17.62

5202.80

33.59

0.33

0.03

Infosys Technologies

16850.00

22.14

4470.00

18.16

2568.00

-18.06

14490.00

19.20

6788.00

20.08

-

-

4785.79

13.73

780.65

-29.15

182.07

-68.40

4545.89

22.00

1111.77

15.28

0.01

0.01 0.06

HCL Technologies Tech Mahindra

3702.30

34.21

765.80

29.75

699.00

24.02

3563.70

30.15

1858.60

12.14

0.08

Oracle Financial Ser. Soft.

1841.63

15.78

410.87

15.85

410.87

15.88

1737.06

16.18

578.48

20.93

-

-

64144.39

24.46

13999.38

12.63

9185.37

-0.47

53998.33

20.38

22234.42

15.93

0.09

0.01

2574.40 534.45

1892.47

-

120.31

-39.55

152.36

154.57

0.74

-

495.07

47.31

77.45

-50.34

861.37

44.16

1.98

1.91

Total (6) Construction DLF

5971.93 319.06

Jaiprakash Associates

4615.65

20.49

609.67

46.94

IVRCL Infrastructures

3771.29

58.52

210.48

48.79

191.79

49.26

0.00

-

14.16

-12.27

0.66

0.42

Nagarjuna Construction

3518.13

20.74

164.11

8.03

134.36

5.82

0.00

-

7.13

-71.76

0.57

0.62

HCC

3148.17

29.23

108.77

37.20

88.27

46.97

62.71

66.74

136.89

-29.51

1.87

1.72

Unitech

2969.72

14.24

1030.68

4.79

990.10

5.00

0.00

-

18.42

-33.38

3.37

2.72

Simplex Infrastructures

2844.72

65.13

90.08

67.72

80.19

71.16

478.17

84.54

418.97

97.27

1.02

2.49

Gammon(I)

2549.40

19.89

88.32

-10.21

83.98

-10.65

12.67

-69.04

67.77

-43.44

0.31

0.32

HDIL

2459.22

96.44

1410.51 160.33

1304.23

140.72

0.00

-

0.00

-

0.86

0.52

Omaxe

1812.04

91.23

398.80 219.47

355.41

213.97

7.07

37.55

7.31

34.38

1.49

2.85

MARCH 2009 | THE FINANCIAL EXPRESS | 57

fe 500 industry-wiseperformance Industry/ Company

Total Income 2008 % Rs Crore Change

42.13

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

408.74

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

Parsvnath Developers

1792.24

50.39

353.33

56.61

6.75

-32.23

3.05

25.51

0.94

0.69

Lanco Infratech

1603.63 189.78

200.18 173.99

200.18

173.99

0.69

-

596.84

255.28

0.35

0.12

Era Infra Engineering

1499.28

93.13

121.37

53.40

116.75

54.84

0.00

-

32.34

109.18

3.10

2.80

Consolidated Const. Consortium

1455.94

70.34

87.09

88.30

77.85

80.04

0.27

-

2.74

-33.01

0.27

0.62

Sobha Developers

1448.31

20.93

228.30

41.34

180.90

49.55

0.02

-60.00

17.67

-31.06

1.78

0.72

Subhash Projects

1180.51

45.04

58.21

33.45

53.81

32.86

0.00

-

2.39

-84.44

0.72

0.79

Patel Engineering

1024.68

-2.58

147.61

34.03

138.70

35.49

19.11

10.65

72.47

131.39

1.05

0.65

11.27 512.50

313.87

34.21

1.94

2.15

24.41

842.47

0.65

0.51

Ruchi Infrastructure

988.55

11.30

35.56

75.35

30.25

87.42

JMC Projects(I)

920.97

83.46

30.72

91.40

25.87

81.67

0.00

-

Ahluwalia Contracts(I)

886.57

31.41

51.64

65.57

47.24

68.41

0.00

-

0.38

-90.64

0.45

0.74

Ansal Prop. & Infras.

868.44

14.01

161.57

22.49

147.38

20.82

3.14

-46.60

10.34

5.51

0.77

0.26

Unity Infraprojects

862.38

55.79

60.05

56.91

54.70

59.66

0.00

-

5.07

-35.17

0.79

0.30

Madhucon Projects

750.64

41.15

47.25

13.66

45.04

14.43

2.57

-63.96

32.31

6.18

0.40

0.45

ITD Cementation(I)

749.04

49.15

6.75

150.00

0.00

-

17.90

76.01

0.24

1.54

KNR Construction

555.12

65.93

30.81

51.25

28.00

52.59

0.00

-

7.11

109.12

0.72

1.69

Pratibha Inds

480.95

61.55

34.26

67.69

30.92

75.98

0.00

-

62.44

128.72

0.72

1.40

50727.52

52.85

8398.23 104.64

7153.54

108.62

802.20

8.06

2885.71

55.46

1.12

1.42

Total (26)

9.05 235.19

Couriers Blue Dart Express

811.85

21.18

69.93

39.22

67.56

41.16

0.85

-25.44

-

0.04

Gati

575.51

24.83

23.78

1.80

17.01

-3.19

36.19

-

39.83

-

0.74

1.07

1387.36

22.67

93.71

27.34

84.57

29.25

42.93

-

40.68

-0.71

0.36

0.47

1952.66

5.29

56.50

-63.73

38.02

-70.31

154.82

5.63

151.56

20.30

0.46

0.31

595.08

-2.07

2.00

-96.27

0.54

-98.97

23.15

19.95

24.62

168.48

0.72

0.58

2547.74

3.47

58.50

-72.07

38.56

-78.61

177.97

7.29

176.18

30.36

0.49

0.36

Rajesh Exports

8667.09

25.73

206.56 103.95

197.79

110.66

8063.97

26.33

8233.97

29.92

1.23

-

Gitanjali Gems

2654.91

19.55

138.16

122.85

68.70

1410.50

9.93

1240.83

11.02

0.59

1.43

Total (2)

6.74 101.80

Cycles And Accessories Tube Investments(I) Atlas Cycles(H) Total (2) Diamond Cutting / Jewellery 68.69

Su-Raj Diamonds

2142.20

36.25

62.59

30.61

53.82

32.30

2135.41

44.19

1757.68

42.85

0.44

0.40

Asian Star Co.

1321.41

13.28

40.34

46.42

37.45

51.87

1022.03

-2.69

649.43

-15.98

1.65

1.91

Suashish Diamonds

1016.02

3.67

66.26

52.95

63.15

57.05

518.34

-24.19

534.89

22.31

1.53

1.05

987.82

11.72

30.63

1.93

25.08

0.16

919.97

12.91

590.70

0.11

2.92

3.31

31.15

38.14

29.23

40.53

669.45

13.04

523.92

66.62

1.61

2.14

24.11 232.09

23.28

250.60

156.18

6.14

367.71

8.65

1.10

1.34

19.79

13899.13

24.78

1.03

2.39

1.33

Shrenuj & Co. Classic Diamonds(I)

711.42

6.23

Flawless Diamonds(I)

556.43

84.62

18057.30

22.94

599.80

65.77

552.65

70.18

14895.85

Kesoram Inds

3479.17

35.61

383.35

44.29

358.19

44.79

198.01

-2.58

278.31

21.41

1.24

DCM Shriram Consolidated

2720.38

-6.38

670.99

-

614.58

-

0.08

-97.30

128.55

17.24

1.53

2.76

Prakash Inds

1423.30

35.45

198.72

49.65

198.72

49.65

10.85

-35.80

2.14

-74.58

0.40

0.74

ICI(I)

1100.00

2.44

60.21

-86.57

29.51

-91.27

6.86

-37.75

148.10

-19.56

-

-

781.94

0.56

-4.21

-

-4.21

-

0.00

-

0.00

-

1.70

1.31

9504.79

13.51

1309.06

46.38

1196.79

59.07

215.80

-7.83

557.10

4.83

0.92

1.07

Total (8) Diversified - Large

DCM Shriram Inds. Total (5) Diversified - Medium / Small JBF Inds

2326.13

43.32

138.73

71.76

128.22

87.92

277.14

86.12

384.40

93.97

0.91

1.34

Sintex Inds

1834.85

48.03

216.33

65.67

202.68

69.14

40.04

11.56

57.85

201.30

1.05

1.04

967.97

59.39

314.85 124.16

271.11

134.99

495.93 149.80

108.44

138.02

0.50

1.13

Nava Bharat Ventures

58 THE FINANCIAL EXPRESS | MARCH 2009

Industry/ Company

Total Income 2008 % Rs Crore Change

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

Manaksia

793.62

13.84

41.01

33.37

26.98

-8.88

388.62

19.84

324.91

32.58

0.35

1.10

Aban Offshore

731.81

29.62

159.10

59.74

119.45

59.37

552.82

7.33

140.14

41.20

1.44

1.56

3M India

655.03

20.12

67.68

34.23

67.68

34.23

4.09

-34.24

210.14

-2.26

-

-

Alps Inds

639.94

47.43

11.88

-60.86

10.15

-63.44

95.57

4.59

180.86

375.70

2.37

1.35

Total (7)

7949.35

39.20

949.58

68.69

826.27

69.95

1854.21

40.44

1406.74

63.52

0.97

1.17

0.47

Diversified - Mega Grasim Inds

11929.40

21.06

2232.60

45.37

1957.58

52.49

386.86

37.83

1434.68

57.67

0.39

Aditya Birla Nuvo

4204.56

15.30

243.07

8.05

188.44

8.52

634.54

45.05

1307.10

27.53

0.75

0.91

Century Textiles & Inds

3924.45

9.44

303.43

7.50

261.56

5.74

197.63

-11.85

573.31

68.50

1.09

1.21

Voltas

3121.14

25.38

208.37

11.98

163.70

7.00

152.04

35.90

492.51

78.32

0.09

0.22

Raymond

1475.21

6.10

66.12

-67.15

50.77

-70.23

151.50

-33.00

227.46

-40.05

0.63

0.58

Rallis(I)

851.29

11.87

99.41

137.14

163.92

4.12

163.66

19.09

0.14

0.16

Total (6)

25506.05

17.39

3178.78

27.74

2721.46

31.46

1686.49

17.30

4198.72

36.85

0.54

0.65

Whirlpool(I)

1980.02

20.85

32.32

-

32.32

-

217.83

-8.36

394.26

50.94

0.88

1.11

Value Inds

1365.91

14.73

12.76 234.91

10.57

425.87

0.00

-

77.51

-1.86

1.91

1.64

913.98

2.41

22.46

16.19

22.22

15.31

222.43

-11.64

919.88

-9.08

0.44

0.64

4259.91

14.47

67.54 279.01

65.11

307.96

440.26

-10.05

1391.65

2.93

1.15

1.19

Amara Raja Batteries

1375.60

82.23

94.36 100.60

90.37

109.92

40.29

40.19

380.87

63.09

0.95

0.58

HBL Power Systems

1137.67

92.10

67.09 109.13

63.45

123.10

78.75

-3.74

264.28

207.45

1.16

0.74

Total (2)

2513.27

86.57

161.45 104.06

153.82

115.16

119.04

7.68

645.15

101.92

1.05

0.66

0.01

125.19 115.44

Domestic Appliances

Sujana Universal Inds Total (3) Dry Cells

Electric Equipment BHEL

22845.77

16.78

2859.34

18.41

2112.82

16.41

939.09

-14.31

3604.18

38.42

0.01

ABB

6454.31

37.96

491.67

44.48

445.05

49.38

466.37

-5.37

1525.33

23.89

-

-

Crompton Greaves

4296.62

16.24

313.92

63.19

255.27

75.76

757.24

22.88

364.15

-2.30

0.09

0.40

Havells(I)

2245.71

33.16

143.54

40.52

129.06

45.49

141.71

47.55

304.99

145.13

0.06

0.21

Apar Inds

1906.42

13.94

85.47

85.93

67.69

98.85

717.59

97.07

1165.50

50.67

0.32

0.63

Alstom Projects(I)

1635.92

27.62

73.31

-32.98

19.69

-53.53

261.08

-22.97

199.78

-0.23

-

0.01

BGR Energy Systems

1513.99

92.72

84.44 115.41

70.04

94.77

130.57

34.62

184.48

363.75

1.06

2.90

Emco

1047.01

42.12

64.45

58.74

56.21

58.34

92.48

38.32

80.18

11.72

0.82

0.62

Kirloskar Electric Co.

770.95

24.11

23.67

35.33

23.67

35.33

36.88

98.60

5.94

7.03

0.35

0.33

Bharat Bijlee

641.26

18.63

73.29

33.06

56.34

37.58

4.44

-18.23

14.75

18.86

0.11

0.22

43357.96

22.96

4213.10

25.49

3235.84

26.74

3547.45

11.14

7449.28

37.05

0.08

0.09

Graphite(I)

1192.09

27.04

133.65

-31.06

88.32

-41.04

644.97

33.39

257.21

13.25

0.68

0.98

HEG

1009.55

13.72

146.35

98.20

102.59

91.08

704.04

51.31

245.70

27.48

1.35

2.48

Total (2)

2201.64

20.56

280.00

4.59

190.91

-6.18

1349.01

42.18

502.91

19.78

0.97

1.54

Siemens

8193.25

65.04

596.54

65.65

515.62

74.17

2671.41 152.95

2649.36

42.17

-

-

Bharat Electronics

4345.01

4.69

826.74

15.12

661.14

15.15

0.06

50.00

0.01

-

-

-

ITI

1636.12

-17.82

-358.38

-

-358.38

-

9.12

-50.60

500.21

-44.68

3.25

1.62

Samtel Color

965.42

-30.10

-70.84

-

-70.84

-

27.76

-85.07

144.37

-66.53

2.96

2.06

Honeywell Automation(I)

900.97

34.80

65.09

12.20

56.25

14.40

222.14

14.28

321.55

39.31

0.05

0.07

16040.77

21.93

1059.15

59.27

803.79

79.37

2930.49 101.42

3615.50

5.41

0.47

0.43

Total (10) Electrodes - Graphites

Electronics - Components

Total (5)

MARCH 2009 | THE FINANCIAL EXPRESS | 59

fe 500 industry-wiseperformance Industry/ Company

Total Income 2008 % Rs Crore Change

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

Electronics - Consumer Videocon Inds

8876.62

16.85

855.22

4.49

771.24

4.54

438.12

-4.31

1013.66

-16.43

0.93

0.98

Mirc Electronics

1658.76

0.22

34.59

1.38

20.39

-13.12

27.88

2.42

555.22

64.24

0.78

0.69

Salora International

1124.49

24.78

23.35

43.52

19.39

57.51

78.03 226.35

799.03

14.96

0.73

0.39

870.41

6.47

1.73

-28.81

1.35

-34.15

0.09

-

37.61

-9.87

2.89

3.07

12530.28

14.22

914.89

5.00

812.37

4.74

544.12

6.91

2405.52

5.14

0.94

0.99

2173.42

0.36

Trend Electronics Total (4) Engineering Larsen & Toubro

25862.58

40.38

Punj Lloyd

4541.76

97.00

54.91

1678.10

62.17

5656.59

50.02

4530.93

30.03

0.38

221.44 259.60

209.30

289.47

0.00

-

0.00

-

0.57

BEML

2847.41

1.38

6.58

225.65

10.11

225.65

46.74

0.00

-

0.00

-

0.18

0.02

Lakshmi Machine Works

2620.81

18.30

242.30

17.51

186.64

19.09

129.49

57.38

411.04

32.53

-

-

Sadbhav Engg

881.95

79.44

53.00

99.32

48.00

116.12

1.81

-4.74

2.91

-75.79

0.53

0.50

Engineers(I)

857.44

26.48

193.78

40.45

132.01

56.00

100.16

-20.95

55.69

-33.94

-

-

AIA Engg

667.17

52.69

108.31

61.85

100.79

67.04

273.06

55.96

44.37

66.68

-

-

Titagarh Wagons

651.78 102.21

60.57 107.50

51.35

95.62

0.00

-

142.45

129.24

0.24

0.36

McNally Bharat Engg. Total (9)

564.13

7.70

22.40

28.00

19.23

29.76

9.94

-34.00

25.90

81.37

0.46

1.25

39495.03

40.71

3300.87

53.25

2651.07

64.94

6171.05

44.96

5213.29

30.00

0.33

0.38

-

Engineering - Turnkey Services Container Corporation

3511.77

11.77

750.52

7.82

581.54

5.14

0.00

-

45.96

37.77

-

Thermax

3371.09

50.41

280.78

49.51

185.45

59.44

352.48

15.33

389.82

32.36

-

-

Balmer Lawrie & Co.

1575.74

14.46

86.93

23.80

59.24

22.83

13.71

8.21

154.44

14.41

0.02

0.04

Electrotherm(I)

1356.81

80.98

62.18

43.94

58.72

44.45

0.00

-

174.15

95.52

2.17

1.83

Texmaco

949.49

97.53

69.09 142.59

60.86

149.94

2.43

-37.53

215.67

205.78

0.30

0.33

Elecon Engg

836.23

14.73

67.20

22.40

53.27

5.99

37.03

52.32

140.82

94.96

1.73

1.51

Praj Inds

770.67

17.75

153.54

77.44

117.29

83.52

320.76

72.92

86.26

-4.66

-

-

TIL

756.99

26.78

32.24

75.50

28.23

82.84

14.16

77.67

162.85

16.44

0.64

0.99

Alfa Laval(I)

713.30

17.67

91.49

31.38

46.09

90.14

266.14

45.48

214.48

48.71

0.07

0.03

Walchandnagar Inds

672.91

75.03

35.56 167.57

32.56

172.70

113.92

86.69

45.68

54.53

0.12

0.15

LG Balakrishnan & Bros

619.57

12.80

14.86

-35.28

12.11

-35.41

44.03

19.06

28.76

10.83

1.63

2.27

15134.57

31.48

1644.39

27.33

1235.36

27.73

1164.66

41.87

1658.89

47.49

0.27

0.24

Cummins(I)

2753.39

27.69

280.69

15.96

189.61

16.43

742.05

19.74

440.19

15.87

0.03

-

Kirloskar Oil Engines

2443.83

12.67

118.95

-33.33

80.12

-42.60

163.89

17.93

352.88

7.20

0.37

0.12

Total (11) Engines

Greaves Cotton

1325.25

7.91

110.16

-9.94

80.86

-8.26

37.48

51.86

93.64

8.07

0.13

0.13

Total (3)

6522.47

17.45

509.80

-6.08

350.59

-10.24

943.42

20.43

886.71

11.43

0.18

0.07

0.13

Entertainment / Electronic Media Software Zee Entertain. Enterprises

1143.92

23.12

295.12

77.56

208.32

105.91

98.27

-14.56

25.85

-83.11

0.10

925.99

27.48

366.98

36.52

268.46

28.61

38.53

11.94

103.29

-

-

-

2069.91

25.03

662.10

52.20

476.78

53.84

136.80

-8.45

129.14

-19.04

0.06

0.08

Rashtriya Chem. & Fert.

5331.99

46.28

158.15

6.33

102.98

10.06

0.13

-86.87

289.37

-54.28

0.81

0.66

National Fertilizers

4223.04

8.03

108.65

-38.30

76.05

-38.31

0.00

-

15.79

9.96

0.37

0.24

Coromandel Fertilisers

3844.42

81.27

209.76 108.22

160.80

113.92

60.86

-6.94

2652.52

100.58

1.26

1.07

GSFC

3807.26

5.47

238.45

-10.66

202.59

-12.32

33.71

-53.07

1291.05

13.26

0.38

0.71

GNFC

3702.76

23.76

372.88

14.22

306.83

17.82

0.00

-

0.00

-

0.17

0.22

Chambal Fertilisers

2802.72

7.21

203.80

34.85

128.88

69.11

172.89

64.44

51.02

6.83

1.58

1.85

Sun Network Total (2) Fertilizers

60 THE FINANCIAL EXPRESS | MARCH 2009

Industry/ Company

Total Income 2008 % Rs Crore Change

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

Zuari Inds

2677.46

9.93

73.41

-81.35

64.58

-83.28

0.00

-

1039.50

-1.09

0.99

1.10

Nagarjuna Fert. & Chem.

2213.43

20.08

22.49

-29.08

22.49

-29.08

0.31

-

48.15

9.61

0.87

0.79

Mangalore Chem. & Fert.

1634.49

18.92

40.46

47.34

33.35

63.88

0.34 325.00

959.69

20.58

1.02

0.66

Deepak Fert. & Petrochem.

1177.43

24.98

100.27

7.90

69.40

4.41

67.03 179.76

336.44

33.84

0.50

0.51

SPIC

1057.81

-52.70

-377.88

-

-377.88

-

30.40

2.98

97.24

-68.44

-

-

913.25

-40.58

8.97

-

8.97

-

32.45

-70.81

465.83

39.06

1.85

2.04

5.35

12.63

1.14

0.66

7251.95

21.93

0.99

0.92

Fert. & Chem. Travancore EID Parry(I)

748.39

-1.15

-16.58

-

-21.04

-

34134.45

13.72

1142.83

-21.61

778.00

-26.18

621.32

Hindustan Unilever

15220.10

13.67

1925.47

3.78

-50.65

-

1483.71

3.32

954.58

1.43

0.06

0.03

Ruchi Soya Inds

11156.02

28.30

159.23

58.12

147.98

64.17

1846.43

31.28

3580.46

55.39

1.44

1.65

United Spirits

5561.54

16.96

311.28

-36.99

296.25

-36.87

1.96

-58.30

79.23

15.43

0.58

1.09

Nestle(I)

3672.62

23.87

413.81

31.33

95.64

38.13

326.69

18.42

283.78

11.50

0.01

0.04

Nirma

2679.82

3.67

229.73 110.53

165.90

267.36

55.71

0.65

346.85

4.07

0.17

0.13

Britannia Inds

2667.85

13.59

191.00

77.43

148.00

106.10

11.56

-20.88

5.75

-50.52

0.14

0.01

Dabur(I)

2145.70

29.74

316.77

25.66

187.17

44.03

94.10

36.00

21.50

98.71

0.03

0.05

Colgate Palmolive(I)

1637.99

12.78

231.71

44.67

54.92

77.28

65.58

76.34

92.52

-17.53

0.03

0.02

Marico

1585.43

14.34

143.41

23.46

103.52

37.20

81.44

-9.66

12.54

-70.65

1.09

0.91

GlaxoSmithkline Cons Health

1464.36

16.00

162.68

28.17

112.21

32.21

69.78

14.54

3.81

-11.60

-

-

Agro Tech Foods

1013.93

-2.61

16.26

1.06

16.26

1.06

2.15

95.45

65.25

74.09

0.10

0.13

Total (13)

223.20 573.71 40.82

FMCG

Eveready Inds(I)

960.48

8.57

-19.32

-

-19.32

-

16.03

12.49

88.30

-41.05

0.73

0.75

Godrej Consumer Products

928.30

15.50

148.12

26.36

55.36

70.18

17.27

20.10

184.62

40.45

0.89

1.02

Bata(I)

903.81

9.96

51.09

27.25

38.24

-4.76

9.41

-13.03

63.57

57.08

0.21

0.29

Jagatjit Inds

803.74

24.78

17.62

7.64

17.62

7.64

21.32 155.94

17.36

-19.41

0.14

0.15

P & G Hygiene & Health Care

669.82

17.64

131.42

46.31

66.50

167.07

2.17

-13.89

110.63

34.36

-

-

Heritage Foods(I)

628.16

80.74

0.94

-45.66

-0.88

-

0.00

-

0.00

-

1.33

1.51

Gillette(I)

624.96

23.63

117.37

23.66

76.64

34.72

15.78

-7.72

109.69

92.34

-

-

Venkys(I)

530.11

26.71

26.61 130.99

23.32

168.05

3.56

4.40

8.21

4.45

0.79

0.87

Total (19)

54854.74

17.89

14.05

1534.68

-13.67

4124.65

17.10

6028.65

30.74

0.37

0.37

JVL Agro Ind

1168.52

68.00

23.68 111.05

22.18

119.60

0.34

-91.77

764.06

104.61

0.84

2.35

KRBL

1008.11

9.47

54.75

49.06

11.58

498.24

13.86

14.75

-22.65

2.14

1.56 2.42

4575.20

Food - Processing - Indian 10.58

Hatsun Agro Product

869.43

46.81

17.33 112.64

12.85

105.60

112.87 111.09

2.58

-0.77

2.66

Anik Inds

758.39

58.35

23.26 101.56

19.93

142.75

28.87 107.40

303.88

25.55

0.99

0.84

Kohinoor Foods

637.38

7.59

5.34

-73.45

62.97

68.96

4.17

3.25

5.34

-75.80

333.34

4.89

LT Foods

573.69

18.47

28.22

37.06

24.88

35.51

230.86

35.28

26.69

-42.15

2.89

2.35

Total (6)

5015.52

33.24

152.58

23.97

134.24

25.46

1204.52

20.75

1174.93

63.06

2.25

1.91

Gas Distribution Gail(I)

19136.56

11.97

2601.46

9.00

1755.81

13.94

6.87

-75.68

812.19

-13.61

0.10

0.12

Petronet LNG

6608.89

19.17

474.65

51.52

362.15

64.99

0.42

-27.59

5472.54

15.41

0.97

1.08

Gujarat Gas Co.

1229.74

43.87

159.09

78.95

138.77

92.23

0.00

-

18.98

-29.49

-

0.01

840.37

16.07

174.46

26.46

118.46

23.45

0.04

-55.56

18.07

-5.39

0.01

0.01

27815.56

14.87

3409.66

16.50

2375.19

23.15

7.33

-74.65

6321.78

10.37

0.18

0.20

Asahi India Glass

1173.88

30.30

13.67

-67.71

13.67

-57.20

70.54

80.13

335.59

-17.62

4.73

4.32

Hind.Nat.Glass

1159.48

92.74

160.34 368.28

153.35

362.73

40.32

83.02

94.07

8.99

0.49

1.09

Piramal Glass

530.07

22.42

16.26

-54.00

13.56

-61.64

225.57

34.60

91.13

18.43

2.78

2.02

2863.43

47.94

190.27

69.99

180.58

79.81

336.43

47.05

520.79

-8.74

1.80

2.60

Indraprastha Gas Total (4) Glass & Glass Products

Total (3)

MARCH 2009 | THE FINANCIAL EXPRESS | 61

fe 500 industry-wiseperformance Industry/ Company

Total Income 2008 % Rs Crore Change

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

Hotels Indian Hotels Co.

1830.18

11.36

377.46

17.08

262.92

16.37

810.54

10.73

81.75

56.13

0.56

0.52

EIH

1151.12

15.67

217.23

8.43

146.50

0.80

597.32

13.59

233.85

57.15

0.62

0.67

Hotel Leelaventure

589.11

27.31

150.12

18.74

131.23

19.55

324.26

25.97

51.45

-1.98

2.19

1.06

Asian Hotels

534.26

28.70

132.03

44.30

129.60

88.65

338.25

25.51

67.15

23.78

0.09

0.17

4104.67

16.72

876.84

18.38

670.25

21.92

2070.37

16.00

434.20

41.02

0.72

0.57

Total (4) Media HT Media Deccan Chronicle Jagran Prakashan

1226.92

13.65

144.55

25.63

135.18

25.13

6.77

-19.88

333.10

13.37

0.23

0.21

820.25

40.17

271.94

68.53

198.56

44.01

0.00

-

143.72

-23.47

0.76

0.73

771.10

23.78

98.13

28.75

37.90

22.10

0.40

-84.79

91.02

3.56

0.15

0.21

2818.27

23.19

514.62

45.93

371.64

34.19

7.17

-42.91

567.84

-0.29

0.44

0.41

Sterlite Inds(I)

14053.98

10.98

951.63

21.38

668.23

19.20

7075.36

-1.95

11818.06

6.16

0.25

0.63

Hindustan Zinc

9588.54

1.45

4396.07

-1.03

4184.81

-1.08

2257.48

-46.42

436.24

43.05

-

-

NMDC

6379.69

40.60

3250.98

40.12

2599.45

40.13

0.00

-

20.72

33.16

-

-

Neyveli Lignite Corp.

3689.44

15.03

1101.57

94.36

766.03

109.61

0.00

-

219.16

-17.64

0.31

0.18

Sesa Goa

3672.41

64.91

1492.00 146.04

1314.87

192.87

2852.96 104.50

260.91

-7.26

-

-

Hindustan Copper

1993.48

4.42

246.40

-21.51

246.40

-21.51

75.46

-3.50

591.49

83.82

0.13

0.34

Ashapura Minechem

1507.08

65.27

136.04

25.36

123.41

27.52

817.95

34.90

676.94

12.44

0.49

0.35

Adhunik Metaliks

1115.14

36.01

80.46

3.86

69.48

1.65

80.79 246.59

0.29

-

2.87

1.75

GMDC

1037.68

66.57

263.93 142.85

232.13

201.94

0.66

214.29

0.63

1.14

Gujarat NRE Coke

918.89

72.21

172.88 210.21

69.09

565.61

Precision Wires(I)

690.35

-0.31

17.25

2.80

13.09

2.83

44646.68

18.82

12109.21

28.82

10286.99

27.95

13174.28

Titan Inds

3042.86

42.21

158.29

67.80

122.78

71.12

Kirloskar Brothers

1568.10

-0.80

110.14

-67.27

67.83

-76.94

BL Kashyap & Sons

1564.61

91.73

115.36 107.41

107.14

105.96

0.00

Sundram Fasteners

1352.75

0.66

67.38

-6.23

48.47

-9.35

344.31

Transport Corp(I)

1203.88

10.46

28.47

-6.87

24.12

-9.05

8.70 132.00

Apollo Hospitals

1150.06

27.85

101.75

1.68

66.54

-10.38

13.00

Bayer CropScience

1074.92

21.95

39.28

-30.92

31.70

-33.09

136.97

Mundra Port

875.26

46.61

213.41

13.86

153.31

-

16.00

-

Dredging Corp

771.47

23.20

154.82

-17.97

112.82

-23.11

0.00

Carborundum Universal

745.25

35.95

97.17

65.65

78.50

75.77

86.22

Century Ply

641.56

41.81

44.62 118.30

33.47

63.75

22.69

37.27

VIP Inds

581.04

26.51

20.10

40.27

11.62

45.98

87.63

Hyderabad Inds

528.62

9.86

14.08

0.79

10.35

1.07

7.00

Total (3) Mining / Minerals / Metals

Total (11)

5.88

-

0.00

-

0.00

-

0.57

1.39

8.40 268.42

124.98

103.55

0.54

0.77

-2.67

14149.45

8.11

0.18

0.23

142.40

18.22

1155.02

156.57

0.59

0.75

149.69

-34.02

130.97

-17.09

0.29

0.23

-

0.49

122.73

0.29

0.32

-5.12

344.14

12.12

1.31

1.17

23.10

-45.45

0.87

1.16

-1.59

35.72

12.40

0.25

0.19

-4.10

203.18

3.10

0.19

0.33

277.08

184.04

0.73

1.72

-

69.24

117.94

0.01

0.03

28.72

132.94

23.12

0.85

0.66

190.91

133.16

0.84

0.93

23.75

24.86

24.36

0.95

0.97

0.29

96.84

-5.00

0.60

0.52

Miscellaneous

Firstsource Solutions

514.26

16.92

57.64

-22.40

57.64

-22.40

371.07

-5.83

24.33

-17.22

1.79

0.07

15614.64

26.38

1222.51

-6.22

926.29

-1.15

1385.68

-3.28

2708.82

63.48

0.60

0.51

Indian Oil Corp

274546.12

13.94

6962.58

-7.16

6306.77

20.16

11453.93

25.51 123323.86

24.10

0.86

0.78

Reliance Inds

144898.25

21.94

19458.29

62.92

17827.05

69.73

76010.76

29.86 105425.85

28.98

0.46

0.44

BPCL

123079.49

13.75

1580.56

-12.46

1435.94

17.03

7440.16

33.21

34560.75

17.87

1.29

1.05

HPCL

113296.24

16.08

1134.88

-27.77

1033.29

7.59

6930.17

33.30

58558.11

5.77

1.59

1.10

ONGC

65134.69

6.56

16701.65

6.77

9857.26

9.37

3794.72

26.89

10052.92

9.55

-

0.01

MRPL

37550.68

16.32

1272.23 142.09

1061.88

175.61

11141.45

-4.08

25309.37

35.85

0.54

0.86

Total (14) Oil & Gas

62 THE FINANCIAL EXPRESS | MARCH 2009

Industry/ Company

Total Income 2008 % Rs Crore Change

Chennai Petroleum Corp

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

33165.04

12.53

1122.95

98.66

869.80

125.00

0.00

-

19966.52

13.40

0.71

6729.75

4.00

294.30

59.10

194.39

68.98

0.00

-

1333.54

4.19

0.27

0.11

Essar Oil

576.78

19.08

-41.18

-

-41.18

-

11493.11 405.82

17714.79

175.68

2.90

3.05

Total (9)

798977.04

14.89

48486.26

22.22

38545.20

34.56 396245.71

24.25

0.53

0.47

Bongaigaon Refinery

38.80 128264.30

0.70

Packaging Uflex

1548.29

7.44

61.93

47.14

35.93

73.41

342.40

-0.13

249.97

40.56

2.13

2.52

Paper Products

655.09

10.83

28.37

-28.97

17.09

-40.37

101.76

40.44

137.55

28.42

0.28

0.15

Cosmo Films

628.28

9.18

44.50

79.29

34.78

104.11

332.66

19.91

123.33

7.66

0.83

1.17

Garware Polyester

619.02

8.54

10.38 387.32

10.38

387.32

279.81

14.10

42.09

-19.03

1.64

2.91

3450.68

8.59

33.22

98.18

43.22

1056.63

12.65

552.94

22.47

1.52

1.88

Asian Paints

4145.27

21.16

375.20

37.92

212.14

43.97

24.29

0.91

357.18

51.79

0.10

0.17

Kansai Nerolac Paints

1626.49

8.43

119.79

11.27

87.45

14.06

5.49 161.43

201.64

15.71

0.16

0.21

Total (4)

145.18

Paints / Varnishes

Berger Paints(I)

1537.33

14.99

92.08

10.85

76.14

48.77

1.32

-15.38

100.33

1.13

0.35

0.42

Total (3)

7309.09

16.79

587.07

26.86

375.73

36.53

31.10

12.15

659.15

29.56

0.17

0.23

Paper Orient Paper & Inds.

1545.39

18.28

204.48

56.47

180.05

58.72

65.30

23.32

33.62

220.19

0.33

1.86

Ballarpur Inds

1134.26

-52.65

129.45

-48.38

90.56

-53.99

30.16

-81.18

134.58

-67.34

0.74

0.67

Tamil Nadu Newsprint

1084.95

11.21

112.83

31.11

81.69

39.93

138.22

-19.83

245.78

-37.30

0.86

0.97

Balkrishna Inds

1018.35

12.03

106.83

28.49

86.53

37.70

880.33

32.36

402.42

27.02

1.30

1.15

J K Paper

1017.06

8.12

46.28

0.81

30.57

8.52

17.21

-42.38

79.19

-19.67

1.84

1.85

West Coast Paper

668.15

6.82

81.90

23.23

64.69

21.94

18.91

-23.32

151.13

379.93

1.01

0.73

Seshasayee Paper & Boards

647.02

8.35

45.79

10.60

41.29

10.22

32.03

-39.97

164.04

4.89

1.87

1.73

A P Paper

641.50

15.82

16.54

-31.45

13.97

-35.20

40.74

38.01

127.47

47.62

1.28

1.33

Total (8)

7756.68

-6.59

744.10

2.13

589.35

3.08

1222.90

2.93

1338.23

-11.03

1.00

1.00

Pesticides / Agrochemicals - Indian Meghmani Organics

660.17

31.58

37.60

-8.02

29.97

-10.96

425.06

34.57

400.41

26.15

0.45

0.61

Excel Crop Care

574.31

26.66

24.70

33.59

19.20

33.70

176.35

24.95

135.24

38.40

1.06

1.19

1234.48

29.24

62.30

4.94

49.17

2.39

601.41

31.60

535.65

29.03

0.59

0.76

Total (2) Petrochemicals Jubilant Organosys

2236.47

21.30

392.27

69.45

370.34

73.48

856.27

35.16

297.07

10.43

1.21

1.66

Finolex Inds

1675.51

33.77

71.19

1.87

33.98

4.01

0.00

-

915.28

41.01

1.25

0.91

Supreme Petrochem

1619.78

-0.14

23.51

-27.17

13.67

-39.33

530.70

-20.54

1193.61

-5.33

0.74

0.83

South Asian Petrochem

1084.31

1.25

55.53

24.26

43.87

-1.83

600.68

-6.92

352.75

-18.21

0.93

1.20 0.57

Tamilnadu Petro Products

912.66

-4.40

-11.91

-

-11.91

-

45.52

-25.09

14.61

-75.28

0.52

DCW

877.34

13.81

35.79

77.44

29.91

99.53

89.16

25.42

327.94

33.16

1.24

0.84

Chemplast Sanmar

811.93

14.71

6.48

-72.06

6.48

-72.06

72.20 291.97

127.63

25.66

3.35

1.99

9218.00

12.11

572.86

39.50

486.34

42.84

2194.53

4.65

3228.89

7.02

1.24

1.23

Lupin

2807.28

26.71

443.38

46.79

361.30

37.96

1530.47

36.23

766.65

32.22

0.73

0.97

Orchid Chem. & Pharma.

1322.69

39.87

184.54

90.98

155.17

130.84

1049.79

43.72

365.23

-27.92

2.84

3.26

Ankur Drugs

677.11

79.79

63.50

94.01

58.67

90.30

0.70

-11.39

74.40

29.12

2.93

3.35

Elder Pharma

574.69

21.98

68.65

30.09

63.94

32.90

23.31 103.58

48.11

32.64

0.89

0.73

5381.77

34.24

760.07

56.98

639.08

56.62

1254.39

6.27

1.49

1.70

Total (7) Pharmaceuticals - Indian - Bulk Drugs

Total (4)

2604.27

39.55

MARCH 2009 | THE FINANCIAL EXPRESS | 63

fe 500 industry-wiseperformance Industry/ Company

Total Income 2008 % Rs Crore Change

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

Pharmaceuticals - Indian - Bulk Drugs & Formulations Ranbaxy Laboratories

4823.02

18.67

617.72

62.33

300.57

372.22

2660.86

-3.45

1118.77

1.61

1.38

1.35

Cipla

4428.87

17.67

701.43

5.00

545.97

6.52

2255.21

20.92

1067.70

39.52

0.15

0.04

Dr Reddys Laboratories

3640.84

-12.53

475.22

-59.62

412.16

-63.00

2366.84

-23.47

1071.02

36.90

0.10

0.08

Sun Pharma. Inds

3338.43

35.51

1014.04

61.23

796.52

59.66

895.07

71.08

373.51

-4.64

0.02

0.44

Aurobindo Pharma

2512.09

21.00

290.78

26.93

273.21

26.64

1437.79

23.81

1107.59

6.60

1.44

2.13

Cadila Healthcare

1871.10

16.00

236.20

15.39

179.70

16.31

437.90

41.39

248.70

5.07

0.70

0.51

Glenmark Pharma

1427.37

66.01

389.02 188.59

371.87

198.62

684.21 114.39

180.86

45.66

0.51

2.02

Ipca Laboratories

1135.15

15.36

141.12

15.45

121.08

17.01

519.84

10.87

198.31

5.97

0.58

0.49

Alembic

1038.38

42.10

112.19

58.73

91.42

60.87

293.98

95.44

164.59

76.30

1.24

0.87

Matrix Laboratories

1020.91

24.63

-298.36

-

-298.36

-

639.31

21.48

248.30

-7.55

0.64

0.23

Torrent Pharma

1009.01

11.53

155.52

37.68

128.61

46.85

232.75

34.02

217.54

17.77

0.58

0.60

Unichem Laboratories

601.16

4.82

77.23

-14.37

59.21

-17.96

116.27

-6.16

29.69

-15.61

0.05

0.07

JB Chemicals & Pharma.

583.52

5.89

51.69

-27.22

47.47

-3.32

319.49

11.04

129.60

-2.85

0.42

0.41

FDC

544.41

12.95

65.76

2.22

46.61

3.17

40.81

-0.24

33.09

-19.76

0.03

0.01

27974.26

16.33

4029.56

-0.60

3076.04

-3.81

12900.33

9.34

6189.27

14.96

0.43

0.51

0.28

Total (14)

Pharmaceuticals - Indian - Formulations Divis Laboratories

1054.73

41.89

353.56

84.39

327.74

83.26

967.00

43.42

227.00

26.75

0.10

Nectar Lifesciences

787.45

61.58

83.70

48.80

77.61

45.69

393.23 106.55

432.43

32.54

1.71

2.03

Emami

607.52

13.21

92.75

40.70

64.78

57.77

7.74

-25.22

0.13

0.10

36.13

-4.44

Ind-swift

519.22

36.73

31.25

49.88

29.76

53.72

11.50

59.72

11.46

-65.29

2.20

2.03

Total (4)

2968.92

38.28

561.26

67.66

499.89

70.89

1407.86

54.77

678.63

23.68

0.62

0.74

537.66

Pharmaceuticals - Multinational GlaxoSmithKline Pharma

1802.68

3.16

Pfizer

1115.71

35.17

Aventis Pharma

1005.65 662.09

Abbot(I) Novartis(I) Total (5)

-1.44

232.73

-17.74

83.73

41.15

133.81

-1.78

-

-

338.93 220.56

256.87

565.64

22.07

-22.67

45.06

-13.16

-

-

2.22

144.42

-14.69

107.57

12.53

184.56

-21.78

225.87

1.33

-

-

18.01

68.43

14.07

43.10

29.62

3.93

11.02

16.07

-29.18

-

0.01

618.64

3.41

97.23

9.80

65.27

15.34

9.16

29.75

66.31

-24.48

-

0.02

5204.77

10.37

1186.67

22.45

705.54

39.17

303.45

-9.26

487.12

-6.59

-

0.01

Plastics Products Jain Irrigation Systems

1986.88

31.80

145.54

46.85

126.11

53.31

408.26

9.52

279.97

0.77

0.98

1.55

Supreme Inds

1320.52

12.95

51.11

1.91

29.01

-1.43

65.79

-21.29

554.76

67.97

1.20

1.01

Sanghi Inds

953.28

10.03

106.40

-25.47

106.40

-25.47

199.66

-40.41

32.96

-23.17

1.47

1.69

Nilkamal

893.94

66.56

57.36 725.32

49.05

-

14.48

85.88

79.58

288.76

1.54

1.13

Time Techno

548.88

34.74

63.52

62.21

57.24

55.67

23.51

-13.85

202.12

144.79

0.42

0.69

5703.50

27.11

423.93

25.37

367.81

24.42

711.70

-13.89

1149.39

52.43

1.10

1.38

Total (5) Power Generation And Supply NTPC

40229.10

13.11

7414.80

8.01

4528.90

7.16

3.50 250.00

1632.30

42.35

0.52

0.50

Reliance Infrastructure

7501.20

14.08

1084.63

35.33

936.90

37.71

0.72 227.27

447.37

-41.22

0.46

0.63

Suzlon Energy

7051.62

28.95

1265.71

19.28

1116.02

21.87

2837.75

59.64

2775.36

41.30

0.44

0.31

Tata Power Co.

6381.75

26.14

869.90

24.84

628.52

23.58

18.82

-81.96

1535.10

52.02

0.48

0.77

PTC(I)

3949.31

4.31

48.63

38.19

25.89

28.23

0.00

-

1.46

256.10

-

-

Torrent Power

3732.84

28.42

211.24

47.19

154.55

46.19

0.00

-

205.59

-86.74

0.88

0.60

CESC

2776.52

7.92

355.36

18.18

305.39

12.61

1.19

-

134.73

31.74

0.36

0.47

962.15

8.99

102.29

-44.08

64.48

-57.77

0.00

-

0.94

88.00

0.60

0.50

72584.49

15.55

11352.56

12.55

7760.65

12.79

2861.98

51.98

6732.85

3.02

0.50

0.53

Gujarat Industries Power Total (8)

64 THE FINANCIAL EXPRESS | MARCH 2009

Industry/ Company

Total Income 2008 % Rs Crore Change

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

Retailing Pantaloon Retail(I)

5326.81

52.77

125.97

4.98

115.30

2.53

54.42

41.68

151.58

299.63

1.23

1.19

Vishal Retail

1013.07

67.44

40.64

62.11

40.64

62.11

0.00

-

56.51

50.93

1.96

1.91

Trent Total (3)

546.43

15.67

32.58

3.17

18.91

-7.98

15.45

22.23

8.20

69.07

0.11

0.17

6886.31

50.87

199.19

12.77

174.85

10.62

69.87

36.87

216.29

169.62

1.05

1.00

Ship Breaking & Repairing ABG Shipyard

980.74

35.34

160.68

38.17

150.50

38.52

199.71

37.97

683.42

61.82

0.71

0.70

Bharati Shipyard

708.72

65.47

107.45

46.83

99.18

49.30

66.47

15.04

504.03

75.97

0.75

2.27

1689.46

46.53

268.13

41.52

249.68

42.61

266.18

31.43

1187.45

67.54

0.73

1.16

Total (2) Shipping Shipping Corp(I)

4003.92

-0.59

813.90

-19.78

573.94

-25.91

0.00

-

0.00

-

0.26

0.24

Great Eastern Shipping Co.

3203.51

42.31

1356.73

54.54

1128.32

60.55

0.00

-

0.00

-

0.60

0.72

Essar Shipping Ports & Logs.

1063.93

1.85

241.67

80.38

241.67

80.38

0.00

-

0.00

-

0.56

0.48

Varun Shipping Co.

937.04

29.42

225.78

59.73

150.79

86.51

0.00

-

0.00

-

2.41

2.48

Mercator Lines

878.12

8.62

168.84 135.71

139.12

180.99

269.00

33.35

602.12

-22.60

1.08

2.38

750.31

27.16

203.21

43.69

133.75

20.57

0.00

-

0.00

-

1.05

1.20

10836.83

14.73

3010.13

26.43

2367.59

27.79

269.00

33.35

602.12

-22.60

0.63

0.68

Great Offshore Total (6) Solvent Extraction Gokul Refoils & Solvent

2062.21

31.06

54.96 105.69

54.96

105.69

236.95 103.13

836.14

30.87

1.35

0.72

K S Oils

2057.95

91.98

120.70 110.57

114.72

112.41

78.75 364.88

137.02

958.07

0.44

0.61

Gujarat Ambuja Exports

1854.24

31.09

Sanwaria Agro Oils

943.09 110.70

52.41

60.19

44.20

892.19

74.61

295.00

146.51

1.44

0.61

43.32 254.50

71.25

40.47

312.96

0.00

-

0.00

-

1.54

0.91 1.89

Nahar Indl.Enterprises

898.60

-3.45

2.37

-96.51

-1.63

-

37.80

-13.64

41.87

-67.17

1.87

Amrit Banaspati Co.

762.90

22.73

1.39

-45.06

0.48

-68.00

0.00

-

280.89

211.13

1.66

1.14

Vimal Oil

637.85

29.48

5.59

64.90

4.72

66.20

25.52

44.84

85.34

65.61

2.85

2.37

Kriti Inds

502.90

44.13

6.76

238.00

113.06

24.02

19.01

515.21

3.19

1.95

Total (8)

9719.74

40.84

307.08

39.96

280.67

38.62

1384.27

73.66

1695.27

62.39

1.27

1.23

SAIL

47937.80

16.38

7536.78

21.52

6008.53

22.08

1233.99

5.51

6912.61

-6.32

0.13

0.24

Tata Steel

22577.13

11.36

4687.03

11.01

3495.91

6.64

2288.61

8.78

2909.41

11.58

0.66

0.69

JSW Steel

12940.45

36.94

1728.19

33.76

1437.26

35.70

3298.66

-0.53

4707.17

38.77

0.98

0.75

Ispat Inds

9905.61

16.08

34.80

-

34.80

-

864.46

-40.53

606.09

-68.50

2.49

2.83

JSL

5807.07

8.06

241.17

-31.68

208.74

-35.85

1746.51

-22.96

2987.87

38.78

2.41

1.91

Jindal Saw

5638.62

37.13

701.11 297.91

667.01

361.98

3961.22

61.93

4169.94

64.92

0.58

1.35

104806.68

17.85

14929.08

22.01

11852.25

21.94

13393.45

4.99

22293.09

11.55

0.64

0.72

Bhushan Steel

4724.70

11.63

423.73

35.26

413.11

36.50

1260.00

-17.46

1786.19

53.32

3.52

2.67

Welspun-Guj Stahl Rohren

4228.04

47.15

351.42 146.45

323.51

152.21

1728.44

58.87

3144.90

94.93

1.21

2.34 1.79

7.50 186.26

Steel - Large

Total (6) Steel - Medium / Small

Uttam Galva Steels

3294.28

22.16

123.87

9.56

123.87

9.56

1510.26

9.43

1590.84

45.87

1.47

Lloyd Steel Inds

2534.63

27.78

-48.53

-

-48.53

-

0.00

-

196.91

-27.51

-

-

National Steel & Agro

2270.79

18.04

25.21

10.33

23.01

11.43

367.64

-41.69

274.90

-50.00

0.92

0.92

177.22

Mukand

2264.61

6.06

59.40

-36.36

52.09

-39.45

26.96

578.51

26.94

1.67

1.44

PSL

2261.76

40.63

84.77

36.37

63.49

37.51

550.64 887.70

871.45

65.99

1.10

1.99

Shree Precoated Steels

2088.35

14.85

245.52

16.75

232.51

17.86

891.97

-14.67

253.29

-52.81

1.06

1.76

Maharashtra Seamless

1684.08

8.58

195.23

-16.51

159.96

-18.65

487.95 131.31

256.70

5.43

0.09

0.12

MARCH 2009 | THE FINANCIAL EXPRESS | 65

fe 500 industry-wiseperformance Industry/ Company

Total Income 2008 % Rs Crore Change

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

Jai Balaji Inds

1519.58

35.02

118.87

91.20

114.16

96.29

3.18

-

178.80

-

4.06

Surya Roshni

1495.05

14.68

20.41

37.81

16.51

51.33

196.65

54.27

50.11

-3.58

2.20

2.98 2.27

ISMT

1341.80

0.21

100.04

-23.12

85.49

-30.44

247.13

9.33

214.11

133.11

1.69

1.77

Kalyani Steels

1215.22

8.19

79.25

-11.83

61.79

-14.68

44.38

-8.65

371.04

41.18

0.44

0.18

Sunflag Iron & Steel Co.

1134.86

18.44

43.62

17.73

35.51

7.61

65.01

-24.45

78.94

126.32

1.00

0.87

Mahindra Ugine Steel Co.

1101.52

27.66

29.49

-34.32

19.75

-34.30

5.34 147.22

202.23

16.33

1.67

1.22

Shah Alloys

1032.94

-25.29

-118.88

-

-118.88

-

163.60

-71.18

112.87

-61.14

4.88

1.60

Godawari Power & Ispat

958.18

87.08

94.98

81.92

83.75

87.11

1.45

-72.38

2.72

-80.82

0.74

1.35

Varun Inds

897.37

17.95

21.37

9.48

18.05

32.53

0.00

-

0.00

-

1.20

3.36

Ratnamani Metals & Tubes

891.95

44.82

90.03

40.28

83.73

40.30

97.59

35.28

278.62

35.64

0.67

1.31

Surana Inds

818.54

3.76

32.42

5.43

29.85

3.39

0.09

-

27.42

316.72

2.97

1.63

Sujana Metal Products

751.84

3.39

22.95

-18.70

22.95

-18.56

111.88

-51.84

56.46

-50.30

0.71

0.32

Visa Steel

724.88

23.88

43.15 110.28

32.15

56.68

75.91

-29.87

491.74

33.84

2.01

1.57

Sarda Energy

707.82

66.98

120.75 183.38

110.54

201.20

112.33 179.85

216.49

431.52

0.81

1.09

Steel Exchange(I)

655.08

29.77

15.24

88.85

13.18

115.71

-

0.00

-

1.26

2.09

Pennar Inds

641.80

11.19

30.81

38.10

30.81

38.10

19.19 161.80

82.10

442.63

0.64

1.66

Bhuwalka Steel Inds

589.66

6.12

3.59

74.27

2.55

244.59

4.95 438.04

0.28

460.00

3.66

3.45

Tulsyan NEC

572.30

32.14

13.74 124.88

12.74

137.69

41.95

-2.49

76.44

29.93

3.56

3.63

Panchmahal Steel

558.84

18.49

41.25

39.78

41.25

39.78

190.64

6.83

237.00

-0.22

2.02

5.29

Rathi Steel

537.67

34.45

8.59

20.99

7.37

25.34

2.34

4.00

3.93

-12.47

1.89

1.05

43498.14

19.92

2272.29

21.15

2046.27

21.04

8357.73

6.51

11634.99

37.95

1.76

1.81

77.89

43.05

442.85

62.22

0.42

0.81

36.63 241.06

216.71

22.81

0.01

0.08

46.75

0.17

0.33

1.40

Total (29)

0.00

Steel - Pig Iron Tata Metaliks

1210.49

51.89

69.63 135.87

51.93

261.88

862.12

39.12

49.03

10.28

38.75

-3.63

2072.61

46.31

118.66

60.39

90.68

66.20

114.52

75.67

659.56

Kirloskar Ferrous Inds Total (2) Steel - Sponge Iron Jindal Steel & Power

6808.86

55.66

1236.96

75.96

1174.94

81.44

653.01

10.15

1085.77

16.09

1.03

Monnet Ispat

1858.98

82.01

166.16

23.27

141.85

18.86

169.69

-

45.16

243.16

1.03

1.76

Total (2)

8667.84

60.64

1403.12

67.48

1316.79

71.70

822.70

36.51

1130.93

19.24

1.03

1.47

1.10

Sugar Bajaj Hindusthan

1945.21

20.18

45.65

-76.08

37.17

-79.62

28.62

30.03

13.44

-49.28

2.02

Triveni Engg. & Inds

1722.10

-16.61

111.52

47.85

96.05

60.19

78.06

25.14

59.49

-27.54

1.49

1.44

Balrampur Chini

1495.22

12.31

-41.84

-

-41.84

-

0.00

-

46.13

206.51

1.49

0.60 1.67

Shree Renuka Sugars

839.07

-6.28

54.43

-2.07

45.92

-9.64

346.40

12.80

11.40

-92.93

1.93

Sakthi Sugars

806.43

-10.90

30.11

-68.40

25.03

-70.40

118.84

-27.43

34.11

180.28

2.35

1.56

Bannari Amman Sugars

701.28

-14.73

42.34

-53.11

32.67

-60.03

105.45

0.22

17.70

225.37

0.77

0.38

Dhampur Sugar Total (7)

665.89

-35.97

-60.67

-

-60.97

-

15.08

-87.52

67.42

-

1.62

0.64

8175.20

-5.79

181.54

-77.43

134.03

-80.64

692.45

-11.61

249.69

-17.97

1.69

1.00

1263.30

10.22

312.86

2.05

96.42

-54.90

212.34

18.08

43.18

25.52

0.42

0.52

703.56

9.78

47.21

-0.55

36.26

-1.04

138.10

-3.60

15.62

66.88

0.41

0.36

1966.86

10.06

360.07

1.70

132.68

-47.02

350.44

8.47

58.80

34.37

0.42

0.45

Tea Tata Tea Mcleod Russel(I) Total (2)

Telecommunications - Service Provider Bharti Airtel

26063.42

45.26

6244.19

54.82

6244.19

54.82

1546.20

-1.86

6435.88

56.20

0.32

0.46

Reliance Communications

13426.65

42.69

2586.45

34.22

2431.65

31.78

1314.74

-2.62

9809.30

226.13

0.82

0.71

66 THE FINANCIAL EXPRESS | MARCH 2009

Industry/ Company

Total Income 2008 % Rs Crore Change

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

Idea Cellular

6919.03

56.77

1044.36

108.01

79.03

8.56

1634.25

72.05

1.84

MTNL

5329.94

-4.53

406.82

-12.71

154.82

-27.66

0.00

-

0.00

-

-

-

Tata Communications

3465.33

-12.45

304.46

-35.02

176.21

-48.22

1035.27

-41.15

1097.33

-16.50

0.12

0.03

Tata Teleservices(Mah)

1790.88

25.52

-125.74

-

-125.74

-

0.00

-

241.77

-51.26

-

-

Tulip Telecom

1239.48

47.01

187.27

93.14

181.47

99.07

159.13

-

83.62

102.13

2.01

0.51

58234.73

33.64

10647.81

48.23

10106.96

50.50

4134.37

-13.11

19302.15

94.39

0.56

0.51

1.58

Total (7)

1044.36 108.01

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

1.95

Textiles - Cotton/Blended Vardhman Textiles

2379.23

8.93

122.54

-28.63

99.43

-33.08

461.68

4.74

501.08

4.50

2.04

Abhishek Inds

1250.03

23.41

39.95

-2.42

39.95

-2.42

519.28

19.31

240.80

181.31

2.93

2.48

Bombay Rayon

944.82

90.10

121.13 122.62

111.68

140.02

388.01

91.38

145.40

7.58

1.21

0.69 2.84

Spentex Inds

818.10

3.40

-34.53

-

-34.53

-

455.29

23.93

43.73

-68.60

3.20

SIL Investments

797.99

9.99

3.03

-91.66

1.94

-93.82

175.95

35.67

37.77

-31.99

4.74

3.45

6190.17

18.80

252.12

-18.03

218.47

-19.58

2000.21

26.93

968.78

8.24

2.24

1.78

47.61

-32.26

44.17

-30.33

947.57

-4.94

250.16

-32.21

0.76

0.74

69.49 101.48

69.49

101.48

0.38

-

5.58

-51.35

1.20

1.28

Total (5) Textiles - Garments Gokaldas Exports

1092.71

5.12

Koutons Retail(I)

797.69

97.12

KPR Mill

615.20

23.29

79.35

35.83

60.51

8.21

141.80

9.20

189.37

-

1.27

1.25

Total (3)

2505.60

28.94

196.45

20.38

174.17

13.24

1089.75

-3.28

445.11

12.49

1.08

1.03

578.06

-27.59

413.45

13.65

0.51

0.55

0.30 900.00

129.17

45.33

0.94

0.93

19.87

0.65

0.68

3.26

Textiles - Processing SRF

1804.99

-8.69

138.73

-52.01

104.79

-57.80

Century Enka

1325.01

19.48

13.41

-19.80

3.38

-27.93

Total (2)

3130.00

1.43

152.14

-50.25

108.17

-57.25

578.36

-27.56

542.62

Alok Inds

2412.63

22.55

198.66

20.62

176.20

25.85

969.00

59.33

482.61

42.01

4.37

Garden Silk

1837.24

20.77

40.00

71.97

34.26

95.55

27.37

93.43

36.94

-55.43

2.04

1.93

S.Kumars Nationwide

1615.45

30.34

178.13

44.21

178.13

44.21

14.69

-55.54

39.02

-29.26

1.28

2.04

Bombay Dyeing

2.61

Textiles - Products

1013.95

89.11

16.68

-53.58

3.16

-80.99

241.00

59.62

78.83

-43.51

3.58

Shri Lakshmi Cotsyn

854.10

40.52

46.58

28.25

45.84

37.08

0.00

-

0.00

-

2.91

2.78

Sangam(I)

701.90

26.25

5.37

-80.13

5.37

-75.52

178.38

4.89

28.15

-48.44

3.77

3.43

Siyaram Silk

597.42

12.17

9.51

-51.28

4.82

-67.50

38.71

73.90

17.87

-17.84

1.98

1.46

Nakoda Textile Inds

582.28

63.12

9.30

51.47

8.55

39.25

0.00

-

83.29

-46.06

1.53

1.19

9614.97

31.37

504.23

15.54

456.33

22.01

1469.15

47.11

766.71

-9.61

3.02

2.63

Total (8) Textiles - Silk Welspun(I)

1277.03

25.37

26.27

-49.58

26.27

-49.58

1013.11

19.07

284.02

-4.97

2.76

2.57

Nahar Spinning

927.55

0.62

12.02

-81.30

6.61

-88.04

575.47

-2.44

71.12

-19.97

1.57

1.16

TT

653.20

9.17

3.14

-42.39

1.85

60.87

0.00

-

525.78

3.32

2.79

2.11

Eskay KnIT(I)

652.19

35.90

20.68

42.92

20.68

42.92

0.00

-

0.00

-

1.26

0.92

KSL & Inds Total (5)

648.33

25.35

44.81

21.73

40.81

23.89

0.00

-

0.00

-

1.43

1.02

4158.30

17.60

106.92

-38.24

96.22

-38.29

1588.58

10.26

880.92

-1.75

1.88

1.56

Textiles Spinning Blended Indo Rama Synthetics(I)

2847.35

28.39

3.02

-85.37

-12.16

-

407.16

85.17

650.21

-12.84

1.73

1.43

RSWM

1209.49

11.91

0.27

-

0.27

-

552.52

11.45

84.34

-60.68

3.48

2.89

Total (2)

4056.84

22.99

3.29

-94.92

-11.89

-

959.68

34.10

734.55

-23.52

2.30

1.89

MARCH 2009 | THE FINANCIAL EXPRESS | 67

fe 500 industry-wiseperformance Total Income 2008 % Rs Crore Change

Industry/ Company

Net Profit Ret. Profit Forx. Earn. Forx. Expn. 2008 % 2008 % 2008 % 2008 % Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change

Debt Eq. Debt Eq. Ratio Ratio 2008 2007

Trading MMTC

26736.32

13.79

200.48

58.11

155.48

52.73

3906.59

13.67

21054.15

13.34

3.11

1.28

STC(I)

15990.51

9.66

124.45

40.97

94.17

33.99

3561.63

31.81

11143.24

42.48

2.09

2.06

Adani Enterprises

11873.96

14.97

312.07 107.09

297.28

113.33

5950.76

64.30

4709.49

22.61

2.29

2.90

1414.02

26.12

73.13

89.41

59.30

87.84

2.63 839.29

70.97

57.08

1.35

2.03

Ushdev International

753.15

37.72

15.61

83.43

13.20

76.47

1.92

-

0.11

-

0.38

0.66

Emmsons International

584.14

55.40

10.08

57.75

9.05

57.67

401.40

87.42

64.94

-

1.47

3.56

Sakuma Exports

578.54 144.06

4.33

62.17

3.01

121.32

513.96 130.08

13.08

129.88

0.10

0.17

Competent Automobiles

546.64

16.02

4.57

18.70

3.96

22.22

0.00

-

0.08

166.67

0.43

0.52

58477.28

14.31

744.72

74.90

635.45

76.11

14338.89

40.60

37056.06

22.33

2.36

2.06

1.81

Bajaj Electricals

Total (8)

Transmisson Line Towers / Equipment Power Grid Corp(I)

5073.14

27.99

1448.47

17.82

943.39

9.63

581.76

-12.64

1.65

KEC International

2854.54

37.41

172.16

64.53

147.49

68.21

1739.80

38.32

1052.88

28.63

1.20

1.42

Kalpataru Power

1786.56

13.15

149.95

-5.99

130.07

-6.84

379.22

18.06

186.61

-16.75

0.42

0.52

Jyoti Structures

1400.68

36.54

72.41

31.61

65.91

31.35

355.34 338.75

61.03

41.37

0.66

0.58

669.90

36.69

79.90 101.97

67.25

113.70

0.40

-78.26

11.73

-16.81

0.01

0.01

11784.82

28.99

1354.11

15.79

2477.42

49.03

1894.01

7.26

1.53

1.69

Jet Airways(I)

9562.56

28.40

-253.06

-

-253.06

-

2596.68

39.38

12309.60

218.81

2.55

2.71

Kingfisher Airlines

2060.59

3.55

-250.85

-

-250.85

-

66.57

-80.08

847.54

-5.65

4.70

2.38

Spicejet

1438.58

92.25

-132.39

-

-132.39

-

174.69

71.13

425.75

75.33

-

2.34

Total (3)

13061.73

28.23

-636.30

38.62

-636.30

24.56

2837.94

23.43

13582.89

171.54

2.74

2.64

MRF

5060.92

18.78

171.78 114.97

163.30

128.62

493.41

-2.12

891.64

78.04

0.78

0.80

Apollo Tyres

4256.20

12.68

219.30

93.35

194.10

109.75

94.02 125.47

776.85

-17.82

0.37

0.63

JK Tyre Inds.

3208.27

7.91

66.73 291.38

58.41

524.71

482.62

10.45

539.82

16.77

1.71

1.60

Ceat

2626.04

8.74

148.60 278.60

989.55

6.23

16140.98

12.42

Voltamp Transformers Total (5)

1922.89

21.08

2.66 491.11

Transport - Airlines/Travel Agencies

Tyres

Goodyear(I) Total (5)

134.90

334.74

483.53

12.29

615.53

19.49

0.93

1.30

-10.84

26.39

-21.43

60.49

4.31

96.44

-8.51

-

0.46

646.64 119.39

577.10

142.54

1614.07

9.70

2920.28

15.47

0.77

0.96

40.23

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=4 )%:)9-&:02 )") +!/ >9&'75<"0;( '4 61661 4- #4* 45 '4 $$$,.&5<59&<#083-0)),94"

68 THE FINANCIAL EXPRESS | MARCH 2009

fe 500 profit&profitability

Earnings grow faster than topline Profits grew significantly higher than sales for FE 500 in 2007-08 Pradip Kumar Dey

C

ORPORATE profits witnessed moderate growth in FY2007-08. India's GDP grew by 9% as compared to 9.4% in the previous year. The main drivers of growth were the manufacturing services and construction sectors. The overall manufacturing sector recorded a growth of 8.8% as compared to 12.3% in the previous year. Overall economic buoyancy, together with bullish domestic equity capital markets, boosted investor sentiments, attracting robust capital inflows into the economy. Profits at every level - operating, gross, before tax and after, was higher

70 THE FINANCIAL EXPRESS | MARCH 2009

than the sales growth for the FE 500. Margins were healthy and increased in 2007-08. The operating profits of the 500 companies increased by 21.08 % (on an annualised basis) to Rs 3.68 lakh crore in 2007-08 from the level of Rs 3.04 lakh crore in 2006-07. The gross profits of the 500 companies sprinted by 20.14% in 2007-08 when sales cantered at the relatively less speedy pace of 17.69%. In absolute terms, gross profits increased from Rs 2.78 lakh crore in 2006-07 to Rs 3.34 lakh crore in 2007-08. On the whole, the bigger companies garnered bigger profits with a higher growth rate. The operating profit of the first 100 (according to composite ranks) companies increased by 20.18%. The next two

groups of 100 registered profits at the growth of 27.10%, 26.56% respectively. The fourth group saw an increase of 19.04%. And the last group of 100 saw the lowest growth of 14.50%. On the other hand, the gross profits of the first 100 companies grew at 19.50%. The next group of 100 saw profits rise at the higher pace of 26.01%. The third group of 100 saw a lower growth of 25.25% in gross profit. And the fourth group showed an increase of 15.53% in its gross profit. The last group saw a single digit growth of 8.77% in gross profit during 2007-08. The Top 10 (according to composite ranks) recorded a growth rate of 17.72% in operating profit and 17.70%

in gross profit -slower than the FE 500 as a whole. In terms of gross profit, the share of the Top 10 in the aggregate declined from 40.17% in 2006-07 to 39.36% in 2007-08. The Top 10 in terms of gross profits were ONGC, Reliance Inds, Indian Oil, SAIL, NTPC, Bharti Airtel, Tata Steel, Hindustan Zinc, TCS and Infosys Technologies. Within the group, six companies namely NTPC, Bharti Airtel, SAIL, Tata Steel, Infosys Technologies and TCS have interchanged their positions. Four others had unchanged ranks from 2006-07. The highest rate of rise in gross profits was reported by DCM Shriram Consolidated (406.26%), DLF (399.17%), Nilkamal (327.58%), Eveready Inds (I) (322.11%), Sanwaria Agro Oils ( 257.48%), Jindal Saw (207.21%), Flawless Diamonds (206.33%) and India Glycols (186.63%). Most of these fantastic numbers, however, represent statistical achievements rather than real growth because of the very low base of profits in the 2006-07. The aggregate profits before tax (PBT) of the FE 500 rose even faster than operating profit. PBT grew by 22.19% from Rs 2.21 lakh crore (on an annualised basis) in 2006-07 to Rs 2.71 lakh crore in 2007-08. There were also fewer loss makers during the year. The number of companies reporting in the red at the PBT Level were 23 in 2007-08. Significant rates of rise in PBT were

registered by DCM Shriram Consolidated (894.27%), Nilkamal (861.56%), Eskay KniT(I) (467.64%), ITD Cementation(I) (461.75%), JK Tyre Inds (456.01%), DLF (402.62%), India Glycols (313.53%), Sanwaria Agro Oils (275.54%), Punj Lloyd (265.05%) and Jayaswal Neco Industries (250.17%). The FE 500 performed significantly better in the bottomline number of profit after tax (PAT), with Reliance Industries leading the way. But in operating profit, gross profit and PBT, ONGC was way ahead of the others.

Reliance Inds earned Rs 19,458 crore in post-tax profits in 2007-08. The Top 10 (according to composite ranks) raised PAT by 21.54% from Rs 62,555 crore (on an annualised basis) in 2006-07 to Rs 76,031 crore in 2007-08. The FE 500 as a group increased PAT by 22.53%, from Rs 1.65 lakh crore to Rs 2.02 lakh crore during the same period. In the ultimate analysis, though, what matters is not the size of profits (a big company should earn more profits anyway), but profitability. This can be measured in many ways, with return on sales (PAT as percentage of net sales), return on assets (gross profits as percentage of assets) and operating profit margin (operating profit as a percentage of net sales) being the main ratios. In 2007-08, profitability was clearly up, with as many as 37 companies reporting over 30% return on assets. Mention may be made of Sesa Goa (71.56%), NMDC (69.92%) and Nestle (50.72%). In terms of return on sales (PAT to net sales), 22 companies against 20 last year had ratios above 30%. Notable among them were NMDC (56.92%), Hindustan Zinc (55.80%) and DLF (46.53%). In terms of OPM, 81 companies reported over 30% during 2007-08. Mention may be made of NMDC (88.12%), Hindustan Zinc (80.07%) and Sun Network (79.30%). These can well be called the most profitable companies of 2007-08. MARCH 2009 | THE FINANCIAL EXPRESS | 71

fe 500 ranksinalphabeticalorder Composite Rank 2007

Net Sales Rank 2007

2008

Net Worth Rank 2007

2008

Gross Profit Rank 2007

2008

Market Cap Rank 2008 2007

2008

3M India

374

377

421

429

455

460

363

360

314

325

175

207

A P Paper

375

361

438

442

286

252

290

260

369

350

403

438

Aarti Inds

356

363

311

332

343

318

367

337

360

379

346

410

Aban Offshore

188

186

397

435

138

147

152

171

138

140

121

53

58

62

47

54

84

97

89

91

67

75

39

38

Abbot(I)

398

404

416

409

473

451

393

346

320

308

237

330

ABG Shipyard

213

200

284

333

122

179

194

189

180

196

298

145

Abhishek Inds

267

257

235

244

183

189

281

253

287

243

387

389

ACC

39

40

45

46

58

52

45

42

30

28

43

51

Adani Enterprises

59

52

30

29

62

54

110

109

131

180

58

41

Adhunik Metaliks

292

298

268

323

220

264

346

334

308

294

329

267

ABB

2008

Total Assets Rank 2007

Company

Aditya Birla Nuvo

53

44

73

77

52

49

49

43

98

87

73

44

Agro Tech Foods

416

413

263

224

491

488

470

462

465

464

335

388

Ahluwalia Contracts(I)

405

387

317

343

412

441

465

470

325

360

343

236

AIA Engg

322

336

427

499

411

405

253

237

252

292

174

174

Alembic

300

299

272

336

317

279

335

261

264

282

276

314

Alfa Laval(I)

343

368

402

393

424

411

372

355

266

275

126

251

Alok Inds

133

131

135

135

50

62

112

115

104

111

316

289

Alps Inds

407

412

410

477

288

319

357

323

450

408

484

442

Alstom Projects(I)

191

182

182

191

179

201

327

280

271

209

138

118

Amara Raja Batteries

317

364

252

366

353

399

341

348

241

315

301

284

45

41

76

56

63

59

38

39

36

31

38

45

Amrit Banaspati Co.

478

478

358

357

497

496

491

489

487

482

491

492

Anik Inds

435

448

370

455

398

385

415

398

444

465

456

455

Ankur Drugs

394

463

392

517

327

398

404

454

355

417

371

405

Ansal Prop. & Infras.

220

178

338

328

132

156

140

125

191

181

315

169

Apar Inds

276

276

171

168

243

266

369

368

303

345

334

315

Apollo Hospitals

150

196

248

262

201

249

119

155

234

218

105

173

Apollo Tyres

113

110

79

79

144

127

120

119

120

145

195

195

Asahi India Glass

258

250

271

316

189

161

359

313

298

252

231

254

Ashapura Minechem

291

259

189

256

333

359

267

273

232

214

372

193

67

64

38

37

71

67

72

70

65

58

119

124

Asian Hotels

250

251

474

490

203

193

97

93

197

217

250

268

Asian Paints

99

103

83

83

180

190

166

157

82

89

55

68

Asian Star Co.

259

256

217

202

311

278

342

311

403

425

182

274

Atlas Copco(I)

298

309

293

331

365

387

340

329

256

245

190

168

Atlas Cycles(H)

484

473

439

437

463

443

467

437

478

349

487

487

Atul

309

327

267

258

283

277

283

302

383

385

393

440

Aurobindo Pharma

119

123

125

127

107

92

123

127

118

121

199

229

Aventis Pharma

234

224

314

266

334

290

198

185

189

141

116

204

Bajaj Electricals

331

332

206

214

345

329

428

444

300

361

306

322

Bajaj Hindusthan

118

106

160

164

77

89

105

82

226

98

203

172

Balaji Distilleries

431

440

229

237

486

481

498

499

302

489

412

448

Balkrishna Inds

295

272

279

277

284

284

291

278

210

215

322

271

Ballarpur Inds

167

88

285

111

142

74

117

68

190

83

202

176

Balmer Lawrie & Co.

306

307

199

184

375

353

343

328

268

271

297

346

Balrampur Chini

143

148

202

186

139

155

178

129

432

134

136

215

Bannari Amman Sugars

288

287

399

304

299

302

271

233

363

235

188

316

BASF(I)

345

356

306

310

429

419

338

297

319

312

255

347

Bata(I)

360

359

323

311

425

412

382

366

380

377

246

296

Ambuja Cements

Ashok Leyland

72 THE FINANCIAL EXPRESS | MARCH 2009

Company

Bayer CropScience

Composite Rank 2007

2008

Net Sales Rank 2007

2008

Total Assets Rank 2007

2008

Net Worth Rank 2007

2008

Gross Profit Rank 2007

2008

Market Cap Rank 2008 2007

290

311

294

324

359

343

319

286

376

280

187

281

91

97

110

99

111

131

86

112

130

116

148

108

Berger Paints(I)

271

282

211

200

380

351

331

320

275

265

177

269

BGR Energy Systems

202

319

187

306

229

349

269

467

286

359

172

134

Bharat Bijlee

448

422

450

451

472

470

434

447

304

318

333

232

Bharat Electronics

51

49

68

59

59

53

57

53

49

45

60

61

Bharat Forge

90

79

139

133

90

83

101

86

89

88

118

96

305

340

406

522

207

232

234

347

239

272

365

228

5

6

12

12

11

11

8

10

6

7

4

4

10

9

15

15

13

13

22

19

13

13

9

10

BEML

Bharati Shipyard Bharti Airtel BHEL Bhushan Steel

76

69

65

62

46

58

90

90

68

65

163

109

Bhuwalka Steel Inds

498

489

471

446

492

491

493

492

483

487

495

488

Binani Cement

248

264

283

340

204

222

289

300

137

182

241

226

Biocon

175

174

340

293

208

215

111

124

171

156

115

139

Birla Corporation

154

177

163

155

214

217

154

170

84

81

171

233

BL Kashyap & Sons

263

260

183

299

301

331

298

306

225

302

296

147

Blue Dart Express

338

367

344

344

447

448

345

343

285

293

181

270

Blue Star

229

227

129

150

294

307

376

364

178

279

152

133

Bombay Dyeing

270

265

380

506

172

168

300

252

412

389

245

165

Bombay Rayon

242

291

301

440

239

271

231

222

214

320

213

227

Bongaigaon Refinery

104

134

46

42

143

169

126

121

101

118

198

285

Bosch

60

63

64

64

94

86

68

67

52

49

40

64

BPCL

9

18

3

3

8

8

17

15

18

16

30

60

Britannia Inds

148

156

114

109

274

267

192

183

181

244

89

153

Cadila Healthcare

123

132

168

166

159

149

145

135

136

131

91

158

Carborundum Universal

341

371

426

453

363

375

328

324

250

290

204

273

Castrol(I)

192

194

151

139

315

299

284

243

132

147

77

154

Ceat

244

208

122

112

223

208

257

266

195

311

396

311

Century Enka

304

283

237

241

285

250

274

228

361

337

414

425

Century Ply

404

438

425

483

452

469

439

443

367

437

219

265

Century Textiles & Inds

87

75

88

81

102

102

116

107

86

82

131

78

CESC

65

61

109

98

48

45

39

36

85

107

93

99

Chambal Fertilisers

96

104

111

94

101

78

131

116

109

94

128

213

Chemplast Sanmar

366

343

407

359

245

273

380

345

409

362

362

359

Chennai Petroleum Corp

48

50

9

10

42

40

53

51

32

46

127

127

Chettinad Cement Corp

252

323

298

327

279

327

303

332

145

165

150

282

Ciba(I)

432

419

500

426

446

438

358

316

448

295

331

402

44

54

66

73

73

70

48

41

59

53

27

52

Clariant Chemicals(I)

368

321

328

254

433

370

347

293

382

316

289

343

Classic Diamonds(I)

436

390

382

350

378

347

403

392

443

436

478

412

CMC

340

313

300

246

400

367

354

353

293

307

267

278

Colgate Palmolive(I)

261

217

186

180

381

326

438

317

156

171

64

110

Competent Automobiles

497

492

467

464

498

497

489

483

482

483

497

494

Compuage Infocom

492

499

419

547

496

495

495

488

486

491

492

486

Consolidated Const. Consortium

257

305

197

281

314

397

277

385

274

367

256

142

Container Corporation

63

66

91

82

95

101

58

52

55

52

44

73

Coromandel Fertilisers

114

169

77

118

137

166

185

213

127

194

141

260

Cosmo Films

452

451

437

410

450

433

422

414

351

394

399

441

92

95

72

76

153

142

163

166

90

114

70

63

117

118

120

129

200

210

136

126

117

99

88

94

Cipla

Crompton Greaves Cummins(I)

MARCH 2009 | THE FINANCIAL EXPRESS | 73

fe 500 ranksinalphabeticalorder Composite Rank 2007

Net Sales Rank 2007

2008

Gross Profit Rank 2007

2008

Market Cap Rank 2008 2007

Dabur(I)

163

183

137

147

296

312

250

251

126

128

52

80

Dalmia Cements(Bharat )

147

160

192

238

108

123

128

154

91

103

235

216

DCM Shriram Consolidated

135

149

117

90

105

99

130

201

66

221

272

297

DCM Shriram Inds.

451

421

454

370

392

377

423

391

476

467

434

454

DCW

367

351

360

347

306

313

348

339

357

392

380

364

Deccan Chronicle

200

199

353

396

173

192

142

144

111

144

186

111

Deepak Fert. & Petrochem.

238

238

257

285

254

233

200

181

219

211

264

301

Deepak Nitrite

477

471

498

488

459

425

435

403

464

396

441

475

Dhampur Sugar

346

284

423

242

253

275

292

224

493

178

370

403

Diamond Cables

466

479

487

555

476

485

462

479

416

453

347

325

Divis Laboratories

176

209

260

329

275

288

176

206

116

148

65

76

DLF

21

84

51

204

16

30

19

176

24

64

18

5

Dr Reddys Laboratories

54

51

90

63

67

57

37

35

72

30

53

77

Dredging Corp

236

211

384

386

233

218

118

98

207

153

234

203

Eicher Motors

219

225

128

124

281

251

275

245

289

257

238

327

EID Parry(I)

269

258

418

398

263

234

259

208

488

177

157

237

EIH

130

122

253

249

145

130

114

94

124

115

80

97

Elder Pharma

371

374

461

467

351

337

309

288

348

355

282

337

Elecon Engg

357

312

374

355

298

306

390

382

312

297

307

200

Electrosteel Castings

177

166

213

206

164

170

129

148

338

191

275

231

Electrotherm(I)

289

349

212

325

227

282

310

365

277

333

409

384

Emami

372

350

434

423

448

428

364

282

313

335

161

230

Emco

324

310

288

348

292

300

314

305

322

358

374

280

Emmsons International

494

493

451

521

494

486

485

493

471

484

480

482

Engineers(I)

183

193

376

388

199

205

127

113

159

176

99

121

Era Infra Engineering

181

262

194

314

156

220

272

310

198

266

176

241

Escorts

164

157

138

138

157

126

133

118

462

348

309

340

Eskay KnIT(I)

430

427

401

447

389

380

361

325

359

397

472

468

Essar Oil

128

117

468

456

17

19

54

47

491

497

46

34

Essar Shipping Ports & Logs.

139

90

356

227

68

80

59

58

129

160

158

74

Eveready Inds(I)

316

273

334

308

269

227

242

184

466

488

402

391

Excel Crop Care

480

486

478

495

464

457

468

456

433

441

432

472

Exide Inds

107

125

95

116

182

202

149

167

115

133

90

101

Fag Bearings(I)

389

389

403

399

443

445

344

344

265

259

295

313

FDC

391

407

486

478

435

429

315

285

350

313

252

353

Federal-Mogul Goetze(I)

420

439

417

412

388

362

427

464

463

454

351

424

Fert. & Chem. Travancore

296

233

330

165

300

237

381

340

429

495

166

222

Finolex Cables

249

222

205

225

282

262

218

192

263

262

318

263

Finolex Inds

230

220

204

232

206

200

240

210

253

227

302

299

Firstsource Solutions

280

244

485

474

160

240

222

114

331

270

260

198

Flawless Diamonds(I)

491

497

455

548

484

484

477

495

456

480

485

463

Force Motors

411

345

297

240

340

301

471

383

492

493

435

415

Gabriel(I)

487

465

495

418

462

467

458

431

460

284

457

459

14

12

18

17

22

18

13

11

15

15

19

25

Gammon(I)

136

99

121

131

136

124

121

96

228

203

247

119

Garden Silk

278

274

167

174

252

239

304

275

291

283

398

422

Garware Polyester

447

417

441

417

387

308

386

389

420

438

466

467

Gati

403

420

460

459

401

430

352

393

424

426

320

302

GHCL

247

223

254

278

177

150

261

239

203

167

324

276

Gillette(I)

311

328

428

462

406

389

286

274

220

225

109

170

74 THE FINANCIAL EXPRESS | MARCH 2009

2008

Net Worth Rank 2007

2008

Gail(I)

2008

Total Assets Rank 2007

Company

Company

Composite Rank 2007

2008

Net Sales Rank 2007

2008

Total Assets Rank 2007

2008

Net Worth Rank 2007

2008

Gross Profit Rank 2007

2008

Market Cap Rank 2008 2007

Gitanjali Gems

126

130

112

107

99

119

85

153

259

304

279

220

GlaxoSmithkline Cons Health

206

214

224

211

323

305

214

205

163

161

104

187

GlaxoSmithKline Pharma

105

105

178

156

185

167

109

92

69

59

41

88

Glenmark Pharma

137

176

208

298

187

180

148

230

99

174

85

65

GMDC

168

171

277

376

175

137

143

142

94

122

156

106

GNFC

101

91

89

89

130

111

80

74

75

69

191

166

Godawari Power & Ispat

369

418

339

471

370

384

308

372

281

353

384

354

Godfrey Phillips(I)

272

295

308

315

342

344

262

241

229

233

189

272

Godrej Consumer Products

321

353

313

317

417

415

444

449

227

234

87

185

Godrej Inds

194

215

373

349

197

243

144

247

270

285

114

72

Gokaldas Exports

301

271

264

234

325

297

276

249

356

289

337

328

Gokul Refoils & Solvent

294

391

143

153

358

413

410

435

341

418

262

-

Goodyear(I)

422

414

310

289

457

435

447

441

384

347

375

401

Graphite(I)

235

239

255

292

230

204

201

187

193

137

281

319

Grasim Inds

26

24

33

31

31

27

29

27

19

23

37

31

Great Eastern Shipping Co.

68

68

99

113

57

55

44

44

37

43

102

102

Great Offshore

221

216

387

389

176

194

175

182

149

157

193

155

Greaves Cotton

319

280

244

217

382

352

316

304

248

222

311

257

GSFC

110

100

85

78

123

95

100

83

96

78

220

219

GTL

134

143

200

253

141

120

167

110

240

298

113

182

Gujarat Alkalies & Chem

196

189

245

222

196

177

139

132

128

108

261

287

Gujarat Ambuja Exports

274

281

153

171

290

363

324

296

269

301

340

309

Gujarat Fluorochemicals

228

206

375

384

198

206

155

162

106

104

222

137

Gujarat Gas Co.

223

253

234

291

319

320

238

236

172

224

142

202

Gujarat Industries Power

184

187

292

302

170

153

132

105

201

136

209

253

Gujarat NRE Coke

178

219

320

425

158

176

135

203

184

300

169

132

Gulf Oil Corp

225

366

363

369

147

365

75

409

428

430

352

261

Hatsun Agro Product

440

469

327

379

482

487

487

485

422

455

363

436

Havells(I)

201

240

140

157

277

355

211

335

235

255

228

157

HBL Power Systems

334

381

269

414

346

383

355

350

295

383

325

323

HCC

103

92

98

102

91

84

156

130

183

186

167

126

HCL Infosystems

89

89

27

26

121

118

153

141

112

90

140

152

HCL Technologies

50

46

61

66

72

63

56

40

54

38

50

49

HDIL

73

115

118

194

54

151

50

159

40

67

101

43

HEG

256

243

287

295

238

203

251

276

167

232

268

248

Heritage Foods(I)

473

487

431

530

471

478

469

473

479

477

438

417

40

43

32

27

80

68

60

55

41

36

22

56

Hexaware Technologies

350

320

499

491

329

295

207

163

484

247

323

308

Hind.Nat.Glass

205

370

262

424

236

354

180

356

213

323

183

290

Hindalco Inds

19

15

20

16

12

12

9

8

16

12

48

42

Hindustan Unilever

41

29

24

23

61

44

104

49

27

26

10

23

Hindustan Copper

132

116

176

152

213

191

174

175

151

109

49

33

Hindustan Motors

434

400

385

345

440

393

459

455

381

432

353

329

Hindustan Organic Chem.

450

452

442

428

434

386

426

497

441

422

397

390

Hindustan Sanitaryware

441

423

472

448

416

382

399

374

375

354

373

398

24

25

39

32

32

37

16

23

8

8

28

36

Honeywell Automation(I)

352

372

324

353

421

427

392

390

333

328

224

258

Hotel Leelaventure

240

242

473

510

116

141

164

131

174

163

225

239

17

20

4

4

9

9

23

16

28

21

42

79

186

163

236

223

242

235

168

151

187

172

159

125

Hero Honda Motors

Hindustan Zinc

HPCL HT Media

MARCH 2009 | THE FINANCIAL EXPRESS | 75

fe 500 ranksinalphabeticalorder Company

Composite Rank 2007

2008

Net Sales Rank 2007

2008

Total Assets Rank 2007

2008

Net Worth Rank 2007

2008

Gross Profit Rank 2007

2008

Market Cap Rank 2008 2007

Hyderabad Inds

474

474

488

473

465

455

443

422

453

452

415

466

ICI(I)

214

191

291

260

280

214

190

139

315

68

139

209

ICSA(I)

359

434

393

534

373

446

321

453

251

338

287

214

31

38

42

53

35

39

52

65

35

48

29

28

465

433

433

382

454

432

401

379

419

419

455

446

Idea Cellular IG Petrochemicals

70

71

101

104

65

64

55

64

57

71

96

104

282

268

218

265

265

236

268

290

161

287

378

310

82

81

157

158

96

87

76

71

77

72

94

84

4

4

1

1

2

2

4

4

3

3

11

18

Indo Rama Synthetics(I)

190

175

115

122

140

121

221

172

257

236

349

357

Indraprastha Gas

279

294

379

356

366

346

235

226

147

139

143

243

Ind-swift

464

468

475

514

376

376

424

413

430

448

463

476

12

11

22

22

26

24

11

12

10

9

5

12

Ingersoll-Rand(I)

313

314

481

367

348

341

199

232

337

357

210

305

Ipca Laboratories

232

237

256

252

276

272

226

220

212

200

197

246

ISMT

246

207

233

195

205

185

247

225

230

184

328

286

Ispat Inds

66

45

35

36

34

21

61

45

70

70

162

114

ITC

13

13

23

24

25

20

14

14

12

11

7

14

ITD Cementation(I)

390

436

368

436

361

345

334

452

458

476

424

421

ITI

182

124

243

137

78

60

205

106

500

499

273

277

83

82

80

103

106

109

92

87

153

175

146

103

J K Paper

320

292

303

280

250

212

302

265

306

260

400

409

Jagatjit Inds

393

383

453

463

404

361

301

263

442

442

332

387

Jagran Prakashan

277

249

362

372

357

311

245

215

236

246

154

144

Jai Balaji Inds

251

254

223

230

167

244

326

358

224

264

312

221

Jain Irrigation Systems

125

154

152

172

150

173

165

223

176

220

107

138

Jaiprakash Associates

37

36

71

74

27

29

43

46

56

55

45

24

Jay Bharat Maruti

476

480

398

419

487

477

478

478

425

431

464

474

Jayant Agro Organics

482

488

424

466

489

482

479

480

477

478

458

478

Jayaswal Neco Industries

342

317

191

188

316

270

407

438

283

373

408

360

JB Chemicals & Pharma.

377

348

459

420

372

322

273

240

372

310

317

368

JBF Inds

227

236

133

162

234

248

229

258

205

223

348

318

47

47

34

39

18

31

40

62

133

86

133

92

203

226

225

229

259

223

171

150

179

229

205

349

Jindal Saw

78

77

54

65

86

77

78

117

58

119

179

136

Jindal Steel & Power

35

42

53

75

43

46

47

54

34

39

25

26

JK Cement

204

195

196

221

192

178

146

146

125

127

327

293

JK Lakshmi Cement

254

261

251

282

231

221

217

248

141

164

342

333

JK Tyre Inds.

211

181

105

92

152

125

249

188

211

268

386

379

JMC Projects(I)

415

435

302

433

397

444

431

436

392

446

422

338

JSL

81

76

56

49

44

51

83

79

79

57

240

196

JSW Steel

30

27

28

33

19

23

31

30

22

25

79

50

Jubilant Organosys

97

102

145

146

100

100

108

122

88

112

123

128

JVL Agro Ind

427

456

242

335

436

449

473

477

452

469

461

471

Jyoti Structures

281

269

207

243

326

315

336

321

294

306

259

223

K S Oils

171

315

142

216

260

420

215

402

221

336

137

210

Kajaria Ceramics

443

455

480

487

403

357

441

424

436

445

350

456

Kalpataru Power

174

147

161

159

210

195

189

180

200

158

211

143

Kalyani Steels

303

246

299

276

291

287

258

229

292

237

357

247

Kansai Nerolac Paints

224

210

203

183

321

296

230

214

209

188

180

211

India Cements India Glycols Indian Hotels Co. Indian Oil Corp

Infosys Technologies

IVRCL Infrastructures

Jet Airways(I) Jindal Poly Films

76 THE FINANCIAL EXPRESS | MARCH 2009

Company

Composite Rank 2007

2008

Net Sales Rank 2007

2008

Total Assets Rank 2007

2008

Net Worth Rank 2007

2008

Gross Profit Rank 2007

2008

Market Cap Rank 2008 2007

KEC International

161

184

106

119

149

172

264

326

165

189

206

179

KEI Inds

399

382

319

363

350

333

406

411

373

372

446

366

Kesoram Inds

141

135

104

108

134

152

160

174

78

93

254

199

Kingfisher Airlines

226

170

147

144

202

160

408

262

497

500

185

192

Kirloskar Brothers

195

161

195

181

217

213

210

186

243

96

217

151

Kirloskar Electric Co.

446

424

371

374

458

462

464

460

454

450

383

312

Kirloskar Ferrous Inds

400

395

372

415

422

423

356

333

354

329

377

339

Kirloskar Oil Engines

159

138

131

125

188

198

169

140

194

138

227

189

KNR Construction

453

495

464

541

418

474

395

474

398

440

433

-

Kohinoor Foods

412

416

409

377

356

338

445

423

470

428

336

439

Koutons Retail(I)

283

379

348

498

320

395

330

404

305

393

145

164

Kpit Cummins Infosystems

444

454

489

544

449

439

370

378

336

384

367

345

KPR Mill

361

354

444

444

266

269

260

283

272

269

413

370

KRBL

312

308

270

255

258

259

323

292

347

339

382

407

Kriti Inds

499

498

494

535

488

494

490

491

473

485

482

477

KSL & Inds

266

297

404

422

261

280

270

277

342

326

151

206

Lakshmi Machine Works

173

150

126

128

219

197

191

191

100

102

232

181

Lanco Infratech

94

146

179

403

85

122

93

80

155

288

103

70

Larsen & Toubro

11

10

13

14

14

16

24

29

20

27

13

9

LG Balakrishnan & Bros

469

445

463

449

430

369

448

427

421

395

447

443

Lloyd Electric & Engg.

425

401

395

438

413

406

337

303

377

380

449

378

Lloyd Steel Inds

327

304

127

140

222

163

500

500

389

421

427

400

LT Foods

463

462

447

445

393

416

449

442

437

451

448

462

Lumax Inds

475

460

477

408

456

459

450

468

445

423

444

416

84

108

116

123

126

129

113

133

81

91

71

130

Madhucon Projects

315

267

365

427

268

257

266

231

323

324

345

186

Madras Aluminium Co.

362

339

496

407

386

371

317

284

330

162

184

266

Madras Cements

121

128

144

149

115

154

162

169

73

77

135

123

Maharashtra Seamless

172

158

188

175

241

242

137

128

148

105

194

177

Mahindra & Mahindra

33

33

29

28

41

41

41

38

39

29

54

48

Mahindra Ugine Steel Co.

419

405

326

346

379

364

412

397

378

321

451

430

Man Inds(I)

284

275

198

209

262

256

320

295

273

291

366

352

Manaksia

329

344

352

338

332

321

255

330

388

407

338

348

Mangalam Cement

455

457

476

461

453

468

398

416

282

278

388

392

Mangalore Chem. & Fert.

293

285

173

177

293

294

318

279

365

388

385

395

Marico

239

248

181

176

344

332

368

387

217

195

84

146

22

23

17

19

37

33

27

25

25

24

24

37

Mastek

402

398

435

434

444

436

362

315

267

239

291

335

Matrix Laboratories

208

190

286

318

237

196

204

120

498

251

153

184

Mcleod Russel(I)

241

228

400

362

193

158

134

100

374

363

253

336

McNally Bharat Engg.

456

437

465

430

391

414

453

463

451

462

407

350

Meghmani Organics

387

388

432

454

384

390

293

314

397

382

359

334

Mercator Lines

218

192

345

300

171

143

173

199

166

206

230

183

MindTree

299

322

369

375

369

374

248

234

261

274

208

279

Mirc Electronics

344

318

185

160

371

334

379

351

394

352

391

411

43

53

11

11

45

81

147

136

146

185

6

8

151

198

170

274

148

165

141

196

177

183

223

208

Lupin

Maruti Suzuki(I)

MMTC Monnet Ispat Moser Baer

98

83

150

120

81

69

79

66

134

84

173

149

Motherson Sumi Systems

212

218

219

215

270

260

296

301

208

192

112

160

Mphasis

145

159

165

212

244

246

159

143

199

242

92

122

MARCH 2009 | THE FINANCIAL EXPRESS | 77

fe 500 ranksinalphabeticalorder Company

Composite Rank 2007

2008

Net Sales Rank 2007

2008

Total Assets Rank 2007

2008

Net Worth Rank 2007

2008

Gross Profit Rank 2007

2008

Market Cap Rank 2008 2007

129

119

63

68

151

138

158

145

121

151

216

212

MRPL

29

30

8

8

39

36

46

48

31

33

62

54

MTNL

36

34

59

48

23

17

15

9

46

32

72

86

Mukand

198

173

148

136

131

128

188

158

254

187

381

344

Mundra Port

102

144

343

380

69

103

66

156

102

143

26

27

Munjal Showa

459

443

377

334

477

472

442

419

426

406

429

461

MRF

Nagarjuna Construction

86

78

87

84

88

105

95

111

164

149

164

98

Nagarjuna Fert. & Chem.

116

113

130

132

103

82

88

72

255

210

221

244

Nahar Indl.Enterprises

310

245

322

259

218

184

256

211

339

216

430

381

Nahar Spinning

314

277

316

263

232

225

252

212

335

213

439

423

Nakoda Textile Inds

493

496

448

532

480

490

483

482

475

479

493

485

National Aluminium

32

26

57

41

40

34

26

22

26

14

36

35

National Fertilizers

93

87

67

60

127

115

106

81

186

101

160

171

National Steel & Agro

333

316

132

130

308

292

374

349

395

399

479

479

Nava Bharat Ventures

222

270

309

395

240

253

184

242

123

199

200

217

Nectar Lifesciences

364

408

367

480

313

303

365

370

296

330

339

394

Nestle(I)

142

136

86

85

249

241

288

256

74

74

31

59

38

37

102

91

30

25

25

20

33

42

33

40

Nicco Corp

489

482

492

508

460

450

475

472

467

463

471

428

Nilkamal

Neyveli Lignite Corp.

414

447

312

411

402

454

405

432

328

461

431

393

Nirma

85

85

123

105

112

94

67

57

108

97

132

161

Nitco

385

380

413

458

360

373

263

309

366

376

418

321

NMDC

28

31

50

55

56

61

28

28

11

17

8

6

354

355

458

404

419

407

278

257

260

248

207

300

Novartis(I)

3

3

7

7

4

4

3

3

5

4

2

3

OCL(I)

297

279

357

296

256

258

241

272

216

230

326

303

Omax Autos

454

430

378

337

414

396

446

429

415

386

473

470

Omaxe

127

185

156

247

104

148

124

289

97

208

201

116

2

2

5

5

3

3

2

2

1

1

3

2

Oracle Financial Ser. Soft.

79

80

155

154

117

104

63

60

92

92

67

81

Orchid Chem. & Pharma.

185

197

232

267

110

107

203

218

142

190

258

249

Orient Paper & Inds.

268

306

214

205

328

314

265

395

139

150

285

292

P & G Hygiene & Health Care

325

342

405

406

427

424

333

308

223

238

108

194

Panacea Biotec

275

231

341

287

264

268

202

207

202

159

303

197

Panchmahal Steel

488

481

479

482

475

464

476

490

414

416

465

418

Pantaloon Retail(I)

71

73

58

80

82

108

84

102

169

168

98

75

Paper Products

433

431

446

431

445

440

389

359

391

334

356

408

Parsvnath Developers

115

101

162

189

83

93

81

77

80

110

215

117

Patel Engineering

193

162

276

231

174

207

182

164

222

231

196

129

Patni Computer Systems

122

120

239

236

125

116

69

63

87

100

129

150

Pennar Inds

437

467

452

432

469

461

414

451

427

439

314

434

72

70

43

44

89

88

91

88

64

63

100

112

Pfizer

255

278

366

322

335

336

212

250

105

207

130

218

Philips Carbon Black

373

334

259

235

341

309

388

406

279

369

423

362

Pidilite Inds

170

201

184

203

247

291

216

219

175

197

106

135

Piramal Glass

421

428

491

502

278

281

375

342

358

322

443

-

Piramal Healthcare

120

107

149

148

181

159

151

108

119

129

74

95

Platinum Corporation

500

466

490

286

500

500

496

496

489

492

500

496

Polaris Software Lab

286

266

290

257

367

317

228

197

327

250

263

326

20

22

60

71

7

6

10

13

23

22

14

22

NTPC

ONGC

Petronet LNG

Power Grid Corp(I)

78 THE FINANCIAL EXPRESS | MARCH 2009

Composite Rank 2007

Net Sales Rank 2007

Total Assets Rank 2007

Net Worth Rank 2007

Gross Profit Rank 2007

Market Cap Rank 2008 2007

Company

2008

Praj Inds

330

335

386

360

385

379

329

415

233

276

178

159

Prakash Inds

215

188

226

251

248

229

172

168

173

169

266

167

Pratibha Inds

461

476

493

549

415

465

418

461

435

459

406

351

Precision Wires(I)

479

458

443

378

470

456

451

450

449

443

477

460

Pricol

438

402

412

358

383

350

417

394

408

331

442

429

Prism Cement

285

289

318

313

349

335

223

246

135

117

257

264

Prithvi Information Solutions

335

326

249

312

312

330

295

268

352

296

440

365

PSL

209

204

141

167

184

186

237

281

237

254

319

225

PTC(I)

109

255

75

69

211

417

99

331

299

303

134

242

69

72

62

106

75

73

71

101

107

202

97

62

Punjab Tractors

262

234

280

245

338

293

209

178

310

261

244

252

Radico Khaitan

323

331

350

385

318

265

387

352

393

390

212

298

Rajesh Exports

108

114

37

40

66

47

186

294

192

286

229

162

Rallis(I)

381

386

391

354

428

404

349

367

246

317

269

363

Ramsarup Inds.

264

329

159

182

195

325

311

384

301

344

417

406

Ranbaxy Laboratories

49

48

70

57

51

48

70

61

62

73

47

58

Rashtriya Chem. & Fert.

77

74

55

72

98

98

96

78

144

120

122

120

Rathi Steel

483

485

470

503

438

458

455

433

472

473

490

484

Ratnamani Metals & Tubes

396

394

337

387

407

391

396

426

245

273

360

306

Raymond

156

126

216

185

135

117

107

84

244

132

248

201

Redington(I)

165

145

49

51

267

231

236

209

317

356

192

180

Reliance Communications

7

7

25

30

5

5

6

5

14

19

15

7

Reliance Inds

1

1

2

2

1

1

1

1

2

2

1

1

25

19

44

43

20

15

21

17

44

44

34

21

Rico Auto Inds.

401

357

381

309

364

342

373

338

368

332

411

385

Rolta(I)

169

168

332

371

161

146

115

97

113

126

144

141

RSWM

328

286

241

226

235

219

351

298

387

258

450

404

Ruchi Infrastructure

376

365

282

270

362

358

432

420

411

435

341

355

Ruchi Soya Inds

106

94

31

34

70

72

138

134

150

166

277

205

S.Kumars Nationwide

179

153

175

190

166

144

179

190

182

201

274

178

Sadbhav Engg

351

397

321

441

394

402

366

417

345

405

280

256

Sai Service Station

458

461

315

303

493

492

484

481

457

466

428

481

6

5

6

6

10

7

7

6

4

5

16

11

Sakthi Sugars

332

293

364

271

215

209

306

255

434

281

405

433

Sakuma Exports

496

500

445

559

499

499

482

476

485

490

498

493

Salora International

439

432

250

268

474

471

456

446

446

447

474

453

Samtel Color

413

325

351

199

295

228

416

362

494

494

486

483

Sangam(I)

418

393

388

397

297

274

409

380

405

342

469

458

Sanghi Inds

245

213

335

294

194

175

206

194

218

155

271

245

Sanwaria Agro Oils

397

464

289

469

461

483

463

466

385

468

292

356

Sarda Energy

370

411

415

519

336

403

297

377

249

343

355

262

Savita Chemicals

383

376

307

301

399

392

384

371

326

346

354

377

74

86

84

121

119

157

64

76

29

54

59

67

Seshasayee Paper & Boards

449

442

483

457

368

366

420

425

364

387

426

435

Shah Alloys

423

324

304

187

339

261

461

341

496

351

488

480

52

55

78

70

49

43

36

32

51

34

82

100

Shree Cement

138

151

136

169

162

181

208

217

63

66

125

131

Shree Precoated Steels

207

165

146

142

209

182

224

270

160

130

294

148

Shree Renuka Sugars

265

288

347

279

287

324

339

361

324

327

110

191

Shrenuj & Co.

349

347

274

269

289

276

400

401

413

409

394

399

Punj Lloyd

Reliance Infrastructure

SAIL

Sesa Goa

Shipping Corp(I)

2008

2008

2008

2008

MARCH 2009 | THE FINANCIAL EXPRESS | 79

fe 500 ranksinalphabeticalorder Company

Composite Rank 2007

2008

Net Sales Rank 2007

2008

Total Assets Rank 2007

2008

Net Worth Rank 2007

2008

Gross Profit Rank 2007

2008

Market Cap Rank 2008 2007

406

406

336

364

324

328

402

400

362

378

476

61

58

40

52

79

76

94

104

60

76

57

29

SIL Investments

417

392

349

330

304

304

440

410

401

319

468

465

Simplex Infrastructures

146

179

107

141

133

164

195

319

247

305

226

156

Sintex Inds

100

142

169

210

97

171

103

177

143

179

120

105

Siyaram Silk

468

459

430

416

437

434

454

430

455

434

467

469

SKF(I)

237

229

180

179

337

316

243

238

168

198

214

224

Sobha Developers

155

129

201

197

113

145

157

147

157

173

233

107

Sona Koyo Steering Sys.

429

425

389

381

432

442

421

428

406

403

379

367

South Asian Petrochem

318

303

266

228

310

283

307

322

334

340

369

369

Spanco

424

399

449

479

331

339

353

327

386

391

460

375

Spentex Inds

428

373

355

319

347

289

437

375

490

429

481

445

SPIC

339

241

275

110

124

90

499

388

499

498

421

419

Spicejet

326

300

220

352

257

216

492

386

495

496

305

240

SRF

187

172

174

134

186

162

161

138

162

80

284

331

STC(I)

124

111

21

20

55

79

254

235

238

256

236

188

Steel Exchange(I)

485

484

420

452

479

480

480

486

461

474

483

451

18

21

26

25

24

35

12

34

50

51

21

17

Sterlite Technologies

217

221

166

192

225

230

244

244

231

309

283

275

Suashish Diamonds

260

263

296

250

226

245

233

216

329

402

308

376

Subhash Projects

308

333

240

297

272

323

350

440

349

366

364

250

Subros

457

429

396

351

466

447

430

412

371

364

425

413

Sujana Metal Products

426

385

361

326

396

394

378

312

417

413

470

450

Sujana Universal Inds

384

358

305

261

377

360

305

307

407

420

459

447

Sun Network

158

152

329

341

216

211

102

89

76

79

61

57

56

67

119

143

74

71

42

56

53

61

20

39

Sundram Fasteners

273

247

230

196

273

255

287

269

276

240

313

320

Sunflag Iron & Steel Co.

355

337

273

290

355

310

360

336

344

314

376

383

Supreme Inds

307

301

215

201

302

298

383

357

311

277

321

341

Supreme Petrochem

378

352

193

161

405

388

413

396

431

371

410

420

Su-Raj Diamonds

233

230

134

151

190

183

213

198

370

400

419

426

Surana Inds

395

384

346

305

303

356

429

418

404

404

420

397

Surya Roshni

388

360

210

198

390

340

419

399

410

411

452

452

Suzlon Energy

34

32

41

45

36

50

33

37

42

40

56

20

Swaraj Mazda

442

446

394

368

439

437

472

471

438

457

368

414

TT

486

475

408

373

483

479

481

475

480

472

494

491

Tamil Nadu Newsprint

243

235

278

264

212

187

219

195

185

193

278

332

Tamilnadu Petro Products

386

330

354

288

354

286

322

267

474

470

436

457

Tata Chemicals

57

59

69

58

53

65

51

59

47

56

83

87

Tata Communications

42

39

92

67

47

42

34

26

71

47

35

55

382

410

261

339

410

418

411

421

297

398

358

382

Tata Motors

23

16

10

9

15

14

30

24

21

20

51

32

Tata Power Co.

27

28

48

50

33

26

32

31

48

50

23

30

8

8

14

13

6

10

5

7

7

6

32

19

Tata Tea

111

109

246

219

120

110

82

75

122

106

81

113

Tata Teleservices(Mah)

Shri Lakshmi Cotsyn Siemens

Sterlite Inds(I)

Sun Pharma. Inds

Tata Metaliks

Tata Steel

449

197

205

164

170

109

106

497

498

154

249

75

89

TCS

16

17

16

18

29

32

20

21

9

10

12

13

Tech Mahindra

95

98

82

87

169

188

122

137

61

60

95

46

Texmaco

358

409

342

475

395

410

385

405

316

414

249

259

Thermax

131

121

94

117

191

174

193

193

110

124

117

85

80 THE FINANCIAL EXPRESS | MARCH 2009

Company

Composite Rank 2007

2008

Net Sales Rank 2007

2008

Total Assets Rank 2007

2008

Net Worth Rank 2007

2008

Gross Profit Rank 2007

2008

Market Cap Rank 2008 2007

Thirumalai Chem.

467

453

429

402

442

421

460

445

402

410

454

437

TIL

460

441

383

390

467

453

466

465

399

433

416

361

Time Techno

392

415

497

528

409

431

312

369

343

381

270

238

Titagarh Wagons

410

494

457

552

426

476

394

459

340

415

265

-

Titan Inds

152

167

103

115

221

238

282

287

196

228

78

115

Torrent Pharma

231

252

281

272

271

263

232

227

206

212

170

283

64

60

81

86

60

56

62

50

95

95

86

83

Transport Corp(I)

353

338

231

213

423

408

377

381

396

375

330

324

Trend Electronics

462

444

325

307

441

422

474

469

469

471

496

489

Trent

336

362

482

470

352

372

227

259

423

412

239

295

Triveni Engg. & Inds

144

127

177

126

146

133

187

165

204

219

149

163

Tube Investments(I)

199

202

158

145

255

247

196

173

278

152

243

288

Tulip Telecom

216

296

228

283

246

401

279

318

188

263

165

175

Tulsyan NEC

495

491

466

476

478

475

488

487

459

475

489

490

TVS Motor Co.

162

137

93

61

168

132

183

149

290

205

288

307

Uflex

210

203

222

193

154

139

220

221

262

241

293

304

55

57

52

47

64

66

65

73

38

35

68

69

363

369

440

405

408

381

285

271

318

267

251

358

Unitech

62

56

108

97

28

38

73

95

45

37

66

15

United Spirits

75

65

97

88

93

85

77

85

93

62

63

47

189

164

209

220

251

226

225

200

258

253

124

91

United Phosphorus

88

93

190

178

87

75

87

99

242

135

76

90

Unity Infraprojects

348

346

333

401

307

348

325

299

332

374

389

294

Universal Cables

472

472

484

511

451

452

433

408

440

427

437

431

Usha Martin

160

141

172

173

128

135

177

161

170

170

242

190

Ushdev International

471

477

359

400

490

498

486

484

468

481

462

444

Uttam Galva Steels

153

180

96

95

118

112

197

202

215

204

290

373

Value Inds

302

290

221

208

228

224

280

254

309

341

475

473

Vardhman Textiles

140

139

124

114

92

96

125

103

140

113

304

342

Varun Inds

379

426

331

321

330

409

313

457

439

444

453

432

Varun Shipping Co.

180

212

295

342

114

113

170

160

114

123

218

291

Venkys(I)

481

483

469

492

481

473

452

439

418

458

445

464

46

35

36

38

38

28

35

33

43

41

111

71

Vimal Oil

490

490

411

439

495

493

494

494

481

486

499

495

VIP Inds

470

470

462

481

468

463

457

448

447

449

404

396

Visa Steel

337

341

390

413

224

254

332

291

353

424

361

372

Vishal Retail

347

378

265

365

322

426

371

434

346

401

392

235

Voltamp Transformers

445

450

456

494

485

489

436

458

288

370

299

255

Voltas

149

140

100

100

178

199

246

264

152

154

147

93

Walchandnagar Inds

408

403

414

526

420

400

397

376

400

460

310

234

Welspun(I)

253

232

238

248

155

134

239

204

284

226

401

374

80

96

74

96

76

91

98

179

83

142

155

82

West Coast Paper

365

396

436

394

309

378

299

354

307

299

344

386

Wheels(I)

380

375

247

233

374

368

425

407

379

368

390

427

Whirlpool(I)

287

302

154

163

305

285

391

373

390

456

300

380

15

14

19

21

21

22

18

18

17

18

17

16

Wockhardt

157

133

227

207

163

140

150

123

158

125

168

140

Zee Entertain. Enterprises

112

112

258

275

129

114

74

69

103

146

69

66

Zuari Inds

166

155

113

101

165

136

181

152

280

85

286

317

Zylog System

409

449

422

496

431

466

294

363

321

365

395

371

Torrent Power

Ultratech Cement Unichem Laboratories

United Breweries

Videocon Inds

Welspun-Guj Stahl Rohren

Wipro

MARCH 2009 | THE FINANCIAL EXPRESS | 81

fe 500 ninemonthsperformanceoftop100 Company (Rs Crore)

Apr-Dec 2009

Sales Apr-Dec % 2008 Change

Apr-Dec 2009

Other Inc. Apr-Dec % 2008 Change

Apr-Dec 2009

PAT EPS (Rs) EPS (Rs) Apr-Dec % Apr-Dec Apr-Dec 2008 Change 2009 2008

ROS (%) ROS (%) Apr-Dec Apr-Dec 2009 2008

Indian Oil Corp

245399.96 161608.46

51.85

3087.83 15779.70

-80.43

-3673.41

7376.85

-

-

61.87

-

4.56

Reliance Inds

117929.00

94689.00

24.54

1040.00

514.00

102.33

11733.00 15180.00

-22.71

74.50

104.40

9.95

16.03

BPCL

108757.17

77968.20

39.49

873.89

1117.60

-21.81

-2892.13

1348.77

-

-

37.31

-

1.73

HPCL

99715.18

73233.15

36.16

362.48

880.31

-58.82

-4529.07

750.37

-

-

22.16

-

1.02

ONGC

49988.25

44222.75

13.04

3711.32

2911.95

27.45

13919.55 14075.02

-1.10

65.08

65.81

27.85

31.83

SAIL

32188.66

26736.26

20.39

1369.99

925.53

48.02

4688.13

5160.02

-9.15

11.35

12.49

14.56

19.30

MMTC

32030.45

16883.88

89.71

16.59

13.34

24.36

125.45

117.36

6.89

25.09

23.47

0.39

0.70

MRPL

31806.19

23243.86

36.84

150.53

202.41

-25.63

584.91

1047.34

-44.15

3.34

5.98

1.84

4.51

NTPC

30907.63

26317.40

17.44

1883.62

2212.80

-14.88

6087.95

6075.30

0.21

7.38

7.37

19.70

23.08

Chennai Petroleum Corp

27153.93

19563.44

38.80

48.04

88.98

-46.01

-669.28

779.03

-

-

52.28

-

3.98

Bharti Airtel

24997.49

18289.78

36.67

107.88

202.77

-46.80

5668.86

4451.91

27.34

29.86

23.46

22.68

24.34

Larsen & Toubro

23203.37

16387.83

41.59

664.92

335.67

98.09

2483.14

1206.66

105.79

212.11

206.48

10.70

7.36

Tata Motors

18765.91

19981.30

-6.08

844.40

515.01

63.96

409.84

1491.10

-72.51

7.97

38.68

2.18

7.46

Tata Steel

17817.84

13956.59

27.67

259.08

908.41

-71.48

3742.45

3256.86

14.91

51.21

44.54

21.00

23.34

Gail(I)

17719.34

13072.91

35.54

531.15

456.69

16.30

2173.68

1879.08

15.68

17.14

22.22

12.27

14.37

TCS

16787.44

13591.23

23.52

-212.56

367.48

-

3588.94

3399.95

5.56

366.74

347.43

21.38

25.02

BHEL

15820.71

12163.42

30.07

778.66

972.07

-19.90

1790.74

1748.47

2.42

36.58

35.72

11.32

14.37

Wipro

15506.60

12186.10

27.25

386.60

265.30

45.72

2131.50

2235.80

-4.66

72.81

76.51

13.75

18.35

Infosys Technologies

15011.00

11684.00

28.47

256.00

597.00

-57.12

4250.00

3333.00

27.51

148.44

116.45

28.31

28.53

Hindalco Inds

14447.89

14169.30

1.97

541.92

348.70

55.41

1961.51

1788.40

9.68

115.35

145.74

13.58

12.62

Maruti Suzuki(I)

14284.32

13152.32

8.61

691.20

582.38

18.69

975.54

1433.14

-31.93

67.53

99.21

6.83

10.90

Hindustan Unilever

12622.21

10533.43

19.83

534.60

470.50

13.62

1720.53

1511.38

13.84

78.93

68.45

13.63

14.35

ITC

11595.68

10056.60

15.30

347.70

447.22

-22.25

2454.60

2384.46

2.94

65.06

63.27

21.17

23.71

JSW Steel

10726.23

7248.17

47.99

111.87

295.79

-62.18

409.30

1267.41

-67.71

21.88

77.28

3.82

17.49

Reliance Communications

10437.84

9960.84

4.79

67.13

8.88

655.97

1213.16

2075.02

-41.54

11.76

20.11

11.62

20.83

Sterlite Inds(I)

9297.35

9292.45

0.05

563.77

364.57

54.64

1024.87

645.18

58.85

72.33

45.53

11.02

6.94

HCL Infosystems

9279.97

9398.44

-1.26

-9.14

50.36

-

191.09

240.90

-20.68

55.79

70.50

2.06

2.56

Jet Airways(I)

9011.33

6051.20

48.92

1124.80

703.18

59.96

-455.33

-328.40

-

-

-

-

-

Mahindra & Mahindra

8950.66

8355.33

7.13

249.65

295.70

-15.57

387.28

884.87

-56.23

15.35

36.01

4.33

10.59

Hero Honda Motors

8919.62

7543.16

18.25

151.42

130.37

16.15

879.59

669.34

31.41

220.23

167.59

9.86

8.87

Adani Enterprises

8684.53

7676.38

13.13

8.66

27.86

-68.92

189.71

204.10

-7.05

76.93

82.80

2.18

2.66

Coromandel Fertilisers

8518.12

2105.47

304.57

237.60

26.15

808.60

508.85

154.31

229.76

181.86

60.35

5.97

7.33

Ruchi Soya Inds

8389.52

7519.19

11.57

19.92

9.66

106.21

88.25

119.65

-26.24

23.37

32.80

1.05

1.59

Grasim Inds

7982.91

7593.95

5.12

210.69

193.98

8.61

1263.25

1565.23

-19.29

137.77

170.71

15.82

20.61

Rajesh Exports

7536.83

6141.68

22.72

0.00

0.00

-

77.99

157.63

-50.52

31.12

213.30

1.03

2.57

Reliance Infrastructure

7318.59

4671.23

56.67

835.91

966.03

-13.47

792.70

773.24

2.52

34.80

32.69

10.83

16.55

Videocon Inds

7313.59

6842.27

6.89

18.56

142.28

-86.96

491.03

742.83

-33.90

21.41

32.37

6.71

10.86

Ispat Inds

7112.49

6005.13

18.44

110.62

98.50

12.30

-649.72

-14.09

-

-

-

-

-

Idea Cellular

7073.82

4179.30

69.26

11.02

6.54

68.50

703.93

650.57

8.20

2.27

2.47

9.95

15.57

Rashtriya Chem. & Fert.

6453.10

3736.56

72.70

85.35

45.58

87.25

172.21

106.83

61.20

3.12

1.94

2.67

2.86

Siemens

5913.16

5884.89

0.48

237.77

222.17

7.02

725.20

569.68

27.30

107.55

168.94

12.26

9.68

Jindal Steel & Power

5892.50

3887.78

51.56

32.78

24.30

34.90

1177.47

846.63

39.08

761.13

549.76

19.98

21.78

Petronet LNG

5773.81

4802.66

20.22

56.58

35.69

58.53

314.10

354.62

-11.43

4.19

4.73

5.44

7.38

Tata Power Co.

5761.88

4281.44

34.58

282.74

288.17

-1.88

553.02

563.35

-1.83

24.98

25.52

9.60

13.16

NMDC

5627.97

3816.80

47.45

658.35

495.79

32.79

3351.19

2234.01

50.01

84.53

169.04

59.55

58.53

ACC

5560.86

5310.46

4.72

170.50

289.67

-41.14

855.23

1074.84

-20.43

45.52

57.22

15.38

20.24

Bongaigaon Refinery

5475.32

4189.92

30.68

27.38

61.79

-55.69

-214.53

263.93

-

-

13.21

-

6.30

ABB

5383.68

4617.88

16.58

29.98

55.88

-46.35

429.72

405.04

6.09

101.40

95.57

7.98

8.77

PTC(I)

5351.20

3359.55

59.28

76.84

23.55

226.28

75.29

29.50

155.22

3.31

1.97

1.41

0.88

Suzlon Energy

5209.35

4181.61

24.58

99.30

83.18

19.38

-285.91

783.16

-

-

26.16

-

18.73

82 THE FINANCIAL EXPRESS | MARCH 2009

Apr-Dec 2009

Sales Apr-Dec % 2008 Change

GSFC

5021.45

2759.78

81.95

58.53

71.94

-18.64

400.94

209.89

91.02

50.31

26.34

7.98

7.61

Punj Lloyd

4952.78

2989.17

65.69

26.45

46.02

-42.52

261.50

91.73

185.08

43.08

15.12

5.28

3.07

Ashok Leyland

4751.11

5167.11

-8.05

51.24

62.39

-17.87

136.68

290.59

-52.96

10.27

21.84

2.88

5.62

Ambuja Cements

4641.51

4270.64

8.68

73.10

775.35

-90.57

1076.07

795.49

35.27

35.34

26.13

23.18

18.63

Ultratech Cement

4522.95

3920.55

15.37

74.83

72.93

2.61

667.56

724.35

-7.84

53.62

58.19

14.76

18.48

Hindustan Zinc

4503.32

5612.00

-19.76

626.35

525.00

19.30

2176.14

3118.00

-30.21

51.50

73.71

48.32

55.56

Pantaloon Retail(I)

4418.27

3350.57

31.87

2.74

2.08

31.73

102.25

80.01

27.80

29.18

26.54

2.31

2.39

Power Grid Corp(I)

4346.06

3154.49

37.77

303.14

257.32

17.81

1074.47

1126.72

-4.64

2.55

2.68

24.72

35.72

National Fertilizers

4179.86

3065.28

36.36

54.70

33.66

62.51

132.12

101.04

30.76

2.69

2.06

3.16

3.30

Welspun-Guj Stahl Rohren

4039.77

2770.70

45.80

15.30

5.20

194.23

181.76

249.20

-27.06

19.49

29.03

4.50

8.99

National Aluminium

4019.60

3582.69

12.20

377.82

433.34

-12.81

1189.25

1215.83

-2.19

18.46

18.87

29.59

33.94

Bhushan Steel

3839.08

2988.88

28.45

7.65

50.56

-84.87

296.39

276.12

7.34

69.79

65.02

7.72

9.24

Cipla

3826.11

3104.71

23.24

130.07

84.56

53.82

514.91

521.03

-1.17

33.12

33.52

13.46

16.78

Tata Chemicals

3794.01

3148.08

20.52

45.77

73.46

-37.69

66.66

389.19

-82.87

2.83

16.67

1.76

12.36

Chambal Fertilisers

3777.41

2123.07

77.92

72.06

87.31

-17.47

146.67

184.71

-20.59

3.52

4.44

3.88

8.70

Jaiprakash Associates

3653.00

2689.00

35.85

268.87

240.00

12.03

495.90

400.00

23.98

20.95

17.09

13.58

14.88

Aditya Birla Nuvo

3612.18

2756.14

31.06

12.29

20.20

-39.16

111.06

164.78

-32.60

11.69

17.66

3.07

5.98

HCL Technologies

3588.40

3173.19

13.08

210.28

396.94

-47.02

638.26

922.35

-30.80

47.65

69.33

17.79

29.07

JSL

3510.95

3673.06

-4.41

19.66

25.79

-23.77

-418.60

175.41

-

-

59.48

-

4.78

Sesa Goa

3459.02

1919.56

80.20

149.28

53.63

178.35

1421.49

693.84

104.87

180.58

176.28

41.10

36.15

MTNL

3458.83

3583.96

-3.49

593.42

368.31

61.12

265.33

303.32

-12.52

4.21

4.81

7.67

8.46

Ranbaxy Laboratories

3362.46

3046.07

10.39

184.55

344.91

-46.49

-1135.75

507.71

-

-

27.20

-

16.67

Shipping Corp(I)

3359.69

2729.85

23.07

253.14

155.16

63.15

739.91

565.21

30.91

17.47

20.02

22.02

20.70

Tech Mahindra

3345.14

2614.00

27.97

-49.05

63.50

-

765.25

549.20

39.34

62.86

45.25

22.88

21.01

Torrent Power

3325.18

2671.36

24.48

100.40

76.04

32.04

263.25

160.79

63.72

5.57

3.40

7.92

6.02

IVRCL Infrastructures

3254.65

2364.00

37.68

21.17

3.39

524.48

147.11

137.27

7.17

55.10

51.70

4.52

5.81

Crompton Greaves

3249.23

2716.23

19.62

26.46

45.57

-41.94

266.21

210.85

26.26

36.31

28.76

8.19

7.76

Asian Paints

3169.98

2547.65

24.43

50.98

51.78

-1.54

269.82

290.36

-7.07

28.13

30.27

8.51

11.40

Dr Reddys Laboratories

3063.86

2353.65

30.17

67.37

183.28

-63.24

404.73

312.98

29.31

48.06

37.22

13.21

13.30

Nagarjuna Construction

3053.36

2218.87

37.61

2.69

1.83

46.99

115.65

109.32

5.79

25.27

23.89

3.79

4.93

United Spirits

2964.99

2407.27

23.17

15.29

26.61

-42.54

241.61

255.94

-5.60

24.12

25.76

8.15

10.63

Apollo Tyres

2960.99

2692.59

9.97

2.20

9.62

-77.13

61.93

160.04

-61.30

12.29

33.61

2.09

5.94

Tata Communications

2837.35

2996.61

-5.31

134.75

140.30

-3.96

211.93

175.10

21.03

7.44

6.14

7.47

5.84

India Cements

2823.18

2200.26

28.31

27.23

18.61

46.32

338.32

533.10

-36.54

11.98

18.91

11.98

24.23

DLF

2777.97

3919.57

-29.13

762.14

382.39

99.31

1518.06

1951.73

-22.22

44.58

57.24

54.65

49.79

Sun Pharma. Inds

2692.28

1965.19

37.00

99.23

517.23

-80.82

840.60

765.76

9.77

81.17

73.95

31.22

38.97

Century Textiles & Inds

2686.29

2450.08

9.64

90.23

49.74

81.40

114.19

280.68

-59.32

12.27

30.17

4.25

11.46

Exide Inds

2595.07

2053.59

26.37

4.94

1.43

245.45

216.19

187.51

15.30

27.02

25.00

8.33

9.13

Neyveli Lignite Corp.

2589.24

2179.91

18.78

483.68

444.19

8.89

698.47

716.89

-2.57

4.16

4.27

26.98

32.89

Container Corporation

2572.12

2437.93

5.50

143.85

109.17

31.77

631.81

554.11

14.02

48.61

85.26

24.56

22.73

GNFC

2391.48

2546.47

-6.09

39.65

34.61

14.56

207.98

320.13

-35.03

13.38

20.60

8.70

12.57

HCC

2334.48

2027.74

15.13

43.86

47.89

-8.42

73.98

71.66

3.24

28.86

27.96

3.17

3.53

CESC

2290.00

2123.00

7.87

129.00

108.00

19.44

316.00

268.00

17.91

25.08

21.27

13.80

12.62

Great Eastern Shipping Co.

2268.25

1842.73

23.09

493.61

577.40

-14.51

1134.77

870.42

30.37

74.51

57.16

50.03

47.24

Cummins(I)

2264.93

1660.78

36.38

106.91

76.32

40.08

315.50

205.09

53.83

79.67

51.79

13.93

12.35

Lanco Infratech

2219.80

913.56

142.98

12.03

21.12

-43.04

145.49

90.18

61.33

6.62

4.10

6.55

9.87

Lupin

2212.75

1924.12

15.00

33.14

171.75

-80.70

328.60

366.74

-10.40

39.66

44.69

14.85

19.06

Nirma

2206.51

1683.21

31.09

9.14

96.46

-90.52

33.40

133.59

-75.00

4.20

16.79

1.51

7.94

Aurobindo Pharma

1948.69

1602.33

21.62

66.75

109.20

-38.87

42.09

214.71

-80.40

15.66

79.88

2.16

13.40

Jubilant Organosys

1882.66

1442.40

30.52

12.77

137.80

-90.73

-31.04

335.20

-

-

227.72

-

23.24

Company (Rs Crore)

Apr-Dec 2009

Other Inc. Apr-Dec % 2008 Change

Apr-Dec 2009

PAT EPS (Rs) EPS (Rs) Apr-Dec % Apr-Dec Apr-Dec 2008 Change 2009 2008

ROS (%) ROS (%) Apr-Dec Apr-Dec 2009 2008

MARCH 2009 | THE FINANCIAL EXPRESS | 83

Illustration: ASIT BAGCHI

500 methodology

How we did it Pradip Kumar Dey

T

HE FE 500 list has been compiled from largely published balancesheets of companies, which closed their last financial year between April 1, 2007 and March 31, 2008. And for some companies, June 2008 figures have been considered. It includes all private and public sector companies (excluding non-banking finance companies and banks) that are listed on the markets and whose balancesheets were available by end-December 2008. In the tables that follow, any reference to 2008 (current) refers to the financial year 2007-08 and the same holds for 2007 (previous). Where companies had financial years that were less than 12 months or more than 12, the results have been annualised to arrive at a comparable figure.

84 THE FINANCIAL EXPRESS | MARCH 2009

For the purposes of our study, the ranking has been done on the basis of Net Sales, which is sales or main income minus excise duty. Sales include service charges and lease income. Assets relate to fixed assets (land, buildings, machinery, etc) plus capital work-in-progress, cash and bank balances, loans and other debtor balances, investments and other intangible assets, excluding accumulated losses and advance tax provisions. Operating Profit is arrived at by calculating gross profit plus interest. Gross Profit is arrived at by calculating profit before tax (PBT) plus depreciation. Deduct taxes (including deferred taxes) from the PBT figure and you get the profit after tax (PAT). PAT minus dividends gives us Retained Profit. Market Capitalisation is the mar-

ket value of a company's outstanding shares based on closing market prices as on January 30, 2009. Net Worth is the paid-up capital (equity and preference) plus total reserves and surplus excluding accumulated losses. Earnings Per Share (EPS) refer to PAT divided by the number of outstanding equity shares. Debt includes all long-term loans, including debentures, plus instalment credit. Thus the Debt-Equity Ratio refers to debt divided by net worth. Return on Sales is PAT as a percentage of net sales, while the Return On Assets is gross profit as a percentage of assets. The Return On Net Worth (RONW) represents PAT as a percentage of net worth. OPM represents operating profit as a percentage of net sales.

Caveats and limitations 5 While the overall sales rankings have been made on the basis of the available universe of private and public sector quoted companies, the other rankings (assets, net worth, gross profit, market capitalisation, composite, etc) are restricted to the FE 500. 5 Every attempt has been made to make all figures comparable and compatible with our definitions. All the related data are taken from the respective balance sheets only. Standalone balance sheets & profit of loss accounts figures are considered. 5 Seventeen companies changed their accounting period during 2007-08. They are Balrampur Chini, Clariant Chemicals (I), Diamond Cables, Federal-Mogul Goetze (I), GTL, Garware Polyester, GHCL, Gillette (I), J K Paper, Jindal Saw, Kingfisher Airlines, Madras Aluminium Co, Mangalam Cement, Pennar Industries, Reliance Communications, Suashish Diamonds and Torrent Power. 5 Wherever accounting periods have been less or more than 12 months, sales, operating profit, gross profits, PBT, PAT, and retained profit figures have been annualised. The only exception from this general rule is net worth and assets. 5 Some big companies could not be included in the study because balance sheets and profit and loss accounts were not available for two years. These companies are Automotive Axles, Areva T & D (I), Avaya Global, Bajaj Auto and KM Sugar. 5 Some companies changed their names during the year. These are, with the new names in brackets: Reliance Energy (Reliance Infrastructure), VSNL (Tata Communications) , LT Overseas ( LT Foods), Spanco Telesys & Solutions (Spanco), Era Construction (Era Infra Engg.), Tulip IT Services (Tulip Telecom), Deccan Aviation (Kingfisher Airline), Nicholas Piramal (I) (Piramal Healthcare), Essar Shipping (Essar Shipping Ports & Logistics) , Jhunjhunwala Vanaspati (JVL Agro Industries) and Videocon Appliances (Value Industries). 5 Industry-wise groupings have been done on the basis of the standard industrial classification of all economic activities adopted by the Government of India. A company with more than one activity is classified within that industry from which it derives more than a half of its sales or main income. 5 Mergers and acquisitions have also become major factors in corporate growth during 2007-08. Some companies amalgamated with others during the year. These are, with names in brackets: JBF Industries (Microsynth Fabrics (I)),

Pratibha Industries (Pratibha Pipes & Structural), Siemens ( Siemens Industrial Turbomachinery Services), Kingfisher (Deccan Aviation),Tech Mahindra ( Tech Mahindra (R&D) Services), Piramal Health Care ( NPIL Healthcare & Nicholas Piramal Consumer Products), Supreme Petro ( Spl Polymers), KEC International ( RPG Transmission,NIT and MP Power Line), Coromandal Fertilisers ( Godavari Fertilisers&Chemicals), Mphasis ( EDS Electronic Data Systems(I)), GSFC (GSFC Investment&Leasing Co), Bannari Amman Sugar (Maheswara Sugars), Aditya Birla Nuvo (Aditya Birla Insulators), HCL Infosystems (Stelmac Engg), Nilkamal (Nilkamal Crates & Bins & Stackwell Marketing Services), Hind Unilever (Modern Food Inds), Texmaco (Neora Hydro, Shree Export House & Evershine Merchants Pvt Ltd), Coromandal Fertilisers (Godavari Fertilisers & Chemicals), Value Industries (Videocon Appliances amalgamated with Ranjangaon Inds) and Wipro (Wipro Infrastructure Engg, Wipro Healthcare IT, Quantech Global Services, MPACT Technology Services Pvt Ltd, M Power Software Services(I) and C Mango India Pvt). 5 Some companies could not be included due to lower sales during 2007-08 but were in the list of FE-500 during 2006-07. These are Arvind Products, Andhra Sugar, Blue Bird, BOC, Ennore Foundries, Futura Polyesters, Flat Products, Forbes Gokak, Gujarat Sidhee Cement, Gayatri Projects, Himachal Futuristic Communications, Indian Acrylics, JCT, Kanoria Chemicals & Inds, KSB Pumps,Lakshmi Overseas Inds, Mysore Paper, Malwa Cotton Spg, Mawana Sugar, NIIT, NRC, Oudh Sugar, Ruchi Strips & Alloys, Rajshree Sugars & Chem., Sudarshan Chem. Inds, Shasun Chem. & Drugs, Sree Rayalaseema Alkali, Saurashtra Cement, Strides Arcolab, Sical Logistics, Sundaram Clayton, TVS Srichakra, Tinplate Co, Ugar Sugar Works, Upper Ganges Sugar and Zenith Birla (I). 5 Some companies abridged balance sheets have been considered. These are DCM Shriram Inds, Essar Shipping Ports& Logistics, Gati, Gujarat NRE Coke, GNFC, J K Cement, Polaris Software Lab., Punj Lloyd, Reliance Infrastructure, Reliance Communication, Redington, Rolta,Wipro and Zylog System. 5 Market capitalisation figures are calculated on the basis of Bombay Stock Exchange (BSE) quotations and for some companies National Stock Exchange (NSE) quotations have been considered. Some

companies have been delisted from the stock exchanges or not quoted during the last one year, so we have not considered those companies for our study. 5 Companies, which have been delisted or not quoted for long are Bosch Chassis Sys (I), Cadbury (I), Essar Steel, iGate Global Solutions, Liberty Oil, Modern Syntex, Otis Elevators, Philips Electronics, Rain Calcining, Sandvik Asia, Southern Iron & Steel Co, Syngenta Inds and Usha International. 5 Some companies changed their face value during the year. These are, with the new face value in brackets: Ahluwalia Contracts(I) (Rs 2), Amar Raja Batteries (Rs 2), Apollo Tyres (Rs 1), Ballarpur Inds (Rs 2), BL Kashyap & Sons (Rs 5), Blue Star (Rs 2), Classic Diamonds(I) (Rs 2), Divis Laboratories (Rs 2), Electrosteel Castings (Rs 1), Emco (Rs 2), GMDC (Rs 2), Greaves Cotton (Rs 1), Gujarat Fluorochemicals (Rs 1), Gulf Oil Corp.(Rs 2), Hindustan Copper (Rs 5), ICSA(I) (Rs 2), Jagran Prakashan (Rs 2), Jaiprakash Associates (Rs 2), Jindal Steel & Power (Rs 1), K S Oil (Rs 1), Kriti Inds (Rs 1), Man Inds (Rs 5), NIIT (Rs 2), Orient Paper & Inds(Rs 1), Paper Products (Rs 2), Rajesh Exports (Rs 1), Ruchi Soya Inds (Rs 2), Sanwaria Agro Oils (Rs 1), Subros (Rs 2), Sujana Metal Products (Rs 5), Sun Network (Rs 5), Suzlon Energy (Rs 2) and Usha Martin (Rs 1). 5 Fourty nine companies have entered the list of FE 500 for the first time in 2007-08. Mention may be made of Ankur Drugs, BGR Energy Systems, Binani Cement, Bombay Dyeing, Bharati Shipyard, Consolidated Const.Consortium, Century Ply, Compuage Infocom, Diamond Cables, Emmsons International, Flawless Diamonds, Great Offshore, Gujarat Fluorochemicals, Gokul Refoils&Solvent, HDIL,Heritage Foods(I), Hind National Glass, ICSA(I), Ind-swift, KSL & Inds, Koutons Retail (I), KPR Mill, Kpit Cummins Infosystems, KNR Construction, Kriti Inds, Mundra Port, Mcleod Russel(I), MindTree, Manaksia, Meghmani Organics, Nitco, Nakoda Textile Inds, Piramal Glass, Pennar Inds, Pratibha Inds, Reliance Communications, Redington,(I), Rathi Steel, Sadhav Engg, Sakuma Exports, Shri Lakshmi Cotsyn, Sanwaria Agro Oils, Sarda Energy, Torrent Power, Time Techno, Titagarh Wagons,Varun Inds, Walchandnagar and Zylog System. 5 Composite ranks have been arrived at by averaging ranks of sales, assets, net worth and M-Cap for the years 2007-08 & 2006-07. MCap figures are related to January 30, 2009 and January 30, 2008.

MARCH 2009 | THE FINANCIAL EXPRESS | 85

500 crystal grazing

Shaping up in slowdown times The slowdown is a test by fire for corporates. But it is also an opportunity for some to emerge leaner, productive and innovative MG Arun

C

ORPORATE India has been going through turmoil in the last few months, thanks to the global financial meltdown and the subsequent credit squeeze. With the fall of the capital markets, all hope of raising money from the public had dried up. Banks became more cautious in lending to corporates, especially in sectors like real estate where demand dipped drastically. Raising debt thus became a matter of concern for companies that had planned large scale acquisitions and aggressive expansions. The best way forward in the slowdown, companies reckoned, is to conserve cash, focus on strengthening core businesses, re-align business by selling off non-core businesses, and restructuring. Some of the recent developments in the corporate world point to this fact. Reliance Industries (RIL) has announced that it will merge its listed entity, Reliance Petroleum (RPL) with itself at a swap ratio of 1:16. Bharti Airtel is reportedly planning to rejig operations and create nine verticals. Hindalco, the flagship company of the Aditya Birla Group is going in for a financial restructuring so that the huge costs incurred by it in overseas acquisitions do not overburden it. The Tata Group, meanwhile has already signaled that it is bracing itself for the downturn, when its chairman Ratan Tata wrote to senior company officials that they need to curb investments which are not absolutely necessary. It is also interesting to see some family owned businesses are also using the opportunity to patch up differences 86 THE FINANCIAL EXPRESS | MARCH 2009

within the family. Says Sidharth Punshi, managing director & country head, Jeffries India, “This is a tough time for corporates. The economies have shrunk, and the growth forecast has been impacted. Financing was done when it was cheaply and readily available, now it’s become tough.” He sees a large shift in the manner in which companies would think and operate in the future. “We will see more restructuring happen globally and in India. Large conglomerates facing pressure on their balance sheets will consider restructuring of debts or selling of non-core assets.” Many industry observers feel that the RIL-RPL merger had more to do with the current downturn than anything else. Analysts were stumped by the timing of the announcement, even though an eventual merger of the two companies was expected. One analyst said that RPL's business had been under pressure and may show a decline by the end of the year. “The merger would help bring down the cyclicality of its business and add strength to the balance sheet,” said an analyst. It is also said that the move was being considered since markets ascribe higher valuation for integrated energy companies vis-à-vis standalone refiners, owing to better competitive position and reduced earnings volatility. Simultaneously, Chevron also decided to sell its 5% stake in RPL back to RIL, for around $270 million (Rs 1,377 crore). Meanwhile, Hindalco said in February that the company will undertake a financial restructuring exercise to earmark, allocate and credit an amount to business reconstruction reserve account. Hindalco had

acquired Canadian aluminium product maker Novelis for $5.9 billion in 2007 in an all-cash transaction, which also included a debt of $2.4 billion. But Novelis reported a net loss of $1.8 billion in the third quarter of FY09, which included non-cash, pre-tax charges of $1.5 billion for goodwill impairment, 80% of that is attributed to the rise in the cost of capital. Novelis is the first Indian company to report goodwill impairment, caused by the stock market crash and economic slowdown. The Novelis loss will be written off against the share premium account in Hindalco’s books. According to Raju Bhinge, CEO, Tata Strategic Management Services, companies will now take a hard look at the way they have been functioning so far. “Most companies will be looking at their balance sheets—at their operating assets, current assets and the investment schedule,” he said in a

Illustration: ASIT BAGCHI

recent interview. “They will look at all components more closely, like subsidiaries, associate companies, investment stake, equity or real estate holdings. There might be divisions and units within companies that could be spun off. A great deal will depend on the timing.” Although companies will move cautiously when it comes to large scale investments and big ticket acquisitions in the slowdown, there is a lot of scope for firms to also look at buys that are good strategic fits, say experts. Ajay Dhankhar, partner, McKinsey & Co Inc, said that although the popular notion is that companies should conserve as much as cash at the moment since these are recessionary times, certain prudent investments can bring in rich rewards. He cited the examples of Pfizer's acquisition of Wyeth and the Roche-Genentech deal recently to show how planned investments should not be

put off citing recessionary pressures. How has the downturn impacted corporate deals? According to Grant Thornton, the total value of deals (M&A and PE) announced in the calendar year 2008 was $41.54 billion as against $70.14 billion and $28.16 billion in 2007 and 2006 respectively. This looks disappointing, but considering that just a handful of deals in the previous year had contributed much of chunk of investments, experts feel that all is not lost. Harish V, partner, Grant Thornton says that the momentum is expected to return, especially in emerging markets like India. “With moderating inflation, lowering of interest rates, timely intervention by federal governments across the globe to provide financial stimulus, lowering of key commodity prices especially oil, we expect (and hope) that the markets will resume their growth momentum globally and particularly

in emerging markets like India,” he said in a recent report. So, which are the areas to be watchful about? “Companies with heavy debt positions that will confront expensive roll over provisions because of tightness of liquidity have problems. Companies that chase valuations rather than have fundamental business value, also have problems,” says Shumeet Banerji, CEO, Booz & Company. “You should be very clear, in bad times, as to what businesses you will be in now, or will enter when things look better,” he adds. So, overall, this is a test by fire for India Inc. Some of the most iconic concepts as well as companies have dropped by the road, causing much confusion and chaos. But this also provides a window of opportunity for companies that would want to come out of the slowdown—leaner, nimble, more productive and innovative. MARCH 2009 | THE FINANCIAL EXPRESS | 87

500 themarket’sverdict

Depletion of wealth In the past one year, investors wealth saw a decrease of 44.7%. A hefty Rs 22.82 lakh crore has depleted since March 17, 2008 Pradip Kumar Dey

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NVESTORS have witnessed an erosion of Rs 22.82 lakh crore (-44.7%) in their wealth in the last 242 trading sessions on the stock exchange (BSE).The total BSE M-Cap has decreased to Rs 28.24 lakh crore on March 17, 2009 from Rs 51.07 lakh crore on March 17, 2008. Also, on the National Stock Exchange (NSE), the M-Cap decreased by 21.83 lakh crore (-45.1%) to Rs 26.53 lakh crore on March 17, 2009 from the level of Rs 48.36 lakh crore on March 17, 2008. The Sensex decreased by 5945.67 points (-40.15%) to 8,863.82 on March 17, 2009 from 14,809.49 on March 17, 2008. The Nifty, on the other hand, decreased by 1,745.65 points (-38.77%) to 2,757.45 on March 17, 2009 from its previous level of 4,503.10 on March 17, 2008. DR Dogra, DMD, CARE said, “After seeing a remarkable growth in the Sensex over the last four years, the total market capitalisation of Indian companies has plunged by more than Rs 30 lakh crore, wiping off huge investor funds. Primarily, this was due to the huge sell-off by FIIs from equity markets across the globe, following the subprime crisis. With a severe liquidity crisis and a contraction in demand globally, Indian GDP that was growing at an average rate of 9%, declined to 5.3% in the last quarter. Taking cues from the global financial markets, the Indian stock market too continued the downward momentum, thereby resulting in huge losses to investors in the stock market.” A sectoral analysis shows that while the top sector, namely oil and gas, in terms of market cap, has decreased by 33.55% during the study period, other sectors like construction, diver-

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sified, retailing, steel, shipping, media, engineering, electronics, textiles and tyres have been losing significantly market cap values. On the other hand, FMCG, cigarettes, pharmaceuticals, electricity and trading saw a lesser erosion in market cap compared to March 17, 2008. Among the major industrial houses, a significant decrease in M-Cap was seen in the case of Essar (-69.8%) followed by Jaiprakash (-63.8%), Anil Ambani led ADAG (-61.9%), Godrej (60.4%) and OP Jindal (-57.1%). The MCap of three Mukesh Ambani led Reliance Industries group companies decreased from Rs 4.14 lakh crore on March 17, 2008 to Rs 2.41 lakh crore on March 17, 2009. An opposite trend was seen in the case of Hero group (40.1%). The M-Cap of five Hero group companies increased from Rs 14,019 crore on

March 17, 2008 to Rs 19,637 crore on March 17, 2009. The M-Cap of the A group (197 companies), which lost significantly, decreased by 54.89% (Rs 30.15 lakh crore) from Rs 54.93 lakh crore on March 17, 2008 to Rs 24.78 lakh crore on March 17, 2009. Among the A group companies, a significant decrease in M-Cap was seen in the case of NMDC (-95.9%), Unitech (-90.1%), Jai Corp (-86.6%), Suzlon Energy (-84.6%) and Godrej Industries (-80.0%). A reverse trend was seen in the case of Spice Communications (122.8%), Hero Honda Motors (42.0%), Castrol India (30.9%) and Colgate Palmolive(I) (15.5%). Reliance Industries kept its first rank intact during the last one year. Despite keeping its first rank, it reduced its value by Rs 1.38 lakh crore. ONGC, the PSU giant, lost Rs 57,353 crore to its M-Cap during the same period. Hindustan Unilever improved its performance during the year and the company's M-Cap increased by Rs 2,431 crore during the period. Some significant decline in M-Cap of some major steel companies was observed on March 17, 2009. They included Tata Steel, which lost Rs 35,797 crore to its M-Cap, a decline of 74.4% over its March 17, 2008 level of Rs 48,121 crore. JSW steel also showed a decline of 79.3% in its M-Cap. Ispat Industries showed a decline of 68.3% to its M-Cap during the study period. It's not that only steel stocks showed a decline but some NBFCs like Reliance Capital (-72.6%), HDFC (-38.7%) too showed a decline in M-Cap. Conversely, some of the biggest increases in M-Cap were noticed in the case of pharma companies like Lupin (29.7%) and GlaxoSmithkline Pharmaceuticals (19.2%).