fe 500 contents

I N S I D E T H E L E A D E R S

RIL

Setting the global

RANK 1
Editorial
Rural India beckons India Inc
៉ Page 4
benchmark
Overall Performance
៉ Page 10
A plateau after accelerated growth
៉ Page 6-9
ONGC NTPC

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RANK 3
The FE-500 Guarding Networking to
How India’s top 500 companies national interests augment potential
fared in 2007-08 in terms of
composite rankings, net sales, total ៉ Page 12 ៉ Page 13
assets, gross profit, net worth,
market capitalisation, return IOC Bharti Airtel

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RANK 5
on net worth, return on assets, Storming ahead in Leading the way in
and return on sales troubled waters touching lives
៉ Page 30 - 51
៉ Page 14 ៉ Page 16
Under the lens
A comparison of India’s top SAIL RCOM
performing companies grouped by
RANK 6

RANK 7
industry. The section contains total
Optimising Connect with
income, net profit, retained profit, capacity the future
forex earnings, forex expenditure,
៉ Page 17 ៉ Page 18
and debt-equity ratios
៉ Page 52 - 68
TATA STEEL BPCL
RANK 8

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Profits & Profitability Plenty of sheen on Fuelling India’s

Earnings grow faster than topline world stage growth
៉ Page 70-71
៉ Page 20 ៉ Page 21
Ranks in Alphabetical Order
៉ Page 72-81 BHEL L&T
RANK 10

R A N K 11

Setting milestones On terra firma and

Nine Months Performance
of Top 100 for achievement progressing forward
៉ Page 82-83 ៉ Page 22 ៉ Page 24
Methodology, Caveats Infosys ITC
& Limitations
RANK 12

R A N K 13

How we did it
Growing from Gains from dynamism
៉ Page 84-85 strength to strength and diversification
Crystal Grazing ៉ Page 25 ៉ Page 26
Shaping up in slowdown times
៉ Page 86-87 GAIL(I) WIPRO
RANK 14

R A N K 15

Moving forward Looking beyond

The Market’s Verdict through innovation business into life
Depletion of wealth
៉ Page 88 ៉ Page 27 ៉ Page 28

2 THE FINANCIAL EXPRESS | MARCH 2009

 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
PRODUCTION
BR Tipnis & Team
W 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.

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 SHEKHAR GUPTA
manner, electronic or otherwise,
in whole or in part, without prior written
permission is prohibited.

4 THE FINANCIAL EXPRESS | MARCH 2009

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
A
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 compar-
ison 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 col-
lective 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 stable-
mate ONGC; the third runner-up
was NTPC.
The other seven top tenners, in
descending order of their compos-
ite 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
6 THE FINANCIAL EXPRESS | MARCH 2009
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 groups-
the 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 rank-
ings) 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 Infra-
tech (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 sec-
ond set of 100 companies grew at
20.01%, higher than the FE 500’s aver-
age. Their combined net sales increas-
ed 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 note-
worthy among them were the 16 new
entrants from the lower ranks in 2007-
08.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 in-
creased 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 re-
corded 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 register-
ing significant sales growth.
There were 23 new members in
fe 500 overallperformance
the set in 2007-08. Not all the new mem-
bers however, have any cause for jubila-
tion. 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 Indus-
tries, Koutons Retail (I), Elec-
trotherm (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 annu-
alised 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%), fol-
lowed 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 perfor-
mance 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, retail-
ing, 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, textiles-
processing, cycles and accessories,
packaging, biotech, tea, pharmaceuti-
cal-multinationals, automobiles LCVs,
HCVs and passenger cars, computers-
hardware and compressors/ drill-
ing equipment. Given the perky
overall growth rate of 17.69% for the
FE 500, asset growth was signi-
ficantly 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% in-
crease from Rs 33,083 crore in the previ-
ous 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 Techno-
logies (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 com-
panies 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 compa-
nies, namely Tata Teleservices
(Mah), Lloyds Steel, Spic and Balaji
Distilleries had a negative net worth
in absolute terms.
As for market capitalisation, perfor-
mance was dismal, the aggregate mar-
ket 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 cap-
italisation among the FE 500 compa-
nies 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 Re-
liance 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 Technolo-
gies (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
 fe 500 profile
RIL Setting the global
5 COMPOSITE RANK 1

5 NET SALES RANK 2 benchmark

5 OIL & GAS RANK 2 Shaheen Mansuri breakthrough in the domestic and
American automotive markets aimed at

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
B
EGINNING as a small textile com-
pany, Reliance Industries Limited
(RIL) has crossed several mile-
stones 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 pur-
sued a strategy of backward vertical inte-
gration—in polyester, fibre intermedia-
tes, 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 explo-
ration and production of oil and gas,
petroleum refining and marketing, petro-
chemicals (polyester, fibre intermedi-
ates, 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 mid-
April. 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 divi-
sion at Naroda, Ahmedabad is one of the
largest and most modern textile com-
plexes in the world. The company’s flag-
ship brand ‘Vimal’ is one of the most
trusted brands of premium textiles in the
country. Apart from being a major sup-
plier 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
obtaining a foothold in the world’s auto-
textile segment, currently worth $ 5 bil-
lion. The manufacturing facility at
Naroda, Ahmedabad has completed its
modernisation and upgradation.
Reliance Retail Limited (RRL), a sub-
sidiary 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 infra-
structure 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 lo-
wer gains from processing crude oil has
caused a slump in profits, RIL managed to
prevent a drastic profit fall by posting bet-
ter 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 bench-
mark 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 per-
formed commendably with high operat-
ing 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 poly-
propylene producer.

10 THE FINANCIAL EXPRESS | MARCH 2009

 fe 500 profile
ONGC Guarding and growing
5 COMPOSITE RANK 2

5 NET SALES RANK 5 national interests

5 OIL & GAS RANK 5 FE Bureau blocks. OVL operates in 15 countries with
44 properties and has produced around

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
I
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 produc-
tion company in Asia as per Platts 250
Global Energy Companies List in 2007.
Ranked 20th amongst the top global pub-
licly-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 dis-
tributed Rs 32 per share or a 320% divi-
dend. 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 increas-
ed intensity in exploratory efforts by the
company and it made significant dis-
coveries in deep water and ultra-deepwa-
ter 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 sub-
sidiary OVL, through which it has
acquired interests in several oil and gas
8.8 MMT of oil and oil equivalent gas last
year. Therefore, the percentage of over-
seas production to total production of
ONGC has increased from 7.23% in 2002-
03 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 sub-
stantial drop in standalone net profit for
the quarter ended December 2008.
During the quarter, the profit of the com-
pany 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 earn-
ings 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 opportu-
nities. 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 gener-
ation area. It would be looking at joint
ventures to tap the uranium potential
and further enhance its role in India’s
energy security.

12 THE FINANCIAL EXPRESS | MARCH 2009

Networking to
augment potential
Arun S
N
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 pub-
lic 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 peri-
odic 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 bal-
ance-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 fast-
tracking 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 rev-
enue crossed the Rs 40,000 crore-mark,
while its shareowner base breached the
NTPC
5 COMPOSITE 3
RANK
5 NET SALES RANK 7
one million-mark. It is the eight largest in 5 POWER GENERATION
the country in terms of shareholder base. & SUPPLY RANK 1
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 peo-
ple in the current year and plans to
recruit over 1,000 engineering and man-
agement 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
NTPC has always
its power plants and later transfer them demonstrated
to state electricity boards. The company
is looking at setting up power projects in
leadership by adopting
Kazakhstan in order to import coal the latest technologies
from there.
The company is likely to soon get to
to pursue sustainable
supply 3 million tonne per annum of gas and efficient power
in Nigeria. This is in return for con-
structing a 500 MW coal-based plant and
generation.
700 MW gas-based power plant there. R S SHARMA
To address manpower shortage in the CMD, NTPC
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.
MARCH 2009 | THE FINANCIAL EXPRESS | 13
 fe 500 profile
IOC Storming ahead in
5 COMPOSITE RANK 4
5 NET SALES RANK 1 troubled waters
5 OIL & GAS RANK 1 FE Bureau
T
HE India growth story so far and
even henceforth rests on the for-
tunes of several corporations.
Indian Oil Corporation (IOC) is defi-
nitely one of them. The sheer magnitude
of operations and its reach make it a crit-
ical 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 com-
bined refining capacity of 60.2 million
metric tonne per annum (or 1.2 million
barrels per day). These include two
refineries of subsidiary Chennai Petro-
leum Corporation Ltd (CPCL) and one of
Bongaigaon Refinery and Petrochemi-
Indian Oil too is cals Limited (BRPL). The corporation’s
cross-country network of crude oil and
seeking quantum leaps product pipelines, spanning about 9,300
in its core business, km is the largest in the country.
In fact, 2007-08 saw the culmination of
adding on new and a major restructuring exercise in the
emerging segments form of a seamless merger of the market-
ing subsidiary, IBP, with Indian Oil.
on the way. “Integration of the countrywide assets
SARTHAK BEHURIA and operations of both the companies led
Chairman, IOC to the formation of a larger and more for-
midable 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 opera-
tions” 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 pre-
vious year. The net profit was Rs 6,963
crore, after considering the compensa-
tion of Rs 18,997 crore in the form of the
special oil bonds issued by the Govern-
ment of India. The total net under-recov-
ery on account of price under-realisation
on sale of the four sensitive products in
14 THE FINANCIAL EXPRESS | MARCH 2009
the year 2007-08 was Rs 9,774 crore, after
considering the oil bonds and burden-
sharing 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 petro-
chemical plants set new records in pro-
duction 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 coun-
tries. 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 com-
bined 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 cur-
rently and plans to take the group refin-
ing 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 signif-
icance for its growth plans for the future,
with its current marketing margins tak-
ing 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 RANK 5
5 NET SALES RANK 12
5 TELECOMMUNICATIONS-
SERVICE PROVIDER RANK 2
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
16 THE FINANCIAL EXPRESS | MARCH 2009
touching lives
Anandita Singh Mankotia
B
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 mil-
lion 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 ser-
vices, telemedia services and enterprise
services. The mobile business offers ser-
vices in India and Sri Lanka. The teleme-
dia business provides broadband and
telephone services in 95 cities. Last year
it forayed into DTH and IPTV services.
The enterprise business provides end-to-
end telecom solutions to corporate cus-
tomers 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 cov-
ering all the major cities in the country.
The company has two international land-
ing stations in Chennai that connects two
submarine cable systems—i2i to Singa-
pore and SEA-ME-WE-4 to Europe.
Bharti Airtel recently announced key
apex level organisational changes aimed
at laying the foundation for the com-
pany’s next phase of growth. As per it
Manoj Kohli, CEO and joint managing
director, Bharti Airtel will now increas-
ingly focus on strategy development, gov-
ernance 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 posi-
tion 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 competi-
tion, 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-the-
art 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 sub-
sidiary 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 ven-
ture between Bharti Group and AXA
Group, last year announced that it is tar-
geting assets worth $10 billion under its
management by 2012. The company in
association with Indian Farmers Ferti-
liser Cooperative ltd (IFFCO) also an-
nounced the launch of a joint venture
company IFFCO Kisan Sanchar Ltd
(IKSL), to provide a boost to Indian agri-
culture and the rural economy. The JV
company will harness the power of tele-
com 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
S
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 pro-
duction and productivity, market-driven
product-mix, higher value-added/spe-
cial steel production and by taking sev-
eral initiatives towards cost reduction.
Strong market demand for steel sup-
ported 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 high-
est-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 spe-
cial quality/value-added products went
up to 3.5 million tonne. Over 30 new prod-
ucts were developed for special applica-
tions, including high corrosion/earth
quake resistant TMT rebars for construc-
tion, 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, environ-
ment-friendly C-5 coated CRNO sheets,
armour steel plates for the defence sector,
boron-treated aluminium-killed low car-
bon 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.
5 COMPOSITE RANK 6
5 NET SALES RANK 6
The company also achieved the lowest- 5 STEEL-LARGE RANK 1
ever 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 effi-
ciencies. 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, includ-
ing introduction of the Integrated
Project Management system, adoption of
latest monitoring techniques and em-
ployee 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 impor-
tance. Some of the products during 2007-
The essence of
08 include earthquake resistant TMT and organisational
wire rods with improved corrosion resis-
tance, vanadium micro-alloyed rails for
excellence goes much
application in tracks for higher axle load beyond the mere
at high speed, steel armour plates for the
defence sector,” says SK Roongta, chair-
physical and financial
man SAIL. Initiatives were taken by the numbers that highlight
company during 2007-08 to ensure secu-
rity of raw material supplies and expand
operating performance.
business. These included the decision to S K ROONGTA
install Steel Processing Units in states Chairman, SAIL
where SAIL has no plants, equity partici-
pation 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.
MARCH 2009 | THE FINANCIAL EXPRESS | 17
 fe 500 profile
RCOM Reaching out to
5 COMPOSITE RANK 7

5 NET SALES RANK 25 connect with the future

5 TELECOMMUNICATIONS- Rachana Khanzode services under its existing Unified
SERVICE PROVIDER RANK 2 Access Service License (UASL). In the

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
R
ELIANCE Communications
(RComm) is the flagship company
of the Anil Dhirubhai Ambani
Group (ADAG). It is India’s leading inte-
grated telecommunication company
with over 71 million customers.
The company’s business encom-
passes a complete range of telecom ser-
vices covering mobile and fixed line
telephony. It includes broadband, na-
tional 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 denom-
ination of Rs 1,900.
In July, it teamed up with Qualcomm
Incorporated to grow CDMA2000 tech-
nology 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 start-
up spectrum to launch nationwide GSM
same month, FLAG Telecom Group
Limited, a subsidiary of Reliance Com-
munications announced the signing
of a bilateral agreement with US-
based GlassHouse Technologies, an
independent IT infrastructure con-
sulting and services firm providing
managed IT services directly to enter-
prise 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 Glo-
balcom Limited, a subsidiary of Reliance
Communications, announced an agree-
ment to acquire the London headquar-
tered 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 an-
nounced 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 corre-
sponding 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 info-
comm (information and commu-
nication) value chain, including infra-
structure and services—for enterprises
as well as individuals, applications,
and consulting.

18 THE FINANCIAL EXPRESS | MARCH 2009

 fe 500 profile
Tata Steel Plenty of sheen on
5 COMPOSITE RANK 8

5 NET SALES RANK 14 world stage

5 STEEL-LARGE RANK 2 Smita Joshi Saha als), Arun Baijal in the annual report.
In keeping with the group’s raw

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
T
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 sev-
eral 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 bal-
ance applied out of Tata Steel’s own cash
and borrowings.
Going ahead, Tata Steel’s long-term
raw material strategy will see the syner-
gies 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 mate-
rial 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-
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 agree-
ment with the shareholders of Al Rimal
Mining LLC for a 70% stake in the com-
pany (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 macro-
economic factors.
Tata Steel’s long-term greenfield ex-
pansion plans at Jharkhand and Chattis-
garh 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 com-
pany 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

20 THE FINANCIAL EXPRESS | MARCH 2009

Fuelling India’s growth BPCL
and development
Shaheen Mansuri
B
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 mar-
keting 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 com-
pared 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 tur-
pentine oil and bitumen to industries.
Bharatgas has in excess of 25 million con-
sumers whereas Bharat metal cutting
gas caters to the construction industry by
producing low cost metal cutting prod-
ucts. BPCL has a wide-spread network of
petrol stations, kerosene dealers, LPG
distributors and lube shoppes.
BPCL launched the concept of conve-
nience stores called ‘In & Out’ housed
within the petrol-stations with the objec-
tive 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 loca-
tions 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-
5 COMPOSITE RANK 9
5 NET SALES RANK 3
prisewide Resource Planning (ERP) solu- 5 OIL & GAS RANK 3
tions—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
The year gone by has
MS, HSD, Superior Kerosene Oil (SKO) been very challenging
and ATF from the new refinery at Bina.
Crude Oil Receipt Facilities at Kochi:
for the downstream oil
The project comprising Single Point sector in India. BPCL
Mooring, Shore Tank Farm, associated
pipelines and pumping facilities to
has still performed
process receipt of crude oil in Very Large credibly in all areas
Crude Carriers (VLCC) was mechani-
cally completed on November 30, 2007 and
of operations.
is currently operational . The use of ASHOK SINHA
VLCC for transporting crude oil to Kochi CMD, BPCL
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 under-
takes Community Development Pro-
gram to usher in holistic development in
adopted villages, comprising economi-
cally 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”.
MARCH 2009 | THE FINANCIAL EXPRESS | 21
 fe 500 profile
BHEL Setting milestones
5 COMPOSITE RANK 10

5 NET SALES RANK 15 for achievement

5 ELECTRIC Arun S groups and caters to core sectors like
EQUIPMENT RANK 1 power generation and transmission,

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
D
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 technol-
ogy 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 manda-
tory 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 fis-
cal, the company’s order receipts would
cross Rs 60,000 crore-mark and the out-
standing 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
industry, transportation, telecommuni-
cation, etc. It has a network of 14 manu-
facturing 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, refiner-
ies, 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 aug-
mented 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 com-
pany 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 transform-
ers to more than 20 countries.

22 THE FINANCIAL EXPRESS | MARCH 2009

 fe 500 profile
L&T On terra firma and
5 COMPOSITE RANK 11

5 NET SALES RANK 13 progressing forward

5 ENGINEERING RANK 1 Mona Mehta with an investment of over Rs 2,000 crore.
L&T has a shipyard capable of construct-

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
E
NGINEERING and construction
(E&C) conglomerate Larsen & Tou-
bro Limited (L&T) has interests in
manufacturing, services and informa-
tion 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 inter-
est to acquire Satyam Computer, and is
seen by many as a front-runner for the
Hyderabad based firm.
In heavy engineering, L&T is acknow-
ledged as one of the top five fabrication
companies in the world, with engineer-
ing 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 globally-
benchmarked 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 interna-
tional orders. It included, construction of
Mumbai International Airport worth Rs
5,500 crore; construction and civil work
for the Northern Area Development pro-
ject 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 interna-
tional 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 pro-
posal to put up an integrated ship build-
ing 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,
ing 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, war-
ships for the navy and the coast guard.
L&T is a major international manu-
facturer of a wide range of electrical and
electronic products and systems. Larsen
& Toubro Infotech Limited, a 100% sub-
sidiary of L&T, offers comprehensive,
end-to-end software solutions and ser-
vices with a focus on manufacturing,
BFSI and communications & embedded
systems. It provides a cost cutting part-
nership in the realm of offshore out-
sourcing, 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 com-
pared 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 finan-
cial year 2008-09, L&T sold off L&T Con-
crete (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 2008-
09, due largely to the sale of its ready mix
concreted unit to French major Lafarge
for Rs 1,480 crore. The company’s third-
quarter 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.

24 THE FINANCIAL EXPRESS | MARCH 2009

Growing from strength Infosys
to digital strength
FE Bureau
O
VER the years, Infosys Techno-
logies 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 com-
pany 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 deliv-
ery model along with our consulting and
solution capabilities provides a strong
platform for our customers seeking effi-
ciencies in their IT spend,” said S Gopala-
krishnan, CEO and MD Infosys.
Apart from providing business con-
sulting, application development and
maintenance and engineering services
to more than 500 clients across 29 coun-
tries, the company has also its own pro-
prietary core banking software - Finacle.
For the financial year 2007-08, when
the impact of the global financial melt-
down was not so pronounced, the com-
pany 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 rev-
enue) as against Rs 3,783 crore (28.8% of
revenue) in the previous year. The fact
that Infosys manages to exceed customer
5 COMPOSITE RANK 12
5 NET SALES RANK 22
expectations can be seen from the fact 5 COMPUTER-SOFTWARE-
that it derived 97% of its revenues from MEGA RANK 3
repeat business. The total client base at
the end of the year stood at 538. Also,
Infosys has been named as the best com-
pany in India in corporate governance in
The Asset Magazine’s annual Corporate
Governance Index 2008.
And, at the end of 2007-08, the com-
pany 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 correspond-
ing 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 con-
templating the possibility of the com-
pany recording a fall in revenues.
But then there are signs that it might
Our focus is on creating
actually not. value for clients, running
Infosys added 5,997 employees on a
gross basis versus the 4,500 employee
an optimised business,
guidance in the third quarter of financial and evolving our
year 2008-09. The management has men-
tioned that it would recruit 27,000 people
business model that will
as against the earlier guidance of 25,000. allow us to emerge
It has won four large deals in excess of $50
million and is currently pursuing 10 such
stronger.
large deals. Little wonder then that S GOPALAKRISHNAN
Gopalkrishnan said after the third quar- CEO and MD, Infosys
ter results, “While there could be chal-
lenges due to global economic
uncertainties, we as a company see sig-
nificant growth opportunities in the
medium to long term.”
As a part of the efforts of the manag-
ment to increase transparency and
disclosure levels in in financial report-
ing, 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.
MARCH 2009 | THE FINANCIAL EXPRESS | 25
 fe 500 profile
ITC Gains from dynamism
5 COMPOSITE RANK 13

5 NET SALES RANK 23 and diversification

5 CIGARETTES RANK 1 FE Bureau leaders with sales of Rs 200 crore, in the
biscuits segment Sunfeast is the number

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
B
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 pres-
ence in the agricultural sector. Its inte-
grated 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 seg-
ments. 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 pro-
ductivity through the adoption of best
practices in agriculture, grew exponen-
tially by 210% during 2007-08, covering
43,500 hectares.
And not just that, the company’s
aggressive penetration and brand cre-
ation 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 seg-
ment Candyman and Minto are market
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 mar-
ket 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 ordi-
nary 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 com-
pany to gain from price increases.
Moreover, it has an 80% share of the ciga-
rette 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 agri-
business 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 slow-
down 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 substan-
tial 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 inter-
vention and radical innovation, we stand
the unfortunate prospect of undoing
many of the gains made so far.”

26 THE FINANCIAL EXPRESS | MARCH 2009

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 diver-
sifying aggressively into building capac-
ity 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 chal-
lenges 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 com-
pany 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) petro-
chemicals 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.
GAIL(I)
5 COMPOSITE RANK 14
5 NET SALES RANK 18
On the one hand, GAIL has huge 5 GAS
capacity expansion plans. These approx- DISTRIBUTION RANK 1
imately 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 pre-
vious 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 busi-
In its quest for
ness hedges. The management will, excellence with ethics,
apart from developing city gas infra-
structure, be building gas corridors on
the company is making
national highways. Through this, the efforts to take economic
company plans to add 17 cities in the
first phase of expansion over the next
growth and the growth
two years. of the energy markets to
So, when the petrochemical cycle is
down, like it is at the moment, the
the common man.
increase in gas transportation and the U D CHOUBEY
revenues from the city gas business will CMD, GAIL
hold it in good stead.
However, at the moment, there are a
lot of concerns over near-term profitabil-
ity. This is due to the overall economic
slowdown and the delay in commission-
ing 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 posi-
tion to reap most benefits and take its
vision forward. Chairman Choubey and
team have a vision of taking the com-
pany’s revenues beyond Rs 50,000 crore
by 2011-12.
MARCH 2009 | THE FINANCIAL EXPRESS | 27
 fe 500 profile
WIPRO Looking beyond
5 COMPOSITE RANK 15

5 NET SALES RANK 19 business into life itself

5 COMPUTER-SOFTWARE- FE Bureau of revenue from work done in locations
MEGA RANK 2 outside India (onsite) and remaining

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
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 hydrogener-
ated vegetable oil, later grew into a diver-
sified consumer care products company
and then in 1975 into hydraulics engi-
neering. It was only in 1980 that the com-
pany stepped into the information
technology sphere and has now become
one of India’s largest players.
It is in all spheres of operations, espe-
cially 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 bil-
lion 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 unprece-
dented currency appreciation of the
rupee, was satisfying. Extending our
track record set over the decades was par-
ticularly 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%
45.6% of revenue from the work per-
formed 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 finan-
cial 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 mea-
sures, which it presented to analysts.
These included a set of non-linear strate-
gies, including infrastructure services,
diversification in R&D services and
process transformation initiatives.
Apart from that there has been a restruc-
turing of business processes and also the
management team.
The management would be broadbas-
ing their R&D services and diversifying
from offering telecom and high-tech-ori-
ented services to include automotive and
aerospace. It would also be assimilating
pooling consulting capabilities from var-
ious verticals within the company.
Analysts say that Wipro has already cre-
ated 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-eco-
nomic 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 envi-
ronment and come out stronger.”

28 THE FINANCIAL EXPRESS | MARCH 2009

fe 500 companiesbasedoncompositeranking
Composite Net Total Net
Rank Rank Sales % Rank Rank Assets % Rank Rank Worth % Rank Rank
2008 2007 Company 2008 Change 2008 2007 2008 Change 2008 2007 2008 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
9 18 BPCL 110750.36 13.79 3 3 42615.43 26.84 8 8 11676.84 13.66 17 15
10 9 BHEL 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 Market RONW RONW ROA ROA ROS ROS ( Figures in Rs Crore)
Profit % Rank Rank Cap % Rank Rank (%) (%) (%) (%) (%) (%)
2008 Change 2008 2007 30.01.2009 Change 2008 2007 2008 2007 2008 2007 2008 2007 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 Indian Oil Corp
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 Larsen & Toubro
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 Tata Motors
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 MTNL
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 Hero Honda Motors
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 HCL Technologies

MARCH 2009 | THE FINANCIAL EXPRESS | 31

fe 500 companiesbasedoncompositeranking
Composite Net Total Net
Rank Rank Sales % Rank Rank Assets % Rank Rank Worth % Rank Rank
2008 2007 Company 2008 Change 2008 2007 2008 Change 2008 2007 2008 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
72 70 Petronet LNG 6555.31 18.99 43 44 3998.13 19.84 89 88 1618.55 26.89 91 88
73 115 HDIL 2379.87 97.75 118 194 7414.34 292.35 54 151 3637.22 400.42 50 159
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
84 108 Lupin 2538.64 28.74 116 123 2939.47 29.05 126 129 1317.05 48.25 113 133
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 Market RONW RONW ROA ROA ROS ROS ( Figures in Rs Crore)
Profit % Rank Rank Cap % Rank Rank (%) (%) (%) (%) (%) (%)
2008 Change 2008 2007 30.01.2009 Change 2008 2007 2008 2007 2008 2007 2008 2007 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 Bosch
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 Torrent Power
569.31 55.01 85 107 2908.71 -53.41 93 99 7.75 7.88 6.80 5.00 12.81 12.10 CESC
749.96 24.08 70 70 1248.52 -76.05 162 114 1.20 - 5.83 4.50 0.42 - Ispat Inds
808.51 7.81 65 58 1875.72 -60.56 119 124 21.84 23.29 14.54 16.71 5.92 6.03 Ashok Leyland
1742.68 48.42 37 43 2607.20 -57.08 102 102 32.63 28.62 24.51 20.97 44.30 41.10 Great Eastern Shipping Co.
453.76 155.35 107 202 2874.15 -77.68 97 62 9.17 5.58 8.53 4.55 4.95 2.75 Punj Lloyd
1036.16 74.76 57 71 2880.82 -51.60 96 104 19.20 21.68 16.56 12.48 20.94 21.23 India Cements
275.80 27.99 169 168 2832.98 -70.02 98 75 7.06 10.99 5.81 7.68 2.51 3.76 Pantaloon Retail(I)
816.83 29.60 64 63 2782.50 -48.58 100 112 29.33 24.56 20.43 18.89 7.24 5.69 Petronet LNG
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 Oracle Financial Ser. Soft.
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 Indian Hotels Co.
316.62 53.81 153 175 1463.21 -75.82 146 103 13.11 10.70 9.09 7.49 5.71 6.06 IVRCL Infrastructures
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 HCL Infosystems
529.12 15.63 89 88 1888.50 -70.49 118 96 18.57 18.16 13.28 13.07 13.17 13.31 Bharat Forge
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 National Fertilizers
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

MARCH 2009 | THE FINANCIAL EXPRESS | 33

fe 500 companiesbasedoncompositeranking
Composite Net Total Net
Rank Rank Sales % Rank Rank Assets % Rank Rank Worth % Rank Rank
2008 2007 Company 2008 Change 2008 2007 2008 Change 2008 2007 2008 Change 2008 2007
101 91 GNFC 3433.91 25.36 89 89 2863.85 6.31 130 111 1845.70 17.51 80 74
102 144 Mundra Port 818.58 40.47 343 380 5712.70 89.14 69 103 2612.51 250.04 66 156
103 92 HCC 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
106 94 Ruchi Soya Inds 10908.48 27.51 31 34 5679.87 43.40 70 72 1084.21 22.04 138 134
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
136 99 Gammon(I) 2340.84 28.58 121 131 2719.73 16.61 136 124 1228.66 6.81 121 96
137 176 Glenmark Pharma 1371.33 69.69 208 298 1935.36 19.23 187 180 1028.25 128.42 148 230
138 151 Shree Cement 2110.02 49.86 136 169 2243.74 39.94 162 181 672.81 33.55 208 217
139 90 Essar Shipping Ports & Logs. 776.24 -24.22 356 227 5763.63 59.93 68 80 3071.30 27.75 59 58
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 Market RONW RONW ROA ROA ROS ROS ( Figures in Rs Crore)
Profit % Rank Rank Cap % Rank Rank (%) (%) (%) (%) (%) (%)
2008 Change 2008 2007 30.01.2009 Change 2008 2007 2008 2007 2008 2007 2008 2007 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 GlaxoSmithKline Pharma
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 Apollo Tyres
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 Nagarjuna Fert. & Chem.
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 Omaxe
-39.22 - 491 497 8906.82 -66.14 46 34 - - - - - - Essar Oil
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 Thermax
317.94 -11.32 151 109 8225.21 -69.03 49 33 27.39 48.06 18.83 23.49 15.40 20.04 Hindustan Copper
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 Essar Shipping Ports & Logs.
336.47 -2.27 140 113 344.02 -52.34 304 342 10.45 15.72 8.49 10.79 5.34 8.19 Vardhman Textiles
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 Triveni Engg. & Inds
224.36 59.58 199 242 3118.34 -35.50 92 122 22.47 15.73 15.80 12.66 12.96 11.93 Mphasis
163.05 74.89 247 305 683.43 -79.10 226 156 12.31 19.47 5.90 5.35 3.21 3.14 Simplex Infrastructures
518.61 38.92 91 103 629.79 -68.04 235 216 30.26 30.38 15.01 15.86 23.65 23.30 Dalmia Cements(Bharat )
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 Apollo Hospitals

MARCH 2009 | THE FINANCIAL EXPRESS | 35

fe 500 companiesbasedoncompositeranking
Composite Net Total Net
Rank Rank Sales % Rank Rank Assets % Rank Rank Worth % Rank Rank
2008 2007 Company 2008 Change 2008 2007 2008 Change 2008 2007 2008 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
167 88 Ballarpur Inds 952.12 -56.08 285 111 2504.92 -35.81 142 74 1267.99 -36.61 117 68
168 171 GMDC 980.56 66.37 277 376 2056.33 -1.74 175 137 1061.70 26.58 143 142
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 Market RONW RONW ROA ROA ROS ROS ( Figures in Rs Crore)
Profit % Rank Rank Cap % Rank Rank (%) (%) (%) (%) (%) (%)
2008 Change 2008 2007 30.01.2009 Change 2008 2007 2008 2007 2008 2007 2008 2007 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 Monnet Ispat
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 K S Oils
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 Electrosteel Castings
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 - - - - - - ITI
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 - - Tata Teleservices(Mah)
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 Deccan Chronicle

MARCH 2009 | THE FINANCIAL EXPRESS | 37

fe 500 companiesbasedoncompositeranking
Composite Net Total Net
Rank Rank Sales % Rank Rank Assets % Rank Rank Worth % Rank Rank
2008 2007 Company 2008 Change 2008 2007 2008 Change 2008 2007 2008 Change 2008 2007
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

 Gross Market RONW RONW ROA ROA ROS ROS ( Figures in Rs Crore)
Profit % Rank Rank Cap % Rank Rank (%) (%) (%) (%) (%) (%)
2008 Change 2008 2007 30.01.2009 Change 2008 2007 2008 2007 2008 2007 2008 2007 Company
177.60 37.90 235 255 667.82 -79.41 228 157 22.12 38.92 15.16 21.51 7.00 6.62 Havells(I)
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 JK Cement
203.84 141.72 213 323 942.94 -20.91 183 290 18.71 15.02 13.96 14.07 15.70 6.64 Hind.Nat.Glass
297.46 30.32 163 161 2503.83 -0.66 104 187 25.17 23.39 32.58 30.48 12.74 11.41 GlaxoSmithkline Cons Health
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 Motherson Sumi Systems
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 - - - - - - Kingfisher Airlines
213.58 35.19 205 223 205.70 -77.35 348 318 23.24 20.83 14.44 14.39 6.45 5.47 JBF Inds
456.35 22.66 106 104 692.78 -83.91 222 137 32.30 33.96 25.12 25.96 44.24 42.12 Gujarat Fluorochemicals
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
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 SKF(I)
195.09 17.26 219 211 480.69 -54.37 264 301 14.35 14.62 14.40 13.99 9.51 11.14 Deepak Fert. & Petrochem.
201.05 9.46 217 195 3535.25 -6.97 84 146 51.18 63.31 24.16 27.21 9.14 8.47 Marico
267.49 20.14 174 163 683.82 -59.81 225 239 16.14 14.03 8.21 10.87 29.17 33.20 Hotel Leelaventure
72.43 9.28 374 363 527.60 -29.68 253 336 4.24 4.27 3.92 3.72 7.23 7.85 Mcleod Russel(I)
203.01 137.19 214 320 727.62 -59.53 213 227 20.46 11.27 14.03 9.33 13.08 11.12 Bombay Rayon
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 Asian Hotels

MARCH 2009 | THE FINANCIAL EXPRESS | 39

fe 500 companiesbasedoncompositeranking
Composite Net Total Net
Rank Rank Sales % Rank Rank Assets % Rank Rank Worth % Rank Rank
2008 2007 Company 2008 Change 2008 2007 2008 Change 2008 2007 2008 Change 2008 2007
251 254 Jai Balaji Inds 1277.49 25.62 223 230 2189.24 94.18 167 244 352.53 57.46 326 358
252 323 Chettinad Cement Corp 930.18 28.25 298 327 1128.33 64.73 279 327 392.49 49.10 303 332
253 232 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 Market RONW RONW ROA ROA ROS ROS ( Figures in Rs Crore)
Profit % Rank Rank Cap % Rank Rank (%) (%) (%) (%) (%) (%)
2008 Change 2008 2007 30.01.2009 Change 2008 2007 2008 2007 2008 2007 2008 2007 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 Jai Balaji Inds
327.84 47.80 145 165 1357.00 4.59 150 282 41.73 43.58 29.06 32.38 17.61 15.82 Chettinad Cement Corp
129.71 -16.88 284 226 116.94 -75.50 401 374 4.70 9.60 5.51 7.35 2.23 5.54 Welspun(I)
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 HEG
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 Colgate Palmolive(I)
114.02 -8.78 310 261 581.17 -63.97 244 252 9.80 12.05 13.30 15.39 6.72 8.15 Punjab Tractors
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 Orient Paper & Inds.
4.90 -97.59 488 177 1282.08 -25.42 157 237 - 23.74 0.38 17.11 - 23.10 EID Parry(I)
52.15 -8.38 412 389 579.73 -80.86 245 165 4.21 8.92 2.48 3.30 2.35 9.32 Bombay Dyeing
135.43 14.11 275 265 1050.61 -27.98 177 269 26.38 30.11 19.31 19.45 6.87 7.13 Berger Paints(I)
181.83 23.40 229 233 911.82 -36.38 189 272 22.45 21.07 21.70 23.48 12.43 11.57 Godfrey Phillips(I)
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 Panacea Biotec
116.01 60.81 303 345 250.15 -72.85 334 315 30.97 21.76 8.17 7.73 5.21 3.25 Apar Inds
177.37 29.19 236 246 1325.06 -65.49 154 144 18.21 14.91 22.53 19.03 13.09 12.74 Jagran Prakashan
125.59 17.09 291 283 124.25 -54.49 398 422 10.20 6.48 9.20 9.13 2.39 1.67 Garden Silk
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 Prism Cement
100.39 -25.47 327 250 483.51 -41.63 263 326 8.75 13.97 13.47 19.04 5.61 8.80 Polaris Software Lab
63.80 140.75 390 456 354.60 -18.51 300 380 13.67 - 6.39 3.06 1.80 - 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 Bannari Amman Sugars
134.91 71.14 277 333 107.40 -74.59 409 384 16.29 20.29 8.72 9.08 4.66 5.91 Electrotherm(I)
71.75 -34.08 376 280 924.10 -29.71 187 281 10.63 17.16 9.13 17.32 4.20 7.74 Bayer CropScience
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 - Fert. & Chem. Travancore
202.68 35.05 216 230 280.52 -73.20 326 303 21.00 21.07 15.01 15.20 15.18 9.58 OCL(I)
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

MARCH 2009 | THE FINANCIAL EXPRESS | 41

fefe 500 companiesbasedoncompositeranking
Composite Net Total Net
Rank Rank Sales % Rank Rank Assets % Rank Rank Worth % Rank Rank
2008 2007 Company 2008 Change 2008 2007 2008 Change 2008 2007 2008 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 Market RONW RONW ROA ROA ROS ROS ( Figures in Rs Crore)
Profit % Rank Rank Cap % Rank Rank (%) (%) (%) (%) (%) (%)
2008 Change 2008 2007 30.01.2009 Change 2008 2007 2008 2007 2008 2007 2008 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 Bharati Shipyard
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
94.98 -41.36 339 216 87.07 -79.97 430 381 0.45 12.93 5.78 10.26 0.27 7.59 Nahar Indl.Enterprises
194.67 24.22 220 225 2290.59 -20.26 109 170 27.59 26.39 32.35 30.22 19.84 20.86 Gillette(I)
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 - - Eveready Inds(I)
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 Greaves Cotton
114.56 -8.84 306 260 117.23 -63.81 400 409 11.79 12.11 8.34 9.32 5.08 5.40 J K Paper
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 P & G Hygiene & Health Care
-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 Bajaj Electricals
43.52 -59.50 434 281 109.95 -52.28 405 433 7.77 24.47 2.58 7.71 4.05 10.90 Sakthi Sugars
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 Prithvi Information Solutions
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
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 Alfa Laval(I)
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 Dhampur Sugar
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 Hexaware Technologies

MARCH 2009 | THE FINANCIAL EXPRESS | 43

fefe 500 companiesbasedoncompositeranking
Composite Net Total Net
Rank Rank Sales % Rank Rank Assets % Rank Rank Worth % Rank Rank
2008 2007 Company 2008 Change 2008 2007 2008 Change 2008 2007 2008 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 Market RONW RONW ROA ROA ROS ROS ( Figures in Rs Crore)
Profit % Rank Rank Cap % Rank Rank (%) (%) (%) (%) (%) (%)
2008 Change 2008 2007 30.01.2009 Change 2008 2007 2008 2007 2008 2007 2008 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 Novartis(I)
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 Ruchi Infrastructure
72.82 -18.94 372 310 307.03 -39.93 317 368 11.16 16.86 9.89 12.83 9.35 13.73 JB Chemicals & Pharma.
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 - - Tamilnadu Petro Products
61.54 4.77 397 382 185.13 -76.05 359 334 9.23 14.44 8.92 11.33 6.40 8.82 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 Surya Roshni
143.22 13.71 265 259 378.02 -60.10 295 313 25.00 29.76 33.02 35.46 12.27 13.47 Fag Bearings(I)
26.84 122.92 458 476 94.35 -65.56 424 421 2.61 2.50 3.44 1.92 1.23 0.55 ITD Cementation(I)
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 Ratnamani Metals & Tubes
67.60 257.48 385 468 382.80 -37.82 292 356 34.58 14.36 17.90 9.87 4.62 2.74 Sanwaria Agro Oils
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

MARCH 2009 | THE FINANCIAL EXPRESS | 47

fe 500 companiesbasedoncompositeranking
Composite Net Total Net
Rank Rank Sales % Rank Rank Assets % Rank Rank Worth % Rank Rank
2008 2007 Company 2008 Change 2008 2007 2008 Change 2008 2007 2008 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 Market RONW RONW ROA ROA ROS ROS ( Figures in Rs Crore)
Profit % Rank Rank Cap % Rank Rank (%) (%) (%) (%) (%) (%)
2008 Change 2008 2007 30.01.2009 Change 2008 2007 2008 2007 2008 2007 2008 2007 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 Rico Auto Inds.
141.64 -0.29 267 239 385.75 -50.06 291 335 34.02 36.40 33.07 36.95 17.01 20.58 Mastek
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
59.86 144.43 400 460 333.70 -80.88 310 234 15.96 6.70 10.76 4.98 5.62 3.71 Walchandnagar Inds
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 - - Force Motors
15.60 -62.50 470 428 241.47 10.84 336 439 3.63 15.58 1.97 6.49 0.84 3.75 Kohinoor Foods
-49.39 - 494 494 25.64 -69.77 486 483 - - - - - - Samtel Color
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 Mahindra Ugine Steel Co.
24.56 -16.18 463 454 202.50 -23.92 351 424 - - 3.61 5.05 - - Federal-Mogul Goetze(I)
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 - Balaji Distilleries
37.90 -61.27 448 295 262.01 -23.94 331 402 6.55 28.83 8.89 25.96 4.13 15.86 Ciba(I)
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 Kajaria Ceramics
96.22 65.18 336 384 172.88 -75.12 367 345 23.52 23.99 22.83 15.63 13.34 14.48 Kpit Cummins Infosystems
127.77 96.93 288 370 355.06 -77.67 299 255 48.52 39.74 50.09 38.01 14.39 9.75 Voltamp Transformers
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 Bharat Bijlee
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.

MARCH 2009 | THE FINANCIAL EXPRESS | 49

fe 500 companiesbasedoncompositeranking
Composite Net Total Net
Rank Rank Sales % Rank Rank Assets % Rank Rank Worth % Rank Rank
2008 2007 Company 2008 Change 2008 2007 2008 Change 2008 2007 2008 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 Market RONW RONW ROA ROA ROS ROS ( Figures in Rs Crore)
Profit % Rank Rank Cap % Rank Rank (%) (%) (%) (%) (%) (%)
2008 Change 2008 2007 30.01.2009 Change 2008 2007 2008 2007 2008 2007 2008 2007 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 Mangalam Cement
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 Diamond Cables
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 Atlas Cycles(H)
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 Gabriel(I)
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
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) stud-
ied, 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 con-
ceal 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 aver-
age 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 retail-
ing companies, namely Pantaloon
Retail (I) and Vishal Retail - reported
more than 50% increases. The net
profit of the retailing group of com-
panies 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, pharma-
ceutical-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 gain-
ers and losers of 2007-08.
Construction: The industry
showed excellent results with posi-
tive 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 debt-
equity 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 engineer-
ing and construction sector. The infra-
structure 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 unprece-
dented 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 per-
formers 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 mar-
ket will more than double by 2011.By
then, the organised sector will account
for 30% of the milk output and two-
thirds 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% dur-
ing 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 indus-
try 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 approxi-
mately 48% of world diamond jew-
ellery consumption. The US is
India's largest export market for
gems and jewellery.
Cement: The cement industry
showed a somewhat better perfor-
mance during 2007-08, with the total
income of 15 major cement compa-
nies 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 con-
trol and higher demand in the interna-
tional 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 calen-
dar year 2007 against 11.6% in 2006.
Constraints in capacity materialisa-
tion and the high base of 2006 con-
tributed 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 experi-
enced a moderate increase in total
income during the year 2007-08.
Among these four companies, mini-
mum income growth (4.98%) was
seen in the case of Tata Motors.
The commercial vehicle indus-
try (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 inter-
est 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 vehi-
cles were sold during the year 2007-08
and passenger car sales grew to 1.53 mil-
lion 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 mar-
ginally 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 con-
ditions are creating a competitive mar-
ket environment that is driving
corporations to transform their operat-
ing manner. A leading analyst firm has
forecasted that outsourcing expendi-
ture on services will increase from $226
billion in 2006 to an estimated $328 bil-
lion 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% respec-
tively. 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 compa-
nies' contribution to the Indian
Pharmaceutical Market (IPM) is esti-
mated 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 sub-
scriber base reaching 3.47 million.
Tyres: The industry has done
significantly well during the year
2007-08, with aggregate income ris-
ing 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 direc-
tors report, India is in the midst of
rapid economic growth. The govern-
ment'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
Total Income Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 2008 2007
Air-conditioners
Blue Star 2270.09 41.23 174.09 144.58 111.13 151.43 165.16 45.08 303.80 44.24 0.14 0.42
Lloyd Electric & Engg. 677.04 34.59 52.72 22.72 49.62 34.98 11.73 7.03 31.06 61.69 0.45 0.37
Total (2) 2947.13 39.64 226.81 98.71 160.75 98.55 176.89 41.74 334.86 45.70 0.32 0.39

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 0.59
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
Total (4) 27846.55 1.41 4628.95 -10.66 3987.20 -11.12 9501.57 -4.85 12920.18 16.58 0.32 0.37

Auto Ancillaries
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
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
Pricol 735.41 5.30 19.08 -47.31 13.68 -49.72 127.49 22.94 182.66 22.66 1.74 1.71
Federal-Mogul Goetze(I) 720.28 15.41 -18.62 - -18.62 - 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
Hindustan Motors 971.99 9.42 30.84 131.88 30.84 131.88 0.42 -86.45 204.89 35.90 0.85 1.83
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
Total (7) 70274.12 10.57 4264.47 7.42 3321.95 11.62 4640.73 11.28 6694.43 46.66 0.46 0.37

Automobiles - Motorcycles / Mopeds/ Scooters And 3 - Wheelers

Hero Honda Motors 12261.76 -7.17 967.88 12.82 588.47 13.51 243.64 -7.54 906.55 38.47 0.04 0.07
TVS Motor Co. 3783.66 -16.84 31.77 -52.30 15.14 -67.38 334.47 29.59 207.75 -37.97 0.81 0.78
Total (2) 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
Total (3) 16463.42 12.99 1162.10 -1.90 849.11 -5.90 1147.99 19.54 481.59 35.87 0.49 0.43

54 THE FINANCIAL EXPRESS | MARCH 2009

 Total Income Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 2008 2007
Bearings
SKF(I) 1751.01 16.45 160.71 57.62 129.07 64.99 149.48 113.33 517.64 1.33 - -
Fag Bearings(I) 728.96 16.72 79.53 7.91 72.88 8.70 96.23 4.96 154.86 11.26 - -
Total (2) 2479.97 16.53 240.24 36.76 201.95 39.01 245.71 51.91 672.50 3.46 - -

Biotech
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
Biocon 956.09 6.27 195.56 23.50 145.56 13.41 522.62 9.72 321.30 13.55 0.11 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
Total (4) 5188.38 9.16 844.09 19.39 575.17 6.87 2028.89 9.51 1124.38 -2.22 0.46 0.41

Breweries & Distilleries

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

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 1.29
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
Total (5) 4374.08 39.39 173.02 24.20 157.22 23.68 268.96 59.69 293.36 121.52 1.79 1.52

Cables - Telephone
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

Castings & Forgings

Bharat Forge 2413.51 14.86 273.59 13.55 194.95 20.19 1067.24 27.65 340.93 31.08 0.87 1.06
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

Cement
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

MARCH 2009 | THE FINANCIAL EXPRESS | 55

fe 500 industry-wiseperformance
Total Income Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 2008 2007
Prism Cement 1035.67 16.64 241.63 25.35 211.80 29.99 4.89 55.24 20.17 -4.72 - -
OCL(I) 938.73 -4.01 116.15 49.83 101.92 48.55 24.77 -30.15 109.77 51.55 0.90 1.15
Mangalam Cement 601.70 14.29 113.55 35.40 99.43 37.03 0.00 - 4.00 10.80 0.33 0.52
Total (15) 38110.56 20.27 6972.28 27.78 5785.99 27.05 987.86 -21.58 2430.20 48.18 0.54 0.69

Ceramics - Tiles / Sanitaryware

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
Total (3) 1769.11 22.65 94.57 26.43 78.43 30.09 43.65 -50.79 421.25 8.80 0.76 1.03

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
Total (20) 21326.81 15.18 1684.97 35.56 1200.03 41.16 5220.35 13.97 5018.91 12.04 0.52 0.87

Chlor-Alkali / Soda Ash

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

Cigarettes
ITC 21979.50 11.90 3120.10 15.56 1801.09 17.44 2168.41 -5.03 1158.90 -4.94 0.02 0.02
Godfrey Phillips(I) 1876.34 15.09 112.22 27.38 86.22 38.84 117.89 46.21 66.81 92.70 0.21 0.15
Total (2) 23855.84 12.15 3232.32 15.93 1887.31 18.27 2286.30 -3.28 1225.71 -2.24 0.03 0.02

Compressors / Drilling Equipment

Atlas Copco(I) 1060.86 31.79 81.00 12.44 71.98 14.22 146.20 14.06 226.18 51.54 0.42 0.21
Ingersoll-Rand(I) 586.63 -13.73 68.85 49.93 46.69 94.22 98.12 -5.87 101.96 -34.49 - -
Total (2) 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

 Total Income Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 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 0.28
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 612.34 102.65 4.28 119.49 4.28 119.49 0.00 - 0.26 -25.71 2.27 0.79
Total (4) 21097.12 10.74 297.23 -37.03 111.66 -62.84 1521.94 -12.63 4370.77 1.18 0.91 0.66

Computers - Software - Converts

Prithvi Information Solutions 1126.03 45.97 63.71 -29.71 58.29 -31.60 1099.98 51.71 1052.84 64.03 0.92 0.76
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
Total (4) 2869.70 21.02 214.04 16.79 199.20 16.96 1242.58 47.78 1132.95 51.82 0.89 0.88

Computers - Software - Large

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 - -
CMC 989.77 -0.49 88.22 37.63 71.55 37.65 142.49 2.68 241.19 -2.53 0.10 0.08
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 - -
Total (8) 8644.95 28.98 1226.79 32.59 987.44 44.92 5025.23 41.22 2295.45 31.89 0.19 0.21

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 0.27
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
Total (3) 1693.94 37.73 245.55 21.36 207.60 19.82 1415.08 18.04 677.87 2.08 0.15 0.26

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 - -
HCL Technologies 4785.79 13.73 780.65 -29.15 182.07 -68.40 4545.89 22.00 1111.77 15.28 0.01 0.01
Tech Mahindra 3702.30 34.21 765.80 29.75 699.00 24.02 3563.70 30.15 1858.60 12.14 0.08 0.06
Oracle Financial Ser. Soft. 1841.63 15.78 410.87 15.85 410.87 15.88 1737.06 16.18 578.48 20.93 - -
Total (6) 64144.39 24.46 13999.38 12.63 9185.37 -0.47 53998.33 20.38 22234.42 15.93 0.09 0.01

Construction
DLF 5971.93 319.06 2574.40 534.45 1892.47 - 120.31 -39.55 152.36 154.57 0.74 -
Jaiprakash Associates 4615.65 20.49 609.67 46.94 495.07 47.31 77.45 -50.34 861.37 44.16 1.98 1.91
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
Total Income Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 2008 2007
Parsvnath Developers 1792.24 42.13 408.74 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
Ruchi Infrastructure 988.55 11.30 35.56 75.35 30.25 87.42 11.27 512.50 313.87 34.21 1.94 2.15
JMC Projects(I) 920.97 83.46 30.72 91.40 25.87 81.67 0.00 - 24.41 842.47 0.65 0.51
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 9.05 235.19 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
Total (26) 50727.52 52.85 8398.23 104.64 7153.54 108.62 802.20 8.06 2885.71 55.46 1.12 1.42

Couriers
Blue Dart Express 811.85 21.18 69.93 39.22 67.56 41.16 6.74 101.80 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
Total (2) 1387.36 22.67 93.71 27.34 84.57 29.25 42.93 - 40.68 -0.71 0.36 0.47

Cycles And Accessories

Tube Investments(I) 1952.66 5.29 56.50 -63.73 38.02 -70.31 154.82 5.63 151.56 20.30 0.46 0.31
Atlas Cycles(H) 595.08 -2.07 2.00 -96.27 0.54 -98.97 23.15 19.95 24.62 168.48 0.72 0.58
Total (2) 2547.74 3.47 58.50 -72.07 38.56 -78.61 177.97 7.29 176.18 30.36 0.49 0.36

Diamond Cutting / Jewellery

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 68.69 122.85 68.70 1410.50 9.93 1240.83 11.02 0.59 1.43
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
Shrenuj & Co. 987.82 11.72 30.63 1.93 25.08 0.16 919.97 12.91 590.70 0.11 2.92 3.31
Classic Diamonds(I) 711.42 6.23 31.15 38.14 29.23 40.53 669.45 13.04 523.92 66.62 1.61 2.14
Flawless Diamonds(I) 556.43 84.62 24.11 232.09 23.28 250.60 156.18 6.14 367.71 8.65 1.10 1.34
Total (8) 18057.30 22.94 599.80 65.77 552.65 70.18 14895.85 19.79 13899.13 24.78 1.03 2.39

Diversified - Large
Kesoram Inds 3479.17 35.61 383.35 44.29 358.19 44.79 198.01 -2.58 278.31 21.41 1.24 1.33
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 - -
DCM Shriram Inds. 781.94 0.56 -4.21 - -4.21 - 0.00 - 0.00 - 1.70 1.31
Total (5) 9504.79 13.51 1309.06 46.38 1196.79 59.07 215.80 -7.83 557.10 4.83 0.92 1.07

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
Nava Bharat Ventures 967.97 59.39 314.85 124.16 271.11 134.99 495.93 149.80 108.44 138.02 0.50 1.13

58 THE FINANCIAL EXPRESS | MARCH 2009

 Total Income Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 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

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 0.47
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 11.87 125.19 115.44 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

Domestic Appliances
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
Sujana Universal Inds 913.98 2.41 22.46 16.19 22.22 15.31 222.43 -11.64 919.88 -9.08 0.44 0.64
Total (3) 4259.91 14.47 67.54 279.01 65.11 307.96 440.26 -10.05 1391.65 2.93 1.15 1.19

Dry Cells
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

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 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
Total (10) 43357.96 22.96 4213.10 25.49 3235.84 26.74 3547.45 11.14 7449.28 37.05 0.08 0.09

Electrodes - Graphites
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

Electronics - Components
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
Total (5) 16040.77 21.93 1059.15 59.27 803.79 79.37 2930.49 101.42 3615.50 5.41 0.47 0.43

MARCH 2009 | THE FINANCIAL EXPRESS | 59

fe 500 industry-wiseperformance
Total Income Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 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
Trend Electronics 870.41 6.47 1.73 -28.81 1.35 -34.15 0.09 - 37.61 -9.87 2.89 3.07
Total (4) 12530.28 14.22 914.89 5.00 812.37 4.74 544.12 6.91 2405.52 5.14 0.94 0.99

Engineering
Larsen & Toubro 25862.58 40.38 2173.42 54.91 1678.10 62.17 5656.59 50.02 4530.93 30.03 0.38 0.36
Punj Lloyd 4541.76 97.00 221.44 259.60 209.30 289.47 0.00 - 0.00 - 0.57 1.38
BEML 2847.41 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. 564.13 7.70 22.40 28.00 19.23 29.76 9.94 -34.00 25.90 81.37 0.46 1.25
Total (9) 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
Total (11) 15134.57 31.48 1644.39 27.33 1235.36 27.73 1164.66 41.87 1658.89 47.49 0.27 0.24

Engines
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
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

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 0.13
Sun Network 925.99 27.48 366.98 36.52 268.46 28.61 38.53 11.94 103.29 - - -
Total (2) 2069.91 25.03 662.10 52.20 476.78 53.84 136.80 -8.45 129.14 -19.04 0.06 0.08

Fertilizers
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

60 THE FINANCIAL EXPRESS | MARCH 2009

 Total Income Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 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 - -
Fert. & Chem. Travancore 913.25 -40.58 8.97 - 8.97 - 32.45 -70.81 465.83 39.06 1.85 2.04
EID Parry(I) 748.39 -1.15 -16.58 - -21.04 - 223.20 573.71 5.35 12.63 1.14 0.66
Total (13) 34134.45 13.72 1142.83 -21.61 778.00 -26.18 621.32 40.82 7251.95 21.93 0.99 0.92

FMCG
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
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 4575.20 14.05 1534.68 -13.67 4124.65 17.10 6028.65 30.74 0.37 0.37

Food - Processing - Indian

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 10.58 49.06 11.58 498.24 13.86 14.75 -22.65 2.14 1.56
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 2.42
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 -75.80 5.34 -73.45 333.34 4.89 62.97 68.96 4.17 3.25
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
Indraprastha Gas 840.37 16.07 174.46 26.46 118.46 23.45 0.04 -55.56 18.07 -5.39 0.01 0.01
Total (4) 27815.56 14.87 3409.66 16.50 2375.19 23.15 7.33 -74.65 6321.78 10.37 0.18 0.20

Glass & Glass Products

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
Total (3) 2863.43 47.94 190.27 69.99 180.58 79.81 336.43 47.05 520.79 -8.74 1.80 2.60

MARCH 2009 | THE FINANCIAL EXPRESS | 61

fe 500 industry-wiseperformance
Total Income Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 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
Total (4) 4104.67 16.72 876.84 18.38 670.25 21.92 2070.37 16.00 434.20 41.02 0.72 0.57

Media
HT Media 1226.92 13.65 144.55 25.63 135.18 25.13 6.77 -19.88 333.10 13.37 0.23 0.21
Deccan Chronicle 820.25 40.17 271.94 68.53 198.56 44.01 0.00 - 143.72 -23.47 0.76 0.73
Jagran Prakashan 771.10 23.78 98.13 28.75 37.90 22.10 0.40 -84.79 91.02 3.56 0.15 0.21
Total (3) 2818.27 23.19 514.62 45.93 371.64 34.19 7.17 -42.91 567.84 -0.29 0.44 0.41

Mining / Minerals / Metals

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 5.88 - 0.66 214.29 0.63 1.14
Gujarat NRE Coke 918.89 72.21 172.88 210.21 69.09 565.61 0.00 - 0.00 - 0.57 1.39
Precision Wires(I) 690.35 -0.31 17.25 2.80 13.09 2.83 8.40 268.42 124.98 103.55 0.54 0.77
Total (11) 44646.68 18.82 12109.21 28.82 10286.99 27.95 13174.28 -2.67 14149.45 8.11 0.18 0.23

Miscellaneous
Titan Inds 3042.86 42.21 158.29 67.80 122.78 71.12 142.40 18.22 1155.02 156.57 0.59 0.75
Kirloskar Brothers 1568.10 -0.80 110.14 -67.27 67.83 -76.94 149.69 -34.02 130.97 -17.09 0.29 0.23
BL Kashyap & Sons 1564.61 91.73 115.36 107.41 107.14 105.96 0.00 - 0.49 122.73 0.29 0.32
Sundram Fasteners 1352.75 0.66 67.38 -6.23 48.47 -9.35 344.31 -5.12 344.14 12.12 1.31 1.17
Transport Corp(I) 1203.88 10.46 28.47 -6.87 24.12 -9.05 8.70 132.00 23.10 -45.45 0.87 1.16
Apollo Hospitals 1150.06 27.85 101.75 1.68 66.54 -10.38 13.00 -1.59 35.72 12.40 0.25 0.19
Bayer CropScience 1074.92 21.95 39.28 -30.92 31.70 -33.09 136.97 -4.10 203.18 3.10 0.19 0.33
Mundra Port 875.26 46.61 213.41 13.86 153.31 - 16.00 - 277.08 184.04 0.73 1.72
Dredging Corp 771.47 23.20 154.82 -17.97 112.82 -23.11 0.00 - 69.24 117.94 0.01 0.03
Carborundum Universal 745.25 35.95 97.17 65.65 78.50 75.77 86.22 28.72 132.94 23.12 0.85 0.66
Century Ply 641.56 41.81 44.62 118.30 33.47 63.75 22.69 37.27 190.91 133.16 0.84 0.93
VIP Inds 581.04 26.51 20.10 40.27 11.62 45.98 87.63 23.75 24.86 24.36 0.95 0.97
Hyderabad Inds 528.62 9.86 14.08 0.79 10.35 1.07 7.00 0.29 96.84 -5.00 0.60 0.52
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
Total (14) 15614.64 26.38 1222.51 -6.22 926.29 -1.15 1385.68 -3.28 2708.82 63.48 0.60 0.51

Oil & Gas

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

62 THE FINANCIAL EXPRESS | MARCH 2009

 Total Income Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 2008 2007
Chennai Petroleum Corp 33165.04 12.53 1122.95 98.66 869.80 125.00 0.00 - 19966.52 13.40 0.71 0.70
Bongaigaon Refinery 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 38.80 128264.30 34.56 396245.71 24.25 0.53 0.47

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
Total (4) 3450.68 8.59 145.18 33.22 98.18 43.22 1056.63 12.65 552.94 22.47 1.52 1.88

Paints / Varnishes
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
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
Total (2) 1234.48 29.24 62.30 4.94 49.17 2.39 601.41 31.60 535.65 29.03 0.59 0.76

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
Tamilnadu Petro Products 912.66 -4.40 -11.91 - -11.91 - 45.52 -25.09 14.61 -75.28 0.52 0.57
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
Total (7) 9218.00 12.11 572.86 39.50 486.34 42.84 2194.53 4.65 3228.89 7.02 1.24 1.23

Pharmaceuticals - Indian - Bulk Drugs

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
Total (4) 5381.77 34.24 760.07 56.98 639.08 56.62 2604.27 39.55 1254.39 6.27 1.49 1.70

MARCH 2009 | THE FINANCIAL EXPRESS | 63

fe 500 industry-wiseperformance
Total Income Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 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
Total (14) 27974.26 16.33 4029.56 -0.60 3076.04 -3.81 12900.33 9.34 6189.27 14.96 0.43 0.51

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 0.28
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 36.13 -4.44 7.74 -25.22 0.13 0.10
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

Pharmaceuticals - Multinational
GlaxoSmithKline Pharma 1802.68 3.16 537.66 -1.44 232.73 -17.74 83.73 41.15 133.81 -1.78 - -
Pfizer 1115.71 35.17 338.93 220.56 256.87 565.64 22.07 -22.67 45.06 -13.16 - -
Aventis Pharma 1005.65 2.22 144.42 -14.69 107.57 12.53 184.56 -21.78 225.87 1.33 - -
Abbot(I) 662.09 18.01 68.43 14.07 43.10 29.62 3.93 11.02 16.07 -29.18 - 0.01
Novartis(I) 618.64 3.41 97.23 9.80 65.27 15.34 9.16 29.75 66.31 -24.48 - 0.02
Total (5) 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
Total (5) 5703.50 27.11 423.93 25.37 367.81 24.42 711.70 -13.89 1149.39 52.43 1.10 1.38

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
Gujarat Industries Power 962.15 8.99 102.29 -44.08 64.48 -57.77 0.00 - 0.94 88.00 0.60 0.50
Total (8) 72584.49 15.55 11352.56 12.55 7760.65 12.79 2861.98 51.98 6732.85 3.02 0.50 0.53

64 THE FINANCIAL EXPRESS | MARCH 2009

 Total Income Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 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 546.43 15.67 32.58 3.17 18.91 -7.98 15.45 22.23 8.20 69.07 0.11 0.17
Total (3) 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
Total (2) 1689.46 46.53 268.13 41.52 249.68 42.61 266.18 31.43 1187.45 67.54 0.73 1.16

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
Great Offshore 750.31 27.16 203.21 43.69 133.75 20.57 0.00 - 0.00 - 1.05 1.20
Total (6) 10836.83 14.73 3010.13 26.43 2367.59 27.79 269.00 33.35 602.12 -22.60 0.63 0.68

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 71.25 52.41 60.19 44.20 892.19 74.61 295.00 146.51 1.44 0.61
Sanwaria Agro Oils 943.09 110.70 43.32 254.50 40.47 312.96 0.00 - 0.00 - 1.54 0.91
Nahar Indl.Enterprises 898.60 -3.45 2.37 -96.51 -1.63 - 37.80 -13.64 41.87 -67.17 1.87 1.89
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 7.50 186.26 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

Steel - Large
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
Total (6) 104806.68 17.85 14929.08 22.01 11852.25 21.94 13393.45 4.99 22293.09 11.55 0.64 0.72

Steel - Medium / Small

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
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 1.79
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
Mukand 2264.61 6.06 59.40 -36.36 52.09 -39.45 177.22 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
Total Income Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 2008 2007
Jai Balaji Inds 1519.58 35.02 118.87 91.20 114.16 96.29 3.18 - 178.80 - 4.06 2.98
Surya Roshni 1495.05 14.68 20.41 37.81 16.51 51.33 196.65 54.27 50.11 -3.58 2.20 2.27
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 - 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
Total (29) 43498.14 19.92 2272.29 21.15 2046.27 21.04 8357.73 6.51 11634.99 37.95 1.76 1.81

Steel - Pig Iron

Tata Metaliks 1210.49 51.89 69.63 135.87 51.93 261.88 77.89 43.05 442.85 62.22 0.42 0.81
Kirloskar Ferrous Inds 862.12 39.12 49.03 10.28 38.75 -3.63 36.63 241.06 216.71 22.81 0.01 0.08
Total (2) 2072.61 46.31 118.66 60.39 90.68 66.20 114.52 75.67 659.56 46.75 0.17 0.33

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 1.40
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

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 1.10
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
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 1.67
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 665.89 -35.97 -60.67 - -60.97 - 15.08 -87.52 67.42 - 1.62 0.64
Total (7) 8175.20 -5.79 181.54 -77.43 134.03 -80.64 692.45 -11.61 249.69 -17.97 1.69 1.00

Tea
Tata Tea 1263.30 10.22 312.86 2.05 96.42 -54.90 212.34 18.08 43.18 25.52 0.42 0.52
Mcleod Russel(I) 703.56 9.78 47.21 -0.55 36.26 -1.04 138.10 -3.60 15.62 66.88 0.41 0.36
Total (2) 1966.86 10.06 360.07 1.70 132.68 -47.02 350.44 8.47 58.80 34.37 0.42 0.45

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

 Total Income Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 2008 2007
Idea Cellular 6919.03 56.77 1044.36 108.01 1044.36 108.01 79.03 8.56 1634.25 72.05 1.84 1.95
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
Total (7) 58234.73 33.64 10647.81 48.23 10106.96 50.50 4134.37 -13.11 19302.15 94.39 0.56 0.51

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 1.58
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
Spentex Inds 818.10 3.40 -34.53 - -34.53 - 455.29 23.93 43.73 -68.60 3.20 2.84
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
Total (5) 6190.17 18.80 252.12 -18.03 218.47 -19.58 2000.21 26.93 968.78 8.24 2.24 1.78

Textiles - Garments
Gokaldas Exports 1092.71 5.12 47.61 -32.26 44.17 -30.33 947.57 -4.94 250.16 -32.21 0.76 0.74
Koutons Retail(I) 797.69 97.12 69.49 101.48 69.49 101.48 0.38 - 5.58 -51.35 1.20 1.28
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

Textiles - Processing
SRF 1804.99 -8.69 138.73 -52.01 104.79 -57.80 578.06 -27.59 413.45 13.65 0.51 0.55
Century Enka 1325.01 19.48 13.41 -19.80 3.38 -27.93 0.30 900.00 129.17 45.33 0.94 0.93
Total (2) 3130.00 1.43 152.14 -50.25 108.17 -57.25 578.36 -27.56 542.62 19.87 0.65 0.68

Textiles - Products
Alok Inds 2412.63 22.55 198.66 20.62 176.20 25.85 969.00 59.33 482.61 42.01 4.37 3.26
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 1013.95 89.11 16.68 -53.58 3.16 -80.99 241.00 59.62 78.83 -43.51 3.58 2.61
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
Total (8) 9614.97 31.37 504.23 15.54 456.33 22.01 1469.15 47.11 766.71 -9.61 3.02 2.63

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 648.33 25.35 44.81 21.73 40.81 23.89 0.00 - 0.00 - 1.43 1.02
Total (5) 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 Net Profit Ret. Profit Forx. Earn. Forx. Expn. Debt Eq. Debt Eq.
Industry/ 2008 % 2008 % 2008 % 2008 % 2008 % Ratio Ratio
Company Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change Rs Crore Change 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
Bajaj Electricals 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
Total (8) 58477.28 14.31 744.72 74.90 635.45 76.11 14338.89 40.60 37056.06 22.33 2.36 2.06

Transmisson Line Towers / Equipment

Power Grid Corp(I) 5073.14 27.99 1448.47 17.82 943.39 9.63 2.66 491.11 581.76 -12.64 1.65 1.81
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
Voltamp Transformers 669.90 36.69 79.90 101.97 67.25 113.70 0.40 -78.26 11.73 -16.81 0.01 0.01
Total (5) 11784.82 28.99 1922.89 21.08 1354.11 15.79 2477.42 49.03 1894.01 7.26 1.53 1.69

Transport - Airlines/Travel Agencies

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

Tyres
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 8.74 148.60 278.60 134.90 334.74 483.53 12.29 615.53 19.49 0.93 1.30
Goodyear(I) 989.55 6.23 40.23 -10.84 26.39 -21.43 60.49 4.31 96.44 -8.51 - 0.46
Total (5) 16140.98 12.42 646.64 119.39 577.10 142.54 1614.07 9.70 2920.28 15.47 0.77 0.96

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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 com-
pared to 9.4% in the previous year. The
main drivers of growth were the manu-
facturing 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 rela-
tively 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) compa-
nies 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 prof-
its 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 sin-
gle 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%), Flaw-
less Diamonds (206.33%) and India
Glycols (186.63%). Most of these fantas-
tic numbers, however, represent statis-
tical 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 Consoli-
dated (894.27%), Nilkamal (861.56%),
Eskay KniT(I) (467.64%), ITD Cementa-
tion(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 oper-
ating 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 any-
way), but profitability. This can be mea-
sured in many ways, with return on
sales (PAT as percentage of net sales),
return on assets (gross profits as per-
centage of assets) and operating profit
margin (operating profit as a percent-
age of net sales) being the main ratios.
In 2007-08, profitability was clearly up,
with as many as 37 companies report-
ing 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 Net Sales Total Assets Net Worth Gross Profit Market Cap
Rank Rank Rank Rank Rank Rank
Company 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007
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
ABB 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
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
Ambuja Cements 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
Ashok Leyland 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

72 THE FINANCIAL EXPRESS | MARCH 2009

 Composite Net Sales Total Assets Net Worth Gross Profit Market Cap
Rank Rank Rank Rank Rank Rank
Company 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007
Bayer CropScience 290 311 294 324 359 343 319 286 376 280 187 281
BEML 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
Bharati Shipyard 305 340 406 522 207 232 234 347 239 272 365 228
Bharti Airtel 5 6 12 12 11 11 8 10 6 7 4 4
BHEL 10 9 15 15 13 13 22 19 13 13 9 10
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
Cipla 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
Crompton Greaves 92 95 72 76 153 142 163 166 90 114 70 63
Cummins(I) 117 118 120 129 200 210 136 126 117 99 88 94

MARCH 2009 | THE FINANCIAL EXPRESS | 73

fe 500 ranksinalphabeticalorder
Composite Net Sales Total Assets Net Worth Gross Profit Market Cap
Rank Rank Rank Rank Rank Rank
Company 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 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
Gail(I) 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

 Composite Net Sales Total Assets Net Worth Gross Profit Market Cap
Rank Rank Rank Rank Rank Rank
Company 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 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
Hero Honda Motors 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
Hindustan Zinc 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
HPCL 17 20 4 4 9 9 23 16 28 21 42 79
HT Media 186 163 236 223 242 235 168 151 187 172 159 125

MARCH 2009 | THE FINANCIAL EXPRESS | 75

fe 500 ranksinalphabeticalorder
Composite Net Sales Total Assets Net Worth Gross Profit Market Cap
Rank Rank Rank Rank Rank Rank
Company 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 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
Idea Cellular 31 38 42 53 35 39 52 65 35 48 29 28
IG Petrochemicals 465 433 433 382 454 432 401 379 419 419 455 446
India Cements 70 71 101 104 65 64 55 64 57 71 96 104
India Glycols 282 268 218 265 265 236 268 290 161 287 378 310
Indian Hotels Co. 82 81 157 158 96 87 76 71 77 72 94 84
Indian Oil Corp 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
Infosys Technologies 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
IVRCL Infrastructures 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
Jet Airways(I) 47 47 34 39 18 31 40 62 133 86 133 92
Jindal Poly Films 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

76 THE FINANCIAL EXPRESS | MARCH 2009

 Composite Net Sales Total Assets Net Worth Gross Profit Market Cap
Rank Rank Rank Rank Rank Rank
Company 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 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
Lupin 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
Maruti Suzuki(I) 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
MMTC 43 53 11 11 45 81 147 136 146 185 6 8
Monnet Ispat 151 198 170 274 148 165 141 196 177 183 223 208
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
Composite Net Sales Total Assets Net Worth Gross Profit Market Cap
Rank Rank Rank Rank Rank Rank
Company 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007
MRF 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
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
Neyveli Lignite Corp. 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 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
Novartis(I) 354 355 458 404 419 407 278 257 260 248 207 300
NTPC 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
ONGC 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
Petronet LNG 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
Power Grid Corp(I) 20 22 60 71 7 6 10 13 23 22 14 22

78 THE FINANCIAL EXPRESS | MARCH 2009

 Composite Net Sales Total Assets Net Worth Gross Profit Market Cap
Rank Rank Rank Rank Rank Rank
Company 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007
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
Punj Lloyd 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
Reliance Infrastructure 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
SAIL 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
Sesa Goa 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
Shipping Corp(I) 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

MARCH 2009 | THE FINANCIAL EXPRESS | 79

fe 500 ranksinalphabeticalorder
Composite Net Sales Total Assets Net Worth Gross Profit Market Cap
Rank Rank Rank Rank Rank Rank
Company 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007
Shri Lakshmi Cotsyn 406 406 336 364 324 328 402 400 362 378 476 449
Siemens 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
Sterlite Inds(I) 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
Sun Pharma. Inds 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
Tata Metaliks 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
Tata Steel 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) 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

 Composite Net Sales Total Assets Net Worth Gross Profit Market Cap
Rank Rank Rank Rank Rank Rank
Company 2008 2007 2008 2007 2008 2007 2008 2007 2008 2007 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
Torrent Power 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
Ultratech Cement 55 57 52 47 64 66 65 73 38 35 68 69
Unichem Laboratories 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
United Breweries 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
Videocon Inds 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
Welspun-Guj Stahl Rohren 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
Wipro 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

MARCH 2009 | THE FINANCIAL EXPRESS | 81

 fe 500 ninemonthsperformanceoftop100
Sales Other Inc. PAT EPS (Rs) EPS (Rs) ROS (%) ROS (%)
Company Apr-Dec Apr-Dec % Apr-Dec Apr-Dec % Apr-Dec Apr-Dec % Apr-Dec Apr-Dec Apr-Dec Apr-Dec
(Rs Crore) 2009 2008 Change 2009 2008 Change 2009 2008 Change 2009 2008 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

 Sales Other Inc. PAT EPS (Rs) EPS (Rs) ROS (%) ROS (%)
Company Apr-Dec Apr-Dec % Apr-Dec Apr-Dec % Apr-Dec Apr-Dec % Apr-Dec Apr-Dec Apr-Dec Apr-Dec
(Rs Crore) 2009 2008 Change 2009 2008 Change 2009 2008 Change 2009 2008 2009 2008
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

MARCH 2009 | THE FINANCIAL EXPRESS | 83

 500 methodology
How we did it
Pradip Kumar Dey
T
HE FE 500 list has been compiled
from largely published balance-
sheets 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 com-
panies and banks) that are listed on
the markets and whose balance-
sheets were available by end-December
2008.
In the tables that follow, any refer-
ence to 2008 (current) refers to the
financial year 2007-08 and the same
holds for 2007 (previous). Where com-
panies 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 bal-
ances, 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 calcu-
lating 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-
Illustration: ASIT BAGCHI
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 accu-
mulated losses.
Earnings Per Share (EPS) refer to
PAT divided by the number of out-
standing 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 per-
centage of net sales, while the Return
On Assets is gross profit as a percent-
age of assets.
The Return On Net Worth
(RONW) represents PAT as a percent-
age 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 Communica-
tions, 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. M-
Cap 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 com-
panies that had planned large scale
acquisitions and aggressive expan-
sions. The best way forward in the slow-
down, 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 an-
nounced 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 acquisi-
tions do not overburden it. The Tata
Group, meanwhile has already sig-
naled 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 conglomer-
ates 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 any-
thing else. Analysts were stumped by
the timing of the announcement, even acquired Canadian aluminium prod-
though an eventual merger of the two uct maker Novelis for $5.9 billion in
companies was expected. One analyst 2007 in an all-cash transaction, which
said that RPL's business had been also included a debt of $2.4 billion. But
under pressure and may show a decline Novelis reported a net loss of $1.8 bil-
by the end of the year. “The merger lion in the third quarter of FY09, which
would help bring down the cyclicality included non-cash, pre-tax charges of
of its business and add strength to the $1.5 billion for goodwill impairment,
balance sheet,” said an analyst. It is 80% of that is attributed to the rise in
also said that the move was being con- the cost of capital. Novelis is the first
sidered since markets ascribe higher Indian company to report goodwill
valuation for integrated energy compa- impairment, caused by the stock mar-
nies vis-à-vis standalone refiners, ket crash and economic slowdown. The
owing to better competitive position Novelis loss will be written off against
and reduced earnings volatility. Simul- the share premium account in
taneously, Chevron also decided to sell Hindalco’s books.
its 5% stake in RPL back to RIL, for According to Raju Bhinge, CEO,
around $270 million (Rs 1,377 crore). Tata Strategic Management Services,
Meanwhile, Hindalco said in companies will now take a hard look at
February that the company will under- the way they have been functioning so
take a financial restructuring exercise far. “Most companies will be looking at
to earmark, allocate and credit an their balance sheets—at their operat-
amount to business reconstruction ing assets, current assets and the
reserve account. Hindalco had investment schedule,” he said in a

recent interview. “They will look at all
components more closely, like sub-
sidiaries, associate companies, invest-
ment 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 cau-
tiously 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 pru-
dent 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 bil-
lion in 2007 and 2006 respectively. This
looks disappointing, but considering
that just a handful of deals in the previ-
ous 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 inter-
vention 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
Illustration: ASIT BAGCHI
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 prob-
lems. 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 con-
cepts as well as companies have drop-
ped by the road, causing much
confusion and chaos. But this also pro-
vides a window of opportunity for com-
panies 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
I
NVESTORS have witnessed an ero-
sion of Rs 22.82 lakh crore (-44.7%)
in their wealth in the last 242 trad-
ing 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 capitali-
sation 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 glob-
ally, Indian GDP that was grow-
ing at an average rate of 9%,
declined to 5.3% in the last quar-
ter. 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-
88 THE FINANCIAL EXPRESS | MARCH 2009
sified, retailing, steel, shipping, media,
engineering, electronics, textiles and
tyres have been losing significantly
market cap values.
On the other hand, FMCG, ciga-
rettes, pharmaceuticals, electricity
and trading saw a lesser erosion in mar-
ket 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%) fol-
lowed by Jaiprakash (-63.8%), Anil
Ambani led ADAG (-61.9%), Godrej (-
60.4%) and OP Jindal (-57.1%). The M-
Cap 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 sig-
nificantly, 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 in-
creased by Rs 2,431 crore during
the period.
Some significant decline in
M-Cap of some major steel com-
panies 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 Pharma-
ceuticals (19.2%).