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Transcript of Financial Express 500
2 THE FINANCIAL EXPRESS | MARCH 2009
T H E L E A D E R S
RIL
Setting the globalbenchmark �� Page 10
NTPCNetworking to augment potential
� Page 13
ONGCGuarding
national interests
� Page 12
RA
NK
3
RA
NK
2
Bharti AirtelLeading the way intouching lives
� Page 16
IOCStorming ahead in
troubled waters
� Page 14
RA
NK
5
RA
NK
4
RCOMConnect with the future
� Page 18
SAILOptimising
capacity
� Page 17
RA
NK
7
RA
NK
6
BPCLFuelling India’sgrowth
� Page 21
TATA STEELPlenty of sheen on
world stage� Page 20
RA
NK
9
RA
NK
8
L&TOn terra firma andprogressing forward
� Page 24
BHELSetting milestones
for achievement � Page 22
RA
NK
11
RA
NK
10
ITCGains from dynamismand diversification
� Page 26
InfosysGrowing from
strength to strength� Page 25
RA
NK
13
RA
NK
12
WIPROLooking beyondbusiness into life
� Page 28
GAIL(I)Moving forward
through innovation
� Page 27
RA
NK
15
RA
NK
14
RA
NK
1
EditorialRural India beckons India Inc
� PPaaggee 44
Overall PerformanceA plateau after accelerated growth
� PPaaggee 66--99
The FE-500How India’s top 500 companies
fared in 2007-08 in terms ofcomposite rankings, net sales, total
assets, gross profit, net worth,market capitalisation, return
on net worth, return on assets, and return on sales
� PPaaggee 3300 -- 5511
Under the lensA comparison of India’s top
performing companies grouped byindustry. The section contains total
income, net profit, retained profit, forex earnings, forex expenditure,
and debt-equity ratios� PPaaggee 5522 -- 6688
Profits & ProfitabilityEarnings grow faster than topline
� PPaaggee 7700--7711
Ranks in Alphabetical Order� PPaaggee 7722--8811
Nine Months Performanceof Top 100
� PPaaggee 8822--8833
Methodology, Caveats & LimitationsHow we did it
� PPaaggee 8844--8855
Crystal GrazingShaping up in slowdown times
� PPaaggee 8866--8877
The Market’s VerdictDepletion of wealth
� PPaaggee 8888
I N S I D E
fe500 contents500 contents
4 THE FINANCIAL EXPRESS | MARCH 2009
WHEN 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 saythat 2008’s stock market bloodbath showed how puzzling market cap can be as asubstantive indicator.
Market cap is important. But when markets are responding to global fear anduncertainty, their verdict on a company can be bemusing. Revenue, on the otherhand, reflects the rewards of a company’s real business activities and can giveyou a good idea of a company’s performance even the day after LehmannBrothers dies.
So, this edition of fe500 has a special significance—many of the corporatespresent here may have taken a market cap battering. But they can still be judgedand found to have solid attributes.
The study, covering 2007-08, shows how the impact of the slowdown had begunto 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 notabletrends. Reliance Communication debuts on fe500—another indication of how bigthe telecom story can become. And Bharti Airtel pushes established companieslike 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 companyhas, over the years, diversified and invested a great deal in the Indian ruralsector. The rewards have just about started to come in.
There’s a bigger lesson here. As 2008-09 ends with evidence of dampenedurban 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.
SHEKHAR GUPTA
Rural India beckonsIndia Inc
A FINANCIAL EXPRESS RESEARCH BUREAU PROJECT
CHAIRMAN OF THE BOARDViveck Goenka
GROUP EDITOR-IN-CHIEFShekhar Gupta
PROJECT CO-ORDINATORAkash Joshi
RESEARCH EDITORPradip Kumar Dey
EDITORIAL MG Arun, Rishi Raj, Anandita Singh Mankotia,
Arun S, Shaheen Mansuri, Mona Mehta, Smita Joshi Saha, Rachana Khanzode
DESKAAyyeesshhaa DDoommiinniiccaa SSiinngghh
RESEARCH REPORTSujith Pillai, Sandeep Nalge, Tara Boi
COVER DESIGNManoj Bhramar & Anirban Bora
DESIGN TEAMPL Santosh, MP Singh, Asit Bagchi,
Gopakumar Warrier, Rajeshkumar Menon
MARKETING CO-ORDINATORSBharat 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
PRODUCTIONBR Tipnis & Team
Printed for the proprietors, THE INDIAN EXPRESS LIMITED,
by Ms Vaidehi Thakar at The Indian ExpressPress, Plot No. EL-208, TTC Industrial Area,
Mahape, Navi Mumbai 400 710 and published from Express Towers, Nariman Point, Mumbai 400 021.
■ Copyright: The Indian Express Limited. All rights reserved. Reproduction in any
manner, electronic or otherwise, in whole or in part, without prior written
permission is prohibited.
fe500 editorial500 editorial
Pradip Kumar Dey
AFTER a sparkling performancein 2006-07, the Indian corporatesector showed a slight dull
moment in its performance during2007-08. Rising cost of raw materialsand energy cost placed some obstaclesin their growth path.
Speeding ahead at a rate of 17.69%,the FE 500’s net sales reached a high ofRs 19.32 lakh crore. Though, in compar-ison with 2006-07, the sales growth wassignificantly low. The FE 500’s salesgrowth was 28.02% in the year 2006-07.
The top ten, in terms of compositeranks, seemed slightly slower thanthe FE 500 as a whole. Their salesgrowth, at 15.20%, was lower than theoverall FE 500, which recorded a col-lective growth of 17.69%. In absoluteterms also, the top ten ended 2007-08with a lower record: their aggregatesales as a percentage of the totalFE 500 saw a marginal decreasefrom 36.26% in the year before to35.49% in 2007-08.
Barring Larsen & Toubro, all theother nine who graced the superleague in 2006-07, also showed up inthe next year. Larsen & Toubro, thetop tenner of 2006-07 was edged outby BPCL in 2007-08. At the top spot in2007-08 was Reliance Industries. Inthe slot just behind it was stable-mate ONGC; the third runner-upwas NTPC.
The other seven top tenners, indescending order of their compos-ite ranks were: Indian Oil Corp,Bharti Airtel, SAIL, RelianceCommunications, Tata Steel, BPCLand BHEL.
Within the top ten group someshifting of positions has takenplace. Thus, Bharti Airtel, sixth in
2006-07, moved up to the fifth positionand Sail lost the position from fifth tothe sixth. BHEL lost ground anddeclined, from the eighth to the tenth.
The FE 500, clubbed in five groups-the first 100, the second 100, the third100, fourth 100 and the rest were neckto neck. So, comparisons, if any, havetobemadewithintheFE500.Asagainstan overall sales growth rate of 17.69%for the 500 as a group, the sub-groupsof 100 each recorded growth rates of16.75, 20.01, 23.78,18.24 and 19.34%respectively during 2007-08. The top 100group (according to composite rank-ings) saw seven new companies makingan entry in 2007-08.The highest rate ofrise in net sales in the first set wasrecordedbyDLF(388.13%),LancoInfra-tech (190.68%), Punj Lloyd (99.79%),HDIL (97.75%), Sesa Goa (76.45%) andSiemens (71.78%).
The laggards in the top 100 were
National Aluminium (-15.64%), TataCommunication (-12.36%), Dr ReddysLab (-11.53%), Ambuja Cements(-8.78%), Hindustan Zinc (-7.97%)Moser Baer (-6%) and MTNL (-3.81%).
Around 11 companies in the firstgroup of 100 recorded more than a 50%increase in net sales in 2007-08. The sec-ond set of 100 companies grew at20.01%, higher than the FE 500’s aver-age. Their combined net sales increas-ed from Rs 1.86 lakh crore (on anannualised basis) in 2006-07 to Rs 2.23lakh crore in 2007-08. The second setsaw many changes, but the more note-worthy among them were the 16 newentrants from the lower ranks in 2007-08.The highest rate of rise in net saleswas recorded by Era Infra Engineering(91.93%), followed by KS Oils (90.93%)and Omaxe ( 90.20%).
Among the poor performers in thisgroup was Ballarpur Inds (-56.1%).
Compared to the first two, the thirdgroup of 100 companies did performwell in terms of net sales growth.Aggregate net sales of the set in-creased by 23.78% from Rs 97,484crore in 2006-07 to Rs 1,20,665 crorein 2007-08. In terms of individualperformance, eight companies re-corded declines in the third set.Of them, Fert & Chem. Travancore(-41.15%), followed by BannariAmman Sugar (-17.65%), ShreeRenuka 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
A plateau afteraccelerated growthWith higher GDP growth, the FE-500 registered an18% sales surge in 2007-08
6 THE FINANCIAL EXPRESS | MARCH 2009
fe500 overallperformance500 overallperformance
8 THE FINANCIAL EXPRESS | MARCH 2009
the set in 2007-08. Not all the new mem-bers however, have any cause for jubila-tion. As many as nine of them arerejects from the second set, includingsuch big names like JK Cement, ShreePrecoated Steels, Matrix Laboratories,JK Tyre Industries and KingfisherAirlines. And 14 others, which were inthe fourth set in 2006-07, entered thethird set of companies in 2007-08.Mentionmaybemadeof HindNationalGlass, Gulf Oil Corp., ChettinadCement Corp., Ramsarup Indus-tries, Koutons Retail (I), Elec-trotherm (I) and MindTree.
The fourth set of 100 companiesregisteredthelowestgrowthinsalescompared to the second and thirdset, indicating that at the bottom ofthe corporate heap, there is seriouslack of enterprise. The fourth groupof companies grew at 18.24%, andtheir combined net sales increasedfrom Rs 74,114 crore (on an annu-alised basis) in 2006-07 to Rs 87,629crore in 2007-08. The highest rate ofrise in net sales was recorded bySanwaria 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%) andBharati Shipyard (78.27%).
Most interesting part of the FE
500 is the sales growth of fifth and finalset of 100 companies. The fifth group ofcompanies grew at 19.34%, which ishigher than first hundred and fourthhundred groups and their combinednet sales increased from Rs 53,980 crorein 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 determinedbythefortunesof theindustryinwhichthey operated. The fastest growing
industries in 2007-08 were dry cells,steel-sponge iron, construction, retail-ing, glass and glass products, shipbreaking and repairing, steel-pig iron,solvent extractions, engineering andair conditioning.
The slowest growing industrieswere 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 perkyoverall growth rate of 17.69% for theFE 500, asset growth was signi-ficantly higher than the salesgrowth. The combined total assetsof the FE 500 (according to sales)rose by 28.17% from Rs 16.90 lakhcrore in 2006-07 to Rs 21.66 lakh crorein 2007-08.
While building assets, the FE 500were more concerned about profits.Gross profits grew higher thansales. The total gross profits of theFE 500 rose from Rs 2.78 lakh crore(onanannualisedbasis)in2006-07toRs3.34lakhcrorein2007-08;a20.14%jump. The top 10 of the FE 500accounted for a major share of thebooty(Rs1.31lakhcrore), leavingRs2.03 lakh crore to be divided upamong the remaining 490.
ONGC, the numero uno profit-
fe500 overallperformance500 overallperformance
maker of the year, notched up grossprofits of Rs 35,381 crore, a 6.95% in-crease from Rs 33,083 crore in the previ-ous year. The other nine companies inthe top ten list in terms of gross profitswere Reliance Industries (Rs 27,810crore), Indian Oil Corp (Rs 12,761crore),SAIL(Rs12,674crore),NTPC(Rs12,158 crore), Bharti Airtel (Rs 10,126crore), 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 interms of net worth during 2007-08, itraised net worth to Rs 79,766 crore, a24.70% rise from Rs 63,967 crore inthe previous year. The other com-panies in the Top 10 list in terms ofnet worth were ONGC (Rs 70,617crore), NTPC (Rs 52,638 crore),Indian Oil Corp (Rs 41,086 crore),Tata Steel (Rs 27,300 crore), RelianceCommunications (Rs 24,840 crore),Sail (Rs 23,063 crore), Bharti Airtel(Rs 20,241 crore), Hindalco Inds(Rs 17,296 crore) and Power GridCorp (Rs 13,507 crore).
The aggregate net worth of theFE 500 increased by 28.48% fromRs7.74lakhcrorein2006-07toRs9.95lakh crore in 2007-08. Four compa-nies, namely Tata Teleservices(Mah), Lloyds Steel, Spic and BalajiDistillerieshadanegativenetworth
in absolute terms.As for market capitalisation, perfor-
mance was dismal, the aggregate mar-ket capitalisation of the FE 500corporates decreased by 47.41% fromRs42.29lakhcroreasJanuary30,2008toRs 22.24 lakh crore as on 30 January2009.The highest decline in market cap-italisation among the FE 500 compa-nieswaswitnessedinthecaseof VishalRetail (-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%), AnsalProp.&Infra (-89.44%) and SubhashProjects (-89.08%).
In contrast, 18 companies showedan increase in market capitalisationduring the study period. Mention maybe made of GlaxoSmithkline Pharma(36.09%), Hindustan Unilever (31.18%),HeroHondaMotors(27.90%),Castrol(I)(23.32%), Jindal Poly Film (19.91%),
Kajaria Ceramics (17.16%) andHPCL (14.31%).
The top 10 in terms of marketcapitalisation in 2007-08 were Re-liance Industries (Rs 2,08,719 crore),NTPC (Rs 1,56,251 crore), ONGC (Rs1,40,780 crore), Bharti Airtel (Rs1,20,320 crore), Infosys Technolo-gies (Rs 74,758 crore), MMTC (Rs72,412 crore), ITC (Rs 67,801 crore),NMDC (Rs 66,032 crore), BHEL (Rs64,638 crore) and HindustanUnilever (Rs 56,937 crore).
The market capitalisation ofthe top 10 companies (in terms ofcomposite rank) decreased by36.95% to Rs 8.41 lakh crore onJanuary 30, 2009 from Rs 13.34 lakhcrore on January 30, 2008. The shareof top 10 market capitalisation inthe FE 500 increased from 31.54% onJanuary 30, 2008 to 37.81% onJanuary 30, 2009.
MARCH 2009 | THE FINANCIAL EXPRESS | 9
10 THE FINANCIAL EXPRESS | MARCH 2009
Shaheen Mansuri
BEGINNING as a small textile com-pany, Reliance Industries Limited(RIL) has crossed several mile-
stones to become India’s largest privatesector company, with businesses in theenergy and materials value chain. Thegroup’s annual revenues are today inexcess of Rs 1,76,800 crore ($34 billion).RIL is a Fortune Global 500 company.RIL’s net profit for the financial yearendedMarch2008stoodatRs19,458crore,an increase of 63% as compared to Rs11,943 crore in fiscal 2007. It also posted aturnover of Rs 1,39,269 crore for fiscal2008, an 18% increase.
Starting with textiles, Reliance pur-suedastrategyof backwardverticalinte-gration—in polyester, fibre intermedia-tes, plastics, petrochemicals, petroleumrefining and oil and gas exploration andproduction—to be fully integrated alongthe materials and energy value chain.
The group’s activities span explo-ration and production of oil and gas,petroleumrefiningandmarketing,petro-chemicals (polyester, fibre intermedi-ates, plastics and chemicals), textiles,retail and special economic zones.Reliance enjoys global leadership in itsbusinesses, being the largest polyesteryarn and fibre producer in the world andamong the top five to ten producers in theworld in major petrochemical products.
RIL is likely to begin gas productionfrom the Krishna-Godavari basin by mid-April. K-G basin in the Bay of Bengal toJamnagar in Gujarat, where it has set upthe world’s largest petroleum refineryand has a capacity of 33 million tones perannum. Reliance’s manufacturing divi-sion at Naroda, Ahmedabad is one of thelargest and most modern textile com-plexes in the world. The company’s flag-ship brand ‘Vimal’ is one of the mosttrustedbrandsof premiumtextilesinthecountry. Apart from being a major sup-plier of fabrics with all the leading USand European brands, Reliance proposesto enter into garment supplies, ensuringa one point solution for their needs. Thetextile division has achieved a major
breakthrough in the domestic andAmerican automotive markets aimed atobtaining a foothold in the world’s auto-textile segment, currently worth $ 5 bil-lion. The manufacturing facility atNaroda, Ahmedabad has completed itsmodernisation and upgradation.
Reliance Retail Limited (RRL), a sub-sidiary of RIL, was set up to lead RelianceGroup’s foray into organised retail. RRLhas embarked upon an implementationplan to build state-of-the-art retail infra-structure in India, which includes amulti-format store strategy of openingneighbourhood convenience stores,hypermarkets, specialty and wholesalestores across India.
While falling demand for fuel and lo-wer gains from processing crude oil hascaused a slump in profits, RIL managed toprevent a drastic profit fall by posting bet-ter gross refining margins (GRMs). Forthethirdquarterforthecurrentfinancialyear,RILhadpostedanetprofitdipof 10%to Rs 3,501 crore (excluding exceptionalitems), compared to Rs 3,882 crore in Q3 ofthe previous year. GRMs did not fall asmuchasfeared,droppingto$10perbarrelagainst $15.4 per barrel on a year-on-yearbasis. RIL’s GRM in the quarter washigher by $6.4 per barrel than the bench-mark Singapore Complex GRM.
Mukesh Ambani, CMD, RIL had said,“This was one of the most challengingquarters with volatility in prices andmargins. Producers and consumers arecoming to terms with slower global tradeand economic outlook. Reliance per-formed commendably with high operat-ing rates. We reached an important markin the start up of the RPL refinery.”
In February 2009, RIL merged with itsrefining subsidiary Reliance PetroleumLimited (RPL) and offered a swap ratioof 1:16. RIL will issue 69.2 million newshares to shareholders of RPL in orderto buy back the company and will have3.7 million shareholders after themerger.RIL’sequitycapitalwillrisetoRs1,643 crore and the promoter’s holdingswill fall by 2%. With the merger, RILbecomes the world’s fifth largest poly-propylene producer.
Setting the globalbenchmark
RIL5 COMPOSITE RANK 1
5 NET SALES RANK 2
5 OIL & GAS RANK 2
This was a landmarkyear for Reliance as we
delivered recordfinancial and operating
performance inchallenging and volatile
market conditions.MUKESH AMBANI
CMD, RIL
fe500 profile500 profile
12 THE FINANCIAL EXPRESS | MARCH 2009
FE Bureau
IFoneweretolookattheaccoladesthispremier Navratna has garnered, itwould be an extremely long list.
However, here are a few noteworthy—numero uno oil exploration and produc-tion company in Asia as per Platts 250Global Energy Companies List in 2007.Ranked 20th amongst the top global pub-licly-listed energy companies as per PFCEnergy 50 in January 2008. And, the onlycompany from India in the FortuneMagazine’s list of the world’s mostadmired companies in 2007.
This speaks volumes about the kind ofgiant that the nation can count on. And,little wonder then that it is right up thereamongst the FE 500 list. And the financialyear 2007-08 saw the company record ahighest ever revenue of Rs 60,137 crore, anet profit of Rs 16,701.6 crore, and dis-tributed Rs 32 per share or a 320% divi-dend. As a group, the company crossedthe one trillion mark in 2007-08. Thisagain was a record of sorts.
However, the year marks the increas-ed intensity in exploratory efforts by thecompany 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 areserve replacement ratio (RRR) of morethan one consistently for the past fouryears,” said chairman and managingdirector RS Sharma.
The company had also made 38project acquisitions in 18 countries.Anddespitethehandsomepayout,ONGChas an enviable cash position. Cash andbank balance increased 23.8%, fromRs 15070 crore 2006-07 to Rs 18,650 crore in2007-08 and this constituted 24.1% and18.3% of reported net worth and totalassets respectively. Such a cash positionputs ONGC in a position of strength tomake global acquisitions. And surely,it has been making its internationalpresence felt.
ONGC operates in the internationalmarkets through its wholly-owned sub-sidiary OVL, through which it hasacquired interests in several oil and gas
blocks. OVL operates in 15 countries with44 properties and has produced around8.8 MMT of oil and oil equivalent gas lastyear. Therefore, the percentage of over-seas production to total production ofONGC has increased from 7.23% in 2002-03 to 15.4% in 2007-08.
Thecompanyhasanextremelystrongoverseas plan and a similar one onthe domestic front. OVL at the end of 2008has completed the Imperial Energyacquisition for $1.9 billion. And recently,the board approved an investment ofabout Rs 3,500 crore for investing inadditional facilities at its oilfields inAssam and Western Offshore to boostoutput and also reported five oil and gasdiscoveries.
The third quarter results, however,were rather disappointing. Thanks to thefall in crude prices and under-recovery.Due to this, the company reported a sub-stantial drop in standalone net profit forthe quarter ended December 2008.During the quarter, the profit of the com-pany declined 43.32% to Rs 24,74.81 crorefromRs43,66.54croreinthesamequarterprevious year. Net sales declined 17.07%to Rs 12,538.6 crore, while total income forthe quarter fell 14.55% to Rs 13,657.39crore, when compared with the prioryear period.
However, the depreciating rupee isexpected to boost earnings in the shortrun, its ambitious plans and vision in thelong-run. Every single rupee fall againstthe dollar causes the standalone earn-ingspershareof thecompanytoincreaseby more than Rs 3, say analysts. As for thelong-run, RS Sharma said, “As we lookinto the future, it is strewn with opportu-nities. Even though ONGC is committedtoconcentrateonitscorebusinessareaofE&P, it shall continue to capture growthopportunitiesinintegrationprojectsandretain its leadership position in theenergy sector of the country.”
In this, the company is also lookingat new vistas in the nuclear power gener-ation area. It would be looking at jointventures to tap the uranium potentialand further enhance its role in India’senergy security.
Guarding and growingnational interests
ONGC5 COMPOSITE RANK 2
5 NET SALES RANK 5
5 OIL & GAS RANK 5
The company is thetorchbearer in seekingenergy security for thenation and in providing
affordable energy tofuel our growth.
R S SHARMACMD, ONGC
fe500 profile500 profile
MARCH 2009 | THE FINANCIAL EXPRESS | 13
NTPC5 COMPOSITE RANK 3
5 NET SALES RANK 7
5 POWER GENERATION& SUPPLY RANK 1
NTPC has alwaysdemonstratedleadership by adoptingthe latest technologiesto pursue sustainableand efficient powergeneration.R S SHARMACMD, NTPC
Arun S
NTPC, the country’s largest powercompany, has emerged as an‘Integrated Power Major’, with a
significant presence in the entire valuechain of power generation business. Atpresent, it has a generating capacity of29,894 MW, from coal and gas. But thecompany has also diversified into hydropower, coal mining, power equipmentmanufacturing, oil and gas exploration,power trading and distribution. The pub-lic sector company, incorporated in theyear 1975 and ranked 411th in the Forbeslist of ‘World’s 2000 largest companies,2007’, has embarked on plans to become a75,000 MW company by 2017.
The company contributes to 19.11%of the country’s capacity and accountedfor 28.51% of the total power generationin India in 2007-08. On March 20,RS Sharma, CMD of the company, saidthat it would add 3,000 megawatts ofcapacity in FY 2009-10. This expansiontarget is around 70% more than what thecompany would achieve in 2008-09. Thecompany undertakes many pro-activemeasures to protect the environment andecology around its projects. It was thefirst among power utilities in India tostart Environment Impact Assessment(EIA) studies and reinforced it with peri-odic environmental audits and reviews.
NTPC is also planning to increase theshareof non-fossilbasedgeneration.Theshare of fossil fuel-based generation isexpected to come down from 82% of thetotal generation today to about 70% by2017. NTPC’s is also diversifying intoequipment manufacturing and formed aJV with BHEL for manufacturing bal-ance-of-plant equipment and main-plantequipment. NTPC has developed greencover of over 18 million trees and plans todevelop one million square feet of greenbuilding space by 2017. It is also fast-tracking the solar power developmentprogramme of setting up 15 MW solarcapacity by 2012 and 50 MW capacity by2014. In 2007- 08, the company’s gross rev-enue crossed the Rs 40,000 crore-mark,while its shareowner base breached the
onemillion-mark.It is theeight largest inthecountryintermsof shareholderbase.It generated 200.8 billion units of powerin 2007-08, while the capacity utilisation(PLF) of coal-based power stationscrossed the 90% mark (92.24%). Net profitcrossed the Rs 7,000 crore-mark (Rs 7414.8crore) and capex crossed the Rs 8,500crore-mark (Rs 8,621 crore).
In the December quarter of 2008-09,the company reported a 26% higher netprofit. The company has hired 1,225 peo-ple in the current year and plans torecruit over 1,000 engineering and man-agement professionals in the comingyears. Thanks to its competent humanresources team and an excellent trainingpolicies, it received special recognitionfrom the India chapter of Great Places toWork Institute. NTPC came first in thecategory ‘Best workplaces for largeorganisations’. It was also placed eighthin overall rankings for 2008.
The company also mulls setting up anetwork of distribution centres close toits power plants and later transfer themto state electricity boards. The companyis looking at setting up power projects inKazakhstan in order to import coalfrom there.
The company is likely to soon get tosupply 3 million tonne per annum of gasin Nigeria. This is in return for con-structing a 500 MW coal-based plant and700 MW gas-based power plant there.
To address manpower shortage in thesector, NTPC is adopting and upgrading21 identified Industrial TrainingInstitutes (ITIs) and is also helping to setup new ITIs near its units. Doing its partin contributing to rural electrification,the company has taken up electrificationof nearly 40,000 villages in six states andone union territory, with special focus onproviding electricity to families livingbelow poverty line, through the RajivGandhi Grameen Vidyutikaran Yojana.
According to Sharma, the company’spower trading subsidiary NVVN hascrossed the cumulative power tradingmark of 12 billion units. NVVN will sellpower from the upcoming merchantcapacity as well.
Networking toaugment potential
14 THE FINANCIAL EXPRESS | MARCH 2009
FE Bureau
THE India growth story so far andeven henceforth rests on the for-tunes of several corporations.
Indian Oil Corporation (IOC) is defi-nitely one of them. The sheer magnitudeof operations and its reach make it a crit-ical element in India’s growth prospects.
Consider this, in the financial year2007-08, the IndianOil group sold 59.29million tonne of petroleum products,including 1.74 million tonne of naturalgas, and exported 3.33 million tonne ofpetroleum products. It, along with itsgroup of companies, owns and operates10 of India’s 19 refineries with a com-bined refining capacity of 60.2 millionmetric tonne per annum (or 1.2 millionbarrels per day). These include tworefineries of subsidiary Chennai Petro-leum Corporation Ltd (CPCL) and one ofBongaigaon Refinery and Petrochemi-cals Limited (BRPL). The corporation’scross-country network of crude oil andproduct pipelines, spanning about 9,300km is the largest in the country.
In fact, 2007-08 saw the culmination ofa major restructuring exercise in theform of a seamless merger of the market-ing subsidiary, IBP, with Indian Oil.“Integration of the countrywide assetsand operations of both the companies ledto the formation of a larger and more for-midable marketing network of over34,000 touch points for Indian Oil,” saidSarthay Behuria, chairman, Indian Oilin the annual general meeting. “A similarexercise is underway for the merger ofthe refining subsidiary, BongaigaonRefinery and Petrochemicals Ltd, whichwill bring synergy in our refining opera-tions” he added.
Indian Oil’s revenues for the year2007-08 reached a new high of Rs 2,47,479crore, up by 12.1% as compared to the pre-vious year. The net profit was Rs 6,963crore, after considering the compensa-tion of Rs 18,997 crore in the form of thespecial oil bonds issued by the Govern-ment of India. The total net under-recov-ery onaccountof priceunder-realisationon sale of the four sensitive products in
the year 2007-08 was Rs 9,774 crore, afterconsidering the oil bonds and burden-sharing by upstream companies.
Among new businesses, natural gasmarketing and petrochemicals togethergenerated revenues of nearly Rs 4,700crore for the year 2007-08. The petro-chemical plants set new records in pro-duction during the year to matchincreased sales. The year also markedexpansion of the corporation’s upstreamportfolio to over 20 oil and gas assets inIndia and abroad.
In fact, Indian Oil has been creatingassets internationally as well and most ofthem are present in value-added productsegments. Indian Oil (Mauritius) hasdeveloped its presence in the competitiveaviation business. Lanka IOC looks atwidening the lubricants business.
Similarly, Indian Oil Middle EastFZE concentrates on blending lubricantsand marketing petroleum products inthe Middle East, Africa and CIS coun-tries. The combined turnover of allsubsidiaries for the year 2007-08 wasRs 41,831 crore, registering a growth of11.2% over the previous year. Their com-bined profit was Rs 1,524 crore, anincrease of 109% over the previous year.The joint ventures also fared well duringthe year, with their aggregate turnoverreaching Rs. 8,245 crore, representing a31.6% growth over the previous year.Their combined profits registered a 64%jump to Rs 595 crore
Going ahead there are ambitiousplans. The management envisagesinvestments of over Rs. 50,000 crore cur-rently and plans to take the group refin-ing capacity from 60.2 to 80 million tonneper annum by the year 2011-12. Similarly,IndianOil will add about 4,000 km of newpipelines by the year 2012. “In this, we seegaspipelinesasahigh-growtharea,”saidBehuria. He also mentioned, “IndianOil’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 ofcrude oil in the international market andincomplete pass-through of productprices to the customers.”
Storming ahead introubled waters
IOC5 COMPOSITE RANK 4
5 NET SALES RANK 1
5 OIL & GAS RANK 1
Indian Oil too isseeking quantum leaps
in its core business,adding on new and
emerging segmentson the way.
SARTHAK BEHURIAChairman, IOC
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16 THE FINANCIAL EXPRESS | MARCH 2009
Anandita Singh Mankotia
BHARTI Airtel Ltd, the country’slargest telecom service provider,is a group company of Bharti
Enterprises led by Sunil Bharti Mittal.It is Asia’s leading integrated telecomservices provider with operations inIndia and Sri Lanka and an aggregate ofover 93.8 million customers as of endFebruary 2009, consisting of 91.11 mil-lion mobile customers. Bharti Airtel Ltdhas been voted India’s most innovativecompany in a survey conducted by TheWall Street Journal.
The company commands a marketshare of 32.88% in the GSM segment.Bharti Airtel is structured into threestrategic business units—mobile ser-vices, telemedia services and enterpriseservices. The mobile business offers ser-vices in India and Sri Lanka. The teleme-dia business provides broadband andtelephone services in 95 cities. Last yearit forayed into DTH and IPTV services.The enterprise business provides end-to-end telecom solutions to corporate cus-tomers and national and internationallong distance services to carriers. Allthese services are provided under theAirtel brand. Airtel’s high-speed opticfibre network spans over 90,205 kms cov-ering all the major cities in the country.Thecompanyhastwointernational land-ing stations in Chennai that connects twosubmarine cable systems—i2i to Singa-pore and SEA-ME-WE-4 to Europe.
Bharti Airtel recently announced keyapex level organisational changes aimedat laying the foundation for the com-pany’s next phase of growth. As per itManoj Kohli, CEO and joint managingdirector, Bharti Airtel will now increas-inglyfocusonstrategydevelopment,gov-ernance and organisation development.He will also provide additional focus onbuilding the B2B powerhouse. SanjayKapoor has been elevated from president—mobileservicestoanewlycreatedposi-tion of deputy CEO. In his new role,Sanjay will lead the mobile, telemediaand DTH businesses. Atul Bindal willtake over as president—mobile services.
K Srinivas who was executive director(east)—mobile services and in-charge ofSri Lanka operations will take over asjoint president—telemedia services.
According to Sunil Bharti Mittal,chairman and managing director, BhartiAirtel, the company continues to lead thetelecom growth story adding customerand revenue market share despiteintense competition. “Bharti’s strategyof extensive roll out ahead of competi-tion, especially in new villages, hasyielded rich dividends. Our launch in SriLanka has received a huge response anddespite coming in as the fifth operator wehope to be in a leadership position in thecoming years. The customer response tothe launch of our world class DTH andIPTV services has been encouraging.Bharti Airtel is well placed to capitaliseon the huge telecom opportunity thatIndia offers.” Last year, the companylauncheditsmobileservicesinSriLankaunder the Airtel brand on a state-of-the-art 3.5G network. The company plans toinvest around $200 million in its SriLanka operations.
The vision is that of emerging as aconglomerate by 2020 and the companyhas thus forayed into the retail sector.Bharti Retail Ltd, a wholly owned sub-sidiary of Bharti Enterprises, launchedtheir first “Easyday market”. It alsolaunched neighbourhood format stores“Easy Day” in Ludhiana, Punjab.
The group, which had also forayedinto the insurance sector with BhartiAXA Investment Managers, a joint ven-ture between Bharti Group and AXAGroup, last year announced that it is tar-geting assets worth $10 billion under itsmanagement by 2012. The company inassociation with Indian Farmers Ferti-liser Cooperative ltd (IFFCO) also an-nounced the launch of a joint venturecompany IFFCO Kisan Sanchar Ltd(IKSL), to provide a boost to Indian agri-culture and the rural economy. The JVcompany will harness the power of tele-com to add value to the farm sector andempower the rural farmer by giving himaccess to vital information, which willenhancehislivelihoodandqualityof life.
Leading the way intouching lives
Bharti Airtel5 COMPOSITE RANK 5
5 NET SALES RANK 12
5 TELECOMMUNICATIONS-SERVICE PROVIDER RANK 2
I have always believedthat Airtel’s services
have changed millions oflives. We are fortunatethat our business has
social relevance.SUNIL BHARTI MITTAL
CMD, Bharti Airtel
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MARCH 2009 | THE FINANCIAL EXPRESS | 17
SAIL5 COMPOSITE RANK 6
5 NET SALES RANK 6
5 STEEL-LARGE RANK 1
The essence oforganisationalexcellence goes muchbeyond the merephysical and financialnumbers that highlightoperating performance.S K ROONGTAChairman, SAIL
Rishi Raj
STATE-OWNED Steel Authority ofIndia Ltd (SAIL) is the country’slargest steel maker. It was among
the leading profit earning corporates ofthe country in 2007-08 with an annualprofit (before tax) of Rs 11,469 crore and aturnoverof Rs45,555crore.Thecompanypaid its shareholders 37% dividend fortheyear,amountingtooverRs1,500crore.
Sail set new performance landmarksin financial year 2007-08 with high pro-duction and productivity, market-drivenproduct-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 milliontonne during the year, with substantialgrowth in sales of value-added productslikelongrailsof 130/260metre,plates,HRcoils and medium structurals. Sales werealso boosted by the presence of SAIL’sauthorised dealers in all districts of thecountry, with an addition of about 1,200new dealers during 2007-08. Sail thusbecame the first steel company in thecountry to have a distribution networkcovering each and every district.
During2007-08,Sailrecordedthehigh-est-ever saleable steel production of 13million tonne with a capacity utilisationof 118%. Of this, 8.9 million tonne wasproduced through the energy-efficientcontinuous casting route with capacityutilisation of 128%. Production of spe-cial quality/value-added products wentup to 3.5 million tonne. Over 30 new prod-ucts were developed for special applica-tions, including high corrosion/earthquakeresistantTMTrebarsforconstruc-tion, high tensile plates for hydel powerprojects and high yield strength(SAILMA550HI)plates,SUP-11A/9gradespring steel for the auto sector, environ-ment-friendly C-5 coated CRNO sheets,armoursteelplatesforthedefencesector,boron-treated aluminium-killed low car-bon steel, vanadium micro-alloyed railsfor application in tracks for higher axleload at high speed, low carbon HR coilswith titanium for extra deep drawing.
The company also achieved the lowest-ever energy consumption at 6.95 gigacalories per tonne of crude steel and cokerate at 533 kgs per tonne of hot metal in2007-08 by fine-tuning operational effi-ciencies. Thrust on cost reductionresulted in savings of over Rs 300 crore.Hence SAIL was able to partially offsetthe price increase of inputs such as coal,zinc, nickel, freight charges.
SAIL implemented measures, includ-ing introduction of the IntegratedProject Management system, adoption oflatest monitoring techniques and em-ployee empowerment, to ensure smoothimplementation of its expansion andmodernisation plan, which will takeSAIL’s annual hot metal productioncapacity to over 26 million tonne from thelevel of 14 million tonne by 2011-12.
“SAIL has been at the forefront indeveloping new grades of quality steelincluding for projects of national impor-tance. Some of the products during 2007-08includeearthquakeresistantTMTandwire rods with improved corrosion resis-tance, vanadium micro-alloyed rails forapplication in tracks for higher axle loadat high speed, steel armour plates for thedefence sector,” says SK Roongta, chair-man SAIL. Initiatives were taken by thecompany during 2007-08 to ensure secu-rity of raw material supplies and expandbusiness. These included the decision toinstall Steel Processing Units in stateswhere SAIL has no plants, equity partici-pation in International Coal VenturesLtd, a special purpose vehicle formedwith four other PSUs for acquisition ofcoal assets in overseas territories, andMoUs with MOIL and Tata Steel.Initiativesinotherareasincludedsettingup of two JV companies for production ofslag cement and a decision to install awind power plant of 50 MW capacity inTamil Nadu, expansion of JV captivepower plants by 1,250 MW at Bhilai andBokaro, alliance with POSCO, Korea.
SAIL spent around Rs 120 crore onCSR in 2007-08. It adopted 79 villagesacrosseightstatesasModelSteelVillagesfor exclusive development of medicalfacilities, education, roads, etc.
Optimising capacity toempower the nation
18 THE FINANCIAL EXPRESS | MARCH 2009
Rachana Khanzode
RELIANCE Communications(RComm) is the flagship companyof the Anil Dhirubhai Ambani
Group (ADAG). It is India’s leading inte-grated telecommunication companywith over 71 million customers.
The company’s business encom-passes a complete range of telecom ser-vices covering mobile and fixed linetelephony. It includes broadband, na-tional and international long distanceservices and data services along witha range of value-added services andapplications.
For the financial year 2007-08, thecompany posted a net profit of Rs 5,401crore, higher by 70.8% compared to a netprofit of Rs 3,164 crore in the previousyear. Revenues stood at Rs 19,068 crorecompared to Rs 14,468 crore earlier, agrowth of 31.8%.
The company had many milestonesin the period 2007-08. In May 2007, itoffered feature rich mobile handset atjust Rs 777. It also emerged as the 2ndlargest marketer of mobile handsets inIndia. The same month, it slashed ratesfor calls to Gulf by over 36%, enablingcustomers to make calls to all countriesin Gulf region at just Rs 6.99 per minutewithRelianceGlobalCallCardof denom-ination of Rs 1,900.
In July, it teamed up with QualcommIncorporated to grow CDMA2000 tech-nology in India. At the same time, italso announced their world leadingCDMA2000 network expansion, coveringmore than 20,000 towns in India. It alsoannounced the acquisition of US basedYipesHoldings,Inc.,aleadingproviderofmanaged Ethernet services.
In November, RComm and Microsoftannounced a strategic partnership todeliver a highly connected, personalizedTV experience to consumers in Indiathrough Reliance’s IPTV service, whichwill be powered by the MicrosoftMediaroom Internet Protocol Television(IPTV) software platform.
In January 2008, it the received start-up spectrum to launch nationwide GSM
services under its existing UnifiedAccess Service License (UASL). In thesame month, FLAG Telecom GroupLimited, a subsidiary of Reliance Com-munications announced the signingof a bilateral agreement with US-based GlassHouse Technologies, anindependent IT infrastructure con-sulting and services firm providingmanaged IT services directly to enter-prise customers.
In 2008, the company entered intotalks to strike a merger deal with SouthAfrica’s MTN, but the talks failed in Julythat year. In May 2008, Reliance Glo-balcom Limited, a subsidiary of RelianceCommunications, announced an agree-ment to acquire the London headquar-tered Global Managed Network Services,VANCO Group Limited. The acquisitionof VANCO would add $365 million to theannual revenues of Reliance Globalcomthrough secure Long-term contractswith largest enterprise customers, thecompany said then.
In December 2008, RComm an-nounced the launch of its GSM servicesacross 11,000 towns in India.
More recently, in March 2009, thecompany became India’s first operatorto offer nationwide CDMA and GSMmobile services, by adding a record 3.38million new customers during February2009, on its next-generation wirelessnetwork. For the third quarter of 2008-09,the company posted a net profit ofRs 1,410 crore, higher by 2.7% comparedto net profit of Rs 1,373 crore in the corre-sponding quarter last year. Revenuegrowth was 20% at Rs 5,850 crore fromRs 4,874 crore.
According to the company website,Reliance Communications has a reliable,high-capacity, integrated (both wirelessand wireline) and convergent (voice, dataand video) digital network.
It is capable of delivering a rangeof services spanning the entire info-comm (information and commu-nication) value chain, including infra-structure and services—for enterprisesas well as individuals, applications,and consulting.
Reaching out toconnect with the future
RCOM5 COMPOSITE RANK 7
5 NET SALES RANK 25
5 TELECOMMUNICATIONS-SERVICE PROVIDER RANK 2
Through our nationwideGSM launch, along withour continued focus onour CDMA network, we
will endeavor tore-write the rules of
the industry.ANIL AMBANI
Chairman, RCOM
fe500 profile500 profile
20 THE FINANCIAL EXPRESS | MARCH 2009
Smita Joshi Saha
THE year 2007-08 marked the 100years of existence of India’s oldestlargest integrated private sector
steel company—Tata Steel Ltd.Established in 1907, Tata Steel today isamong the lowest cost producers of steelin 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 April2007. With this acquisition, Tata Steel,with a crude steelmaking capacity of 28.1million tonne per annum, became thesixth largest steel company in the world,with a presence in several countriesacross continents.
In the financial year 2007-08, TataSteelhadincludedCorus’financialsinitsconsolidated accounts for the first time.Consolidated net sales for FY 2007-08stoodatRs1,31,536crore($33billion).Theconsolidated net profit was Rs 12,350crore. On a stand alone basis, Tata Steel’snet sales grew 12% to Rs 19,693.28 croreagainst Rs 17,551.09 crore in FY 2007. Netprofit for the year was Rs 4,687.03 croreagainst Rs 4,222.15 crore in FY 2007.
The company, during the year, alsocompleted its long-term financingprogramme for its Corus acquisition.Of the total enterprise value of $14.2billion, the financing included around$10.5 billion as bridge funding, the bal-ance applied out of Tata Steel’s own cashand borrowings.
Going ahead, Tata Steel’s long-termraw material strategy will see the syner-gies of combined buying come into play.Tata Steel meets all of its current iron oreand 60% of its coal requirement forIndian operations from its own mines.While Tata Steel’s stand alone raw mate-rial security is 80%, it was 22% for TataSteel Group in 2007.
“With the global demand for finishedsteel growing dramatically in the lastfew years, the need for securing rawmaterials efficiently and effectively hasbecome increasingly important,” saidTata Steel’s group director (global miner-
als), Arun Baijal in the annual report.In keeping with the group’s raw
material strategy, the company hadfinalised the following agreementsin FY 2007-08. In November 2007, theTata Steel group entered into definitiveagreements with Riversdale MiningLtd for a 35% stake in Mozambique Coalprojects for a purchase considerationof $84 million, where the group willhave the right to a 40% offtake forcoking coal.
In December 2007, the group enteredinto a joint venture with Sodemi for an85% stake for the development of an ironore project in Cote d’lvoire, with Sodemiholding a 15% stake (Ivory Cost - iron oredeposits).AndinJanuary2008,TataSteelGroup entered into a joint venture agree-ment with the shareholders of Al RimalMining LLC for a 70% stake in the com-pany (Oman limestone project).
Currently, the global steel industryis going through unprecedented times.Post the steep run up in the steel pricesbeginning January 2008, steel priceshave collapsed over the last 3-4 monthsowing to the sharp fall in the spotprices and uncertainty over demand onaccount 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 enhancedcapacity from 5 MTPA to 7 MTPA duringthe 1st half of FY2009 with the settingup of the new H-Blast furnace. The com-pany expects to further raise its steelcapacity to 10 MTPA by December 2010at Jamshedpur.
Going ahead, Tata Steel will continueits cost competitiveness due to Indiansources of raw material and skilled lowcostlabourandwillalsoimplementrapidlow cost implementation programmes.
And, as the financial year 2008-09unfolds, news that the company hasimproved its production keeps pouringin. It has recorded a 47% rise in sales inFebruary 2009, compared with sales inthe corresponding month of 2008
Plenty of sheen onworld stage
Tata Steel5 COMPOSITE RANK 8
5 NET SALES RANK 14
5 STEEL-LARGE RANK 2
The demand for steel inthe developing world
will continue be animportant engine ofgrowth. It will be theanchor material for
various sectors.RATAN TATA
Chairman, Tata Group
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MARCH 2009 | THE FINANCIAL EXPRESS | 21
BPCL5 COMPOSITE RANK 9
5 NET SALES RANK 3
5 OIL & GAS RANK 3
The year gone by hasbeen very challengingfor the downstream oilsector in India. BPCLhas still performedcredibly in all areasof operations.ASHOK SINHACMD, BPCL
Shaheen Mansuri
BHARAT Petroleum CorporationLimited (BPCL) is a Fortune 500company having an equity base of
Rs 361.54 crore. It is a leading player inIndia’s downstream oil refining and mar-keting sector with the second largestmarket share. Its two refineries inMumbai and Kochi processed about 21million metric tons of crude in the yearended March 31, 2008.
For the financial year 2007-08, BPCLearned revenues of Rs 1,12,410 crore com-pared to revenues of Rs 99,107.8 crore in2006-07. Net profit for the period stood atRs 1,912.5 crore compared to Rs 2,355.9crore the previous financial year.
BPCL is directly connected to thelives of millions across the nation. Itproduces kerosene that ignites a stove inthe remotest of areas in addition tothe fuel used to fly aircrafts. It is engagedin the, refining and marketing ofaviation turbine fuel, petrol, diesel, fueloils, kerosene, greases and lube oilbased stock.
The company provides benzene,toluene, furnace oil, hexane, mineral tur-pentine oil and bitumen to industries.Bharatgashasinexcessof 25millioncon-sumers whereas Bharat metal cuttinggascaterstotheconstructionindustrybyproducing low cost metal cutting prod-ucts. BPCL has a wide-spread network ofpetrol stations, kerosene dealers, LPGdistributors and lube shoppes.
BPCL launched the concept of conve-nience stores called ‘In & Out’ housedwithin the petrol-stations with the objec-tive of making life easier for consumers.These stores remain open till late in thenight to enable call centre executives andthose working late meet their needs.
Today BPCL has distribution loca-tions and sales offices spread acrossthe country, 8300 gas stations and morethan 2100 liquefied petroleum gas (LPG)distributors. BPCL is one of the only 7Indian companies to figure in theFortune Global 500 list and is ranked 287in the latest list.
BPCL also brought into play Enter-
prisewide Resource Planning (ERP) solu-tions—SAP. The implementationproject—ENTRANS (EnterprisewideTransformation) was awarded the ‘SAPStar Implementation Award’.
The ongoing BPCL projects include:Central India Refinery Project: A 6Million Metric Tonnes per annum(MMTPA) capacity state-of-the-art grassroots Refinery at Bina, in MadhyaPradesh along with crude oil importfacilities being undertaken by BharatOman Refineries Limited (BORL) a jointventure company promoted by BPCL.
Bina Despatch Terminal: BPCL hasgot into product purchase and saleagreement with BORL and wouldtake charge of marketing the refinedproducts from the new refinery at Bina inMadhya Pradesh.
BinaKotaPipelineProject:An18”dia,265 km long cross-country productpipeline from Bina to Kota would be laidout to enable the economic evacuation ofMS, HSD, Superior Kerosene Oil (SKO)and ATF from the new refinery at Bina.
Crude Oil Receipt Facilities at Kochi:The project comprising Single PointMooring, Shore Tank Farm, associatedpipelines and pumping facilities toprocess receipt of crude oil in Very LargeCrude Carriers (VLCC) was mechani-callycompletedonNovember30,2007andis currently operational . The use ofVLCC for transporting crude oil to Kochihas resulted in reduction in the freightcost of both the Kochi and Mumbairefineries.
Fuels Quality Upgrade Project atMumbai Refinery: The project intendsplant modifications for improving thequality of MS & HSD to meet the Euro IVequivalent norms for meeting thedemand in Mumbai from April 2010.
Under its CSR plans, BPCL under-takes Community Development Pro-gram to usher in holistic development inadopted villages, comprising economi-cally and socially backward population.At the recently held Asian CSR awardsceremony in Singapore, BPCL won theAward in the category of EnvironmentalExcellence for ‘Project Boond”.
Fuelling India’s growthand development
22 THE FINANCIAL EXPRESS | MARCH 2009
Arun S
DURINGtheslowdown,BHEL—thecountry’s largest engineering andmanufacturing enterprise, was in
the news recently when a report byEmkay Global Financial Services Ltdsaid that the company’s turnover wouldexceed all expectations for 2008-09 andregister a 30% growth. There were alsoreports that the company is mulling a JVin the nuclear forging business with theconsortium of French nuclear technol-ogy provider Areva and Pune-basedBharat Forge. For the fourth consecutiveyear, the company was chosen for the‘ICWAI (the Institute of Cost and WorksAccountants of India) National Awardfor Excellence in Cost Management’.Withanorderbookpositionof Rs1,13,500crore, at the end of the third quarter ofFY’08-09, the company expects to achieverobust growth in 2008-09 and beyond. Aninterim equity dividend of 90% on theenhanced equity capital post-bonus hasbeen paid for fiscal 2008-09, maintainingthe track record of paying dividendsuninterruptedly for the last 33 years.
The company also declared a firsttime ever bonus issue in the year 2007-08.It has also adopted the various manda-tory accounting standards and corporategovernance practices. BHEL’s toplineCAGR was 28%. It is expected to bearound 25% in 2008-09. In the current fis-cal, the company’s order receipts wouldcross Rs 60,000 crore-mark and the out-standing order book is more than Rs1,15,000 crore. In 2007-08, the companyachieved a gross margin of Rs 4,763 croreand a net profit of Rs 2,859 crore. Theearnings per share has gone up from Rs13.5 in 2003-04 to Rs 58.4 in 2007-08. Returnon capital employed and return on networth at 61% and 27% respectively areone of the highest in the industry.
Macquarie Research said capacityadditionplansat fourimportantplantsofBHEL at Haridwar, Hyderabad, Bhopaland Trichy are ahead of schedule,thereby allaying fears about execution.Withover42,600employees, itmakesover180 products under 30 major product
groups and caters to core sectors likepower generation and transmission,industry, transportation, telecommuni-cation, etc. It has a network of 14 manu-facturing divisions, four power sectorregional centres, over 100 project sites,eight service centres and 18 regionaloffices. BHEL has installed equipmentfor over 90,000 MW of power generation.
Its achievements reads as: suppliedover 2,25,000 MVA transformer capacityand other equipment operating inTransmission&Distributionnetworkupto 400 kV (AC & DC); supplied over 25,000motors with drive control system topower projects, petrochemicals, refiner-ies, steel, aluminum, fertiliser andcement plants, and supplied tractionelectrics and AC/DC locos to power over12,000 kms of railway network. Besides,BHEL has supplied over one millionvalvestomanyindustries.BHELhasaug-mented its manufacturing capacity to10,000 MW per annum and this isexpectedtogoupfurtherto15,000MWperannum by December, 2009 and to 20,000MW per annum by December, 2011. Itaims to be a Rs 45,000-crore company by2011-12 and is implementing a ‘StrategicPlan 2012’ that will enable it to grow at acompounded annual growth rate of 20%.
BHEL outbid European MNCs andIndian majors to win a major contract fortransformers for the Tirora PowerProject. Valued at Rs 81 crore, the orderhas been placed on BHEL by PowergenInfrastructure for the upcoming 1,980MW (3x660 MW) Tirora Thermal PowerProject of Adani Power MaharashtraLimited (APML). In February, the com-pany had bagged an order for the supplyof 7 single-phase generator transformersfrom NTPC Ltd for its Barh ThermalPower Project. BHEL has supplied over4,000 transformers, aggregating to over3,00,000 MVA in cumulative capacity fortransmission and distribution networks,which are the mainstay of the Indiangrid. These have been supplied to allmajor utilities in the country, includingSEBs, NTPC and PowerGrid. On theexport front, it has supplied transform-ers to more than 20 countries.
Setting milestonesfor achievement
BHEL5 COMPOSITE RANK 10
5 NET SALES RANK 15
5 ELECTRICEQUIPMENT RANK 1
All our businessesoperate in a highly
competitiveenvironment and we are
progressing to build onthe momentum gained
in years gone by.KRISHNASWAMY RAVI KUMAR
CMD, BHEL
fe500 profile500 profile
24 THE FINANCIAL EXPRESS | MARCH 2009
Mona Mehta
ENGINEERING and construction(E&C) conglomerate Larsen & Tou-bro Limited (L&T) has interests in
manufacturing, services and informa-tion technology and has a leadershipposition in many of its major lines ofbusiness for more than seven decades.Recently,L&Thasalsoshotintolimelightwhenitsubmitteditsexpressionof inter-est to acquire Satyam Computer, and isseen by many as a front-runner for theHyderabad based firm.
In heavy engineering, L&T is acknow-ledged as one of the top five fabricationcompanies in the world, with engineer-ing and manufacturing capabilities thatare among the most sought after in theindustry. Strategic alliances with worldleaders enable L&T to access technicalknow-how and execute process-intensivelarge-scale turnkey projects to maintainits leadership position. L&T’s globally-benchmarked workshops are located atPowai in Mumbai, Hazira and Baroda inGujarat, and Vizag in Andhra Pradesh.
Between April 7, 2007 to March 31,2008, L&T achieved several milestones inbagging major domestic and interna-tional orders. It included, construction ofMumbai International Airport worth Rs5,500 crore; construction and civil workfor the Northern Area Development pro-ject in Rajasthan for Cairn Energy IndiaPrivate Ltd at Rs 1,347 crore; MumbaiHigh South Redevelopment Phase – II forONGC at Rs 1,261 crore, among others.Some major orders from the interna-tional market included manufacture andsupply of reactors (18) and separators (4)for clean fuel project for Kuwait NationalPetroleum Company for Rs 1,696 croreand building of semi submersible heavylift container carrier vessels for RollDock BV, Netherlands.
With ship-building being a majorthrust area, in January 2008, L&T’s pro-posal to put up an integrated ship build-ing yard and port got the green signalfrom the Tamil Nadu Governmentwherein it was decided that the facilitywillcomeupatEnnore,northof Chennai,
with an investment of over Rs 2,000 crore.L&T has a shipyard capable of construct-ing vessels of up to 150 metres in lengthand displacement of 20,000 tonnes at itsheavy engineering complex at Hazira onIndia’s west coast. The focus will be onconstruction 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 andelectronic 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 & embeddedsystems. It provides a cost cutting part-nership in the realm of offshore out-sourcing, application integration andpackage implementation.
L&T has posted 54.9% increase inprofit after tax (PAT) at Rs 2,173 crore forthe year ended March 31, 2008, as com-pared to Rs 1,403 crore reported duringthe previous corresponding period. Thecompany has registered a 40.7% rise ingross sales and service revenue at Rs25,187 crore for the year ended March 31,as compared to Rs 17,901 crore recordedduring the previous correspondingperiod. The share of revenue from theinternational operations constituted16.5% of the gross revenue. For the yearended March 31, 2008, the L&T’s orderinflowroseby37%overthepreviousyear.
During the first quarter of the finan-cial year 2008-09, L&T sold off L&T Con-crete (LC), a ready-mix concretemanufacturer, to Lafarge SA for Rs 1,483crore in May 2008.
Larsen & Toubro Ltd has reportedover two fold increase in net profit for thethird quarter of the financial year 2008-09, due largely to the sale of its ready mixconcreted unit to French major Lafargefor Rs 1,480 crore. The company’s third-quarter stand-alone net profit, includingone-time gain on account of the sale ofRMC unit, stood at Rs 1,520.44 crore or Rs25.80 per share, which increased morethan two-fold over the same period in2007. The figures for 2007 stood at Rs481.79 crore or Rs 8.11 per share.
On terra firma andprogressing forward
L&T5 COMPOSITE RANK 11
5 NET SALES RANK 13
5 ENGINEERING RANK 1
We are poised for rapidgrowth by reorganisingthe business structure
and placing an emphasison talent management,
self sufficiency,sharper focus on IT.
A M NAIKCMD, Larsen & Toubro
fe500 profile500 profile
MARCH 2009 | THE FINANCIAL EXPRESS | 25
Infosys5 COMPOSITE RANK 12
5 NET SALES RANK 22
5 COMPUTER-SOFTWARE-MEGA RANK 3
Our focus is on creatingvalue for clients, runningan optimised business,and evolving ourbusiness model that willallow us to emergestronger.S GOPALAKRISHNANCEO and MD, Infosys
FE Bureau
OVER the years, Infosys Techno-logies has come to represent allthat is good with India Inc. High
growth, strong values and transparentcorporate governance. So, even when thetimesaretough, thecompanymanagestoreport strong numbers.
The second-largest IT services com-pany in India is also among the fastestgrowing IT services organisation in theworld. It is a clear leader in the offshoreservices space with a pioneer in theglobal delivery model. “Our global deliv-ery model along with our consulting andsolution capabilities provides a strongplatform for our customers seeking effi-cienciesintheirITspend,”saidSGopala-krishnan, CEO and MD Infosys.
Apart from providing business con-sulting, application development andmaintenance and engineering servicesto 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, whenthe impact of the global financial melt-down was not so pronounced, the com-pany managed to grow its revenues to Rs15,648 crore from Rs 13,149 crore in theprevious year, at a growth rate of 19%.
The company’s software exportrevenues aggregated Rs 15,429 crore, upby 19% from Rs 12,935 crore in theprevious year. Of these, 63.1% of therevenues came from North America,26.9% from Europe, and 8.6% from therest of the world.
The move to de-risk the businesssources and have a balanced revenuestream from different geographies hasseen that the revenue from Europeincreased from Rs 3,393 crore to Rs 4,207crore, with a growth rate of 24%, whichwas higher than the other regions.
The company continued to reap thebenefits of economies of scale. The netprofit after tax and exceptional item in2007-08 was Rs 4,470 crore (28.6% of rev-enue) as against Rs 3,783 crore (28.8% ofrevenue) in the previous year. The factthat Infosys manages to exceed customer
expectations can be seen from the factthat it derived 97% of its revenues fromrepeat business. The total client base atthe end of the year stood at 538. Also,Infosys has been named as the best com-pany in India in corporate governance inThe Asset Magazine’s annual CorporateGovernance Index 2008.
And, at the end of 2007-08, the com-panyhad310million-dollarclients(275inthepreviousyear),141five-million-dollarclients (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 ofthe 2008-09 stood at Rs 5,786 crore, anincrease of 35.5% from the correspond-ing quarter last fiscal. The sequentialrevenue growth was 6.8%.
However, the impact of the globalmeltdown will be felt in the current yearand 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 mightactually not.
Infosys added 5,997 employees on agross basis versus the 4,500 employeeguidanceinthethirdquarterof financialyear 2008-09. The management has men-tioned that it would recruit 27,000 peopleas against the earlier guidance of 25,000.Ithaswonfourlargedealsinexcessof $50millionandiscurrentlypursuing10suchlarge deals. Little wonder then thatGopalkrishnan said after the third quar-ter results, “While there could be chal-lenges due to global economicuncertainties, we as a company see sig-nificant growth opportunities in themedium to long term.”
As a part of the efforts of the manag-ment to increase transparency anddisclosure levels in in financial report-ing, it has started the practice of addingrelating to detailed information on its‘cash and bank balances’ in its financialstatements from this quarter. Andthus, Infosys creates yet another firstin the annals of Indian corporatehistory and sets the standards high forcorporate governance, especially indistressed times.
Growing from strengthto digital strength
26 THE FINANCIAL EXPRESS | MARCH 2009
FE Bureau
BEFORE the turn of the nineties,ITC was known primarily for itsstrong presence in the cigarette
segment and a marginal presence in thehotel industry. Over the past few years,the company has metamorphosed itselfinto a diversified entity with strong pres-ence in the agricultural sector. Its inte-grated development approach andaggressive penetration in the FMCG andfoods sector has left many establishedplayers astounded.
This diversification is reflected in thefactthatthenetrevenuesforthefinancialyear 2007-08 at Rs 13,947.53 crore, grew by14.7%, driven by a robust 48.6% growth inthe non-cigarette FMCG businesses, anda steady performance by the hotels andpaperboards, paper and packaging seg-ments. The non-cigarette portfolioaccounted for 52.4% of the company’s netrevenues. And this translated into a netprofit of Rs 3,120.10 crore, a growth of15.6% over the previous financial year.
The group’s focus on the agri-sector isnot just to cater to the domestic market.The ITC Group’s contribution to foreignexchange earnings over the last decadeamounts to nearly $3.2 billion, of whichagri exports constitute 60%. “Earningsfrom agri exports are an indicator ofITC’s contribution to the rural economyby effectively linking small farmers withinternational markets,” said YCDeveshwar, chairman ITC at the annualgeneral meeting in July 2008.
TheITC‘ChoupalPradarshanKhet’,acollaborative and paid agri extensionservice, aimed at enhancing farm pro-ductivity through the adoption of bestpractices in agriculture, grew exponen-tially by 210% during 2007-08, covering43,500 hectares.
And not just that, the company’saggressive penetration and brand cre-ationintheFMCGandbrandedpackagedfood business has caught the eye. In thesalty snacks segment Bingo has sales ofRs 300 crore with a market share ofaround 13%, in the confectionaries seg-ment Candyman and Minto are market
leaders with sales of Rs 200 crore, in thebiscuits segment Sunfeast is the numberthree player with sales of around Rs 1,000crore and Aashirwad has more than a50% market share with sales of Rs 900crore. And all this has been achievedwithin a couple of years.
In fact, within a year’s launch ITC hasalready gained around 2.5% of the mar-ket share in the soaps segments and isexpected to reach around 3.5% marketshare within the next two quarters.
Closer to the quarter, when the FMCGand hotels division performed in an ordi-nary manner, the cigarettes divisionboosted its performance. The cigarettesegment net sales were up 17.7% in thethird quarter of the current financialyear and profit before interest and tax(PBIT) grew by 18% to Rs 1,134.1 crore.This is because of the relative in-elasticdemand 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 concernsover the non-cigarette FMCG revenuesand also from the hotel business. Thefocus would be on growing the agri-business further and also expandingthe hotels. ITC WelcomHeritage, a jointventure between ITC and MarudharHotels of Jodhpur will be taking upthree heritage locations in India at atime when there is a pronounced slow-down in the sector. Wills Lifestyle, thelifestyle retailing business, is alreadyleveraging ITC’s properties across thecountry to build specialty outlets andthese are expected to generate substan-tial returns, say analysts.
The going was never easy, but then asDeveshwar puts it, “The path to realisinga new paradigm of high growth is strewnwith several fundamental challenges.These can seriously undermine thegrowth process and derail the pace ofprogress in the coming years. Unless wetake impactful strides in resolving thesechallengesthroughfocussedpolicyinter-vention and radical innovation, we standthe unfortunate prospect of undoingmany of the gains made so far.”
Gains from dynamismand diversification
ITC5 COMPOSITE RANK 13
5 NET SALES RANK 23
5 CIGARETTES RANK 1
A relentless mission tobuild a world-class
Indian institutioncontinues to inspire us to
achieve leadership andexcellence in everything
we are engaged in.Y C DEVESHWAR
Chairman, ITC
fe500 profile500 profile
MARCH 2009 | THE FINANCIAL EXPRESS | 27
GAIL(I)5 COMPOSITE RANK 14
5 NET SALES RANK 18
5 GASDISTRIBUTION RANK 1
In its quest forexcellence with ethics,the company is makingefforts to take economicgrowth and the growthof the energy markets tothe common man.U D CHOUBEYCMD, GAIL
FE Bureau
FROM being a mere gas transporterat the start of operations, GAILIndia has come a long way in
becoming a diversified gas solutionsprovider 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 thatthe natural gas sector has to offer.Speakingaboutthisattheannualgeneralmeeting, UD Choubey, chairman andmanagingdirectorsaid,“Thenaturalgassector is progressively opening up andthere is considerable dynamism in thepolicy and regulatory environment.These changes present significant chal-lenges as well as opportunities in thecoming years.”
GAIL is India’s largest natural gastransmission company, operating a gaspipelinenetworkof over4,600kmsacrossIndia. The company dominates the gassector, transporting 90% of the totalgas transported through pipeline inIndia. Over the past decade, the companyhas managed a compounded annualgrowth rate of 13% in revenues and 10%in net profits.
For the financial year 2007-08 it got inrevenues worth Rs 18,008 crore, whichis 12% higher than the previous yearand earned a net profit of Rs 2,601 crore,which again is 9% higher than theprevious year.
However, in the silver jubilee year, themanagement intends to take the com-pany to new heights and has chalked outan ambitious plan. “Three focus areasdecided by the Board and TopManagement Team (TMT) have beenidentified as, (i) enhancing transmissionand distribution capabilities, (ii) petro-chemicals and (iii) city gas and CNGactivities,” said Choubey.
These three businesses will be at thecore of the company’s competence innatural gas-related businesses and isnot an unrelated diversification. At thesame time, it has the ability to capturethe huge capacity expansion expectedin this sector.
On the one hand, GAIL has hugecapacity expansion plans. These approx-imately add up to around Rs 28,000 croreover the next five years. And this isexpected to increase the transmissioncapacity from current 150 mmscmd to 346mmscmd.
And, this expansion is expectedto capture the opportunity thrown inby the twofold increase in the productionof natural gas. It also has linkageswith the Reliance Industries’ KG6 basingas production and will be a majorbeneficiary when gas operations areat full swing.
Moreover, the government, in the pre-vious year has permitted the company todistribute gas in as many as 230 citiesacross the country. At its AGM inSeptember (FY08) GAIL announced theincrease in its petchem capacity to 500KTA and further to 800KTA.
GAIL’s existing and large plans forcity gas distribution and even E&P willprovide the company with in-built busi-ness hedges. The management will,apart from developing city gas infra-structure, be building gas corridors onnational highways. Through this, thecompany plans to add 17 cities in thefirst phase of expansion over the nexttwo years.
So, when the petrochemical cycle isdown, like it is at the moment, theincrease in gas transportation and therevenues from the city gas business willhold it in good stead.
However, at the moment, there are alot of concerns over near-term profitabil-ity. This is due to the overall economicslowdown and the delay in commission-ing of some key gas production units likethe RIL KG6 basin gas.
But then when the cycle turns, thecompany, which was adjudged the “GasUtility in Asia” and also finds its way inthe prestigious Platts Top 250 GlobalEnergy Companies list, will be in a posi-tion to reap most benefits and take itsvision forward. Chairman Choubey andteam have a vision of taking the com-pany’s revenues beyond Rs 50,000 croreby 2011-12.
Moving forwardthrough innovation
28 THE FINANCIAL EXPRESS | MARCH 2009
FE Bureau
WIPROisanorganisationthathasliterally metamorphosed overthe past six decades. It all
started off in the pre-independence eraas a manufacturing unit of hydrogener-ated vegetable oil, later grew into a diver-sified consumer care products companyand then in 1975 into hydraulics engi-neering. It was only in 1980 that the com-pany stepped into the informationtechnology sphere and has now becomeone of India’s largest players.
It is in all spheres of operations, espe-ciallyintheITbusinessthatthecompanyhas created an indelible impact. In thefinancial year 2007-08, Wipro’s combinedIT businesses grew 43% to cross $4.3 bil-lion in revenues. Its global IT businessdelivered 38% growth (in dollar terms)and its India, Middle East and Asia Pac ITbusiness grew by 51%. Speaking aboutthis, chairman Azim Premji said in hisletter to stakeholders, “Achieving theselandmarks, in a tough environment forour technology business and unprece-dented currency appreciation of therupee, was satisfying. Extending ourtrack record set over the decades was par-ticularly rewarding.
During the financial year endingMarch 2008, the company’s revenuesgrew by 34% to Rs 20,397 crore and the netprofit by 12% to Rs 3,282.9 crore. Over thelastdecade,Wipro’srevenueshavegrownat a compounded rate of 31% and its netprofit even faster at 41%, something thatvery few organisations can match. Forthis Premji said, “In Wipro, we look atmilestones that reflect value as seen byour customers. 2007-08 saw another yearof impressive performance by Wiproites.We delivered all-round growth, built andsustained leadership while continuing toinvest for the future.”
The global IT services and productssegment revenue was Rs 13,641.7 crore,of which Rs 11,955.6 crore was from ITservices, Rs 1,157 crore from BPOservices and the balance Rs 529.1 crorefrom acquisitions made. During thecurrent year, the company earned 54.4%
of revenue from work done in locationsoutside India (onsite) and remaining45.6% of revenue from the work per-formed from our development centres inIndia (offshore”).
However, with the global meltdownand the extremely volatile currency, alot of firms in the IT sector have startedfeeling the heat and Wipro is also oneof them. For the third quarter of finan-cial year 2008-09, the company has postedsteady results, rather detached fromthe flamboyant numbers declaredearlier. Revenues for the quarter endedDecember 31, 2008, were at Rs 6,618 crore,representing a 25% increase over thesame quarter of the previous year andnet profit was Rs 1,004 crore, an 18%increase.
To challenge these testing times, themanagement 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 andprocess transformation initiatives.Apart from that there has been a restruc-turing of business processes and also themanagement team.
The management would be broadbas-ing their R&D services and diversifyingfrom offering telecom and high-tech-ori-ented services to include automotive andaerospace. It would also be assimilatingpooling consulting capabilities from var-ious verticals within the company.Analysts say that Wipro has already cre-ated a consulting unit with around 1,000employees. This could easily be amongstthe largest consulting units across sectorleaders, reckon analysts. Importantly,the Global Program Management unitwill target large IT contracts coming upfor renewal.
Going ahead, Premji reckons, “We areliving in tough times; the macro-eco-nomic challenges are significant andimpacting businesses across segments.However, recessions do not last, resilientcompanies do. I am confident Wiproitesare resilient to withstand the near-termchallenges posed by an uncertain envi-ronment and come out stronger.”
Looking beyondbusiness into life itself
WIPRO5 COMPOSITE RANK 15
5 NET SALES RANK 19
5 COMPUTER-SOFTWARE-MEGA RANK 2
Our confidence stemsfrom fundamentals likebusiness environment,
strategic initiatives,leadership depth, abilityto innovate and passion
to look beyond business.AZIM PREMJI
Chairman, Wipro
fe500 profile500 profile
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Reliance Inds
ONGC
NTPC
Indian Oil Corp
Bharti Airtel
SAIL
Reliance Communications
Tata Steel
BPCL
BHEL
Larsen & Toubro
Infosys Technologies
ITC
Gail(I)
Wipro
TCS
HPCL
Sterlite Inds(I)
Hindalco Inds
Power Grid Corp(I)
DLF
Maruti Suzuki(I)
Tata Motors
Hindustan Zinc
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Grasim Inds
Tata Power Co.
NMDC
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JSW Steel
Idea Cellular
National Aluminium
Mahindra & Mahindra
Suzlon Energy
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MTNL
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Neyveli Lignite Corp.
ACC
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Hindustan Unilever
Tata Communications
MMTC
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Videocon Inds
Jet Airways(I)
Chennai Petroleum Corp
Ranbaxy Laboratories
HCL Technologies
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30.01.2009
MARCH 2009 | THE FINANCIAL EXPRESS | 31
Reliance Inds
ONGC
NTPC
Indian Oil Corp
Bharti Airtel
SAIL
Reliance Communications
Tata Steel
BPCL
BHEL
Larsen & Toubro
Infosys Technologies
ITC
Gail(I)
Wipro
TCS
HPCL
Sterlite Inds(I)
Hindalco Inds
Power Grid Corp(I)
DLF
Maruti Suzuki(I)
Tata Motors
Hindustan Zinc
Reliance Infrastructure
Grasim Inds
Tata Power Co.
NMDC
MRPL
JSW Steel
Idea Cellular
National Aluminium
Mahindra & Mahindra
Suzlon Energy
Jindal Steel & Power
MTNL
Jaiprakash Associates
Neyveli Lignite Corp.
ACC
Hero Honda Motors
Hindustan Unilever
Tata Communications
MMTC
Cipla
Ambuja Cements
Videocon Inds
Jet Airways(I)
Chennai Petroleum Corp
Ranbaxy Laboratories
HCL Technologies
27810.28
35381.33
12158.10
12761.53
10126.07
12674.01
4432.21
7881.97
3673.47
4688.73
3284.13
5646.00
5010.23
4418.48
3925.70
5789.57
2354.97
1242.58
4142.69
3152.05
3143.60
3052.50
3221.78
6283.66
1467.94
3535.75
1298.11
5032.57
2165.15
3171.30
1908.87
2757.11
1645.43
1504.43
1949.80
1335.71
1040.28
1966.66
2247.77
1566.21
2440.97
746.57
325.19
962.61
1828.89
1498.90
353.99
1977.05
893.14
1074.22
44.13
6.95
13.27
-2.11
45.74
19.10
30.50
11.56
0.56
18.83
52.66
22.63
16.80
17.22
11.02
28.76
-20.56
18.97
2.39
18.31
399.17
20.56
2.18
-5.27
26.16
39.53
23.13
41.08
53.15
31.40
78.94
-29.85
-1.97
20.20
52.42
-9.50
33.38
60.14
21.62
13.26
7.42
-32.02
66.41
2.97
23.33
20.14
-23.13
77.49
62.47
-20.08
2
1
5
3
6
4
14
7
18
13
20
10
12
15
17
9
28
50
16
23
24
25
21
8
44
19
48
11
31
22
35
26
39
42
34
46
56
33
30
41
27
71
146
59
36
43
133
32
62
54
2
1
4
3
7
5
19
6
16
13
27
9
11
15
18
10
21
51
12
22
64
24
20
8
44
23
50
17
33
25
48
14
29
40
39
32
55
42
28
36
26
47
185
53
31
41
86
46
73
38
208719.00
140780.42
156251.47
53221.43
120320.64
34199.71
35129.62
13493.85
14161.52
64638.67
40342.32
74758.15
67801.56
24754.39
33825.30
50099.43
9687.21
19568.77
8340.95
37100.92
30171.84
16497.33
7692.76
14680.80
13265.38
10978.04
16859.26
66032.08
6476.00
3946.76
14570.47
12786.33
7585.94
7086.96
16043.16
4551.75
9026.48
13430.07
9485.12
17512.69
56937.26
12924.75
72412.25
14924.16
10726.72
2134.88
1543.58
1642.73
8679.34
7768.95
-41.87
-32.04
-6.05
-2.02
-25.62
-62.31
-72.18
-74.49
8.67
-36.80
-62.71
-12.47
-9.75
-31.28
-43.81
-40.86
14.31
-64.17
-61.40
-19.86
-79.47
-32.23
-71.34
-41.97
-71.85
-59.97
-41.34
-51.34
-54.51
-76.10
-52.01
-50.88
-55.33
-85.17
-52.73
-41.45
-77.78
-41.65
-36.66
27.90
31.18
-8.57
-41.21
1.72
-40.41
-79.99
-77.03
-63.81
-34.54
-53.50
1
3
2
11
4
16
15
32
30
9
13
5
7
19
17
12
42
21
48
14
18
24
51
28
34
37
23
8
62
79
29
36
54
56
25
72
45
33
43
22
10
35
6
27
38
111
133
127
47
50
1
2
3
18
4
11
7
19
60
10
9
12
14
25
16
13
79
17
42
22
5
37
32
36
21
31
30
6
54
50
28
35
48
20
26
86
24
40
51
56
23
55
8
52
45
71
92
127
58
49
24.39
23.65
14.09
16.95
30.85
32.68
10.41
17.17
13.54
26.54
23.02
33.14
25.88
20.00
26.52
40.97
10.74
7.23
16.54
10.72
22.84
20.57
25.88
37.10
9.95
27.43
11.66
39.22
33.63
22.51
29.45
18.38
25.36
18.22
32.93
3.41
14.52
12.19
34.64
32.41
133.78
4.65
19.47
18.68
25.30
15.06
-
32.41
24.35
24.30
18.67
25.26
14.13
21.53
35.25
35.82
9.39
30.27
17.57
27.48
24.54
33.89
25.87
20.95
30.50
46.62
16.37
17.59
20.65
11.49
62.16
22.79
27.85
58.24
8.58
24.65
12.77
40.00
19.06
23.19
23.04
30.95
30.61
28.58
28.16
4.01
14.44
6.80
39.20
34.73
68.13
7.37
14.37
20.64
28.70
16.24
1.25
21.43
16.20
32.17
18.61
33.50
13.84
10.98
25.98
31.01
7.86
14.66
8.62
15.28
12.13
33.20
29.05
22.43
19.46
39.77
5.69
6.74
13.41
7.39
14.01
24.61
12.73
47.58
7.22
25.09
10.01
69.92
18.77
15.42
14.99
25.01
16.25
11.95
21.05
7.05
6.15
13.94
32.25
30.87
35.74
8.84
3.66
17.88
27.97
12.20
1.71
20.57
11.57
19.52
16.49
34.46
13.63
13.44
25.91
31.48
7.41
22.80
10.87
17.00
12.36
36.44
28.66
22.47
26.41
42.35
9.36
11.75
16.22
7.32
5.82
24.67
16.50
75.76
6.26
22.60
9.36
71.95
16.02
18.48
12.46
41.25
21.59
19.79
17.56
8.57
7.12
10.26
31.61
32.59
30.38
14.58
5.43
22.63
27.95
11.24
4.31
14.26
8.03
28.09
14.54
27.91
20.01
3.07
24.29
19.06
19.28
23.85
1.43
14.77
8.82
28.57
22.41
14.44
17.51
24.33
1.09
7.51
16.66
30.94
46.53
9.41
7.23
55.80
17.04
21.78
14.80
56.92
3.91
15.17
15.54
32.43
9.74
18.27
22.93
8.61
15.18
36.32
23.76
9.37
13.87
9.27
0.76
16.90
31.18
10.32
-
3.98
15.32
16.91
10.69
27.62
21.06
3.72
22.67
18.33
20.54
24.18
1.85
14.02
8.04
28.77
22.33
14.88
20.77
25.15
1.77
6.63
15.55
33.72
35.80
10.73
7.18
51.89
14.04
17.84
14.93
55.43
1.85
15.10
11.50
39.93
11.00
19.72
20.09
9.49
11.85
21.71
24.22
8.67
15.15
12.51
0.54
19.01
24.17
11.34
0.40
2.28
9.63
29.24
Company
( Figures in Rs Crore)
* Since new entrants have been added and their ranks adjusted against previousyear’s performance, some of the previous year ranks are bound to change
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
Rank2008
Rank2007
%ChangeCompany
Rank2008
Rank2007
Composite NetSales2008
%Change
Rank2008
Rank2007
TotalAssets
2008%
ChangeRank2008
Rank2007
NetWorth
2008
32 THE FINANCIAL EXPRESS | MARCH 2009
49
55
44
51
57
67
59
62
52
63
58
56
66
60
61
45
64
68
72
71
73
70
115
86
65
69
74
77
80
96
76
81
82
108
85
78
75
93
89
79
97
95
87
146
98
104
102
83
103
142
Bharat Electronics
Shipping Corp(I)
Aditya Birla Nuvo
Dr Reddys Laboratories
Ultratech Cement
Sun Pharma. Inds
Tata Chemicals
ABB
Adani Enterprises
Bosch
Siemens
Unitech
Container Corporation
Torrent Power
CESC
Ispat Inds
Ashok Leyland
Great Eastern Shipping Co.
Punj Lloyd
India Cements
Pantaloon Retail(I)
Petronet LNG
HDIL
Sesa Goa
United Spirits
Bhushan Steel
Rashtriya Chem. & Fert.
Jindal Saw
Oracle Financial Ser. Soft.
Welspun-Guj Stahl Rohren
JSL
Indian Hotels Co.
IVRCL Infrastructures
Lupin
Nirma
Nagarjuna Construction
Century Textiles & Inds
United Phosphorus
HCL Infosystems
Bharat Forge
BEML
Crompton Greaves
National Fertilizers
Lanco Infratech
Tech Mahindra
Chambal Fertilisers
Jubilant Organosys
Moser Baer
Asian Paints
Sintex Inds
4068.18
3726.84
3878.46
3363.63
5509.90
2369.08
4036.68
5940.30
11162.16
4295.28
7686.56
2802.27
3347.30
3625.60
2774.97
8323.09
7929.77
3062.75
4470.69
3044.25
5023.30
6555.31
2379.87
3559.33
3148.87
4152.30
5171.19
5275.81
1792.97
3875.37
5050.78
1764.51
3686.03
2538.64
2333.06
3472.94
3462.50
1484.99
12411.44
2076.68
2751.34
3894.47
4140.65
1574.55
3604.70
2721.82
1976.22
1901.62
3577.10
1657.12
4.42
0.63
15.17
-11.53
12.18
42.44
2.28
38.71
12.93
13.10
71.78
11.91
9.48
30.23
11.70
11.38
8.27
43.39
99.79
34.99
57.59
18.99
97.75
76.45
14.50
9.08
47.02
39.83
15.50
51.38
5.24
14.51
57.87
28.74
3.89
20.96
9.54
10.37
6.68
14.71
12.71
15.28
7.11
190.68
30.71
4.94
22.83
-6.00
21.23
48.55
68
78
73
90
52
119
69
47
30
64
40
108
91
81
109
35
38
99
62
101
58
43
118
84
97
65
55
54
155
74
56
157
80
116
123
87
88
190
27
139
110
72
67
179
82
111
145
150
83
169
59
70
77
63
47
143
58
54
29
64
52
97
82
86
98
36
37
113
106
104
80
44
194
121
88
62
72
65
154
96
49
158
103
123
105
84
81
178
26
133
99
76
60
403
87
94
146
120
83
210
6926.19
8115.52
7667.84
6131.91
6258.40
5355.87
7452.02
4599.59
6547.38
3895.66
5105.01
16608.75
3876.49
6881.48
8369.07
12853.02
5562.24
7111.43
5320.16
6257.94
4743.90
3998.13
7414.34
3184.48
3903.03
8803.83
3734.05
4236.05
3200.01
5294.17
9208.57
3780.09
3481.77
2939.47
3345.98
4024.04
3614.22
4128.55
3056.87
3984.95
3381.13
2380.60
2906.09
4515.83
2171.80
3629.44
3646.28
4996.81
2001.79
3750.20
19.15
8.00
16.46
11.54
34.78
30.91
58.02
44.83
14.19
16.27
33.21
93.55
26.12
23.63
13.88
-4.23
23.94
26.99
36.32
31.76
68.99
19.84
292.35
77.34
15.31
63.06
19.01
15.15
8.48
60.26
46.80
13.19
26.73
29.05
3.84
40.33
18.04
7.28
19.81
13.77
49.28
16.86
12.36
90.27
40.53
-0.45
18.46
17.99
30.64
121.43
59
49
52
67
64
74
53
84
62
94
79
28
95
60
48
34
71
57
75
65
82
89
54
119
93
46
98
86
117
76
44
96
106
126
112
88
102
87
121
90
111
153
127
85
169
101
100
81
180
97
53
43
49
57
66
71
65
97
54
86
76
38
101
56
45
21
67
55
73
64
108
88
151
157
85
58
98
77
104
91
51
87
109
129
94
105
102
75
118
83
131
142
115
122
188
78
100
69
190
171
3212.95
5632.10
3646.33
4811.80
2696.99
4207.62
3571.68
1626.34
1337.66
2563.41
1590.88
2143.82
3183.92
2889.76
4586.48
2901.61
2148.98
4157.37
2414.57
3321.11
1783.36
1618.55
3637.22
2791.13
2009.32
1625.32
1538.91
1985.01
2812.62
1489.47
1788.06
2016.58
1605.98
1317.05
2584.98
1566.95
1303.90
1703.11
1006.26
1473.28
1705.70
930.75
1407.67
1593.11
1228.40
1138.27
1378.66
1969.55
928.50
1463.85
24.91
10.44
16.70
10.03
52.91
71.78
49.27
36.00
28.11
25.54
46.34
84.65
21.07
6.82
20.22
-1.36
13.43
35.52
118.67
50.38
63.29
26.89
400.42
85.29
49.72
33.83
6.11
94.58
19.26
130.33
27.56
12.11
21.51
48.25
6.39
51.60
21.45
51.15
19.05
11.04
65.04
38.03
2.69
15.50
39.91
11.36
43.36
-6.07
24.78
124.91
57
36
49
37
65
42
51
89
110
68
94
73
58
62
39
61
72
44
71
55
84
91
50
64
77
90
96
78
63
98
83
76
92
113
67
95
116
87
153
101
86
163
106
93
122
131
108
79
166
103
53
32
43
35
73
56
59
91
109
67
104
95
52
50
36
45
70
44
101
64
102
88
159
76
85
90
78
117
60
179
79
71
87
133
57
111
107
99
141
86
112
166
81
80
137
116
122
66
157
177
fe500 companiesbasedoncompositeranking500 companiesbasedoncompositeranking
ROA(%)
2008
RONW(%)
2008
RONW(%)
2007
ROA(%)
2007
ROS(%)
2008
ROS(%)
2007%
ChangeRank2008
Rank2007
GrossProfit2008
%Change
Rank2008
Rank2007
MarketCap
30.01.2009
MARCH 2009 | THE FINANCIAL EXPRESS | 33
Bharat Electronics
Shipping Corp(I)
Aditya Birla Nuvo
Dr Reddys Laboratories
Ultratech Cement
Sun Pharma. Inds
Tata Chemicals
ABB
Adani Enterprises
Bosch
Siemens
Unitech
Container Corporation
Torrent Power
CESC
Ispat Inds
Ashok Leyland
Great Eastern Shipping Co.
Punj Lloyd
India Cements
Pantaloon Retail(I)
Petronet LNG
HDIL
Sesa Goa
United Spirits
Bhushan Steel
Rashtriya Chem. & Fert.
Jindal Saw
Oracle Financial Ser. Soft.
Welspun-Guj Stahl Rohren
JSL
Indian Hotels Co.
IVRCL Infrastructures
Lupin
Nirma
Nagarjuna Construction
Century Textiles & Inds
United Phosphorus
HCL Infosystems
Bharat Forge
BEML
Crompton Greaves
National Fertilizers
Lanco Infratech
Tech Mahindra
Chambal Fertilisers
Jubilant Organosys
Moser Baer
Asian Paints
Sintex Inds
1282.39
1213.08
487.55
746.09
1738.37
1106.86
1302.56
779.37
364.27
1120.02
912.15
1372.59
1053.98
500.17
569.31
749.96
808.51
1742.68
453.76
1036.16
275.80
816.83
1603.15
2278.88
513.58
769.89
328.87
968.58
516.54
592.40
632.45
656.40
316.62
602.29
452.83
291.51
563.41
170.05
446.97
529.12
364.40
521.31
248.91
308.18
901.40
451.25
535.63
353.13
599.67
330.89
13.08
-14.07
6.16
-50.24
25.26
61.42
67.18
43.80
80.85
5.68
68.58
1.80
8.10
28.68
55.01
24.08
7.81
48.42
155.35
74.76
27.99
29.60
159.04
144.89
-20.88
23.91
4.34
207.21
20.06
125.17
-17.61
16.91
53.81
38.42
17.50
17.84
13.96
-37.58
1.93
15.63
11.59
52.34
-33.57
195.28
30.09
14.94
53.41
-25.90
32.38
63.69
49
51
98
72
38
53
47
67
131
52
60
45
55
95
85
70
65
37
107
57
169
64
40
29
93
68
144
58
92
83
79
77
153
81
108
164
86
242
112
89
130
90
186
155
61
109
88
134
82
143
45
34
87
30
35
61
56
75
180
49
76
37
52
95
107
70
58
43
202
71
168
63
67
54
62
65
120
119
92
142
57
72
175
91
97
149
82
135
90
88
116
114
101
288
60
94
112
84
89
179
6620.80
3667.08
4469.75
7598.27
4934.78
22233.30
3610.93
10167.44
6980.01
9889.19
6994.38
5219.23
9200.20
3413.45
2908.71
1248.52
1875.72
2607.20
2874.15
2880.82
2832.98
2782.50
2659.86
6671.52
5928.97
1223.99
1809.54
998.36
5093.03
1321.35
613.74
2904.45
1463.21
4722.02
1554.00
1188.88
1557.95
4116.39
1519.76
1888.50
1410.14
4748.66
1260.79
2507.80
2897.88
1604.49
1779.59
1072.98
7530.20
1857.03
-48.71
-40.93
-76.96
-16.22
-54.94
-4.40
-52.45
-58.15
-68.13
-18.99
-75.91
-91.67
-8.68
-58.63
-53.41
-76.05
-60.56
-57.08
-77.68
-51.60
-70.02
-48.58
-86.30
-43.34
-65.50
-77.71
-63.43
-76.81
-39.29
-84.07
-73.39
-64.80
-75.82
5.58
-50.56
-81.13
-81.62
-42.04
-55.83
-70.49
-74.44
-62.24
-55.34
-76.62
-83.21
-20.52
-60.33
-70.40
-33.04
-68.40
60
82
73
53
68
20
83
39
58
40
57
66
44
86
93
162
119
102
97
96
98
100
101
59
63
163
122
179
67
155
240
94
146
71
132
164
131
76
140
118
148
70
160
103
95
128
123
173
55
120
61
100
44
77
69
39
87
38
41
64
29
15
73
83
99
114
124
102
62
104
75
112
43
67
47
109
120
136
81
82
196
84
103
130
161
98
78
90
152
96
108
63
171
70
46
213
128
149
68
105
25.73
14.45
6.67
9.88
37.36
24.10
26.58
30.23
23.33
23.77
37.50
48.08
23.57
7.31
7.75
1.20
21.84
32.63
9.17
19.20
7.06
29.33
38.78
53.46
15.49
26.07
10.28
35.32
14.61
23.59
13.49
18.72
13.11
33.66
8.89
10.47
23.27
5.43
30.29
18.57
13.23
33.73
7.72
12.57
62.34
17.90
28.45
-
40.41
14.78
27.92
19.89
7.20
26.91
44.35
25.68
18.56
28.46
14.43
26.84
33.13
84.72
26.47
5.30
7.88
-
23.29
28.62
5.58
21.68
10.99
24.56
74.54
40.26
36.81
25.79
10.26
17.27
15.04
22.05
25.18
17.92
10.70
34.00
4.49
14.70
26.29
9.66
37.61
18.16
19.83
28.53
12.85
5.30
67.22
14.79
24.07
5.24
36.56
20.06
18.52
14.95
6.36
12.17
27.78
20.67
17.48
16.94
5.56
28.75
17.87
8.26
27.19
7.27
6.80
5.83
14.54
24.51
8.53
16.56
5.81
20.43
21.62
71.56
13.16
8.74
8.81
22.87
16.14
11.19
6.87
17.36
9.09
20.49
13.53
7.24
15.59
4.12
14.62
13.28
10.78
21.90
8.57
6.82
41.50
12.43
14.69
7.07
29.96
8.82
19.51
18.79
6.98
27.27
29.89
16.76
16.52
17.07
3.51
31.63
14.12
15.71
31.72
6.98
5.00
4.50
16.71
20.97
4.55
12.48
7.68
18.89
32.75
51.82
19.18
11.51
10.05
8.57
14.59
7.96
12.24
16.81
7.49
19.10
11.96
8.63
16.15
7.08
17.19
13.07
14.42
16.80
14.49
4.40
44.84
10.77
11.34
11.25
29.56
11.94
20.32
21.84
6.27
14.13
18.29
42.80
23.51
8.28
2.80
14.18
7.76
36.78
22.42
5.83
12.81
0.42
5.92
44.30
4.95
20.94
2.51
7.24
59.27
41.92
9.89
10.20
3.06
13.29
22.92
9.07
4.77
21.39
5.71
17.47
9.85
4.73
8.76
6.23
2.46
13.17
8.20
8.06
2.62
12.71
21.24
7.49
19.85
-
10.49
13.05
18.43
27.40
6.68
30.95
15.93
37.82
11.26
7.95
1.52
14.43
8.05
39.28
22.77
5.16
12.10
-
6.03
41.10
2.75
21.23
3.76
5.69
45.02
30.06
17.96
8.23
4.23
4.67
22.85
5.57
7.36
20.92
6.06
15.32
4.86
5.29
8.93
8.09
2.73
13.31
8.40
5.69
4.56
13.49
21.40
5.83
14.39
5.43
9.22
11.71
Company
( Figures in Rs Crore)
fe500 companiesbasedoncompositeranking500 companiesbasedoncompositeranking
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
Rank2008
Rank2007
%ChangeCompany
Rank2008
Rank2007
Composite NetSales2008
%Change
Rank2008
Rank2007
TotalAssets
2008%
ChangeRank2008
Rank2007
NetWorth
2008
34 THE FINANCIAL EXPRESS | MARCH 2009
91
144
92
134
105
94
125
114
255
100
109
112
110
169
101
113
118
106
123
107
128
120
132
111
154
130
185
117
119
122
121
116
131
143
149
99
176
151
90
139
135
136
148
127
159
179
160
156
140
196
GNFC
Mundra Port
HCC
Bongaigaon Refinery
GlaxoSmithKline Pharma
Ruchi Soya Inds
Exide Inds
Rajesh Exports
PTC(I)
GSFC
Tata Tea
Zee Entertain. Enterprises
Apollo Tyres
Coromandel Fertilisers
Parsvnath Developers
Nagarjuna Fert. & Chem.
Cummins(I)
Bajaj Hindusthan
Aurobindo Pharma
Piramal Healthcare
Madras Cements
Patni Computer Systems
Cadila Healthcare
STC(I)
Jain Irrigation Systems
Gitanjali Gems
Omaxe
Essar Oil
MRF
EIH
Thermax
Hindustan Copper
Alok Inds
GTL
DCM Shriram Consolidated
Gammon(I)
Glenmark Pharma
Shree Cement
Essar Shipping Ports & Logs.
Vardhman Textiles
Kesoram Inds
Nestle(I)
Balrampur Chini
Triveni Engg. & Inds
Mphasis
Simplex Infrastructures
Dalmia Cements(Bharat )
Britannia Inds
Voltas
Apollo Hospitals
3433.91
818.58
3104.34
6034.61
1575.20
10908.48
3156.87
8187.62
3855.51
3556.43
1134.53
1041.99
3693.92
3762.36
1726.25
2193.59
2350.67
1735.87
2231.11
1902.25
2014.65
1172.30
1674.10
15774.13
1855.11
2654.33
1789.50
524.63
4406.55
1079.88
3177.10
1600.26
2122.04
1433.33
2489.55
2340.84
1371.33
2110.02
776.24
2294.67
2987.92
3482.19
1407.50
1593.01
1703.56
2809.50
1467.63
2581.72
3044.53
1123.81
25.36
40.47
29.64
4.24
2.14
27.51
51.55
24.08
4.03
7.03
7.59
20.09
12.20
81.69
39.65
20.71
26.37
18.58
19.05
19.73
27.74
17.48
16.22
10.04
32.72
19.57
90.20
14.49
18.32
15.01
52.72
2.16
17.50
55.44
-7.84
28.58
69.69
49.86
-24.22
9.44
35.26
24.61
12.50
-16.51
54.47
64.46
49.36
17.31
26.83
26.13
89
343
98
46
178
31
95
37
75
85
246
258
79
77
162
130
120
160
125
149
144
239
168
21
152
112
156
468
63
253
94
176
135
200
117
121
208
136
356
124
104
86
202
177
165
107
192
114
100
248
89
380
102
42
156
34
116
40
69
78
219
275
79
118
189
132
129
164
127
148
149
236
166
20
172
107
247
456
68
249
117
152
135
253
90
131
298
169
227
114
108
85
186
126
212
141
238
109
100
262
2863.85
5712.70
3982.49
2500.59
1963.33
5679.87
1996.52
6184.29
1700.26
2998.91
3084.72
2879.10
2479.50
2714.40
4634.77
3611.58
1798.04
5250.23
3480.71
2001.09
3263.18
2970.64
2291.00
7255.06
2435.84
3720.11
3559.04
21344.07
2396.81
2474.26
1909.01
1688.09
7870.41
2549.07
3523.37
2719.73
1935.36
2243.74
5763.63
3965.39
2724.10
1378.56
2662.18
2470.27
1420.13
2761.80
3454.19
1206.76
2006.13
1797.40
6.31
89.14
17.17
44.93
13.51
43.40
37.69
-11.34
275.49
-6.17
14.05
10.53
7.79
56.89
41.83
2.52
30.03
57.91
5.47
12.29
78.66
15.60
21.05
99.80
45.41
50.97
87.64
37.21
15.52
8.65
14.93
10.61
64.11
3.89
13.85
16.61
19.23
39.94
59.93
24.26
44.44
17.70
47.38
12.03
27.88
58.57
46.70
29.46
33.83
64.00
130
69
91
143
185
70
182
66
211
123
120
129
144
137
83
103
200
77
107
181
115
125
159
55
150
99
104
17
151
145
191
213
50
141
105
136
187
162
68
92
134
249
139
146
244
133
108
274
178
201
111
103
84
169
167
72
202
47
417
95
110
114
127
166
93
82
210
89
92
159
154
116
149
79
173
119
148
19
138
130
174
191
62
120
99
124
180
181
80
96
152
241
155
133
246
164
123
267
199
249
1845.70
2612.51
988.87
1152.21
1360.92
1084.21
1026.35
788.92
1479.56
1473.34
1804.05
2128.24
1233.16
794.44
1806.59
1667.16
1103.69
1434.53
1220.60
1016.47
953.85
2558.01
1053.80
524.89
929.26
1782.76
1196.49
3449.05
986.15
1305.23
736.14
899.71
1321.18
923.63
1145.33
1228.66
1028.25
672.81
3071.30
1172.14
981.92
418.42
864.17
783.71
982.67
731.86
1147.14
755.81
538.32
1238.04
17.51
250.04
9.38
18.20
13.91
22.04
53.08
155.26
457.13
7.92
16.86
9.98
26.00
55.08
23.51
-5.89
18.73
4.81
31.35
-3.78
43.14
15.81
19.44
21.01
95.23
134.90
272.53
22.93
19.64
11.20
27.10
37.73
28.97
-10.80
107.55
6.81
128.42
33.55
27.75
7.34
50.04
7.59
-4.60
13.25
17.55
165.29
52.25
22.93
41.38
64.34
80
66
156
126
109
138
149
186
99
100
82
74
120
185
81
88
136
105
123
151
162
69
145
254
165
85
124
54
158
114
193
174
112
167
130
121
148
208
59
125
160
288
178
187
159
195
128
192
246
119
74
156
130
121
92
134
167
294
331
83
75
69
119
213
77
72
126
82
127
108
169
63
135
235
223
153
289
47
145
94
193
175
115
110
201
96
230
217
58
103
174
256
129
165
143
319
154
183
264
155
ROA(%)
2008
RONW(%)
2008
RONW(%)
2007
ROA(%)
2007
ROS(%)
2008
ROS(%)
2007%
ChangeRank2008
Rank2007
GrossProfit2008
%Change
Rank2008
Rank2007
MarketCap
30.01.2009
MARCH 2009 | THE FINANCIAL EXPRESS | 35
GNFC
Mundra Port
HCC
Bongaigaon Refinery
GlaxoSmithKline Pharma
Ruchi Soya Inds
Exide Inds
Rajesh Exports
PTC(I)
GSFC
Tata Tea
Zee Entertain. Enterprises
Apollo Tyres
Coromandel Fertilisers
Parsvnath Developers
Nagarjuna Fert. & Chem.
Cummins(I)
Bajaj Hindusthan
Aurobindo Pharma
Piramal Healthcare
Madras Cements
Patni Computer Systems
Cadila Healthcare
STC(I)
Jain Irrigation Systems
Gitanjali Gems
Omaxe
Essar Oil
MRF
EIH
Thermax
Hindustan Copper
Alok Inds
GTL
DCM Shriram Consolidated
Gammon(I)
Glenmark Pharma
Shree Cement
Essar Shipping Ports & Logs.
Vardhman Textiles
Kesoram Inds
Nestle(I)
Balrampur Chini
Triveni Engg. & Inds
Mphasis
Simplex Infrastructures
Dalmia Cements(Bharat )
Britannia Inds
Voltas
Apollo Hospitals
684.55
470.40
250.07
477.74
758.48
318.32
438.57
233.72
120.74
498.90
396.03
463.25
416.75
383.14
609.84
154.85
427.19
187.52
418.97
417.26
708.88
538.69
347.10
173.71
265.03
151.95
496.52
-39.22
412.49
390.58
449.18
317.94
462.42
170.32
804.30
183.90
486.87
831.03
371.91
336.47
640.43
699.14
44.22
214.24
224.36
163.05
518.61
254.55
317.53
178.52
13.18
81.05
28.28
51.17
1.29
45.28
51.54
121.16
27.51
-6.14
7.53
82.75
62.76
103.57
71.41
-8.54
13.26
-50.54
33.04
38.20
31.42
43.46
16.24
35.21
66.05
62.44
189.18
-
69.19
18.05
46.22
-11.32
30.11
77.60
406.26
3.85
133.60
33.81
62.20
-2.27
60.51
28.81
-84.61
34.07
59.58
74.89
38.92
83.90
34.04
10.38
75
102
183
101
69
150
115
192
299
96
122
103
120
127
80
255
117
226
118
119
73
87
136
238
176
259
97
491
121
124
110
151
104
240
66
228
99
63
129
140
78
74
432
204
199
247
91
181
152
234
69
143
186
118
59
166
133
286
303
78
106
146
145
194
110
210
99
98
121
129
77
100
131
256
220
304
208
497
151
115
124
109
111
298
221
203
174
66
160
113
93
74
134
219
242
305
103
244
154
218
901.44
15460.20
1135.50
871.22
9874.33
432.35
3252.00
660.33
1533.95
696.98
3754.31
4787.02
884.70
1509.52
715.71
695.50
3333.33
815.17
859.89
4452.75
1529.15
1566.02
3132.46
624.90
2434.50
427.43
839.21
8906.82
713.85
3862.70
1905.21
8225.21
307.27
2098.98
451.76
563.88
3435.61
1734.34
1280.37
344.02
526.70
14139.51
1527.89
1359.13
3118.34
683.43
629.79
3317.37
1430.28
2447.75
-69.40
-53.46
-75.08
-31.34
36.09
-79.65
-47.00
-78.61
-8.90
-63.96
-28.11
-59.69
-61.65
-1.65
-85.96
-58.19
-49.39
-71.05
-51.94
-30.78
-68.12
-56.73
-2.50
-74.83
-42.70
-77.87
-83.60
-66.14
-65.21
-39.32
-75.49
-69.03
-74.26
-20.74
-60.21
-88.69
-71.21
-61.20
-86.55
-52.34
-76.12
7.90
-23.22
-55.55
-35.50
-79.10
-68.04
-3.57
-78.42
-13.04
191
26
167
198
41
277
90
229
134
220
81
69
195
141
215
221
88
203
199
74
135
129
91
236
107
279
201
46
216
80
117
49
316
113
272
247
85
125
158
304
254
31
136
149
92
226
235
89
147
105
166
27
126
285
88
205
101
162
242
219
113
66
195
260
117
244
94
172
229
95
123
150
158
188
138
220
116
34
212
97
85
33
289
182
297
119
65
131
74
342
199
59
215
163
122
156
216
153
93
173
20.20
8.17
11.00
25.54
39.51
14.69
24.39
26.18
3.29
16.18
17.34
13.87
17.78
26.40
22.62
1.35
25.43
3.18
23.82
29.66
42.80
15.15
22.41
23.71
15.66
7.75
33.33
-
17.42
16.64
38.14
27.39
15.04
13.13
58.58
7.19
37.83
38.70
7.87
10.45
39.04
98.90
-
14.23
22.47
12.31
30.26
25.27
38.71
8.22
20.79
25.11
8.77
18.98
45.66
11.33
23.15
32.77
13.25
19.55
19.86
8.59
11.59
19.66
18.58
1.79
26.04
13.94
24.65
17.82
46.22
9.32
23.20
20.35
20.82
10.79
38.87
-
9.69
17.07
32.42
48.06
16.08
5.15
8.30
8.55
29.95
35.13
5.57
15.72
40.60
81.02
21.46
10.90
15.73
19.47
30.38
17.51
48.87
13.28
23.90
8.23
6.28
19.11
38.63
5.60
21.97
3.78
7.10
16.64
12.84
16.09
16.81
14.12
13.16
4.29
23.76
3.57
12.04
20.85
21.72
18.13
15.15
2.39
10.88
4.08
13.95
-
17.21
15.79
23.53
18.83
5.88
6.68
22.83
6.76
25.16
37.04
6.45
8.49
23.51
50.72
1.66
8.67
15.80
5.90
15.01
21.09
15.83
9.93
22.45
8.60
5.74
18.32
43.29
5.53
19.96
1.52
20.91
16.63
13.62
9.73
11.13
10.88
10.89
4.81
27.28
11.40
9.54
16.94
29.53
14.61
15.78
3.54
9.53
3.80
9.05
-
11.75
14.53
18.49
23.49
7.41
3.91
5.13
7.59
12.84
38.73
6.36
10.79
21.16
46.34
15.91
7.25
12.66
5.35
15.86
14.85
15.80
14.76
10.86
26.07
3.50
4.88
34.13
1.46
7.93
2.52
1.26
6.70
27.58
28.32
5.94
5.58
23.68
1.03
11.94
2.63
13.03
15.85
20.27
33.06
14.11
0.79
7.85
5.21
22.29
-
3.90
20.12
8.84
15.40
9.36
8.46
26.95
3.77
28.37
12.34
31.13
5.34
12.83
11.88
-
7.00
12.96
3.21
23.65
7.40
6.84
9.05
11.92
32.17
3.31
3.20
35.37
1.18
7.45
1.53
0.95
8.03
29.07
19.16
3.44
4.86
21.99
1.74
13.01
13.04
12.22
11.85
19.53
20.62
14.21
0.62
7.09
3.69
13.27
-
2.15
21.34
9.03
20.04
9.12
5.78
1.70
5.40
16.68
12.57
13.08
8.19
12.03
11.28
15.54
3.95
11.93
3.14
23.30
4.89
7.75
11.23
Company
( Figures in Rs Crore)
fe500 companiesbasedoncompositeranking500 companiesbasedoncompositeranking
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
Rank2008
Rank2007
%ChangeCompany
Rank2008
Rank2007
Composite NetSales2008
%Change
Rank2008
Rank2007
TotalAssets
2008%
ChangeRank2008
Rank2007
NetWorth
2008
36 THE FINANCIAL EXPRESS | MARCH 2009
198
167
180
177
129
126
133
152
138
141
184
137
183
157
145
155
88
171
168
201
315
158
150
147
174
209
166
219
153
212
262
124
193
187
197
163
172
186
164
175
182
194
162
215
161
189
205
173
202
199
Monnet Ispat
Titan Inds
Uttam Galva Steels
Birla Corporation
Sobha Developers
Raymond
Wockhardt
Sun Network
Kirloskar Oil Engines
Usha Martin
KEC International
TVS Motor Co.
Dabur(I)
Escorts
Redington(I)
Zuari Inds
Ballarpur Inds
GMDC
Rolta(I)
Pidilite Inds
K S Oils
Maharashtra Seamless
Lakshmi Machine Works
Kalpataru Power
Biocon
Divis Laboratories
Electrosteel Castings
Gujarat NRE Coke
S.Kumars Nationwide
Varun Shipping Co.
Era Infra Engineering
ITI
Engineers(I)
Gujarat Industries Power
Orchid Chem. & Pharma.
HT Media
SRF
Aban Offshore
United Breweries
Indo Rama Synthetics(I)
Alstom Projects(I)
Castrol(I)
Patel Engineering
Godrej Inds
Kirloskar Brothers
Gujarat Alkalies & Chem
Tata Teleservices(Mah)
Mukand
Tube Investments(I)
Deccan Chronicle
1642.96
2993.74
3155.84
1709.85
1429.14
1312.67
1221.84
861.06
2184.12
1639.24
2813.74
3219.50
2088.98
2078.99
5771.01
2617.95
952.12
980.56
850.92
1533.59
2043.89
1491.17
2215.88
1734.47
832.51
1033.15
1331.49
872.15
1605.72
932.57
1464.48
1154.88
721.87
935.55
1197.24
1186.23
1620.18
657.92
1367.31
2552.31
1547.08
1886.62
983.30
724.65
1462.81
1136.04
1707.19
1910.39
1762.33
782.37
89.33
43.22
22.54
10.17
20.45
2.95
9.05
27.20
14.43
17.53
37.95
-16.48
30.29
18.56
27.23
9.22
-56.08
66.37
42.02
33.00
90.93
7.28
18.89
13.78
1.07
42.81
18.39
69.90
30.60
38.65
91.93
-34.55
26.62
17.59
35.40
14.14
-10.33
32.83
29.75
26.92
26.84
7.84
-3.03
10.57
13.11
8.48
21.34
6.40
9.12
41.53
170
103
96
163
201
216
227
329
131
172
106
93
137
138
49
113
285
277
332
184
142
188
126
161
340
260
213
320
175
295
194
243
376
292
232
236
174
397
209
115
182
151
276
373
195
245
164
148
158
353
274
115
95
155
197
185
207
341
125
173
119
61
147
138
51
101
111
376
371
203
216
175
128
159
293
329
206
425
190
342
314
137
388
302
267
223
134
435
220
122
191
139
231
349
181
222
170
136
145
396
2452.05
1577.77
3193.30
1686.14
3310.41
2723.83
2239.58
1668.82
1934.34
2888.10
2436.74
2185.17
1029.36
2325.50
1246.26
2224.59
2504.92
2056.33
2244.46
1406.60
1321.33
1429.99
1634.30
1702.55
1735.43
1195.66
2230.18
2310.91
2198.78
3270.35
2339.81
5221.46
1809.64
2154.84
3429.24
1427.98
1945.90
2709.20
1373.99
2618.29
2002.71
944.58
2090.76
1835.71
1647.50
1838.09
3437.99
2775.99
1353.95
2098.36
41.73
33.99
21.50
30.48
68.95
6.13
9.15
23.20
28.97
37.44
45.00
-1.24
42.84
0.33
2.19
6.10
-35.81
-1.74
16.66
69.85
196.36
23.38
8.95
12.54
33.25
40.43
29.27
39.60
11.96
25.45
82.91
-0.44
26.03
15.94
20.34
20.49
10.23
42.78
10.86
8.91
35.61
19.80
47.21
59.63
24.88
11.57
20.35
21.82
22.26
38.34
148
221
118
214
113
135
163
216
188
128
149
168
296
157
267
165
142
175
161
247
260
241
219
210
208
275
164
158
166
114
156
78
199
170
110
242
186
138
251
140
179
315
174
197
217
196
109
131
255
173
165
238
112
217
145
117
140
211
198
135
172
132
312
126
231
136
74
137
146
291
420
242
197
195
215
288
170
176
144
113
220
60
205
153
107
235
162
147
226
121
201
299
207
243
213
177
106
128
247
192
1067.83
436.17
711.04
1004.98
988.34
1398.29
1026.02
1470.67
914.99
865.50
495.17
821.58
528.32
1118.97
569.56
844.45
1267.99
1061.70
1304.01
642.48
643.29
1093.40
757.50
767.77
1328.20
873.99
1146.60
1108.04
862.40
914.84
466.21
686.22
1152.05
1137.00
688.10
915.73
971.56
1012.91
611.26
633.53
352.09
430.18
844.19
1058.42
662.06
1078.43
-200.59
774.13
717.97
1067.09
87.03
33.21
29.40
50.94
21.19
3.11
7.26
20.65
7.48
20.60
82.05
1.52
31.03
9.86
6.46
8.07
-36.61
26.58
13.68
31.66
288.69
18.32
30.53
19.51
41.05
61.24
41.27
101.80
47.30
26.39
60.39
-36.34
11.69
5.38
37.28
16.83
11.19
52.90
9.62
-3.88
3.39
3.00
20.06
157.77
9.97
21.38
-
5.81
9.47
29.04
141
282
197
154
157
107
150
102
169
177
264
183
250
133
236
181
117
143
115
216
215
137
191
189
111
176
129
135
179
170
272
205
127
132
203
168
161
152
225
221
327
284
182
144
210
139
497
188
196
142
196
287
202
170
147
84
123
89
140
161
326
149
251
118
209
152
68
142
97
219
402
128
191
180
124
206
148
203
190
160
310
106
113
105
218
151
138
171
200
172
280
243
164
247
186
132
498
158
173
144
ROA(%)
2008
RONW(%)
2008
RONW(%)
2007
ROA(%)
2007
ROS(%)
2008
ROS(%)
2007%
ChangeRank2008
Rank2007
GrossProfit2008
%Change
Rank2008
Rank2007
MarketCap
30.01.2009
MARCH 2009 | THE FINANCIAL EXPRESS | 37
Monnet Ispat
Titan Inds
Uttam Galva Steels
Birla Corporation
Sobha Developers
Raymond
Wockhardt
Sun Network
Kirloskar Oil Engines
Usha Martin
KEC International
TVS Motor Co.
Dabur(I)
Escorts
Redington(I)
Zuari Inds
Ballarpur Inds
GMDC
Rolta(I)
Pidilite Inds
K S Oils
Maharashtra Seamless
Lakshmi Machine Works
Kalpataru Power
Biocon
Divis Laboratories
Electrosteel Castings
Gujarat NRE Coke
S.Kumars Nationwide
Varun Shipping Co.
Era Infra Engineering
ITI
Engineers(I)
Gujarat Industries Power
Orchid Chem. & Pharma.
HT Media
SRF
Aban Offshore
United Breweries
Indo Rama Synthetics(I)
Alstom Projects(I)
Castrol(I)
Patel Engineering
Godrej Inds
Kirloskar Brothers
Gujarat Alkalies & Chem
Tata Teleservices(Mah)
Mukand
Tube Investments(I)
Deccan Chronicle
263.87
228.33
202.72
591.17
305.34
165.15
304.04
677.54
229.36
275.45
286.07
125.90
383.85
25.05
107.59
132.53
236.09
508.80
441.29
265.39
194.13
319.06
485.13
222.33
273.93
437.73
95.55
249.97
253.05
439.10
224.51
-329.11
302.11
220.83
334.72
242.59
300.47
341.76
153.24
154.08
139.57
355.59
190.94
140.79
168.25
374.04
313.61
156.04
133.96
447.04
32.78
48.26
15.85
18.22
45.07
-44.63
-0.08
28.41
-14.87
28.99
48.49
-27.52
26.71
-64.92
57.50
-71.73
-50.48
61.61
45.04
45.63
147.80
-13.48
29.75
-4.06
17.57
76.08
-50.02
162.13
42.36
40.40
89.28
-
47.25
-18.51
74.88
14.13
-42.05
28.96
16.50
7.88
-18.14
41.10
28.24
32.82
-56.54
3.77
131.24
-19.33
-45.04
73.64
177
196
215
84
157
244
158
76
194
170
165
290
126
462
317
280
190
94
113
175
221
148
100
200
171
116
338
184
182
114
198
500
159
201
142
187
162
138
258
257
271
132
222
270
243
128
154
254
278
111
183
228
204
81
173
132
125
79
138
170
189
205
128
348
356
85
83
122
126
197
336
105
102
158
156
148
191
300
201
123
266
499
176
136
190
172
80
140
253
236
209
147
231
285
96
108
249
187
152
144
691.82
4092.54
388.07
1081.22
634.59
562.55
1128.33
6492.47
683.41
589.62
799.06
394.25
7612.88
334.27
898.62
406.12
819.51
1305.39
1495.84
2446.21
1524.96
887.75
635.63
741.07
2030.00
5721.22
434.11
1123.17
440.08
705.80
1056.77
442.08
2814.74
760.03
508.93
1261.44
414.58
1829.79
1777.20
204.97
1524.37
4093.63
878.21
2049.92
710.64
490.58
4306.62
154.67
582.89
928.17
-66.84
-20.90
-18.82
-38.11
-88.56
-74.40
-71.94
-51.56
-72.42
-75.86
-70.59
-60.00
-10.14
-54.38
-66.74
-55.53
-70.13
-77.74
-62.28
-43.69
-26.46
-67.43
-76.07
-81.00
-49.80
-39.24
-75.35
-74.63
-83.80
-40.29
-37.32
-66.81
-42.31
-52.75
-68.64
-72.75
-47.27
-87.26
-74.00
-66.56
-70.07
23.32
-80.42
-80.22
-80.22
-60.37
-39.42
-77.77
-52.16
-83.02
223
78
290
171
233
248
168
61
227
242
206
288
52
309
192
286
202
156
144
106
137
194
232
211
115
65
275
169
274
218
176
273
99
209
258
159
284
121
124
349
138
77
196
114
217
261
75
381
243
186
208
115
373
233
107
201
140
57
189
190
179
307
80
340
180
317
176
106
141
135
210
177
181
143
139
76
231
132
178
291
241
277
121
253
249
125
331
53
91
357
118
154
129
72
151
287
89
344
288
111
15.56
36.29
17.42
39.16
23.10
4.73
20.85
24.95
13.00
16.73
34.77
3.87
59.96
-
11.78
8.69
10.21
24.86
20.16
29.25
18.76
17.86
31.99
19.53
14.72
40.45
4.54
15.60
20.65
24.68
26.03
-
16.82
9.00
26.82
15.79
14.28
15.71
10.22
0.48
20.82
50.78
17.49
10.28
16.64
20.78
-
7.67
7.87
25.48
23.61
28.81
20.58
49.00
19.80
14.84
22.32
22.05
20.96
14.14
38.47
8.23
62.52
1.87
7.93
50.37
12.54
12.96
15.89
24.53
34.63
25.31
35.53
24.83
16.82
35.37
13.08
10.15
21.10
19.53
27.22
-
13.38
16.95
19.28
14.68
33.08
15.03
11.67
3.13
32.12
36.99
15.66
19.01
55.89
21.00
-
12.76
23.75
19.51
10.76
14.47
6.35
35.06
9.22
6.06
13.58
40.60
11.86
9.54
11.74
5.76
37.29
1.08
8.63
5.96
9.43
24.74
19.66
18.87
14.69
22.31
29.68
13.06
15.78
36.61
4.28
10.82
11.51
13.43
9.60
-
16.69
10.25
9.76
16.99
15.44
12.61
11.15
5.88
6.97
37.65
9.13
7.67
10.21
20.35
9.12
5.62
9.89
21.30
11.49
13.08
6.66
38.70
10.74
11.62
14.83
38.95
17.96
10.16
11.46
7.85
42.04
3.08
5.60
22.36
12.22
15.04
15.81
22.01
17.57
31.82
24.93
15.32
17.89
29.20
11.08
5.76
9.05
12.00
9.27
-
14.29
14.58
6.72
17.93
29.37
13.97
10.61
5.94
11.54
31.96
10.48
9.22
29.35
21.88
4.75
8.49
22.01
16.97
10.11
5.29
3.93
23.02
15.97
5.04
17.50
42.62
5.45
8.84
6.12
0.99
15.16
-
1.16
2.80
13.60
26.92
30.90
12.26
5.91
13.09
10.93
8.65
23.49
34.22
3.91
19.82
11.09
24.21
8.29
-
26.84
10.93
15.41
12.19
8.56
24.18
4.57
0.12
4.74
11.58
15.01
15.02
7.53
19.73
-
3.11
3.21
34.76
15.53
4.51
4.39
21.02
13.61
15.78
19.06
39.71
9.35
7.28
5.13
1.73
15.72
1.08
0.94
16.42
11.57
18.44
30.42
10.38
5.35
16.82
11.06
10.46
19.22
26.51
9.44
10.86
10.05
21.01
10.37
-
24.20
22.99
10.93
11.07
16.00
20.11
6.18
1.03
8.97
8.83
10.86
11.91
26.02
17.81
-
5.20
9.65
29.19
Company
( Figures in Rs Crore)
fe500 companiesbasedoncompositeranking500 companiesbasedoncompositeranking
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
Rank2008
Rank2007
%ChangeCompany
Rank2008
Rank2007
Composite NetSales2008
%Change
Rank2008
Rank2007
TotalAssets
2008%
ChangeRank2008
Rank2007
NetWorth
2008
38 THE FINANCIAL EXPRESS | MARCH 2009
240
319
226
195
370
214
165
190
204
203
181
218
200
191
188
296
221
192
225
178
216
270
253
210
366
170
236
206
227
220
252
237
230
224
239
211
229
238
248
242
228
291
235
208
213
207
223
264
222
251
Havells(I)
BGR Energy Systems
Jindal Poly Films
JK Cement
Hind.Nat.Glass
GlaxoSmithkline Cons Health
Shree Precoated Steels
Matrix Laboratories
PSL
Uflex
JK Tyre Inds.
Motherson Sumi Systems
ABG Shipyard
ICI(I)
Prakash Inds
Tulip Telecom
Sterlite Technologies
Mercator Lines
Eicher Motors
Ansal Prop. & Infras.
Great Offshore
Nava Bharat Ventures
Gujarat Gas Co.
Kansai Nerolac Paints
Gulf Oil Corp
Kingfisher Airlines
JBF Inds
Gujarat Fluorochemicals
Blue Star
Finolex Inds
Torrent Pharma
Ipca Laboratories
Su-Raj Diamonds
Aventis Pharma
Graphite(I)
Dredging Corp
SKF(I)
Deepak Fert. & Petrochem.
Marico
Hotel Leelaventure
Mcleod Russel(I)
Bombay Rayon
Tamil Nadu Newsprint
Ceat
Sanghi Inds
ISMT
GHCL
Binani Cement
Finolex Cables
Asian Hotels
2051.64
1504.84
1260.06
1458.25
1021.58
1276.86
1940.09
952.09
2043.91
1282.31
2816.16
1303.10
966.84
937.03
1255.81
1216.44
1683.89
803.12
2202.39
832.98
694.30
895.25
1192.92
1393.17
747.17
1922.12
2150.67
723.27
2196.72
1382.85
969.85
1060.93
2141.32
886.34
1064.09
705.32
1571.82
1054.20
1568.79
514.58
653.18
926.11
979.62
2334.79
846.97
1193.19
1068.41
967.08
1382.33
513.52
33.04
94.14
23.49
39.24
98.14
14.80
16.33
25.88
43.11
6.55
7.93
20.52
37.27
4.98
34.61
44.68
39.79
0.64
12.80
15.06
22.18
61.88
44.43
8.55
24.25
18.46
45.60
26.06
39.77
36.62
11.52
14.11
36.31
-0.05
29.12
23.12
16.98
26.34
14.37
35.11
8.07
89.24
10.02
9.17
3.46
-0.65
24.44
42.54
33.47
24.22
140
187
225
196
262
224
146
286
141
222
105
219
284
291
226
228
166
345
128
338
387
309
234
203
363
147
133
375
129
204
281
256
134
314
255
384
180
257
181
473
400
301
278
122
335
233
254
283
205
474
157
306
229
221
424
211
142
318
167
193
92
215
333
260
251
283
192
300
124
328
389
395
291
183
369
144
162
384
150
232
272
252
151
266
292
386
179
285
176
510
362
440
264
112
294
195
278
340
225
490
1171.68
1536.63
1323.40
1905.50
1460.16
913.11
1722.29
1457.71
1965.08
2379.80
2386.17
1229.83
3032.40
1126.92
1391.47
1410.96
1562.58
2103.23
1121.07
2768.87
2048.89
1445.33
934.70
926.70
2462.54
1790.20
1479.29
1816.59
1036.82
1759.09
1227.20
1178.37
1915.32
867.39
1524.33
1481.21
859.87
1354.64
832.11
3259.36
1846.87
1446.92
1691.28
1565.07
1845.78
1764.02
2020.65
1768.63
1119.10
1790.02
95.67
149.03
6.06
16.50
143.57
21.92
8.34
-3.31
25.97
14.80
2.46
24.72
85.44
-14.14
13.88
192.07
27.92
5.27
2.55
53.58
35.23
40.60
33.02
15.77
328.89
0.50
34.77
26.73
39.70
18.59
28.63
28.56
20.81
4.54
5.77
15.35
21.10
13.88
23.25
59.08
3.62
57.68
9.32
10.30
11.18
12.99
6.84
40.97
14.93
18.02
277
229
259
192
236
323
209
237
184
154
152
270
122
280
248
246
225
171
281
132
176
240
319
321
147
202
234
198
294
206
271
276
190
334
230
233
337
254
344
116
193
239
212
223
194
205
177
204
282
203
355
349
223
178
354
305
182
196
186
139
125
260
179
214
229
401
230
143
251
156
194
253
320
296
365
160
248
206
307
200
263
272
183
290
204
218
316
233
332
141
158
271
187
208
175
185
150
222
262
193
649.03
471.33
912.86
1053.34
857.17
646.35
611.86
687.90
565.56
637.44
533.92
402.45
734.46
762.97
909.75
445.13
539.51
902.13
458.33
1076.63
887.97
803.27
563.15
593.69
2053.89
198.87
596.96
990.69
263.55
554.00
585.25
607.66
646.63
706.85
697.91
1238.78
545.25
698.80
280.23
930.17
1113.03
591.96
640.01
513.26
685.00
536.64
502.54
417.64
641.52
1503.13
147.32
461.04
16.01
28.44
275.90
19.09
63.37
-29.70
68.22
31.44
-9.77
33.71
24.95
-12.27
36.04
59.27
30.37
60.56
10.88
15.53
42.55
92.18
31.61
16.02
-
-48.31
53.96
39.23
23.75
4.79
26.03
25.03
14.91
16.22
17.46
9.33
29.13
9.97
52.72
3.22
0.01
22.56
11.02
35.55
18.39
14.12
19.04
38.64
10.59
25.84
211
269
171
146
180
214
224
204
237
220
249
296
194
190
172
279
244
173
275
140
175
184
238
230
75
408
229
155
376
240
232
226
213
198
201
118
243
200
368
164
134
231
219
257
206
247
261
289
218
97
335
467
150
146
356
205
270
120
281
221
188
301
189
139
168
318
244
199
245
125
182
242
236
214
409
262
258
162
364
210
227
220
198
185
187
98
238
181
387
131
100
222
195
266
194
225
239
300
192
93
ROA(%)
2008
RONW(%)
2008
RONW(%)
2007
ROA(%)
2007
ROS(%)
2008
ROS(%)
2007%
ChangeRank2008
Rank2007
GrossProfit2008
%Change
Rank2008
Rank2007
MarketCap
30.01.2009
MARCH 2009 | THE FINANCIAL EXPRESS | 39
Havells(I)
BGR Energy Systems
Jindal Poly Films
JK Cement
Hind.Nat.Glass
GlaxoSmithkline Cons Health
Shree Precoated Steels
Matrix Laboratories
PSL
Uflex
JK Tyre Inds.
Motherson Sumi Systems
ABG Shipyard
ICI(I)
Prakash Inds
Tulip Telecom
Sterlite Technologies
Mercator Lines
Eicher Motors
Ansal Prop. & Infras.
Great Offshore
Nava Bharat Ventures
Gujarat Gas Co.
Kansai Nerolac Paints
Gulf Oil Corp
Kingfisher Airlines
JBF Inds
Gujarat Fluorochemicals
Blue Star
Finolex Inds
Torrent Pharma
Ipca Laboratories
Su-Raj Diamonds
Aventis Pharma
Graphite(I)
Dredging Corp
SKF(I)
Deepak Fert. & Petrochem.
Marico
Hotel Leelaventure
Mcleod Russel(I)
Bombay Rayon
Tamil Nadu Newsprint
Ceat
Sanghi Inds
ISMT
GHCL
Binani Cement
Finolex Cables
Asian Hotels
177.60
129.59
256.47
385.54
203.84
297.46
301.61
-230.34
174.58
146.29
206.75
212.48
255.43
109.39
268.92
242.20
180.43
280.37
126.83
233.81
318.38
393.95
271.87
208.79
44.59
-226.48
213.58
456.35
259.27
158.44
213.02
204.00
73.22
236.88
231.35
212.55
276.15
195.09
201.05
267.49
72.43
203.01
248.91
228.61
198.92
181.39
214.42
343.59
146.15
225.93
37.90
91.33
69.99
27.18
141.72
30.32
0.56
-
35.00
3.94
77.53
11.37
39.63
-81.95
24.89
99.08
100.06
62.75
-0.70
16.94
37.33
119.35
73.04
8.10
8.10
-
35.19
22.66
133.79
1.81
28.58
14.12
34.50
-10.11
-14.25
-12.10
53.28
17.26
9.46
20.14
9.28
137.19
30.68
155.15
-15.47
-8.12
-1.90
72.04
18.86
39.62
235
286
179
125
213
163
160
498
237
262
211
208
180
315
173
188
231
166
289
191
149
123
172
209
428
497
205
106
178
253
206
212
370
189
193
207
168
219
217
174
374
214
185
195
218
230
203
137
263
197
255
359
229
127
323
161
130
251
254
241
268
192
196
68
169
263
309
206
257
181
157
199
224
188
430
500
223
104
279
227
212
200
400
141
137
153
198
211
195
163
363
320
193
311
155
184
167
182
262
217
667.82
1081.08
802.25
277.27
942.94
2503.83
382.04
1329.56
306.36
382.35
146.99
2111.67
356.95
1521.54
465.92
1137.09
415.19
652.54
616.29
307.59
897.67
845.60
1501.11
993.38
200.00
932.01
205.70
692.78
1336.21
353.49
1117.83
873.62
100.07
2012.39
425.35
630.56
720.03
480.69
3535.25
683.82
527.60
727.62
428.06
124.46
453.16
271.03
285.56
601.18
306.66
547.20
-79.41
-75.42
19.91
-76.14
-20.91
-0.66
-89.80
-49.38
-83.09
-62.11
-66.31
-33.26
-90.66
-27.01
-84.13
-58.74
-69.58
-75.31
-24.41
-89.44
-72.69
-56.64
-30.76
-51.66
-86.94
-61.24
-77.35
-83.91
-69.73
-66.99
-13.77
-46.95
-61.03
-6.01
-52.04
-70.80
-60.51
-54.37
-6.97
-59.81
-29.68
-59.53
-45.31
-86.99
-72.55
-78.35
-79.02
-66.70
-79.63
-62.74
228
172
205
327
183
104
294
153
319
293
386
112
298
139
266
165
283
230
238
315
193
200
142
180
352
185
348
222
152
302
170
197
419
116
281
234
214
264
84
225
253
213
278
396
271
328
324
241
318
250
157
134
349
293
290
187
148
184
225
304
379
160
145
209
167
175
275
183
327
169
155
217
202
211
261
192
318
137
133
299
283
246
426
204
319
203
224
301
146
239
336
227
332
311
245
286
276
226
263
268
22.12
17.92
14.52
25.17
18.71
25.17
40.13
-
14.99
9.72
12.50
31.85
21.88
7.89
21.84
42.07
18.67
18.72
13.76
15.01
22.88
39.20
28.25
20.18
1.22
-
23.24
32.30
66.06
12.85
26.57
23.22
9.68
20.43
19.15
12.50
29.47
14.35
51.18
16.14
4.24
20.46
17.63
28.95
15.53
18.64
20.06
42.10
13.86
8.78
38.92
46.66
8.26
21.78
15.02
23.39
56.15
10.18
18.49
8.68
2.88
37.94
19.78
51.56
19.86
34.69
12.29
12.75
14.82
14.15
22.70
33.60
20.78
21.04
14.58
-
20.83
33.96
33.42
13.22
24.32
25.15
8.52
27.83
32.63
16.66
24.15
14.62
63.31
14.03
4.27
11.27
14.93
10.37
24.68
27.67
28.10
31.74
11.89
7.66
15.16
8.43
19.38
20.23
13.96
32.58
17.51
-
8.88
6.15
8.66
17.28
8.42
9.71
19.33
17.17
11.55
13.33
11.31
8.44
15.54
27.26
29.09
22.53
1.81
-
14.44
25.12
25.01
9.01
17.36
17.31
3.82
27.31
15.18
14.35
32.12
14.40
24.16
8.21
3.92
14.03
14.72
14.61
10.78
10.28
10.61
19.43
13.06
12.62
21.51
10.98
12.09
18.53
14.07
30.48
18.87
8.79
8.29
6.79
5.00
19.35
11.19
46.17
17.62
25.18
7.38
8.62
11.68
11.09
15.30
17.47
22.36
24.13
7.18
-
14.39
25.96
14.94
10.49
17.36
19.50
3.43
31.76
18.72
18.83
25.37
13.99
27.21
10.87
3.72
9.33
12.31
6.31
14.17
12.64
11.56
15.92
12.63
10.67
7.00
5.61
10.52
18.18
15.70
12.74
12.66
-
4.15
4.83
2.37
9.84
16.62
6.43
15.82
15.39
5.98
21.02
2.86
19.40
29.27
35.17
13.34
8.60
3.36
-
6.45
44.24
7.92
5.15
16.04
13.30
2.92
16.29
12.56
21.95
10.22
9.51
9.14
29.17
7.23
13.08
11.52
6.36
12.56
8.38
9.44
18.18
6.43
25.71
6.62
5.06
6.37
17.06
6.64
11.41
12.61
13.17
4.35
3.50
0.65
10.56
16.51
50.24
14.23
11.53
4.22
8.98
3.14
18.22
24.89
25.40
10.76
8.39
3.83
-
5.47
42.12
4.53
6.90
12.99
13.15
3.05
19.09
23.52
32.94
7.59
11.14
8.47
33.20
7.85
11.12
9.66
1.84
17.44
10.83
13.82
14.09
6.66
22.13
Company
( Figures in Rs Crore)
fe500 companiesbasedoncompositeranking500 companiesbasedoncompositeranking
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
Rank2008
Rank2007
%ChangeCompany
Rank2008
Rank2007
Composite NetSales2008
%Change
Rank2008
Rank2007
TotalAssets
2008%
ChangeRank2008
Rank2007
NetWorth
2008
40 THE FINANCIAL EXPRESS | MARCH 2009
254
323
232
261
278
243
305
250
256
263
217
234
260
329
288
297
257
306
258
265
282
295
247
281
231
276
249
274
294
244
269
268
379
275
289
266
302
287
349
311
259
298
285
391
272
233
279
309
322
299
Jai Balaji Inds
Chettinad Cement Corp
Welspun(I)
JK Lakshmi Cement
Pfizer
HEG
Consolidated Const. Consortium
Asahi India Glass
Asian Star Co.
Suashish Diamonds
Colgate Palmolive(I)
Punjab Tractors
BL Kashyap & Sons
Ramsarup Inds.
Shree Renuka Sugars
KSL & Inds
Abhishek Inds
Orient Paper & Inds.
EID Parry(I)
Bombay Dyeing
Berger Paints(I)
Godfrey Phillips(I)
Sundram Fasteners
Gujarat Ambuja Exports
Panacea Biotec
Apar Inds
Jagran Prakashan
Garden Silk
Indraprastha Gas
Firstsource Solutions
Jyoti Structures
India Glycols
Koutons Retail(I)
Man Inds(I)
Prism Cement
Polaris Software Lab
Whirlpool(I)
Bannari Amman Sugars
Electrotherm(I)
Bayer CropScience
Ashapura Minechem
Adhunik Metaliks
Mangalore Chem. & Fert.
Gokul Refoils & Solvent
Balkrishna Inds
Fert. & Chem. Travancore
OCL(I)
Atlas Copco(I)
MindTree
Alembic
1277.49
930.18
1177.07
1108.31
737.43
946.87
1448.09
994.69
1305.10
932.09
1517.47
970.05
1542.74
1740.31
798.05
646.88
1186.67
1321.65
616.45
709.71
1339.91
902.93
1205.92
1829.09
830.73
1641.78
749.63
1676.28
713.11
489.64
1373.06
1305.06
793.46
1446.78
878.21
938.02
1797.40
653.22
1333.06
934.43
1488.67
1000.58
1623.11
2042.86
978.05
858.39
765.12
935.13
733.84
990.07
25.62
28.25
25.15
31.58
0.36
16.13
70.43
30.66
12.16
-0.15
14.19
1.43
90.91
35.23
-6.90
25.26
22.62
17.39
11.73
84.06
14.97
18.57
0.54
30.63
-0.11
16.02
25.32
20.31
14.64
13.16
41.21
47.07
97.18
29.25
14.31
3.73
21.76
-17.65
82.25
27.28
64.29
36.20
18.51
30.88
13.07
-41.15
-5.44
31.67
24.31
43.16
223
298
238
251
366
287
197
271
217
296
186
280
183
159
347
404
235
214
418
380
211
308
230
153
341
171
362
167
379
485
207
218
348
198
318
290
154
399
212
294
189
268
173
143
279
330
357
293
369
272
230
327
248
282
322
295
281
316
202
250
180
245
299
182
279
422
244
205
398
506
200
315
196
171
287
168
372
174
356
474
243
265
498
209
313
257
163
304
325
324
256
323
177
153
277
165
296
331
375
336
2189.24
1128.33
2354.43
1499.68
866.58
1454.96
948.66
1917.40
961.57
1550.28
701.09
857.48
1003.45
1844.08
1096.43
1317.22
1975.88
889.75
1299.06
2100.74
701.28
837.79
1208.78
1053.22
1264.20
1420.48
787.42
1364.37
747.50
2246.19
896.80
1262.94
929.16
1300.80
826.43
745.13
998.40
1011.07
1546.60
785.73
867.88
1614.93
1041.54
785.88
1112.09
1010.38
1349.98
757.93
742.26
937.79
94.18
64.73
10.88
19.26
34.22
0.72
88.39
7.89
8.37
37.94
1.30
5.59
48.20
164.98
57.21
49.40
27.97
24.12
9.38
21.73
14.91
33.48
19.76
81.38
37.06
52.17
9.14
16.18
19.40
91.52
25.40
6.69
83.37
30.33
27.29
5.36
15.15
29.72
78.10
24.99
48.51
69.29
28.58
71.77
28.25
-14.41
36.76
44.92
32.81
5.99
167
279
155
231
335
238
314
189
311
226
381
338
301
195
287
261
183
328
263
172
380
342
273
290
264
243
357
252
366
160
326
265
320
262
349
367
305
299
227
359
333
220
293
358
284
300
256
365
369
317
244
327
134
221
336
203
397
161
278
245
326
293
331
325
324
280
189
314
234
168
351
344
255
363
268
266
311
239
346
240
315
236
395
256
335
317
285
302
282
343
359
264
294
413
284
237
258
387
374
279
352.53
392.49
558.82
642.42
648.64
527.76
450.84
294.45
329.60
584.42
162.21
664.84
401.25
379.44
335.74
470.54
439.24
494.09
512.14
395.91
349.01
499.96
422.11
358.34
697.20
275.95
538.76
392.26
576.46
629.28
341.22
482.68
349.63
366.20
617.77
601.30
236.47
468.15
381.74
369.44
491.82
309.85
372.80
192.52
411.10
252.81
553.10
333.11
533.98
341.37
57.46
49.10
2.96
56.76
59.87
47.34
142.57
2.56
13.65
15.40
-42.18
2.76
35.79
103.91
50.94
32.40
9.96
183.98
-4.57
-1.68
26.52
19.56
12.63
18.09
29.33
30.61
5.41
9.27
23.30
-38.84
23.72
52.26
114.06
19.33
50.23
5.52
15.60
7.47
79.25
11.47
34.48
17.79
7.31
55.46
18.32
0.06
50.32
24.47
22.62
-11.31
326
303
239
217
212
251
277
359
342
233
438
209
298
311
339
270
281
265
259
300
331
262
287
324
202
369
245
304
235
222
336
268
330
320
223
228
391
271
310
319
267
346
318
410
291
381
241
340
248
335
358
332
204
248
250
276
385
313
311
216
317
178
306
384
361
277
253
395
208
252
320
241
269
296
207
368
215
275
226
114
321
290
404
295
246
197
373
233
365
286
273
334
279
435
278
340
272
329
234
261
ROA(%)
2008
RONW(%)
2008
RONW(%)
2007
ROA(%)
2007
ROS(%)
2008
ROS(%)
2007%
ChangeRank2008
Rank2007
GrossProfit2008
%Change
Rank2008
Rank2007
MarketCap
30.01.2009
MARCH 2009 | THE FINANCIAL EXPRESS | 41
Jai Balaji Inds
Chettinad Cement Corp
Welspun(I)
JK Lakshmi Cement
Pfizer
HEG
Consolidated Const. Consortium
Asahi India Glass
Asian Star Co.
Suashish Diamonds
Colgate Palmolive(I)
Punjab Tractors
BL Kashyap & Sons
Ramsarup Inds.
Shree Renuka Sugars
KSL & Inds
Abhishek Inds
Orient Paper & Inds.
EID Parry(I)
Bombay Dyeing
Berger Paints(I)
Godfrey Phillips(I)
Sundram Fasteners
Gujarat Ambuja Exports
Panacea Biotec
Apar Inds
Jagran Prakashan
Garden Silk
Indraprastha Gas
Firstsource Solutions
Jyoti Structures
India Glycols
Koutons Retail(I)
Man Inds(I)
Prism Cement
Polaris Software Lab
Whirlpool(I)
Bannari Amman Sugars
Electrotherm(I)
Bayer CropScience
Ashapura Minechem
Adhunik Metaliks
Mangalore Chem. & Fert.
Gokul Refoils & Solvent
Balkrishna Inds
Fert. & Chem. Travancore
OCL(I)
Atlas Copco(I)
MindTree
Alembic
190.06
327.84
129.71
335.15
457.29
276.90
136.03
120.85
57.75
99.54
307.64
114.02
189.19
117.17
102.70
94.05
129.20
340.54
4.90
52.15
135.43
181.83
135.40
140.81
217.16
116.01
177.37
125.59
323.24
98.01
122.91
301.53
114.65
136.52
348.26
100.39
63.80
78.18
134.91
71.75
180.40
114.13
76.65
94.19
207.20
44.42
202.68
154.27
147.66
145.43
58.42
47.80
-16.88
50.67
165.85
86.62
109.44
-8.71
32.70
84.13
44.66
-8.78
99.38
60.90
24.64
13.53
-6.85
39.17
-97.59
-8.38
14.11
23.40
-4.01
47.96
-6.13
60.81
29.19
17.09
21.91
-15.56
32.22
186.63
103.35
35.71
6.95
-25.47
140.75
-46.29
71.14
-34.08
9.56
16.19
34.52
107.74
25.99
-
35.05
11.81
29.53
35.37
224
145
284
141
105
167
274
298
403
329
156
310
225
301
324
342
287
139
488
412
275
229
276
269
202
303
236
291
147
331
294
161
305
273
135
327
390
363
277
376
232
308
365
341
210
429
216
256
261
264
264
165
226
164
207
232
367
252
425
402
171
261
302
344
327
326
243
150
177
389
265
233
240
301
159
345
246
283
139
270
306
287
393
291
117
250
456
235
333
280
214
294
388
418
215
495
230
245
274
282
321.76
1357.00
116.94
230.99
1563.62
459.24
511.90
649.99
965.64
334.65
5756.20
581.17
377.94
100.86
2194.20
1354.08
139.82
411.63
1282.08
579.73
1050.61
911.82
315.15
233.12
347.03
250.15
1325.06
124.25
1500.10
492.85
498.88
159.47
1465.79
175.29
510.01
483.51
354.60
916.74
107.40
924.10
165.51
268.67
147.59
489.20
290.53
1135.61
280.52
910.97
778.61
433.04
-83.18
4.59
-75.50
-70.17
-19.46
-71.91
-86.89
-59.23
-29.99
-24.19
5.14
-63.97
-89.96
-69.51
-8.79
-35.22
-65.55
-64.97
-25.42
-80.86
-27.98
-36.38
-63.77
-76.24
-84.68
-72.85
-65.49
-54.49
-10.07
-78.16
-73.74
-83.40
-51.80
-72.42
-65.83
-41.63
-18.51
0.11
-74.59
-29.71
-93.00
-81.74
-58.64
-
-79.88
-40.51
-73.20
-68.88
-41.20
-53.04
312
150
401
342
130
268
256
231
182
308
64
244
296
417
110
151
387
285
157
245
177
189
313
340
303
334
154
398
143
260
259
378
145
366
257
263
300
188
409
187
372
329
385
262
322
166
326
190
208
276
221
282
374
333
218
248
142
254
274
376
110
252
147
406
191
206
389
292
237
165
269
272
320
309
197
315
144
422
243
198
223
310
164
352
264
326
380
316
384
281
193
267
395
-
271
222
303
168
279
314
33.72
41.73
4.70
34.82
52.25
27.73
19.32
4.64
12.24
11.34
142.85
9.80
28.75
16.33
16.21
9.52
9.10
41.39
-
4.21
26.38
22.45
15.96
19.88
19.10
30.97
18.21
10.20
30.26
9.16
21.22
36.99
19.87
19.45
39.11
8.75
13.67
9.04
16.29
10.63
27.66
25.97
10.85
28.55
25.99
3.55
21.00
24.32
19.51
32.87
27.77
43.58
9.60
43.46
26.06
20.61
24.88
14.75
9.50
8.55
57.09
12.05
18.82
23.41
24.99
10.36
10.25
75.11
23.74
8.92
30.11
21.07
19.17
15.41
27.23
21.76
14.91
6.48
29.51
7.22
19.95
12.95
21.12
18.02
46.88
13.97
-
20.73
20.29
17.16
29.67
29.45
7.90
21.57
23.93
-
21.07
26.92
20.68
18.36
8.68
29.06
5.51
22.35
52.77
19.03
14.34
6.30
6.01
6.42
43.88
13.30
18.85
6.35
9.37
7.14
6.54
38.27
0.38
2.48
19.31
21.70
11.20
13.37
17.18
8.17
22.53
9.20
43.24
4.36
13.71
23.88
12.34
10.50
42.14
13.47
6.39
7.73
8.72
9.13
20.79
7.07
7.36
11.99
18.63
4.40
15.01
20.35
19.89
15.51
10.64
32.38
7.35
17.69
26.64
10.27
12.90
7.45
4.90
4.81
30.73
15.39
14.01
10.46
11.81
9.40
8.98
34.14
17.11
3.30
19.45
23.48
13.98
16.39
25.08
7.73
19.03
9.13
42.35
9.90
13.00
8.89
11.13
10.08
50.15
19.04
3.06
18.68
9.08
17.32
28.18
10.30
7.03
9.91
18.97
-
15.20
26.38
20.40
12.14
9.30
17.61
2.23
20.18
45.96
15.46
6.01
1.37
3.09
7.11
15.27
6.72
7.48
3.56
6.82
6.93
3.37
15.47
-
2.35
6.87
12.43
5.59
3.90
16.03
5.21
13.09
2.39
24.46
11.77
5.27
13.68
8.76
4.92
27.51
5.61
1.80
6.48
4.66
4.20
9.14
8.04
2.49
2.69
10.92
1.04
15.18
8.66
14.20
11.33
6.11
15.82
5.54
21.15
14.39
9.06
5.44
5.56
2.37
4.64
12.05
8.15
6.88
3.38
6.48
7.13
4.23
11.61
23.10
9.32
7.13
11.57
5.99
3.34
17.65
3.25
12.74
1.67
22.18
17.17
5.66
4.63
8.57
4.94
25.09
8.80
-
11.38
5.91
7.74
11.98
10.55
2.01
1.71
9.61
-
9.58
10.14
15.25
10.22
Company
( Figures in Rs Crore)
fe500 companiesbasedoncompositeranking500 companiesbasedoncompositeranking
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
Rank2008
Rank2007
%ChangeCompany
Rank2008
Rank2007
Composite NetSales2008
%Change
Rank2008
Rank2007
TotalAssets
2008%
ChangeRank2008
Rank2007
NetWorth
2008
42 THE FINANCIAL EXPRESS | MARCH 2009
271
290
246
283
340
307
301
333
327
245
328
308
314
277
267
273
364
303
280
292
353
336
331
310
342
300
304
286
344
335
332
293
316
381
326
362
341
367
241
313
371
317
368
318
356
284
378
346
347
320
Gokaldas Exports
Value Inds
Kalyani Steels
Century Enka
Bharati Shipyard
Balmer Lawrie & Co.
Supreme Inds
Subhash Projects
Atul
Nahar Indl.Enterprises
Gillette(I)
KRBL
Ingersoll-Rand(I)
Nahar Spinning
Madhucon Projects
Eveready Inds(I)
Amara Raja Batteries
South Asian Petrochem
Greaves Cotton
J K Paper
Godrej Consumer Products
AIA Engg
Radico Khaitan
Emco
P & G Hygiene & Health Care
Spicejet
Lloyd Steel Inds
RSWM
Manaksia
Praj Inds
Bajaj Electricals
Sakthi Sugars
National Steel & Agro
HBL Power Systems
Prithvi Information Solutions
Trent
Visa Steel
Blue Dart Express
SPIC
CMC
Carborundum Universal
Jayaswal Neco Industries
Alfa Laval(I)
Mirc Electronics
BASF(I)
Dhampur Sugar
Vishal Retail
Unity Infraprojects
Shrenuj & Co.
Hexaware Technologies
1005.82
1291.48
930.11
1183.68
645.15
1443.40
1314.46
1167.12
1001.05
868.01
591.72
996.53
500.07
880.94
738.43
847.18
1100.68
1004.96
1149.95
911.63
887.18
592.64
788.72
944.25
646.01
1294.99
2204.64
1165.47
783.85
701.62
1377.79
743.88
2154.22
998.87
1112.79
499.31
680.77
808.72
984.49
926.52
593.22
1472.59
649.37
1528.38
908.17
594.90
1005.31
849.55
987.37
468.80
0.60
15.33
7.22
20.69
78.27
12.85
12.90
44.37
10.94
-2.97
30.04
9.15
-16.95
-1.07
44.69
9.66
82.69
-1.63
8.14
7.23
17.03
48.45
37.66
43.96
19.71
101.15
27.76
12.80
14.18
15.50
27.15
-14.90
17.06
89.02
44.69
12.51
28.16
21.06
-54.87
-1.97
26.56
18.64
17.10
0.96
17.88
-39.03
66.81
56.50
12.06
13.60
264
221
299
237
406
199
215
240
267
322
428
270
481
316
365
334
252
266
244
303
313
427
350
288
405
220
127
241
352
386
206
364
132
269
249
482
390
344
275
300
426
191
402
185
306
423
265
333
274
499
234
208
276
241
522
184
201
297
258
259
462
255
367
263
427
308
366
228
217
280
317
499
385
348
406
352
140
226
338
360
214
271
130
414
312
470
413
344
110
246
453
188
393
160
310
242
365
401
269
491
901.08
1544.66
1053.09
1106.84
1744.39
724.43
1002.56
1219.84
1113.87
1644.22
601.81
1331.84
827.22
1481.51
1237.50
1232.98
800.64
968.46
699.91
1374.28
568.12
585.06
935.69
1052.86
526.49
1346.04
1574.07
1477.09
868.16
684.92
830.35
1684.86
985.42
828.30
956.96
805.51
1563.55
426.52
2996.61
623.92
775.50
940.81
534.67
739.63
514.94
1356.68
926.37
985.86
1082.47
882.78
12.99
24.06
22.06
1.18
45.17
20.19
26.35
74.58
24.82
4.11
16.04
34.96
30.70
19.38
24.06
-0.28
62.75
11.57
15.69
1.92
25.20
22.61
-1.39
33.53
20.51
3.76
-10.45
15.37
23.56
25.50
21.71
20.94
19.37
57.31
40.70
43.86
53.81
22.50
-9.67
8.82
39.30
2.33
16.65
12.08
14.44
49.68
119.81
59.26
20.84
9.74
325
228
291
285
207
375
302
272
283
218
406
258
348
232
268
269
353
310
382
250
417
411
318
292
427
257
222
235
332
385
345
215
308
346
312
352
224
447
124
400
363
316
424
371
429
253
322
307
289
329
297
224
287
250
232
353
298
323
277
184
389
259
341
225
257
227
399
283
352
212
415
405
265
300
424
216
163
219
321
379
329
209
292
383
330
372
254
448
90
367
375
270
411
334
419
275
426
348
276
295
451.34
440.34
512.47
463.11
578.61
324.84
250.62
306.50
433.13
521.36
425.41
360.66
702.34
525.38
492.57
550.40
333.10
384.80
375.22
392.58
150.50
525.13
242.06
376.55
346.64
27.98
-409.77
304.44
524.86
350.84
174.78
387.74
264.24
302.64
405.70
605.84
346.96
317.30
-383.76
303.53
351.88
199.92
270.19
254.25
339.68
411.08
271.16
355.64
218.45
680.43
10.69
10.88
12.88
0.10
136.37
20.17
10.69
152.97
44.65
-0.65
18.30
15.74
58.20
1.15
9.97
-9.95
36.70
39.70
25.38
3.53
35.71
23.38
3.96
26.76
19.05
-84.84
-
0.71
96.38
136.65
49.61
-0.44
9.03
26.20
7.50
56.35
9.58
26.81
-
30.70
28.44
63.69
16.55
7.61
11.96
-12.60
113.92
17.82
31.80
-4.22
276
280
258
274
234
343
383
350
283
256
286
323
199
252
266
242
341
307
316
302
444
253
387
314
333
492
500
351
255
329
428
306
374
355
295
227
332
345
499
354
328
407
372
379
338
292
371
325
400
207
249
254
229
228
347
328
357
440
302
211
274
292
232
212
231
184
348
322
304
265
449
237
352
305
308
386
500
298
330
415
444
255
349
350
268
259
291
343
388
353
324
438
355
351
297
224
434
299
401
163
fe
ROA(%)
2008
RONW(%)
2008
RONW(%)
2007
ROA(%)
2007
ROS(%)
2008
ROS(%)
2007%
ChangeRank2008
Rank2007
GrossProfit2008
%Change
Rank2008
Rank2007
MarketCap
30.01.2009
MARCH 2009 | THE FINANCIAL EXPRESS | 43
Gokaldas Exports
Value Inds
Kalyani Steels
Century Enka
Bharati Shipyard
Balmer Lawrie & Co.
Supreme Inds
Subhash Projects
Atul
Nahar Indl.Enterprises
Gillette(I)
KRBL
Ingersoll-Rand(I)
Nahar Spinning
Madhucon Projects
Eveready Inds(I)
Amara Raja Batteries
South Asian Petrochem
Greaves Cotton
J K Paper
Godrej Consumer Products
AIA Engg
Radico Khaitan
Emco
P & G Hygiene & Health Care
Spicejet
Lloyd Steel Inds
RSWM
Manaksia
Praj Inds
Bajaj Electricals
Sakthi Sugars
National Steel & Agro
HBL Power Systems
Prithvi Information Solutions
Trent
Visa Steel
Blue Dart Express
SPIC
CMC
Carborundum Universal
Jayaswal Neco Industries
Alfa Laval(I)
Mirc Electronics
BASF(I)
Dhampur Sugar
Vishal Retail
Unity Infraprojects
Shrenuj & Co.
Hexaware Technologies
83.09
114.11
123.85
79.78
170.65
141.55
113.71
87.22
68.74
94.98
194.67
88.99
95.59
96.89
103.34
21.57
170.15
97.29
162.15
114.56
184.22
158.45
63.40
104.25
190.54
-124.57
65.09
66.88
66.37
179.05
117.44
43.52
62.39
121.97
85.21
45.40
84.94
129.70
-293.94
123.51
160.98
129.97
142.81
63.32
106.60
-45.85
90.09
98.01
50.98
7.73
-19.15
54.20
-13.27
2.74
47.72
22.06
1.13
33.83
19.26
-41.36
24.22
19.67
40.78
-41.30
22.80
322.11
94.68
31.15
2.15
-8.84
26.07
59.60
11.70
53.60
33.75
-
46.70
-47.47
29.02
58.52
77.05
-59.50
14.25
108.57
-11.96
-5.85
94.95
30.97
-
35.38
58.98
105.91
25.67
-9.43
19.82
-
65.97
55.67
1.86
-94.35
356
309
292
361
239
268
311
349
383
339
220
347
337
335
323
466
241
334
248
306
227
252
393
322
223
495
389
387
388
233
300
434
395
295
352
423
353
285
499
293
250
283
266
394
319
493
346
332
413
484
289
341
237
337
272
271
277
366
385
216
225
339
357
213
324
488
315
340
222
260
234
292
390
358
238
496
421
258
407
276
361
281
399
383
296
412
424
293
498
307
290
373
275
352
312
178
401
374
409
247
240.83
36.07
187.91
103.16
176.72
362.78
297.00
177.02
128.62
87.07
2290.59
153.16
750.10
75.73
217.16
114.47
353.98
171.12
331.87
117.23
3378.51
1072.07
731.49
163.31
2368.77
337.43
89.11
64.36
237.51
1017.25
336.72
109.95
32.99
282.38
72.23
613.93
182.60
987.17
97.69
464.50
812.15
107.69
1682.98
129.98
525.04
168.14
128.69
137.11
124.74
287.30
-70.33
-68.72
-88.57
-60.33
-90.16
-47.44
-59.46
-89.08
-40.50
-79.97
-20.26
-53.15
-25.04
-71.85
-91.38
-70.83
-72.25
-65.62
-78.71
-63.81
30.62
-61.86
-35.21
-87.59
1.54
-80.00
-74.41
-81.11
-64.89
-67.93
-60.30
-52.28
-65.34
-66.19
-86.49
-46.69
-61.88
-31.97
-64.92
-65.03
-42.31
-81.20
3.95
-58.74
-22.49
-50.75
-92.62
-88.18
-64.42
-70.77
337
475
357
414
365
297
321
364
393
430
109
382
210
439
345
402
301
369
311
400
87
174
212
374
108
305
427
450
338
178
306
405
479
325
440
239
361
181
421
267
204
408
126
391
255
370
392
389
394
323
328
473
247
425
228
346
341
250
440
381
170
407
305
423
186
391
284
369
257
409
185
174
298
280
194
240
400
404
348
159
322
433
479
323
365
295
372
270
419
278
273
360
251
411
347
403
235
294
399
308
10.55
2.90
15.46
2.90
18.57
26.76
20.39
18.99
8.03
0.45
27.59
15.18
9.80
2.29
9.59
-
28.33
14.43
29.36
11.79
98.42
20.63
13.66
17.11
37.91
-
-
0.09
7.81
43.76
41.84
7.77
9.54
22.17
15.70
5.38
12.44
22.04
-
29.07
27.61
43.12
33.86
13.60
17.48
-
14.99
16.88
14.02
-
17.24
0.96
19.80
3.61
29.89
25.98
22.15
36.00
8.57
12.93
26.39
15.89
10.34
12.38
9.28
-
19.31
16.22
40.87
12.11
105.70
15.72
13.98
13.67
30.85
-
-
14.58
11.50
58.37
33.06
24.47
9.43
13.38
24.02
8.15
6.48
20.07
-
27.60
21.41
21.55
30.04
14.44
16.51
21.80
19.77
12.68
18.13
16.70
9.22
7.39
11.76
7.21
9.78
19.54
11.34
7.15
6.17
5.78
32.35
6.68
11.56
6.54
8.35
1.75
21.25
10.05
23.17
8.34
32.43
27.08
6.78
9.90
36.19
-
4.14
4.53
7.64
26.14
14.14
2.58
6.33
14.73
8.90
5.64
5.43
30.41
-
19.80
20.76
13.81
26.71
8.56
20.70
-
9.73
9.94
4.71
0.88
12.89
5.94
16.55
7.10
9.61
19.24
14.17
9.33
6.46
10.26
30.22
7.54
10.73
13.30
8.44
0.41
17.77
8.55
26.24
9.32
32.20
20.81
5.98
8.61
32.61
-
2.52
9.94
7.32
20.70
9.72
7.71
6.62
11.11
14.23
8.61
4.29
28.44
-
15.91
18.19
6.87
24.79
10.59
19.77
22.32
12.88
10.17
5.59
17.01
4.73
0.99
8.52
1.13
16.66
6.02
3.89
4.99
3.48
0.27
19.84
5.49
13.77
1.36
6.40
-
8.57
5.53
9.58
5.08
16.70
18.28
4.19
6.83
20.34
-
-
0.02
5.23
21.88
5.31
4.05
1.17
6.72
5.73
6.53
6.34
8.65
-
9.52
16.38
5.85
14.09
2.26
6.54
-
4.04
7.07
3.10
-
7.03
0.34
10.36
1.70
20.22
5.49
4.31
5.40
2.84
7.59
20.86
5.42
7.63
7.22
8.15
-
7.81
4.37
11.50
5.40
15.46
16.76
5.68
6.19
16.64
-
-
4.27
4.48
14.24
3.56
10.90
1.24
6.07
11.79
7.12
3.86
7.52
-
6.78
12.51
2.12
12.56
2.25
6.50
10.51
4.16
7.05
3.41
28.75
Company
( Figures in Rs Crore)
fe500 companiesbasedoncompositeranking500 companiesbasedoncompositeranking
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
Rank2008
Rank2007
%ChangeCompany
Rank2008
Rank2007
Composite NetSales2008
%Change
Rank2008
Rank2007
TotalAssets
2008%
ChangeRank2008
Rank2007
NetWorth
2008
46 THE FINANCIAL EXPRESS | MARCH 2009
397
372
338
355
337
363
312
409
434
359
354
339
369
408
396
343
351
321
418
411
374
350
334
377
361
365
348
352
426
375
386
410
376
358
380
330
388
360
389
436
407
415
383
463
384
394
464
404
382
395
Sadbhav Engg
Honeywell Automation(I)
Transport Corp(I)
Novartis(I)
Sunflag Iron & Steel Co.
Aarti Inds
Elecon Engg
Texmaco
ICSA(I)
Bata(I)
KPR Mill
Madras Aluminium Co.
Unichem Laboratories
Nectar Lifesciences
West Coast Paper
Chemplast Sanmar
DCW
Clariant Chemicals(I)
Godawari Power & Ispat
Sarda Energy
Elder Pharma
Emami
Philips Carbon Black
3M India
A P Paper
Ruchi Infrastructure
JB Chemicals & Pharma.
Supreme Petrochem
Varun Inds
Wheels(I)
Rallis(I)
Tata Metaliks
Savita Chemicals
Sujana Universal Inds
Nitco
Tamilnadu Petro Products
Meghmani Organics
Surya Roshni
Fag Bearings(I)
ITD Cementation(I)
FDC
Time Techno
Jagatjit Inds
Ankur Drugs
Surana Inds
Ratnamani Metals & Tubes
Sanwaria Agro Oils
Abbot(I)
KEI Inds
Kirloskar Ferrous Inds
870.05
866.13
1198.38
553.13
989.48
889.42
723.79
826.94
670.69
867.21
573.96
472.97
575.73
735.95
583.06
640.08
751.31
861.21
832.56
628.34
551.20
583.71
1033.18
608.41
578.88
969.22
552.75
1466.63
856.80
1130.21
677.47
1031.64
905.05
909.98
633.51
781.47
587.20
1352.36
648.26
735.04
489.61
470.82
559.09
673.72
798.93
845.09
938.12
622.42
874.69
726.58
78.08
34.65
10.52
2.27
19.52
25.80
15.94
92.05
101.72
12.57
19.17
-11.97
6.62
72.75
5.14
4.63
13.36
-5.75
88.81
69.13
22.69
13.17
3.46
20.51
18.86
10.84
6.85
-1.04
15.24
12.65
8.08
51.48
13.62
2.06
38.46
-5.83
26.74
14.14
18.50
49.29
14.37
32.35
23.10
80.41
3.05
47.94
110.60
16.53
44.75
38.49
321
324
231
458
273
311
374
342
393
323
444
496
440
367
436
407
360
328
339
415
461
434
259
421
438
282
459
193
331
247
391
261
307
305
413
354
432
210
403
368
486
497
453
392
346
337
289
416
319
372
441
353
213
404
290
332
355
475
534
311
444
407
405
480
394
359
347
254
471
519
467
423
235
429
442
270
420
161
321
233
354
339
301
261
458
288
454
198
399
436
478
528
463
517
305
387
469
409
363
415
656.54
546.58
544.64
557.92
797.18
835.90
1012.71
649.69
729.42
529.66
1259.86
684.38
597.76
951.72
973.59
1414.89
991.04
508.45
741.73
865.13
809.19
423.06
846.02
393.63
1102.79
776.53
736.41
606.64
881.57
728.97
522.28
591.95
627.90
711.41
782.73
798.01
690.00
672.95
433.71
780.96
494.47
594.44
608.41
893.11
1001.10
597.90
377.69
330.38
813.38
545.37
36.13
32.88
17.15
19.88
9.88
18.20
35.99
40.38
108.11
15.69
36.73
21.50
12.91
22.71
78.11
54.81
37.71
-10.65
40.97
79.89
25.86
3.66
15.32
26.70
5.94
32.54
5.18
16.73
89.82
27.16
9.01
31.06
21.92
21.94
39.98
-7.65
33.12
5.99
22.09
24.73
21.30
48.52
4.75
77.46
70.66
16.02
97.20
-2.97
21.33
24.63
394
421
423
419
355
343
298
395
373
425
266
386
408
313
309
245
306
433
370
336
351
448
341
455
286
362
372
405
330
374
428
410
399
377
360
354
384
390
443
361
435
409
404
327
303
407
461
473
350
422
402
427
408
407
310
318
306
410
446
412
269
371
381
303
378
273
313
370
384
403
337
428
309
460
252
358
322
388
409
368
404
418
392
360
373
286
390
340
445
345
429
431
361
398
356
391
483
451
333
423
282.61
234.35
262.99
448.42
294.08
282.47
236.73
243.56
365.54
251.38
508.74
374.05
428.02
283.16
399.18
253.17
308.41
309.42
384.08
401.54
383.59
289.00
238.33
290.30
416.43
173.16
463.19
189.02
377.70
177.68
307.54
192.43
250.23
390.30
496.88
365.46
407.46
183.04
318.10
346.33
375.31
378.43
395.51
210.74
174.76
225.85
125.27
231.02
207.07
300.15
92.72
30.25
39.95
15.40
13.13
10.04
25.99
49.30
242.78
18.58
52.93
12.47
15.27
35.89
71.93
2.92
21.30
-0.26
87.26
109.50
18.60
-13.79
47.73
29.70
8.14
20.38
9.99
10.34
272.34
11.12
45.22
35.08
20.20
33.70
70.77
-3.25
43.94
8.98
28.46
220.77
13.02
81.02
3.09
100.55
20.97
60.67
47.20
-6.02
36.36
14.06
366
392
377
278
360
367
390
385
321
382
260
317
285
365
299
380
348
347
308
297
309
364
388
363
290
432
273
413
313
425
349
411
384
305
263
322
293
419
344
334
315
312
301
404
429
396
463
393
406
356
417
390
381
257
336
337
382
405
453
366
283
284
271
370
354
345
339
293
372
377
288
282
406
360
260
420
240
396
457
407
367
421
371
307
309
267
314
399
344
452
285
369
263
454
418
426
466
346
411
333
fe
ROA(%)
2008
RONW(%)
2008
RONW(%)
2007
ROA(%)
2007
ROS(%)
2008
ROS(%)
2007%
ChangeRank2008
Rank2007
GrossProfit2008
%Change
Rank2008
Rank2007
MarketCap
30.01.2009
MARCH 2009 | THE FINANCIAL EXPRESS | 47
Sadbhav Engg
Honeywell Automation(I)
Transport Corp(I)
Novartis(I)
Sunflag Iron & Steel Co.
Aarti Inds
Elecon Engg
Texmaco
ICSA(I)
Bata(I)
KPR Mill
Madras Aluminium Co.
Unichem Laboratories
Nectar Lifesciences
West Coast Paper
Chemplast Sanmar
DCW
Clariant Chemicals(I)
Godawari Power & Ispat
Sarda Energy
Elder Pharma
Emami
Philips Carbon Black
3M India
A P Paper
Ruchi Infrastructure
JB Chemicals & Pharma.
Supreme Petrochem
Varun Inds
Wheels(I)
Rallis(I)
Tata Metaliks
Savita Chemicals
Sujana Universal Inds
Nitco
Tamilnadu Petro Products
Meghmani Organics
Surya Roshni
Fag Bearings(I)
ITD Cementation(I)
FDC
Time Techno
Jagatjit Inds
Ankur Drugs
Surana Inds
Ratnamani Metals & Tubes
Sanwaria Agro Oils
Abbot(I)
KEI Inds
Kirloskar Ferrous Inds
90.35
97.51
62.12
150.45
91.81
80.42
112.36
108.66
160.93
70.16
137.71
99.17
107.30
121.67
114.38
52.78
81.91
69.71
131.73
161.15
87.69
111.81
132.93
110.43
73.59
52.35
72.82
44.27
40.39
70.46
164.58
121.49
100.42
54.80
75.68
14.28
61.54
52.48
143.22
26.84
87.10
91.99
39.36
83.34
56.97
164.86
67.60
106.22
72.62
84.10
69.04
20.76
-0.40
10.31
3.47
33.72
16.70
129.77
113.72
14.08
18.28
-55.91
-8.18
51.14
19.74
-20.38
45.23
-19.92
88.91
120.36
28.22
42.05
104.82
32.86
4.90
38.68
-18.94
-30.51
24.24
8.52
90.82
121.62
40.33
22.95
21.40
-19.28
4.77
7.10
13.71
122.92
-2.05
56.45
19.24
83.25
6.59
43.23
257.48
17.03
14.49
4.16
345
333
396
260
344
360
312
316
251
380
272
330
318
296
307
409
357
382
281
249
348
313
279
314
369
411
372
431
439
379
246
297
326
407
366
474
397
410
265
458
350
343
442
355
404
245
385
320
373
354
405
328
375
248
314
379
297
414
338
377
269
162
267
330
299
362
392
316
353
343
355
335
369
325
350
435
310
371
444
368
317
398
346
420
376
470
382
411
259
476
313
381
442
417
404
273
468
308
372
329
425.94
685.81
267.89
780.78
162.36
209.66
335.19
554.55
404.82
567.77
104.37
934.88
545.65
234.54
217.26
178.97
156.33
391.64
149.61
193.74
422.40
1257.61
94.78
1065.58
114.24
231.42
307.03
107.04
60.69
133.15
458.35
187.53
194.18
51.77
100.21
83.13
185.13
64.22
378.02
94.35
535.13
455.23
261.26
165.62
99.64
184.50
382.80
622.13
66.37
159.82
-72.95
-55.85
-67.80
-25.94
-62.01
-34.17
-84.79
-63.97
-79.79
-50.10
-78.80
-36.55
-7.92
-37.49
-47.23
-69.80
-71.18
-45.21
-76.11
-87.32
-43.00
-29.07
-82.97
-48.95
-47.86
-62.87
-39.93
-61.14
-73.75
-47.94
-15.89
-56.43
-55.97
-74.45
-88.24
-51.62
-76.05
-66.49
-60.10
-65.56
-15.06
-73.50
-36.13
-50.48
-71.73
-81.54
-37.82
-21.80
-87.38
-78.22
280
224
330
207
376
346
307
249
287
246
413
184
251
339
344
362
380
289
384
355
282
161
423
175
403
341
317
410
453
390
269
358
354
459
418
436
359
452
295
424
252
270
332
371
420
360
292
237
446
377
256
258
324
300
383
410
200
259
214
296
370
266
358
394
386
359
364
343
354
262
337
230
362
207
438
355
368
420
432
427
363
382
377
447
321
457
334
452
313
421
353
238
387
405
397
306
356
330
366
339
18.75
27.77
10.83
21.68
14.83
12.98
28.39
28.37
30.40
20.32
15.60
17.45
18.04
29.56
20.52
2.56
11.61
10.27
24.73
30.07
17.90
32.09
37.47
23.31
3.97
20.54
11.16
12.44
5.66
14.56
40.71
36.18
24.76
5.76
10.27
-
9.23
11.15
25.00
2.61
17.52
16.78
4.45
30.13
18.55
39.86
34.58
29.62
21.14
16.34
18.14
32.24
16.27
22.79
14.25
10.21
29.22
17.46
55.25
18.94
17.56
54.27
24.29
26.99
28.63
9.43
7.93
14.13
25.46
22.23
16.32
19.67
14.59
22.53
6.27
14.10
16.86
18.85
19.24
16.28
27.44
20.72
22.70
6.62
13.07
-
14.44
8.82
29.76
2.50
19.37
18.73
4.27
31.15
21.28
45.66
14.36
24.41
26.45
16.90
13.76
17.84
11.41
26.97
11.52
9.62
11.09
16.72
22.06
13.25
10.93
14.49
17.95
12.78
11.75
3.73
8.27
13.71
17.76
18.63
10.84
26.43
15.71
28.05
6.67
6.74
9.89
7.30
4.58
9.67
31.51
20.52
15.99
7.70
9.67
1.79
8.92
7.80
33.02
3.44
17.61
15.48
6.47
9.33
5.69
27.57
17.90
32.15
8.93
15.42
11.08
19.63
13.42
29.31
12.23
8.50
12.93
10.22
21.48
13.43
12.64
39.94
22.07
10.38
17.47
7.25
7.84
15.30
13.25
15.21
10.64
19.29
8.85
26.75
6.74
6.44
12.83
12.26
7.00
11.33
18.00
12.14
13.89
7.64
11.15
2.05
11.33
7.72
35.46
1.92
21.81
14.69
5.68
9.04
9.11
22.33
9.87
26.65
9.46
18.45
6.09
7.52
2.38
17.58
4.41
4.12
9.28
8.35
16.57
5.89
13.83
13.80
13.41
11.37
14.05
1.01
4.76
3.69
11.41
19.22
12.45
15.89
8.64
11.12
2.86
3.67
9.35
1.60
2.49
2.29
18.48
6.75
6.85
2.47
8.05
-
6.40
1.51
12.27
1.23
13.43
13.49
3.15
9.43
4.06
10.65
4.62
10.99
5.01
6.75
5.44
9.02
2.82
16.37
4.48
3.71
8.79
6.61
17.72
5.21
12.13
33.59
16.70
13.20
11.98
3.79
3.04
4.80
11.84
11.47
11.75
12.78
2.36
9.99
4.95
2.32
13.73
2.18
2.63
2.59
9.27
4.33
5.93
2.17
8.31
-
8.82
1.25
13.47
0.55
15.03
11.01
3.60
8.76
3.97
11.24
2.74
11.23
6.65
8.47
Company
( Figures in Rs Crore)
fe500 companiesbasedoncompositeranking500 companiesbasedoncompositeranking
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
Rank2008
Rank2007
%ChangeCompany
Rank2008
Rank2007
Composite NetSales2008
%Change
Rank2008
Rank2007
TotalAssets
2008%
ChangeRank2008
Rank2007
NetWorth
2008
48 THE FINANCIAL EXPRESS | MARCH 2009
357
398
420
438
387
406
412
403
449
494
345
416
325
447
435
413
392
393
405
439
428
414
324
399
401
385
456
373
425
427
440
419
431
400
448
390
467
402
432
469
423
446
455
454
450
424
417
422
442
452
Rico Auto Inds.
Mastek
Gati
Century Ply
Ahluwalia Contracts(I)
Shri Lakshmi Cotsyn
Alps Inds
Walchandnagar Inds
Zylog System
Titagarh Wagons
Force Motors
Kohinoor Foods
Samtel Color
Nilkamal
JMC Projects(I)
Agro Tech Foods
SIL Investments
Sangam(I)
Mahindra Ugine Steel Co.
Federal-Mogul Goetze(I)
Piramal Glass
Goodyear(I)
Shah Alloys
Spanco
Lloyd Electric & Engg.
Sujana Metal Products
JVL Agro Ind
Spentex Inds
Sona Koyo Steering Sys.
Eskay KnIT(I)
Balaji Distilleries
Ciba(I)
Paper Products
Hindustan Motors
Anik Inds
Classic Diamonds(I)
Pennar Inds
Pricol
Salora International
Hatsun Agro Product
Hindustan Sanitaryware
Swaraj Mazda
Kajaria Ceramics
Kpit Cummins Infosystems
Voltamp Transformers
Kirloskar Electric Co.
Garware Polyester
Bharat Bijlee
Seshasayee Paper & Boards
Hindustan Organic Chem.
708.71
583.27
552.07
594.08
880.09
845.24
634.27
633.10
605.94
554.80
930.54
635.07
786.47
887.51
914.99
1010.64
791.34
693.39
863.42
617.74
478.68
890.43
910.18
565.45
665.04
750.92
1154.88
777.34
686.32
651.98
1208.57
468.77
569.80
704.66
728.98
708.13
559.65
633.58
1108.89
863.19
517.97
667.52
504.78
480.44
555.35
727.77
574.68
562.73
495.04
574.49
-8.01
17.08
20.71
40.40
31.50
40.17
47.80
76.50
50.20
97.12
-5.16
7.78
-33.41
66.58
82.91
-2.65
10.22
25.53
29.65
16.13
21.69
7.33
-27.23
32.55
35.48
3.40
66.90
3.34
17.88
35.91
21.66
-8.35
13.64
5.72
58.13
8.21
11.84
3.14
25.53
47.48
8.68
10.87
21.25
52.14
36.86
23.06
9.73
19.92
8.18
13.75
381
435
460
425
317
336
410
414
422
457
297
409
351
312
302
263
349
388
326
417
491
310
304
449
395
361
242
355
389
401
229
500
446
385
370
382
452
412
250
327
472
394
480
489
456
371
441
450
483
442
309
434
459
483
343
364
477
526
496
552
240
377
199
411
433
224
330
397
346
412
502
289
187
479
438
326
335
319
381
447
237
426
431
345
455
350
432
358
268
379
448
368
487
544
494
374
417
451
457
428
774.30
428.26
621.86
413.19
579.98
909.02
1086.04
556.21
510.21
529.06
849.31
791.46
1036.07
620.29
636.87
182.37
1000.62
1017.42
702.32
680.50
1166.02
386.05
856.14
870.38
575.20
644.48
492.21
827.75
509.27
673.95
239.98
426.55
427.99
442.99
635.85
702.74
348.81
690.09
324.05
264.72
568.13
448.73
620.22
421.40
255.10
384.46
683.76
342.93
744.94
497.25
22.84
11.40
54.29
43.80
59.99
32.74
53.93
13.16
72.37
125.63
8.35
23.41
-15.26
90.69
77.65
6.74
29.07
11.68
21.30
17.19
32.34
-0.29
-12.92
37.04
22.19
25.49
41.66
-0.30
40.84
27.02
21.06
13.16
17.87
-13.79
21.55
12.61
12.29
12.11
13.79
45.72
7.71
18.41
5.73
13.08
49.43
24.06
-6.88
19.73
29.82
-4.93
364
444
401
452
412
324
288
420
431
426
340
356
295
402
397
491
304
297
379
388
278
457
339
331
413
396
436
347
432
389
486
446
445
440
398
378
469
383
474
482
416
439
403
449
485
458
387
472
368
434
342
436
430
469
441
328
319
400
466
476
301
338
228
454
444
488
304
274
364
362
281
435
261
339
406
394
449
289
442
380
481
438
440
393
385
347
461
350
471
487
382
437
357
439
489
462
308
470
366
386
269.41
291.64
303.78
160.34
125.00
217.02
297.65
222.77
407.07
226.34
102.96
146.95
187.03
207.99
173.29
111.80
155.55
193.29
189.03
176.24
263.71
144.89
129.87
303.66
339.79
256.33
83.46
164.13
181.45
292.90
-216.50
295.19
238.27
132.17
187.78
216.86
188.19
186.85
134.71
48.16
220.68
93.58
154.89
272.51
164.67
125.25
243.13
168.50
182.11
176.37
5.25
3.51
71.16
36.22
56.88
30.62
8.17
12.32
88.08
133.17
-44.83
3.76
-14.45
59.11
40.08
18.19
0.49
2.86
10.96
95.26
5.17
19.75
-48.30
12.25
13.48
-10.79
47.12
-17.38
36.01
7.58
-
4.95
6.44
27.84
11.48
22.17
71.74
7.33
16.13
33.52
9.42
23.68
9.39
42.94
65.40
30.63
34.79
45.46
29.08
-
373
362
352
439
465
402
357
397
294
394
471
445
416
405
431
470
440
409
412
427
375
447
461
353
337
378
473
437
421
361
498
358
389
459
415
403
414
417
456
487
399
472
441
370
436
464
386
434
420
426
338
315
393
443
470
400
323
376
363
459
383
423
362
432
436
462
410
380
397
464
342
441
341
327
303
312
477
375
428
325
499
316
359
455
398
392
451
394
446
485
374
471
424
378
458
460
389
447
425
497
ROA(%)
2008
RONW(%)
2008
RONW(%)
2007
ROA(%)
2007
ROS(%)
2008
ROS(%)
2007%
ChangeRank2008
Rank2007
GrossProfit2008
%Change
Rank2008
Rank2007
MarketCap
30.01.2009
MARCH 2009 | THE FINANCIAL EXPRESS | 49
Rico Auto Inds.
Mastek
Gati
Century Ply
Ahluwalia Contracts(I)
Shri Lakshmi Cotsyn
Alps Inds
Walchandnagar Inds
Zylog System
Titagarh Wagons
Force Motors
Kohinoor Foods
Samtel Color
Nilkamal
JMC Projects(I)
Agro Tech Foods
SIL Investments
Sangam(I)
Mahindra Ugine Steel Co.
Federal-Mogul Goetze(I)
Piramal Glass
Goodyear(I)
Shah Alloys
Spanco
Lloyd Electric & Engg.
Sujana Metal Products
JVL Agro Ind
Spentex Inds
Sona Koyo Steering Sys.
Eskay KnIT(I)
Balaji Distilleries
Ciba(I)
Paper Products
Hindustan Motors
Anik Inds
Classic Diamonds(I)
Pennar Inds
Pricol
Salora International
Hatsun Agro Product
Hindustan Sanitaryware
Swaraj Mazda
Kajaria Ceramics
Kpit Cummins Infosystems
Voltamp Transformers
Kirloskar Electric Co.
Garware Polyester
Bharat Bijlee
Seshasayee Paper & Boards
Hindustan Organic Chem.
74.61
141.64
45.32
74.92
100.81
79.44
34.18
59.86
104.61
94.42
-42.65
15.60
-49.39
99.84
63.59
22.81
59.22
55.63
70.90
24.56
81.31
68.13
-147.73
67.58
71.28
49.85
32.85
-0.37
55.26
80.79
116.94
37.90
63.67
69.79
39.16
39.16
44.82
53.80
38.74
45.75
71.76
41.40
43.28
96.22
127.77
31.57
47.15
115.08
77.90
39.84
-5.38
-0.29
6.64
102.71
49.06
29.57
-31.97
144.43
60.52
103.23
-
-62.50
-
327.58
100.35
11.16
-30.83
-24.24
-16.49
-16.18
-4.06
-4.63
-
19.36
20.41
4.44
82.60
-
3.31
46.86
-
-61.27
-19.20
77.22
92.15
5.41
26.57
-32.58
22.05
65.46
3.06
61.72
36.31
65.18
96.93
2.43
32.52
34.19
35.57
-9.76
368
267
424
367
325
362
450
400
321
340
492
470
494
328
392
465
401
405
378
463
358
384
496
386
377
417
452
490
406
359
302
448
391
381
444
443
427
408
446
422
375
438
436
336
288
454
420
304
364
441
332
239
426
437
360
378
408
460
365
415
493
428
494
461
446
464
319
342
321
454
322
347
351
391
380
413
469
429
403
397
489
295
334
432
465
436
439
331
447
455
354
457
445
384
370
450
438
318
387
422
106.26
385.75
303.41
701.99
229.35
35.96
29.89
333.70
124.69
476.45
83.17
241.47
25.64
85.11
96.78
245.28
44.62
40.84
64.31
202.50
68.95
162.76
25.36
50.70
65.41
40.79
50.44
32.09
156.77
37.63
105.77
262.01
193.43
199.37
58.28
33.34
309.88
71.55
36.30
178.24
165.15
172.10
203.37
172.88
355.06
151.05
46.92
255.61
89.16
124.45
-74.56
-50.06
-71.16
-52.37
-86.71
-81.59
-85.92
-80.88
-74.35
-
-71.70
10.84
-69.77
-77.70
-86.85
-39.84
-67.96
-75.48
-73.44
-23.92
-
-53.03
-71.66
-88.85
-85.04
-78.79
-57.31
-84.36
-69.66
-69.82
-46.37
-23.94
-40.44
-75.14
-67.21
-88.93
35.02
-70.61
-80.57
-20.13
-53.05
-41.70
17.16
-75.12
-77.67
-84.09
-62.57
-85.39
-60.37
-69.04
411
291
320
219
343
476
484
310
395
265
435
336
486
431
422
335
468
469
451
351
443
375
488
460
449
470
461
481
379
472
412
331
356
353
456
478
314
442
474
363
373
368
350
367
299
383
466
333
426
397
385
335
302
265
236
449
442
234
371
-
415
439
483
393
338
388
465
458
430
424
-
401
480
375
378
450
471
445
367
468
448
402
408
329
455
412
434
429
453
436
398
414
456
345
255
312
467
232
435
390
8.27
34.02
7.83
27.83
41.31
21.46
3.99
15.96
20.20
26.76
-
3.63
-
27.58
17.73
14.54
1.95
2.78
15.60
-
6.16
27.76
-
12.60
15.51
8.95
28.37
-
13.89
7.06
-
6.55
11.91
23.33
12.39
14.36
16.37
10.21
17.34
35.98
12.93
26.93
9.70
23.52
48.52
18.90
4.27
43.49
25.14
7.72
10.08
36.40
13.16
17.36
39.14
21.86
11.03
6.70
24.97
30.07
-
15.58
-
5.32
12.98
17.01
23.46
14.38
26.36
-
14.10
37.29
16.04
12.08
14.35
9.82
19.78
2.11
20.77
5.32
-
28.83
17.84
12.86
6.85
12.70
20.36
20.80
14.02
22.58
14.43
21.27
5.42
23.99
39.74
18.25
1.18
47.54
29.35
-
9.64
33.07
7.29
18.13
17.38
8.74
3.15
10.76
20.50
17.85
-
1.97
-
16.10
9.98
12.51
5.92
5.47
10.10
3.61
6.97
17.65
-
7.76
12.39
7.73
6.67
-
10.85
11.99
48.73
8.89
14.88
15.75
6.16
5.57
12.85
7.80
11.95
17.28
12.63
9.23
6.98
22.83
50.09
8.21
6.90
33.56
10.46
8.01
12.51
36.95
10.54
12.86
18.66
8.95
7.12
4.98
22.02
19.81
0.08
6.49
-
7.18
8.85
12.01
11.04
8.06
14.66
5.05
9.62
18.45
7.13
8.91
12.58
9.29
5.18
5.00
14.79
10.37
2.17
25.96
21.70
7.66
3.90
5.95
11.40
12.96
11.15
15.22
13.20
6.76
5.41
15.63
38.01
9.94
4.85
29.94
10.01
8.44
3.14
17.01
4.31
7.51
5.87
5.51
1.87
5.62
13.57
10.92
-
0.84
-
6.46
3.36
1.61
0.38
0.77
3.42
-
3.40
4.52
-
6.77
7.93
3.06
2.05
-
3.67
3.17
8.78
4.13
4.98
4.38
3.19
4.40
5.51
3.01
2.11
2.01
5.51
3.78
2.98
13.34
14.39
3.25
1.81
13.02
9.25
2.37
3.35
20.58
5.11
4.83
4.66
6.02
7.07
3.71
13.40
10.37
-
3.75
-
1.30
3.21
1.55
5.06
4.89
6.74
-
8.99
5.44
3.22
7.66
8.75
3.89
1.62
0.56
4.76
3.02
-
15.86
7.97
2.00
2.50
3.45
4.46
5.89
1.84
1.39
6.11
2.67
1.84
14.48
9.75
2.96
0.41
11.74
9.05
3.37
Company
( Figures in Rs Crore)
fe500 companiesbasedoncompositeranking500 companiesbasedoncompositeranking
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
Rank2008
Rank2007
%ChangeCompany
Rank2008
Rank2007
Composite NetSales2008
%Change
Rank2008
Rank2007
TotalAssets
2008%
ChangeRank2008
Rank2007
NetWorth
2008
50 THE FINANCIAL EXPRESS | MARCH 2009
421
451
495
430
457
437
429
461
443
441
476
444
462
468
433
479
453
459
445
470
477
472
487
474
460
480
471
478
458
486
483
488
485
473
484
475
465
481
482
490
497
499
496
493
491
500
492
489
498
466
DCM Shriram Inds.
Cosmo Films
KNR Construction
Omax Autos
Mangalam Cement
McNally Bharat Engg.
Subros
Sai Service Station
Munjal Showa
TIL
Pratibha Inds
Trend Electronics
LT Foods
Ind-swift
IG Petrochemicals
Diamond Cables
Thirumalai Chem.
Siyaram Silk
LG Balakrishnan & Bros
VIP Inds
Ushdev International
Universal Cables
Heritage Foods(I)
Hyderabad Inds
Lumax Inds
Jay Bharat Maruti
Deepak Nitrite
Amrit Banaspati Co.
Precision Wires(I)
Excel Crop Care
Venkys(I)
Jayant Agro Organics
Rathi Steel
Atlas Cycles(H)
Steel Exchange(I)
T T
Gabriel(I)
Panchmahal Steel
Nicco Corp
Vimal Oil
Flawless Diamonds(I)
Compuage Infocom
Nakoda Textile Inds
Emmsons International
Tulsyan NEC
Sakuma Exports
Competent Automobiles
Bhuwalka Steel Inds
Kriti Inds
Platinum Corporation
557.05
580.66
548.39
713.61
509.88
548.17
662.57
885.72
719.24
706.47
475.92
863.83
567.89
513.27
586.91
486.68
591.22
589.67
549.87
550.19
752.81
489.81
588.03
481.88
509.37
657.04
470.27
758.80
573.99
509.27
523.16
594.11
518.22
576.67
608.79
639.22
473.43
505.73
476.99
634.20
555.91
611.38
565.91
560.77
531.90
573.42
529.07
518.11
474.01
479.49
-7.09
8.86
69.04
3.58
11.82
9.03
2.37
11.53
2.59
26.15
61.20
11.57
18.06
36.01
1.02
85.54
9.01
12.42
15.62
29.84
37.68
28.71
69.79
10.19
-5.09
26.46
13.19
22.52
-1.97
25.92
27.45
31.88
32.56
17.21
29.80
8.05
-9.24
19.47
24.49
29.32
84.52
102.52
65.27
53.28
23.65
144.27
16.58
7.80
42.61
-42.45
454
437
464
378
476
465
396
315
377
383
493
325
447
475
433
487
429
430
463
462
359
484
431
488
477
398
498
358
443
478
469
424
470
439
420
408
495
479
492
411
455
419
448
451
466
445
467
471
494
490
370
410
541
337
461
430
351
303
334
390
549
307
445
514
382
555
402
416
449
481
400
511
530
473
408
419
488
357
378
495
492
466
503
437
452
373
418
482
508
439
548
547
532
521
476
559
464
446
535
286
660.62
420.73
559.76
571.41
400.19
662.44
359.36
159.74
305.24
354.68
569.23
441.80
658.80
715.08
394.32
307.34
436.04
472.57
513.56
350.06
210.11
418.27
344.15
361.38
390.79
226.73
381.00
135.18
348.54
364.59
277.22
215.55
457.50
370.36
289.01
257.83
373.49
322.23
379.08
146.09
257.57
144.33
278.65
159.35
297.06
71.57
101.54
180.17
217.45
35.07
20.84
6.03
115.42
13.37
37.17
45.55
2.94
1.44
8.08
8.69
92.06
0.89
45.34
28.64
-0.75
60.92
-1.46
20.23
-10.14
15.90
162.08
27.39
59.77
11.46
23.87
5.11
-11.15
21.60
9.75
14.87
5.81
12.06
44.88
3.24
42.89
21.38
27.00
6.95
10.58
1.28
34.78
29.42
67.88
-12.68
21.97
-2.25
4.90
12.73
86.24
-44.88
392
450
418
414
453
391
466
493
477
467
415
441
393
376
454
476
442
437
430
468
490
451
471
465
456
487
459
497
470
464
481
489
438
463
479
483
462
475
460
495
484
496
480
494
478
499
498
492
488
500
377
433
474
396
468
414
447
492
472
453
465
422
416
376
432
485
421
434
369
463
498
452
478
455
459
477
425
496
456
457
473
482
458
443
480
479
467
464
450
493
484
495
490
486
475
499
497
491
494
500
180.23
181.19
226.25
145.67
222.07
137.03
174.05
50.62
153.97
122.40
183.90
81.06
144.24
178.06
217.99
126.16
131.24
136.36
144.84
132.79
49.48
169.80
115.70
151.01
143.36
67.05
167.65
29.46
141.72
118.03
140.40
64.67
135.90
119.05
63.94
61.46
132.65
69.31
74.26
24.50
67.61
15.67
59.31
49.56
46.51
60.08
42.57
27.67
33.64
14.11
0.52
22.19
242.13
9.26
50.36
45.50
15.23
14.42
6.92
43.63
93.86
1.63
20.21
19.83
15.58
134.32
12.60
2.71
6.92
17.87
34.90
6.47
66.96
6.49
75.97
23.91
1.50
1.13
29.01
14.73
15.36
28.88
5.56
-2.86
85.28
2.09
1.40
147.01
6.51
22.93
258.10
-47.64
36.34
148.05
36.91
5.46
9.97
8.77
24.22
7.06
423
422
395
446
398
453
430
484
442
466
418
474
449
424
401
462
460
454
448
457
486
433
469
443
450
478
435
491
451
468
452
479
455
467
480
481
458
476
475
494
477
495
483
485
488
482
489
493
490
496
391
414
474
429
416
463
412
481
419
465
461
469
442
413
379
479
445
430
427
448
484
408
473
422
468
478
403
489
450
456
439
480
433
437
486
475
431
490
472
494
495
488
482
493
487
476
483
492
491
496
ROA(%)
2008
RONW(%)
2008
RONW(%)
2007
ROA(%)
2007
ROS(%)
2008
ROS(%)
2007%
ChangeRank2008
Rank2007
GrossProfit2008
%Change
Rank2008
Rank2007
MarketCap
30.01.2009
MARCH 2009 | THE FINANCIAL EXPRESS | 51
DCM Shriram Inds.
Cosmo Films
KNR Construction
Omax Autos
Mangalam Cement
McNally Bharat Engg.
Subros
Sai Service Station
Munjal Showa
TIL
Pratibha Inds
Trend Electronics
LT Foods
Ind-swift
IG Petrochemicals
Diamond Cables
Thirumalai Chem.
Siyaram Silk
LG Balakrishnan & Bros
VIP Inds
Ushdev International
Universal Cables
Heritage Foods(I)
Hyderabad Inds
Lumax Inds
Jay Bharat Maruti
Deepak Nitrite
Amrit Banaspati Co.
Precision Wires(I)
Excel Crop Care
Venkys(I)
Jayant Agro Organics
Rathi Steel
Atlas Cycles(H)
Steel Exchange(I)
T T
Gabriel(I)
Panchmahal Steel
Nicco Corp
Vimal Oil
Flawless Diamonds(I)
Compuage Infocom
Nakoda Textile Inds
Emmsons International
Tulsyan NEC
Sakuma Exports
Competent Automobiles
Bhuwalka Steel Inds
Kriti Inds
Platinum Corporation
13.84
85.84
61.24
50.35
131.25
34.00
72.84
27.22
44.83
60.92
43.30
17.15
43.27
44.38
47.47
50.33
57.88
29.09
46.51
38.24
18.26
39.91
10.77
32.68
38.85
45.16
23.57
5.07
35.27
44.03
49.54
11.73
15.08
10.83
25.24
10.05
25.69
50.90
20.24
9.93
27.60
7.04
13.92
15.37
26.39
7.22
9.32
9.20
14.82
1.50
-27.65
53.31
74.03
-12.50
17.81
58.58
10.05
39.09
-14.59
55.21
76.45
12.68
40.76
40.62
4.79
66.66
17.26
-24.05
-16.71
23.67
110.37
-4.59
6.63
8.10
-11.94
12.67
-57.56
-41.25
7.30
25.26
99.12
19.33
7.87
-84.60
86.27
-29.13
-75.96
10.17
-1.80
51.60
206.33
99.43
53.81
106.86
106.17
77.40
21.51
70.69
104.41
2.74
476
351
398
415
282
451
371
457
426
399
435
469
437
430
419
416
402
455
421
447
468
440
479
453
445
425
464
487
449
433
418
477
472
478
461
480
460
414
467
481
456
486
475
471
459
485
482
483
473
489
467
394
440
386
278
462
364
466
406
433
459
471
451
448
419
453
410
434
395
449
481
427
477
452
423
431
396
482
443
441
458
478
473
349
474
472
284
416
463
486
480
491
479
484
475
490
483
487
485
492
83.26
120.92
83.66
36.36
138.00
108.04
90.00
88.47
88.40
101.50
109.57
12.64
65.92
49.10
58.37
208.18
59.19
46.85
66.10
112.47
49.75
78.64
76.10
101.71
67.41
48.74
71.70
20.79
35.32
84.92
66.43
52.05
21.83
25.38
30.46
13.44
54.21
48.55
38.09
7.92
28.36
19.63
18.24
32.16
21.85
9.92
11.47
12.98
30.94
5.24
-54.25
-43.20
-
-69.40
-64.13
-83.60
-69.97
0.35
-43.11
-81.86
-82.84
-74.33
-54.77
-54.88
-71.31
-74.94
-73.27
-60.69
-68.62
-68.26
-76.22
-66.00
-73.13
-24.73
-76.36
-56.09
-34.94
-49.47
-78.19
-28.12
-53.33
-47.91
-68.15
-54.05
-84.13
-71.20
-66.81
-82.83
-84.87
-65.46
-80.38
-67.98
-72.24
-62.98
-55.09
-72.87
-56.99
-74.71
-71.07
-71.69
434
399
433
473
388
407
425
428
429
416
406
496
448
463
455
347
454
467
447
404
462
437
438
415
444
464
441
491
477
432
445
458
490
487
483
494
457
465
471
499
485
492
493
480
489
498
497
495
482
500
454
441
-
470
392
350
413
481
461
361
351
489
462
476
446
325
437
469
443
396
444
431
417
466
416
474
475
492
460
472
464
478
484
487
451
491
459
418
428
495
463
486
485
482
490
493
494
488
477
496
-
24.56
13.62
10.87
51.13
16.35
16.45
23.20
12.55
26.34
18.63
2.14
19.57
17.55
14.02
34.52
23.24
6.97
10.26
15.14
31.55
10.17
0.81
9.32
9.87
23.61
4.19
4.72
12.17
20.93
18.95
9.49
6.32
1.68
23.83
5.12
5.77
59.52
8.68
22.83
35.66
27.30
15.68
20.34
29.54
7.21
10.75
12.97
22.28
6.60
0.88
16.74
30.81
17.74
56.78
18.59
18.41
19.11
18.04
21.56
21.54
3.05
17.16
14.03
15.74
51.13
22.14
14.70
16.95
12.72
23.21
13.78
2.49
9.85
22.44
22.13
21.60
8.68
15.28
17.98
9.47
10.53
5.52
43.78
23.38
9.06
55.89
105.17
8.72
17.00
38.48
6.53
14.12
31.98
17.99
4.68
9.93
8.10
9.69
7.86
2.10
20.40
10.94
8.81
32.80
5.13
20.27
17.04
14.69
17.18
7.61
3.88
6.57
6.21
12.04
16.38
13.27
6.16
9.06
10.92
8.69
9.54
3.13
9.04
9.94
19.92
6.19
3.75
10.12
12.08
17.87
5.44
3.30
2.92
8.73
3.90
6.88
15.80
5.34
6.80
10.72
4.88
5.00
9.65
8.88
10.09
9.18
5.11
6.82
4.28
3.50
14.11
13.54
11.42
38.19
4.71
18.96
12.43
18.59
12.03
8.28
3.48
6.78
5.68
11.40
15.81
11.15
9.74
9.77
10.24
10.83
12.74
4.69
9.32
13.99
18.58
12.95
7.76
10.35
11.07
9.50
5.11
4.43
19.61
6.70
6.68
36.34
15.33
6.01
4.54
4.71
3.17
5.45
4.07
5.26
5.56
7.92
3.37
6.21
2.29
-
7.66
5.62
2.22
22.27
4.09
4.32
1.33
2.69
4.56
7.20
0.20
4.97
6.09
5.21
8.95
5.16
1.61
2.70
3.65
2.07
3.52
0.16
2.92
2.78
2.41
1.49
0.18
3.01
4.85
5.09
1.03
1.66
0.35
2.50
0.49
1.62
8.16
1.35
0.88
4.34
0.70
1.64
1.80
2.58
0.76
0.86
0.69
1.58
0.19
0.26
4.65
6.28
3.43
18.39
3.48
4.30
1.07
3.71
3.28
6.92
0.31
4.28
5.52
5.11
10.50
4.76
3.72
4.83
3.38
1.56
5.77
0.50
3.19
3.41
2.30
8.59
0.41
2.87
4.57
2.81
1.17
1.82
10.91
1.72
0.92
14.02
6.97
1.59
0.69
2.41
0.65
1.79
1.75
1.42
1.14
0.85
0.43
0.79
0.12
Company
( Figures in Rs Crore)
Pradip Kumar Dey
AMONG the industries (82) stud-ied, only three showed negativegrowth in their total income
during 2007-08. Mention may be madeof automobiles-motorcycles/mopeds(-9.65%), paper (-6.59%) and sugar (-5.79%). All the other 79 broad industrycategories under which the FE 500 hadbeen clubbed had positive growth.
As always, aggregates tend to con-ceal some good or bad performances.Thus, even though solvent extractionshowed a good income growth of40.84%, Sanwaria Agro Oils grew at thehigher 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 alsoincreased by 39.96% during 2007-08.
The retailing industry saw a 50.87%income growth. But at least two retail-ing companies, namely PantaloonRetail (I) and Vishal Retail - reportedmore than 50% increases. The netprofit of the retailing group of com-panies increased by 12.77% to Rs199.19 crore during 2007-08.
Among the industries studied,the best performers of the year wereconstruction, telecommunicationscomputer-software mega, pharma-ceutical-Indian Bulk Drugs, cementand tyres. The details of industryperformances appear in the tablesstarting from page 60. Given belowisabrief synopsisof themajorgain-ers and losers of 2007-08.
Construction: The industryshowed excellent results with posi-tive growth rates in all financialindicators. While total incomeincreased by around 52.85%, netprofit went up by 104.64%. And theretained profit of the groupincreased by 108.62% to Rs 7153.54crore during 2007-08. And the debt-equity ratio decreased from 1.42during 2006-07 to 1.12 during 2007-08.
DLF, Lanco Infratech, Omaxe, JMCProjects,andHDILwereamongthebestperformers.
According to industry sources,India is endowed with an estimatedhydro power potential of more than1,50,000 MW. However, only 21.82% ofthe potential has been developed tilldate and 9.13% is being developed. Thegovernment focus on infrastructuredevelopment to achieve the projectedGDP growth level has translated intohealthy order books for the engineer-ing and construction sector. The infra-structure sector, which is estimated togrow at a CAGR of 15% over the nextfive years, requires an investment of$475 billion to support the unprece-dented growth rates being witnessedacross every other sector.
Food processing: This industryreported a significant growth in almostall financial indicators, with a netprofit (NP) growth of 23.97% during theyear 2007-08. The retained profit of this
group also increased by 25.46% to Rs134.24 crore during 2007-08. The top per-formers were Hatson Agro Product(112.64% growth in NP) and JVL AgroInds (111.05%). The debt-equity ratio ofthe group increased from 1.91 during2006-07 to 2.25 during 2007-08.
TheIndiandairyindustryisrapidlygrowing, trying to keep pace with thegalloping progress around the world.The annual growth rate of this sector is5%. It is estimated that the dairy mar-ket will more than double by 2011.Bythen, the organised sector will accountfor 30% of the milk output and two-thirdswillcomefromtheprivatesector.
Diamond cutting/jewellery: Thisindustry reported a significant growthin almost all financial indicators, witha net profit (NP) growth of 65.77% dur-ing the year 2007-08. The retained profitof this group also increased by 70.18%toRs552.65croreduring2007-08.RajeshExports, Gitanjali Gems, Su-RajDiamonds and Flawless Diamonds (I)
did well during the year. The betterperformance of Rajesh Exports isreflected in the net profit growth of103.95% during 2007-08. Theretained profit of the company alsoincreased by 110.66% to Rs 197.79crore during 2007-08.
According to the directors'report, the gem and jewellery indus-try has witnessed a growth of22.27%amountingtototalexportsof$20.9 billion against $17.1 billion ofthe previous year. The US is thelargest consumer of retail diamondjewellery, accounting for approxi-mately 48% of world diamond jew-ellery consumption. The US isIndia's largest export market forgems and jewellery.
Cement: The cement industryshowed a somewhat better perfor-mance during 2007-08, with the totalincome of 15 major cement compa-nies increasing by just 20.27% andnet profit increased by 27.78%. The
Under the lensConstruction, computer-software mega, pharmaceuticals, cementand tyres were the best performers of 2007-08
52 THE FINANCIAL EXPRESS | MARCH 2009
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MARCH 2009 | THE FINANCIAL EXPRESS | 53
improved profitability of the cementcompanies during the year 2007-08 hasbeen due to improved prices, cost con-trol and higher demand in the interna-tional markets This is reflected in theperformance of Binani Cements,whose net profit rose by 83.89% duringthe year 2007-08. The retained profit ofthe company also increased by 127.39%to Rs 125.04 crore during 2007-08.
The cement industry witnessed amoderate 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 theyear under review. But the outlookfor growth is bright. The cementindustry is implementing majorcapacity additions over the existinglevel of 173 million tonne perannum. While 7-8 million tonne ofcapacity was added during the year2007, significant capacity isexpected to be added during 2008.
Automobiles - LCVs/HCVs/passenger cars: The industry's(sevenunits) total incomeincreasedby 10.57% and net profit increasedby 7.42% during the year 2007-08.AshokLeyland,TataMotors,EicherMotors and Maruti Suzuki experi-enced a moderate increase in totalincome during the year 2007-08.Among these four companies, mini-mum income growth (4.98%) wasseen in the case of Tata Motors.
The commercial vehicle indus-try (including exports) witnessed amoderation in growth in FY 07-08.The domestic market, whichaccounts for nearly 90% of totalcommercialvehiclesaleswasimpactedby reduction in economic activity, poorcredit availability, hardening of inter-est rates and increase in fuel prices. Itgrew by 6.9% as compared to 33%growth in the previous year. In thecountry, 4,99,978 new commercial vehi-cles were sold during the year 2007-08andpassengercarsalesgrewto1.53mil-lion vehicles during the above period.
Computers-software mega: Theaggregate total income of the industry(six units) increased by 24.46% to Rs64,144 crore in 2007-08. The net profit ofthe industry showed an increase of12.63%duringtheyearunderstudyandthe retained profit of the industry mar-ginally decreased by 0.50% during the
year 2007-08. Infosys Technologies,Tech Mahindra ,TCS and Wipro wereamong the star performers. The netprofit of Tech Mahindra and InfosysTechnologies increased by 29.75% and18.16% 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 drivingcorporationstotransformtheiroperat-ing manner. A leading analyst firm hasforecasted that outsourcing expendi-ture on services will increase from $226billion in 2006 to an estimated $328 bil-lion by 2011.
Pharmaceuticals-Indian-BulkDrugs: The industry has performedbetter in 2007-08, with the aggregatetotal income of four companies risingby 34.24% to Rs 5,381.77 crore during2007-08. Net profit and retained profitincreased by 56.98% and 56.62% respec-tively. Companies like Ankur Drugs,Orchid Chem & Pharma and Lupin didwell during the year. The debt-equityratio of the group decreased from 1.70in2006-07to1.49in2007-08.Accordingtothe director's report, Indian compa-nies' contribution to the IndianPharmaceutical Market (IPM) is esti-mated to be around 80% and there areonly 11 MNCs among the top 50 pharmacompanies. The chronic segments have
shown a CAGR of 16% in terms ofvalue, over the last four years, whileacute segments exhibited a growth of12% on a CAGR basis. The contributionof combinationdrugsisestimatedtobearound 46%. McKinsey & Co's recentresearch estimates indicate that theIPM is expected to grow to a size of $20billionby2015andwillbeamongthetop10 pharma markets of the world.
Telecommunications-serviceprovider: The industry has performedwell in 2007-08, with the aggregateincome rising by 33.64% to Rs 58,235crore in 2007-08. Net and retained profitincreased dramatically. Net profit of
the group increased by 48.23% to Rs10,648 crore during 2007-08.Companies like Idea Cellular,Bharti Airtel, Tulip IT, RelianceCommunications did well duringthe year. The net profit of IdeaCellular increased by 108.01% to Rs1044.36 crore during 2007-08.
According to the directorsreport, thetotalbaseof landlineandwireless subscribers in Indiasurged by 46% during the yearended March 31, 2008 to reach 300.51million, according to TRAI. Thenumber of Internet subscribersalso increased to 10.8 million duringthe year, with the broadband sub-scriber base reaching 3.47 million.
Tyres: The industry has donesignificantly well during the year2007-08, with aggregate income ris-ing by 12.42% to Rs 16,141 crore in2007-08. Net and retained profitincreased significantly. Net andretained profit of the groupincreased by 119.39% to Rs 646.64
crore and 142.54% to Rs 577.10 crorerespectively during 2007-08.Companies like MRF, Ceat, JK TyreIndustries did well during the year. Thenet profit of JK Tyre Industriesincreased by 291.38% to Rs 66.73 croreduring 2007-08. According to the direc-tors report, India is in the midst ofrapid economic growth. The govern-ment'scontinuedemphasisonbuildinginfrastructure has given a fillip to thedevelopment of road infrastructureand transport. The number of vehicleson road have shown a marked increase.As a direct fallout of this scenario, thetyre industry has had the good fortuneof receiving increasing orders fromOEM's and the replacement market.
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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
54 THE FINANCIAL EXPRESS | MARCH 2009
fe500 industry-wiseperformance500 industry-wiseperformance
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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
MARCH 2009 | THE FINANCIAL EXPRESS | 55
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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
56 THE FINANCIAL EXPRESS | MARCH 2009
fe500 industry-wiseperformance500 industry-wiseperformance
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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
MARCH 2009 | THE FINANCIAL EXPRESS | 57
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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
58 THE FINANCIAL EXPRESS | MARCH 2009
fe500 industry-wiseperformance500 industry-wiseperformance
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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
MARCH 2009 | THE FINANCIAL EXPRESS | 59
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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
60 THE FINANCIAL EXPRESS | MARCH 2009
fe500 industry-wiseperformance500 industry-wiseperformance
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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
MARCH 2009 | THE FINANCIAL EXPRESS | 61
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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
62 THE FINANCIAL EXPRESS | MARCH 2009
fe500 industry-wiseperformance500 industry-wiseperformance
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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
MARCH 2009 | THE FINANCIAL EXPRESS | 63
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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
64 THE FINANCIAL EXPRESS | MARCH 2009
fe500 industry-wiseperformance500 industry-wiseperformance
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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
MARCH 2009 | THE FINANCIAL EXPRESS | 65
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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
66 THE FINANCIAL EXPRESS | MARCH 2009
fe500 industry-wiseperformance500 industry-wiseperformance
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
T T 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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
MARCH 2009 | THE FINANCIAL EXPRESS | 67
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
Industry/Company
Debt Eq.Ratio2007
Debt Eq.Ratio2008
%Change
Forx. Expn.2008
Rs Crore%
Change
Forx. Earn.2008
Rs Crore%
Change
Ret. Profit2008
Rs Crore%
Change
Net Profit2008
Rs Crore%
Change
Total Income2008
Rs Crore
68 THE FINANCIAL EXPRESS | MARCH 2009
fe500 industry-wiseperformance500 industry-wiseperformance
() )'0#/$! +$&&$-*#, $..*). .$"0#%1
=4 )%:)9-&:02 )") +!/ >9&'75<"0;( '4 61661 4- #4* 45 '4 $$$,.&5<59&<#083-0)),94"
Pradip Kumar Dey
CORPORATE profits witnessedmoderate growth in FY2007-08.India's GDP grew by 9% as com-
pared to 9.4% in the previous year. Themain drivers of growth were the manu-facturing services and constructionsectors. The overall manufacturingsector recorded a growth of 8.8% ascompared to 12.3% in the previous year.Overall economic buoyancy, togetherwith bullish domestic equity capitalmarkets, boosted investor sentiments,attracting robust capital inflows intothe economy.
Profits at every level - operating,gross, before tax and after, was higher
than the sales growth for the FE 500.Margins were healthy and increased in2007-08. The operating profits of the 500companies increased by 21.08 % (on anannualised basis) to Rs 3.68 lakh crorein 2007-08 from the level of Rs 3.04 lakhcrore in 2006-07. The gross profits of the500 companies sprinted by 20.14% in2007-08 when sales cantered at the rela-tively less speedy pace of 17.69%. Inabsolute terms, gross profits increasedfrom Rs 2.78 lakh crore in 2006-07 to Rs3.34 lakh crore in 2007-08. On the whole,the bigger companies garnered biggerprofits 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 thegrowth of 27.10%, 26.56% respectively.The fourth group saw an increase of19.04%. And the last group of 100 sawthe lowest growth of 14.50%.
On the other hand, the gross profitsof the first 100 companies grew at19.50%. The next group of 100 saw prof-itsriseatthehigherpaceof 26.01%.Thethirdgroupof 100sawalowergrowthof25.25% in gross profit. And the fourthgroup showed an increase of 15.53% initsgrossprofit.Thelastgroupsawasin-gle digit growth of 8.77% in gross profitduring 2007-08.
The Top 10 (according to compositeranks) recorded a growth rate of17.72% in operating profit and 17.70%
Earnings grow fasterthan toplineProfits grew significantly higher than sales for FE 500 in 2007-08
70 THE FINANCIAL EXPRESS | MARCH 2009
fe500 profit&profitability500 profit&profitability
MARCH 2009 | THE FINANCIAL EXPRESS | 71
ingrossprofit -slowerthantheFE500asa whole. In terms of gross profit, theshare of the Top 10 in the aggregatedeclined from 40.17% in 2006-07 to39.36% in 2007-08.
The Top 10 in terms of gross profitswere ONGC, Reliance Inds, Indian Oil,SAIL, NTPC, Bharti Airtel, Tata Steel,Hindustan Zinc, TCS and InfosysTechnologies.
Within the group, six companies -namely NTPC, Bharti Airtel, SAIL,Tata Steel, Infosys Technologies andTCS have interchanged their positions.Four others had unchanged ranks from2006-07.Thehighestrateof riseingrossprofits was reported by DCM ShriramConsolidated (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 IndiaGlycols (186.63%). Most of these fantas-tic numbers, however, represent statis-tical achievements rather than realgrowth because of the very low base ofprofits in the 2006-07.
The aggregate profits before tax(PBT) of the FE 500 rose even fasterthan operating profit. PBT grew by22.19% from Rs 2.21 lakh crore (on anannualised basis) in 2006-07 to Rs 2.71lakh crore in 2007-08. There were alsofewer loss makers during the year. Thenumber of companies reporting in thered at the PBT Level were 23 in 2007-08.
Significantratesof riseinPBTwere
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%) andJayaswal Neco Industries (250.17%).
The FE 500 performed significantlybetter in the bottomline number ofprofit after tax (PAT), with RelianceIndustries 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 inpost-tax profits in 2007-08.
The Top 10 (according to compositeranks) raised PAT by 21.54% from Rs62,555 crore (on an annualised basis) in2006-07 to Rs 76,031 crore in 2007-08. TheFE 500 as a group increased PAT by22.53%,fromRs1.65lakhcroretoRs2.02lakh crore during the same period. Inthe ultimate analysis, though, whatmatters is not the size of profits (a bigcompany should earn more profits any-way), but profitability. This can be mea-sured in many ways, with return onsales (PAT as percentage of net sales),return on assets (gross profits as per-centage of assets) and operating profitmargin (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. Mentionmay be made of Sesa Goa (71.56%),NMDC (69.92%) and Nestle (50.72%).
In terms of return on sales (PATto net sales), 22 companies against20 last year had ratios above 30%.Notable among them were NMDC(56.92%), Hindustan Zinc (55.80%) andDLF (46.53%).
In terms of OPM, 81 companiesreported over 30% during 2007-08.Mention may be made of NMDC(88.12%), Hindustan Zinc (80.07%) andSun Network (79.30%).
These can well be called the mostprofitable companies of 2007-08.
3M India
A P Paper
Aarti Inds
Aban Offshore
ABB
Abbot(I)
ABG Shipyard
Abhishek Inds
ACC
Adani Enterprises
Adhunik Metaliks
Aditya Birla Nuvo
Agro Tech Foods
Ahluwalia Contracts(I)
AIA Engg
Alembic
Alfa Laval(I)
Alok Inds
Alps Inds
Alstom Projects(I)
Amara Raja Batteries
Ambuja Cements
Amrit Banaspati Co.
Anik Inds
Ankur Drugs
Ansal Prop. & Infras.
Apar Inds
Apollo Hospitals
Apollo Tyres
Asahi India Glass
Ashapura Minechem
Ashok Leyland
Asian Hotels
Asian Paints
Asian Star Co.
Atlas Copco(I)
Atlas Cycles(H)
Atul
Aurobindo Pharma
Aventis Pharma
Bajaj Electricals
Bajaj Hindusthan
Balaji Distilleries
Balkrishna Inds
Ballarpur Inds
Balmer Lawrie & Co.
Balrampur Chini
Bannari Amman Sugars
BASF(I)
Bata(I)
Company
72 THE FINANCIAL EXPRESS | MARCH 2009
175
403
346
121
39
237
298
387
43
58
329
73
335
343
174
276
126
316
484
138
301
38
491
456
371
315
334
105
195
231
372
119
250
55
182
190
487
393
199
116
306
203
412
322
202
297
136
188
255
246
207
438
410
53
38
330
145
389
51
41
267
44
388
236
174
314
251
289
442
118
284
45
492
455
405
169
315
173
195
254
193
124
268
68
274
168
487
440
229
204
322
172
448
271
176
346
215
316
347
296
314
369
360
138
67
320
180
287
30
131
308
98
465
325
252
264
266
104
450
271
241
36
487
444
355
191
303
234
120
298
232
65
197
82
403
256
478
383
118
189
300
226
302
210
190
268
432
363
319
380
325
350
379
140
75
308
196
243
28
180
294
87
464
360
292
282
275
111
408
209
315
31
482
465
417
181
345
218
145
252
214
58
217
89
425
245
349
385
121
141
361
98
489
215
83
271
134
235
312
377
363
290
367
152
89
393
194
281
45
110
346
49
470
465
253
335
372
112
357
327
341
38
491
415
404
140
369
119
120
359
267
72
97
166
342
340
467
283
123
198
428
105
498
291
117
343
178
271
338
382
360
260
337
171
91
346
189
253
42
109
334
43
462
470
237
261
355
115
323
280
348
39
489
398
454
125
368
155
119
313
273
70
93
157
311
329
437
302
127
185
444
82
499
278
68
328
129
233
297
366
455
286
343
138
84
473
122
183
58
62
220
52
491
412
411
317
424
50
288
179
353
63
497
398
327
132
243
201
144
189
333
71
203
180
311
365
463
283
107
334
345
77
486
284
142
375
139
299
429
425
460
252
318
147
97
451
179
189
52
54
264
49
488
441
405
279
411
62
319
201
399
59
496
385
398
156
266
249
127
161
359
67
193
190
278
387
443
277
92
290
329
89
481
284
74
353
155
302
419
412
421
438
311
397
47
416
284
235
45
30
268
73
263
317
427
272
402
135
410
182
252
76
358
370
392
338
171
248
79
271
189
38
474
83
217
293
439
267
125
314
206
160
229
279
285
199
202
399
306
323
429
442
332
435
54
409
333
244
46
29
323
77
224
343
499
336
393
135
477
191
366
56
357
455
517
328
168
262
79
316
256
37
490
83
202
331
437
258
127
266
214
164
237
277
111
184
186
304
310
311
374
375
356
188
58
398
213
267
39
59
292
53
416
405
322
300
343
133
407
191
317
45
478
435
394
220
276
150
113
258
291
67
250
99
259
298
484
309
119
234
331
118
431
295
167
306
143
288
345
360
377
361
363
186
62
404
200
257
40
52
298
44
413
387
336
299
368
131
412
182
364
41
478
448
463
178
276
196
110
250
259
64
251
103
256
309
473
327
123
224
332
106
440
272
88
307
148
287
356
359
2008 2007
Market CapRank
2008 2007
Gross ProfitRank
2008 2007
Net WorthRank
2008 2007
Total AssetsRank
2008 2007
Net SalesRank
2008 2007
CompositeRank
fe500 ranksinalphabeticalorder500 ranksinalphabeticalorder
Bayer CropScience
BEML
Berger Paints(I)
BGR Energy Systems
Bharat Bijlee
Bharat Electronics
Bharat Forge
Bharati Shipyard
Bharti Airtel
BHEL
Bhushan Steel
Bhuwalka Steel Inds
Binani Cement
Biocon
Birla Corporation
BL Kashyap & Sons
Blue Dart Express
Blue Star
Bombay Dyeing
Bombay Rayon
Bongaigaon Refinery
Bosch
BPCL
Britannia Inds
Cadila Healthcare
Carborundum Universal
Castrol(I)
Ceat
Century Enka
Century Ply
Century Textiles & Inds
CESC
Chambal Fertilisers
Chemplast Sanmar
Chennai Petroleum Corp
Chettinad Cement Corp
Ciba(I)
Cipla
Clariant Chemicals(I)
Classic Diamonds(I)
CMC
Colgate Palmolive(I)
Competent Automobiles
Compuage Infocom
Consolidated Const. Consortium
Container Corporation
Coromandel Fertilisers
Cosmo Films
Crompton Greaves
Cummins(I)
Company187
148
177
172
333
60
118
365
4
9
163
495
241
115
171
296
181
152
245
213
198
40
30
89
91
204
77
396
414
219
131
93
128
362
127
150
331
27
289
478
267
64
497
492
256
44
141
399
70
88
281
108
269
134
232
61
96
228
4
10
109
488
226
139
233
147
270
133
165
227
285
64
60
153
158
273
154
311
425
265
78
99
213
359
127
282
402
52
343
412
278
110
494
486
142
73
260
441
63
94
376
130
275
286
304
49
89
239
6
13
68
483
137
171
84
225
285
178
412
214
101
52
18
181
136
250
132
195
361
367
86
85
109
409
32
145
448
59
382
443
293
156
482
486
274
55
127
351
90
117
280
116
265
359
318
45
88
272
7
13
65
487
182
156
81
302
293
279
389
320
118
49
16
244
131
290
147
311
337
437
82
107
94
362
46
165
295
53
316
436
307
171
483
491
367
52
194
394
114
99
319
86
331
269
434
57
101
234
8
22
90
493
289
111
154
298
345
376
300
231
126
68
17
192
145
328
284
257
274
439
116
39
131
380
53
303
358
48
347
403
354
438
489
495
277
58
185
422
163
136
286
112
320
467
447
53
86
347
10
19
90
492
300
124
170
306
343
364
252
222
121
67
15
183
135
324
243
266
228
443
107
36
116
345
51
332
316
41
293
392
353
317
483
488
385
52
213
414
166
126
359
111
380
229
472
59
90
207
11
13
46
492
204
208
214
301
447
294
172
239
143
94
8
274
159
363
315
223
285
452
102
48
101
245
42
279
446
73
433
378
400
381
498
496
314
95
137
450
153
200
343
131
351
349
470
53
83
232
11
13
58
491
222
215
217
331
448
307
168
271
169
86
8
267
149
375
299
208
250
469
102
45
78
273
40
327
438
70
370
347
367
326
497
495
397
101
166
433
142
210
294
110
211
187
450
68
139
406
12
15
65
471
283
340
163
183
344
129
380
301
46
64
3
114
168
426
151
122
237
425
88
109
111
407
9
298
500
66
328
382
300
186
467
419
197
91
77
437
72
120
324
99
200
306
451
59
133
522
12
15
62
446
340
293
155
299
344
150
506
440
42
64
3
109
166
453
139
112
241
483
81
98
94
359
10
327
426
73
254
350
246
180
464
547
281
82
118
410
76
129
290
91
271
202
448
51
90
305
5
10
76
498
248
175
154
263
338
229
270
242
104
60
9
148
123
341
192
244
304
404
87
65
96
366
48
252
432
44
368
436
340
261
497
492
257
63
114
452
92
117
311
97
282
319
422
49
79
340
6
9
69
489
264
174
177
260
367
227
265
291
134
63
18
156
132
371
194
208
283
438
75
61
104
343
50
323
419
54
321
390
313
217
492
499
305
66
169
451
95
118
2008 2007
Market CapRank
2008 2007
Gross ProfitRank
2008 2007
Net WorthRank
2008 2007
Total AssetsRank
2008 2007
Net SalesRank
2008 2007
CompositeRank
MARCH 2009 | THE FINANCIAL EXPRESS | 73
Dabur(I)
Dalmia Cements(Bharat )
DCM Shriram Consolidated
DCM Shriram Inds.
DCW
Deccan Chronicle
Deepak Fert. & Petrochem.
Deepak Nitrite
Dhampur Sugar
Diamond Cables
Divis Laboratories
DLF
Dr Reddys Laboratories
Dredging Corp
Eicher Motors
EID Parry(I)
EIH
Elder Pharma
Elecon Engg
Electrosteel Castings
Electrotherm(I)
Emami
Emco
Emmsons International
Engineers(I)
Era Infra Engineering
Escorts
Eskay KnIT(I)
Essar Oil
Essar Shipping Ports & Logs.
Eveready Inds(I)
Excel Crop Care
Exide Inds
Fag Bearings(I)
FDC
Federal-Mogul Goetze(I)
Fert. & Chem. Travancore
Finolex Cables
Finolex Inds
Firstsource Solutions
Flawless Diamonds(I)
Force Motors
Gabriel(I)
Gail(I)
Gammon(I)
Garden Silk
Garware Polyester
Gati
GHCL
Gillette(I)
Company
74 THE FINANCIAL EXPRESS | MARCH 2009
52
235
272
434
380
186
264
441
370
347
65
18
53
234
238
157
80
282
307
275
409
161
374
480
99
176
309
472
46
158
402
432
90
295
252
351
166
318
302
260
485
435
457
19
247
398
466
320
324
109
80
216
297
454
364
111
301
475
403
325
76
5
77
203
327
237
97
337
200
231
384
230
280
482
121
241
340
468
34
74
391
472
101
313
353
424
222
263
299
198
463
415
459
25
119
422
467
302
276
170
126
91
66
476
357
111
219
464
493
416
116
24
72
207
289
488
124
348
312
338
277
313
322
471
159
198
462
359
491
129
466
433
115
265
350
463
429
263
253
331
456
492
460
15
228
291
420
424
203
220
128
103
221
467
392
144
211
396
178
453
148
64
30
153
257
177
115
355
297
191
333
335
358
484
176
266
348
397
497
160
488
441
133
259
313
454
495
262
227
270
480
493
284
15
203
283
438
426
167
225
250
128
130
423
348
142
200
435
292
462
176
19
37
118
275
259
114
309
390
129
310
364
314
485
127
272
133
361
54
59
242
468
149
344
315
427
381
218
240
222
477
471
458
13
121
304
386
352
261
286
251
154
201
391
339
144
181
403
224
479
206
176
35
98
245
208
94
288
382
148
365
282
305
493
113
310
118
325
47
58
184
456
167
344
285
464
340
192
210
114
495
383
431
11
96
275
389
393
239
274
296
108
105
392
306
173
254
459
253
476
275
16
67
233
281
263
145
351
298
164
227
448
292
494
199
156
157
389
17
68
269
464
182
443
435
388
300
282
206
160
484
340
462
22
136
252
387
401
177
406
312
123
99
377
313
192
233
425
275
485
288
30
57
218
251
234
130
337
306
170
282
428
300
486
205
220
126
380
19
80
227
457
202
445
429
362
237
262
200
240
484
301
467
18
124
239
308
430
150
389
137
192
117
454
360
353
257
498
423
487
260
51
90
384
128
418
253
461
374
213
212
434
288
451
376
194
138
401
468
356
334
478
95
403
486
417
330
205
204
485
455
297
495
18
121
167
441
460
254
428
147
238
90
370
347
396
285
488
242
555
329
204
63
386
124
398
249
467
355
206
325
423
348
521
388
314
138
447
456
227
308
495
116
399
478
412
165
225
232
474
548
240
418
17
131
174
417
459
278
462
163
147
135
451
367
200
238
477
346
466
176
21
54
236
219
269
130
371
357
177
289
372
324
494
183
181
164
430
128
139
316
480
107
389
391
420
296
249
230
280
491
411
487
14
136
278
447
403
247
311
183
160
149
421
351
199
238
471
284
479
209
84
51
211
225
258
122
374
312
166
349
350
310
493
193
262
157
427
117
90
273
486
125
389
407
439
233
222
220
244
497
345
465
12
99
274
417
420
223
328
2008 2007
Market CapRank
2008 2007
Gross ProfitRank
2008 2007
Net WorthRank
2008 2007
Total AssetsRank
2008 2007
Net SalesRank
2008 2007
CompositeRank
fe500 ranksinalphabeticalorder500 ranksinalphabeticalorder
Gitanjali Gems
GlaxoSmithkline Cons Health
GlaxoSmithKline Pharma
Glenmark Pharma
GMDC
GNFC
Godawari Power & Ispat
Godfrey Phillips(I)
Godrej Consumer Products
Godrej Inds
Gokaldas Exports
Gokul Refoils & Solvent
Goodyear(I)
Graphite(I)
Grasim Inds
Great Eastern Shipping Co.
Great Offshore
Greaves Cotton
GSFC
GTL
Gujarat Alkalies & Chem
Gujarat Ambuja Exports
Gujarat Fluorochemicals
Gujarat Gas Co.
Gujarat Industries Power
Gujarat NRE Coke
Gulf Oil Corp
Hatsun Agro Product
Havells(I)
HBL Power Systems
HCC
HCL Infosystems
HCL Technologies
HDIL
HEG
Heritage Foods(I)
Hero Honda Motors
Hexaware Technologies
Hind.Nat.Glass
Hindalco Inds
Hindustan Unilever
Hindustan Copper
Hindustan Motors
Hindustan Organic Chem.
Hindustan Sanitaryware
Hindustan Zinc
Honeywell Automation(I)
Hotel Leelaventure
HPCL
HT Media
Company279
104
41
85
156
191
384
189
87
114
337
262
375
281
37
102
193
311
220
113
261
340
222
142
209
169
352
363
228
325
167
140
50
101
268
438
22
323
183
48
10
49
353
397
373
28
224
225
42
159
220
187
88
65
106
166
354
272
185
72
328
-
401
319
31
102
155
257
219
182
287
309
137
202
253
132
261
436
157
323
126
152
49
43
248
417
56
308
290
42
23
33
329
390
398
36
258
239
79
125
259
163
69
99
94
75
281
229
227
270
356
341
384
193
19
37
149
248
96
240
128
269
106
172
201
184
428
422
235
295
183
112
54
40
167
479
41
484
213
16
27
151
381
441
375
8
333
174
28
187
304
161
59
174
122
69
353
233
234
285
289
418
347
137
23
43
157
222
78
298
108
301
104
224
136
300
430
455
255
383
186
90
38
67
232
477
36
247
323
12
26
109
432
422
354
8
328
163
21
172
85
214
109
148
143
80
308
262
444
144
276
410
447
201
29
44
175
316
100
167
139
324
155
238
132
135
75
487
211
355
156
153
56
50
251
469
60
207
180
9
104
174
459
426
399
16
392
164
23
168
153
205
92
230
142
74
372
241
449
247
249
435
441
187
27
44
182
304
83
110
132
296
162
236
105
203
409
485
335
350
130
141
40
159
276
473
55
163
356
8
49
175
455
497
374
23
390
131
16
151
99
323
185
187
175
130
370
342
417
197
325
358
457
230
31
57
176
382
123
141
196
290
198
319
170
158
147
482
277
346
91
121
72
54
238
471
80
329
236
12
61
213
440
434
416
32
421
116
9
242
119
305
167
180
137
111
384
344
415
243
297
413
435
204
27
55
194
352
95
120
177
363
206
320
153
176
365
487
355
383
84
118
63
151
203
478
68
295
354
12
44
191
393
386
382
37
427
141
9
235
112
224
178
208
277
89
339
308
313
373
264
143
310
255
33
99
387
244
85
200
245
153
375
234
292
320
363
327
140
269
98
27
61
118
287
431
32
499
262
20
24
176
385
442
472
39
324
473
4
236
107
211
156
298
376
89
471
315
317
349
234
153
289
292
31
113
389
217
78
253
222
171
384
291
302
425
369
379
157
414
102
26
66
194
295
530
27
491
424
16
23
152
345
428
448
32
353
510
4
223
126
206
105
137
168
101
369
272
321
194
301
294
422
235
26
68
221
319
110
134
196
274
228
223
184
178
225
440
201
334
103
89
50
73
256
473
40
350
205
19
41
132
434
450
441
24
352
240
17
186
130
214
105
176
171
91
418
295
353
215
271
391
414
239
24
68
216
280
100
143
189
281
206
253
187
219
366
469
240
381
92
89
46
115
243
487
43
320
370
15
29
116
400
452
423
25
372
242
20
163
2008 2007
Market CapRank
2008 2007
Gross ProfitRank
2008 2007
Net WorthRank
2008 2007
Total AssetsRank
2008 2007
Net SalesRank
2008 2007
CompositeRank
MARCH 2009 | THE FINANCIAL EXPRESS | 75
Hyderabad Inds
ICI(I)
ICSA(I)
Idea Cellular
IG Petrochemicals
India Cements
India Glycols
Indian Hotels Co.
Indian Oil Corp
Indo Rama Synthetics(I)
Indraprastha Gas
Ind-swift
Infosys Technologies
Ingersoll-Rand(I)
Ipca Laboratories
ISMT
Ispat Inds
ITC
ITD Cementation(I)
ITI
IVRCL Infrastructures
J K Paper
Jagatjit Inds
Jagran Prakashan
Jai Balaji Inds
Jain Irrigation Systems
Jaiprakash Associates
Jay Bharat Maruti
Jayant Agro Organics
Jayaswal Neco Industries
JB Chemicals & Pharma.
JBF Inds
Jet Airways(I)
Jindal Poly Films
Jindal Saw
Jindal Steel & Power
JK Cement
JK Lakshmi Cement
JK Tyre Inds.
JMC Projects(I)
JSL
JSW Steel
Jubilant Organosys
JVL Agro Ind
Jyoti Structures
K S Oils
Kajaria Ceramics
Kalpataru Power
Kalyani Steels
Kansai Nerolac Paints
Company
76 THE FINANCIAL EXPRESS | MARCH 2009
415
139
287
29
455
96
378
94
11
349
143
463
5
210
197
328
162
7
424
273
146
400
332
154
312
107
45
464
458
408
317
348
133
205
179
25
327
342
386
422
240
79
123
461
259
137
350
211
357
180
466
209
214
28
446
104
310
84
18
357
243
476
12
305
246
286
114
14
421
277
103
409
387
144
221
138
24
474
478
360
368
318
92
349
136
26
293
333
379
338
196
50
128
471
223
210
456
143
247
211
453
315
251
35
419
57
161
77
3
257
147
430
10
337
212
230
70
12
458
500
153
306
442
236
224
176
56
425
477
283
372
205
133
179
58
34
125
141
211
392
79
22
88
452
294
221
436
200
292
209
452
68
338
48
419
71
287
72
3
236
139
448
9
357
200
184
70
11
476
499
175
260
442
246
264
220
55
431
478
373
310
223
86
229
119
39
127
164
268
446
57
25
112
469
306
336
445
158
237
188
443
190
321
52
401
55
268
76
4
221
235
424
11
199
226
247
61
14
334
205
92
302
301
245
326
165
43
478
479
407
273
229
40
171
78
47
146
217
249
431
83
31
108
473
336
215
441
189
258
230
422
139
453
65
379
64
290
71
4
172
226
413
12
232
220
225
45
14
452
106
87
265
263
215
358
223
46
478
480
438
240
258
62
150
117
54
146
248
188
436
79
30
122
477
321
402
424
180
229
214
465
280
373
35
454
65
265
96
2
140
366
376
26
348
276
205
34
25
361
78
106
250
404
357
167
150
27
487
489
316
372
234
18
259
86
43
192
231
152
397
44
19
100
436
326
260
403
210
291
321
455
214
446
39
432
64
236
87
2
121
346
376
24
341
272
185
21
20
345
60
109
212
361
311
244
173
29
477
482
270
322
248
31
223
77
46
178
221
125
444
51
23
100
449
315
420
357
195
287
296
488
291
393
42
433
101
218
157
1
115
379
475
22
481
256
233
35
23
368
243
80
303
453
362
223
152
71
398
424
191
459
133
34
225
54
53
196
251
105
302
56
28
145
242
207
142
480
161
299
203
473
260
534
53
382
104
265
158
1
122
356
514
22
367
252
195
36
24
436
137
103
280
463
372
230
172
74
419
466
188
420
162
39
229
65
75
221
282
92
433
49
33
146
335
243
216
487
159
276
183
474
214
359
31
465
70
282
82
4
190
279
464
12
313
232
246
66
13
390
182
83
320
393
277
251
125
37
476
482
342
377
227
47
203
78
35
204
254
211
415
81
30
97
427
281
171
443
174
303
224
474
191
434
38
433
71
268
81
4
175
294
468
11
314
237
207
45
13
436
124
82
292
383
249
254
154
36
480
488
317
348
236
47
226
77
42
195
261
181
435
76
27
102
456
269
315
455
147
246
210
2008 2007
Market CapRank
2008 2007
Gross ProfitRank
2008 2007
Net WorthRank
2008 2007
Total AssetsRank
2008 2007
Net SalesRank
2008 2007
CompositeRank
fe500 ranksinalphabeticalorder500 ranksinalphabeticalorder
KEC International
KEI Inds
Kesoram Inds
Kingfisher Airlines
Kirloskar Brothers
Kirloskar Electric Co.
Kirloskar Ferrous Inds
Kirloskar Oil Engines
KNR Construction
Kohinoor Foods
Koutons Retail(I)
Kpit Cummins Infosystems
KPR Mill
KRBL
Kriti Inds
KSL & Inds
Lakshmi Machine Works
Lanco Infratech
Larsen & Toubro
LG Balakrishnan & Bros
Lloyd Electric & Engg.
Lloyd Steel Inds
LT Foods
Lumax Inds
Lupin
Madhucon Projects
Madras Aluminium Co.
Madras Cements
Maharashtra Seamless
Mahindra & Mahindra
Mahindra Ugine Steel Co.
Man Inds(I)
Manaksia
Mangalam Cement
Mangalore Chem. & Fert.
Marico
Maruti Suzuki(I)
Mastek
Matrix Laboratories
Mcleod Russel(I)
McNally Bharat Engg.
Meghmani Organics
Mercator Lines
MindTree
Mirc Electronics
MMTC
Monnet Ispat
Moser Baer
Motherson Sumi Systems
Mphasis
Company206
446
254
185
217
383
377
227
433
336
145
367
413
382
482
151
232
103
13
447
449
427
448
444
71
345
184
135
194
54
451
366
338
388
385
84
24
291
153
253
407
359
230
208
391
6
223
173
112
92
179
366
199
192
151
312
339
189
-
439
164
345
370
407
477
206
181
70
9
443
378
400
462
416
130
186
266
123
177
48
430
352
348
392
395
146
37
335
184
336
350
334
183
279
411
8
208
149
160
122
165
373
78
497
243
454
354
194
398
470
305
336
272
347
473
342
100
155
20
421
377
389
437
445
81
323
330
73
148
39
378
273
388
282
365
217
25
267
498
374
451
397
166
261
394
146
177
134
208
199
189
372
93
500
96
450
329
138
440
428
393
384
269
339
485
326
102
288
27
395
380
421
451
423
91
324
162
77
105
29
321
291
407
278
388
195
24
239
251
363
462
382
206
274
352
185
183
84
192
242
264
406
160
408
210
464
356
169
395
445
330
370
260
323
490
270
191
93
24
448
337
500
449
450
113
266
317
162
137
41
412
320
255
398
318
368
27
362
204
134
453
293
173
248
379
147
141
79
296
159
326
411
174
262
186
460
333
140
474
423
404
378
283
292
491
277
191
80
29
427
303
500
442
468
133
231
284
169
128
38
397
295
330
416
279
387
25
315
120
100
463
314
199
234
351
136
196
66
301
143
149
350
134
202
217
458
422
188
418
356
320
449
266
258
488
261
219
85
14
430
413
222
393
456
126
268
386
115
241
41
379
262
332
453
293
344
37
444
237
193
391
384
171
369
371
45
148
81
270
244
172
333
152
160
213
462
423
198
474
338
395
439
269
259
494
280
197
122
16
369
406
163
416
459
129
257
371
154
242
41
364
256
321
468
294
332
33
436
196
158
414
390
143
374
334
81
165
69
260
246
106
319
104
147
195
371
372
131
464
409
348
489
444
270
494
404
126
179
13
463
395
127
447
477
116
365
496
144
188
29
326
198
352
476
173
181
17
435
286
400
465
432
345
369
185
11
170
150
219
165
119
363
108
144
181
374
415
125
541
377
498
544
444
255
535
422
128
403
14
449
438
140
445
408
123
427
407
149
175
28
346
209
338
461
177
176
19
434
318
362
430
454
300
375
160
11
274
120
215
212
161
399
141
226
195
446
400
159
453
412
283
444
361
312
499
266
173
94
11
469
425
327
463
475
84
315
362
121
172
33
419
284
329
455
293
239
22
402
208
241
456
387
218
299
344
43
151
98
212
145
184
382
135
170
161
424
395
138
495
416
379
454
354
308
498
297
150
146
10
445
401
304
462
460
108
267
339
128
158
33
405
275
344
457
285
248
23
398
190
228
437
388
192
322
318
53
198
83
218
159
2008 2007
Market CapRank
2008 2007
Gross ProfitRank
2008 2007
Net WorthRank
2008 2007
Total AssetsRank
2008 2007
Net SalesRank
2008 2007
CompositeRank
MARCH 2009 | THE FINANCIAL EXPRESS | 77
MRF
MRPL
MTNL
Mukand
Mundra Port
Munjal Showa
Nagarjuna Construction
Nagarjuna Fert. & Chem.
Nahar Indl.Enterprises
Nahar Spinning
Nakoda Textile Inds
National Aluminium
National Fertilizers
National Steel & Agro
Nava Bharat Ventures
Nectar Lifesciences
Nestle(I)
Neyveli Lignite Corp.
Nicco Corp
Nilkamal
Nirma
Nitco
NMDC
Novartis(I)
NTPC
OCL(I)
Omax Autos
Omaxe
ONGC
Oracle Financial Ser. Soft.
Orchid Chem. & Pharma.
Orient Paper & Inds.
P & G Hygiene & Health Care
Panacea Biotec
Panchmahal Steel
Pantaloon Retail(I)
Paper Products
Parsvnath Developers
Patel Engineering
Patni Computer Systems
Pennar Inds
Petronet LNG
Pfizer
Philips Carbon Black
Pidilite Inds
Piramal Glass
Piramal Healthcare
Platinum Corporation
Polaris Software Lab
Power Grid Corp(I)
Company
78 THE FINANCIAL EXPRESS | MARCH 2009
216
62
72
381
26
429
164
221
430
439
493
36
160
479
200
339
31
33
471
431
132
418
8
207
2
326
473
201
3
67
258
285
108
303
465
98
356
215
196
129
314
100
130
423
106
443
74
500
263
14
212
54
86
344
27
461
98
244
381
423
485
35
171
479
217
394
59
40
428
393
161
321
6
300
3
303
470
116
2
81
249
292
194
197
418
75
408
117
129
150
434
112
218
362
135
-
95
496
326
22
121
31
46
254
102
426
164
255
339
335
475
26
186
395
123
296
74
33
467
328
108
366
11
260
5
216
415
97
1
92
142
139
223
202
414
169
391
80
222
87
427
64
105
279
175
358
119
489
327
23
151
33
32
187
143
406
149
210
216
213
479
14
101
399
199
330
74
42
463
461
97
376
17
248
4
230
386
208
1
92
190
150
238
159
416
168
334
110
231
100
439
63
207
369
197
322
129
492
250
22
158
46
15
188
66
442
95
88
256
252
483
26
106
374
184
365
288
25
475
405
67
263
28
278
3
241
446
124
2
63
203
265
333
202
476
84
389
81
182
69
414
91
212
388
216
375
151
496
228
10
145
48
9
158
156
419
111
72
211
212
482
22
81
349
242
370
256
20
472
432
57
309
28
257
3
272
429
289
2
60
218
395
308
207
490
102
359
77
164
63
451
88
250
406
219
342
108
496
197
13
151
39
23
131
69
477
88
103
218
232
480
40
127
308
240
313
249
30
460
402
112
360
56
419
4
256
414
104
3
117
110
328
427
264
475
82
445
83
174
125
469
89
335
341
247
278
181
500
367
7
138
36
17
128
103
472
105
82
184
225
490
34
115
292
253
303
241
25
450
454
94
373
61
407
4
258
396
148
3
104
107
314
424
268
464
108
440
93
207
116
461
88
336
309
291
281
159
500
317
6
63
8
59
148
343
377
87
130
322
316
448
57
67
132
309
367
86
102
492
312
123
413
50
458
7
357
378
156
5
155
232
214
405
341
479
58
446
162
276
239
452
43
366
259
184
491
149
490
290
60
68
8
48
136
380
334
84
132
259
263
532
41
60
130
395
480
85
91
508
411
105
458
55
404
7
296
337
247
5
154
267
205
406
287
482
80
431
189
231
236
432
44
322
235
203
502
148
286
257
71
129
29
36
198
102
459
86
116
310
314
493
32
93
333
222
364
142
38
489
414
85
385
28
354
3
297
454
127
2
79
185
268
325
275
488
71
433
115
193
122
437
72
255
373
170
421
120
500
286
20
119
30
34
173
144
443
78
113
245
277
496
26
87
316
270
408
136
37
482
447
85
380
31
355
3
279
430
185
2
80
197
306
342
231
481
73
431
101
162
120
467
70
278
334
201
428
107
466
266
22
2008 2007
Market CapRank
2008 2007
Gross ProfitRank
2008 2007
Net WorthRank
2008 2007
Total AssetsRank
2008 2007
Net SalesRank
2008 2007
CompositeRank
fe500 ranksinalphabeticalorder500 ranksinalphabeticalorder
Praj Inds
Prakash Inds
Pratibha Inds
Precision Wires(I)
Pricol
Prism Cement
Prithvi Information Solutions
PSL
PTC(I)
Punj Lloyd
Punjab Tractors
Radico Khaitan
Rajesh Exports
Rallis(I)
Ramsarup Inds.
Ranbaxy Laboratories
Rashtriya Chem. & Fert.
Rathi Steel
Ratnamani Metals & Tubes
Raymond
Redington(I)
Reliance Communications
Reliance Inds
Reliance Infrastructure
Rico Auto Inds.
Rolta(I)
RSWM
Ruchi Infrastructure
Ruchi Soya Inds
S.Kumars Nationwide
Sadbhav Engg
Sai Service Station
SAIL
Sakthi Sugars
Sakuma Exports
Salora International
Samtel Color
Sangam(I)
Sanghi Inds
Sanwaria Agro Oils
Sarda Energy
Savita Chemicals
Sesa Goa
Seshasayee Paper & Boards
Shah Alloys
Shipping Corp(I)
Shree Cement
Shree Precoated Steels
Shree Renuka Sugars
Shrenuj & Co.
Company178
266
406
477
442
257
440
319
134
97
244
212
229
269
417
47
122
490
360
248
192
15
1
34
411
144
450
341
277
274
280
428
16
405
498
474
486
469
271
292
355
354
59
426
488
82
125
294
110
394
159
167
351
460
429
264
365
225
242
62
252
298
162
363
406
58
120
484
306
201
180
7
1
21
385
141
404
355
205
178
256
481
11
433
493
453
483
458
245
356
262
377
67
435
480
100
131
148
191
399
233
173
435
449
408
135
352
237
299
107
310
393
192
246
301
62
144
472
245
244
317
14
2
44
368
113
387
411
150
182
345
457
4
434
485
446
494
405
218
385
249
326
29
364
496
51
63
160
324
413
276
169
459
443
331
117
296
254
303
202
261
390
286
317
344
73
120
473
273
132
356
19
2
44
332
126
258
435
166
201
405
466
5
281
490
447
494
342
155
468
343
346
54
387
351
34
66
130
327
409
329
172
418
451
417
223
295
237
99
71
209
387
186
349
311
70
96
455
396
107
236
6
1
21
373
115
351
432
138
179
366
484
7
306
482
456
416
409
206
463
297
384
64
420
461
36
208
224
339
400
415
168
461
450
394
246
268
281
331
101
178
352
294
367
384
61
78
433
426
84
209
5
1
17
338
97
298
420
134
190
417
481
6
255
476
446
362
380
194
466
377
371
76
425
341
32
217
270
361
401
385
248
415
470
383
349
312
184
211
75
338
318
66
428
195
51
98
438
407
135
267
5
1
20
364
161
235
362
70
166
394
493
10
215
499
474
295
297
194
461
336
399
119
368
339
49
162
209
287
289
379
229
465
456
350
335
330
186
417
73
293
265
47
404
325
48
98
458
391
117
231
5
1
15
342
146
219
358
72
144
402
492
7
209
499
471
228
274
175
483
403
392
157
366
261
43
181
182
324
276
386
226
493
443
412
318
249
141
75
62
280
350
37
391
159
70
55
470
337
216
49
25
2
44
381
332
241
282
31
175
321
315
6
364
445
250
351
388
335
289
415
307
84
483
304
78
136
146
347
274
360
251
549
378
358
313
312
167
69
106
245
385
40
354
182
57
72
503
387
185
51
30
2
43
309
371
226
270
34
190
441
303
6
271
559
268
199
397
294
469
519
301
121
457
187
70
169
142
279
269
330
215
461
479
438
285
335
209
109
69
262
323
108
381
264
49
77
483
396
156
165
7
1
25
401
169
328
376
106
179
351
458
6
332
496
439
413
418
245
397
370
383
74
449
423
52
138
207
265
349
335
188
476
458
402
289
326
204
255
72
234
331
114
386
329
48
74
485
394
126
145
7
1
19
357
168
286
365
94
153
397
461
5
293
500
432
325
393
213
464
411
376
86
442
324
55
151
165
288
347
2008 2007
Market CapRank
2008 2007
Gross ProfitRank
2008 2007
Net WorthRank
2008 2007
Total AssetsRank
2008 2007
Net SalesRank
2008 2007
CompositeRank
MARCH 2009 | THE FINANCIAL EXPRESS | 79
Shri Lakshmi Cotsyn
Siemens
SIL Investments
Simplex Infrastructures
Sintex Inds
Siyaram Silk
SKF(I)
Sobha Developers
Sona Koyo Steering Sys.
South Asian Petrochem
Spanco
Spentex Inds
SPIC
Spicejet
SRF
STC(I)
Steel Exchange(I)
Sterlite Inds(I)
Sterlite Technologies
Suashish Diamonds
Subhash Projects
Subros
Sujana Metal Products
Sujana Universal Inds
Sun Network
Sun Pharma. Inds
Sundram Fasteners
Sunflag Iron & Steel Co.
Supreme Inds
Supreme Petrochem
Su-Raj Diamonds
Surana Inds
Surya Roshni
Suzlon Energy
Swaraj Mazda
T T
Tamil Nadu Newsprint
Tamilnadu Petro Products
Tata Chemicals
Tata Communications
Tata Metaliks
Tata Motors
Tata Power Co.
Tata Steel
Tata Tea
Tata Teleservices(Mah)
TCS
Tech Mahindra
Texmaco
Thermax
Company
80 THE FINANCIAL EXPRESS | MARCH 2009
476
57
468
226
120
467
214
233
379
369
460
481
421
305
284
236
483
21
283
308
364
425
470
459
61
20
313
376
321
410
419
420
452
56
368
494
278
436
83
35
358
51
23
32
81
75
12
95
249
117
449
29
465
156
105
469
224
107
367
369
375
445
419
240
331
188
451
17
275
376
250
413
450
447
57
39
320
383
341
420
426
397
452
20
414
491
332
457
87
55
382
32
30
19
113
89
13
46
259
85
362
60
401
247
143
455
168
157
406
334
386
490
499
495
162
238
461
50
231
329
349
371
417
407
76
53
276
344
311
431
370
404
410
42
438
480
185
474
47
71
297
21
48
7
122
154
9
61
316
110
378
76
319
305
179
434
198
173
403
340
391
429
498
496
80
256
474
51
309
402
366
364
413
420
79
61
240
314
277
371
400
404
411
40
457
472
193
470
56
47
398
20
50
6
106
249
10
60
414
124
402
94
440
195
103
454
243
157
421
307
353
437
499
492
161
254
480
12
244
233
350
430
378
305
102
42
287
360
383
413
213
429
419
33
472
481
219
322
51
34
411
30
32
5
82
497
20
122
385
193
400
104
410
319
177
430
238
147
428
322
327
375
388
386
138
235
486
34
244
216
440
412
312
307
89
56
269
336
357
396
198
418
399
37
471
475
195
267
59
26
421
24
31
7
75
498
21
137
405
193
324
79
304
133
97
437
337
113
432
310
331
347
124
257
186
55
479
24
225
226
272
466
396
377
216
74
273
355
302
405
190
303
390
36
439
483
212
354
53
47
410
15
33
6
120
109
29
169
395
191
328
76
304
164
171
434
316
145
442
283
339
289
90
216
162
79
480
35
230
245
323
447
394
360
211
71
255
310
298
388
183
356
340
50
437
479
187
286
65
42
418
14
26
10
110
106
32
188
410
174
336
40
349
107
169
430
180
201
389
266
449
355
275
220
174
21
420
26
166
296
240
396
361
305
329
119
230
273
215
193
134
346
210
41
394
408
278
354
69
92
261
10
48
14
246
164
16
82
342
94
364
52
330
141
210
416
179
197
381
228
479
319
110
352
134
20
452
25
192
250
297
351
326
261
341
143
196
290
201
161
151
305
198
45
368
373
264
288
58
67
339
9
50
13
219
170
18
87
475
117
406
61
417
146
100
468
237
155
429
318
424
428
339
326
187
124
485
18
217
260
308
457
426
384
158
56
273
355
307
378
233
395
388
34
442
486
243
386
57
42
382
23
27
8
111
197
16
95
358
131
406
58
392
179
142
459
229
129
425
303
399
373
241
300
172
111
484
21
221
263
333
429
385
358
152
67
247
337
301
352
230
384
360
32
446
475
235
330
59
39
410
16
28
8
109
205
17
98
409
121
2008 2007
Market CapRank
2008 2007
Gross ProfitRank
2008 2007
Net WorthRank
2008 2007
Total AssetsRank
2008 2007
Net SalesRank
2008 2007
CompositeRank
fe500 ranksinalphabeticalorder500 ranksinalphabeticalorder
Thirumalai Chem.
TIL
Time Techno
Titagarh Wagons
Titan Inds
Torrent Pharma
Torrent Power
Transport Corp(I)
Trend Electronics
Trent
Triveni Engg. & Inds
Tube Investments(I)
Tulip Telecom
Tulsyan NEC
TVS Motor Co.
Uflex
Ultratech Cement
Unichem Laboratories
Unitech
United Spirits
United Breweries
United Phosphorus
Unity Infraprojects
Universal Cables
Usha Martin
Ushdev International
Uttam Galva Steels
Value Inds
Vardhman Textiles
Varun Inds
Varun Shipping Co.
Venkys(I)
Videocon Inds
Vimal Oil
VIP Inds
Visa Steel
Vishal Retail
Voltamp Transformers
Voltas
Walchandnagar Inds
Welspun(I)
Welspun-Guj Stahl Rohren
West Coast Paper
Wheels(I)
Whirlpool(I)
Wipro
Wockhardt
Zee Entertain. Enterprises
Zuari Inds
Zylog System
Company454
416
270
265
78
170
86
330
496
239
149
243
165
489
288
293
68
251
66
63
124
76
389
437
242
462
290
475
304
453
218
445
111
499
404
361
392
299
147
310
401
155
344
390
300
17
168
69
286
395
437
361
238
-
115
283
83
324
489
295
163
288
175
490
307
304
69
358
15
47
91
90
294
431
190
444
373
473
342
432
291
464
71
495
396
372
235
255
93
234
374
82
386
427
380
16
140
66
317
371
402
399
343
340
196
206
95
396
469
423
204
278
188
459
290
262
38
318
45
93
258
242
332
440
170
468
215
309
140
439
114
418
43
481
447
353
346
288
152
400
284
83
307
379
390
17
158
103
280
321
410
433
381
415
228
212
95
375
471
412
219
152
263
475
205
241
35
267
37
62
253
135
374
427
170
481
204
341
113
444
123
458
41
486
449
424
401
370
154
460
226
142
299
368
456
18
125
146
85
365
460
466
312
394
282
232
62
377
474
227
187
196
279
488
183
220
65
285
73
77
225
87
325
433
177
486
197
280
125
313
170
452
35
494
457
332
371
436
246
397
239
98
299
425
391
18
150
74
181
294
445
465
369
459
287
227
50
381
469
259
165
173
318
487
149
221
73
271
95
85
200
99
299
408
161
484
202
254
103
457
160
439
33
494
448
291
434
458
264
376
204
179
354
407
373
18
123
69
152
363
442
467
409
426
221
271
60
423
441
352
146
255
246
478
168
154
64
408
28
93
251
87
307
451
128
490
118
228
92
330
114
481
38
495
468
224
322
485
178
420
155
76
309
374
305
21
163
129
165
431
421
453
431
476
238
263
56
408
422
372
133
247
401
475
132
139
66
381
38
85
226
75
348
452
135
498
112
224
96
409
113
473
28
493
463
254
426
489
199
400
134
91
378
368
285
22
140
114
136
466
429
383
497
457
103
281
81
231
325
482
177
158
228
466
93
222
52
440
108
97
209
190
333
484
172
359
96
221
124
331
295
469
36
411
462
390
265
456
100
414
238
74
436
247
154
19
227
258
113
422
402
390
528
552
115
272
86
213
307
470
126
145
283
476
61
193
47
405
97
88
220
178
401
511
173
400
95
208
114
321
342
492
38
439
481
413
365
494
100
526
248
96
394
233
163
21
207
275
101
496
467
460
392
410
152
231
64
353
462
336
144
199
216
495
162
210
55
363
62
75
189
88
348
472
160
471
153
302
140
379
180
481
46
490
470
337
347
445
149
408
253
80
365
380
287
15
157
112
166
409
453
441
415
494
167
252
60
338
444
362
127
202
296
491
137
203
57
369
56
65
164
93
346
472
141
477
180
290
139
426
212
483
35
490
470
341
378
450
140
403
232
96
396
375
302
14
133
112
155
449
2008 2007
Market CapRank
2008 2007
Gross ProfitRank
2008 2007
Net WorthRank
2008 2007
Total AssetsRank
2008 2007
Net SalesRank
2008 2007
CompositeRank
MARCH 2009 | THE FINANCIAL EXPRESS | 81
Indian Oil Corp
Reliance Inds
BPCL
HPCL
ONGC
SAIL
MMTC
MRPL
NTPC
Chennai Petroleum Corp
Bharti Airtel
Larsen & Toubro
Tata Motors
Tata Steel
Gail(I)
TCS
BHEL
Wipro
Infosys Technologies
Hindalco Inds
Maruti Suzuki(I)
Hindustan Unilever
ITC
JSW Steel
Reliance Communications
Sterlite Inds(I)
HCL Infosystems
Jet Airways(I)
Mahindra & Mahindra
Hero Honda Motors
Adani Enterprises
Coromandel Fertilisers
Ruchi Soya Inds
Grasim Inds
Rajesh Exports
Reliance Infrastructure
Videocon Inds
Ispat Inds
Idea Cellular
Rashtriya Chem. & Fert.
Siemens
Jindal Steel & Power
Petronet LNG
Tata Power Co.
NMDC
ACC
Bongaigaon Refinery
ABB
PTC(I)
Suzlon Energy
Company(Rs Crore)
82 THE FINANCIAL EXPRESS | MARCH 2009
-
9.95
-
-
27.85
14.56
0.39
1.84
19.70
-
22.68
10.70
2.18
21.00
12.27
21.38
11.32
13.75
28.31
13.58
6.83
13.63
21.17
3.82
11.62
11.02
2.06
-
4.33
9.86
2.18
5.97
1.05
15.82
1.03
10.83
6.71
-
9.95
2.67
12.26
19.98
5.44
9.60
59.55
15.38
-
7.98
1.41
-
4.56
16.03
1.73
1.02
31.83
19.30
0.70
4.51
23.08
3.98
24.34
7.36
7.46
23.34
14.37
25.02
14.37
18.35
28.53
12.62
10.90
14.35
23.71
17.49
20.83
6.94
2.56
-
10.59
8.87
2.66
7.33
1.59
20.61
2.57
16.55
10.86
-
15.57
2.86
9.68
21.78
7.38
13.16
58.53
20.24
6.30
8.77
0.88
18.73
-
74.50
-
-
65.08
11.35
25.09
3.34
7.38
-
29.86
212.11
7.97
51.21
17.14
366.74
36.58
72.81
148.44
115.35
67.53
78.93
65.06
21.88
11.76
72.33
55.79
-
15.35
220.23
76.93
181.86
23.37
137.77
31.12
34.80
21.41
-
2.27
3.12
107.55
761.13
4.19
24.98
84.53
45.52
-
101.40
3.31
-
61.87
104.40
37.31
22.16
65.81
12.49
23.47
5.98
7.37
52.28
23.46
206.48
38.68
44.54
22.22
347.43
35.72
76.51
116.45
145.74
99.21
68.45
63.27
77.28
20.11
45.53
70.50
-
36.01
167.59
82.80
60.35
32.80
170.71
213.30
32.69
32.37
-
2.47
1.94
168.94
549.76
4.73
25.52
169.04
57.22
13.21
95.57
1.97
26.16
7376.85
15180.00
1348.77
750.37
14075.02
5160.02
117.36
1047.34
6075.30
779.03
4451.91
1206.66
1491.10
3256.86
1879.08
3399.95
1748.47
2235.80
3333.00
1788.40
1433.14
1511.38
2384.46
1267.41
2075.02
645.18
240.90
-328.40
884.87
669.34
204.10
154.31
119.65
1565.23
157.63
773.24
742.83
-14.09
650.57
106.83
569.68
846.63
354.62
563.35
2234.01
1074.84
263.93
405.04
29.50
783.16
-
-22.71
-
-
-1.10
-9.15
6.89
-44.15
0.21
-
27.34
105.79
-72.51
14.91
15.68
5.56
2.42
-4.66
27.51
9.68
-31.93
13.84
2.94
-67.71
-41.54
58.85
-20.68
-
-56.23
31.41
-7.05
229.76
-26.24
-19.29
-50.52
2.52
-33.90
-
8.20
61.20
27.30
39.08
-11.43
-1.83
50.01
-20.43
-
6.09
155.22
-
-80.43
102.33
-21.81
-58.82
27.45
48.02
24.36
-25.63
-14.88
-46.01
-46.80
98.09
63.96
-71.48
16.30
-
-19.90
45.72
-57.12
55.41
18.69
13.62
-22.25
-62.18
655.97
54.64
-
59.96
-15.57
16.15
-68.92
808.60
106.21
8.61
-
-13.47
-86.96
12.30
68.50
87.25
7.02
34.90
58.53
-1.88
32.79
-41.14
-55.69
-46.35
226.28
19.38
-3673.41
11733.00
-2892.13
-4529.07
13919.55
4688.13
125.45
584.91
6087.95
-669.28
5668.86
2483.14
409.84
3742.45
2173.68
3588.94
1790.74
2131.50
4250.00
1961.51
975.54
1720.53
2454.60
409.30
1213.16
1024.87
191.09
-455.33
387.28
879.59
189.71
508.85
88.25
1263.25
77.99
792.70
491.03
-649.72
703.93
172.21
725.20
1177.47
314.10
553.02
3351.19
855.23
-214.53
429.72
75.29
-285.91
51.85
24.54
39.49
36.16
13.04
20.39
89.71
36.84
17.44
38.80
36.67
41.59
-6.08
27.67
35.54
23.52
30.07
27.25
28.47
1.97
8.61
19.83
15.30
47.99
4.79
0.05
-1.26
48.92
7.13
18.25
13.13
304.57
11.57
5.12
22.72
56.67
6.89
18.44
69.26
72.70
0.48
51.56
20.22
34.58
47.45
4.72
30.68
16.58
59.28
24.58
15779.70
514.00
1117.60
880.31
2911.95
925.53
13.34
202.41
2212.80
88.98
202.77
335.67
515.01
908.41
456.69
367.48
972.07
265.30
597.00
348.70
582.38
470.50
447.22
295.79
8.88
364.57
50.36
703.18
295.70
130.37
27.86
26.15
9.66
193.98
0.00
966.03
142.28
98.50
6.54
45.58
222.17
24.30
35.69
288.17
495.79
289.67
61.79
55.88
23.55
83.18
3087.83
1040.00
873.89
362.48
3711.32
1369.99
16.59
150.53
1883.62
48.04
107.88
664.92
844.40
259.08
531.15
-212.56
778.66
386.60
256.00
541.92
691.20
534.60
347.70
111.87
67.13
563.77
-9.14
1124.80
249.65
151.42
8.66
237.60
19.92
210.69
0.00
835.91
18.56
110.62
11.02
85.35
237.77
32.78
56.58
282.74
658.35
170.50
27.38
29.98
76.84
99.30
161608.46
94689.00
77968.20
73233.15
44222.75
26736.26
16883.88
23243.86
26317.40
19563.44
18289.78
16387.83
19981.30
13956.59
13072.91
13591.23
12163.42
12186.10
11684.00
14169.30
13152.32
10533.43
10056.60
7248.17
9960.84
9292.45
9398.44
6051.20
8355.33
7543.16
7676.38
2105.47
7519.19
7593.95
6141.68
4671.23
6842.27
6005.13
4179.30
3736.56
5884.89
3887.78
4802.66
4281.44
3816.80
5310.46
4189.92
4617.88
3359.55
4181.61
245399.96
117929.00
108757.17
99715.18
49988.25
32188.66
32030.45
31806.19
30907.63
27153.93
24997.49
23203.37
18765.91
17817.84
17719.34
16787.44
15820.71
15506.60
15011.00
14447.89
14284.32
12622.21
11595.68
10726.23
10437.84
9297.35
9279.97
9011.33
8950.66
8919.62
8684.53
8518.12
8389.52
7982.91
7536.83
7318.59
7313.59
7112.49
7073.82
6453.10
5913.16
5892.50
5773.81
5761.88
5627.97
5560.86
5475.32
5383.68
5351.20
5209.35
ROS (%)Apr-Dec
2009
ROS (%)Apr-Dec
2008
EPS (Rs)Apr-Dec
2009
EPS (Rs)Apr-Dec
2008%
ChangeApr-Dec
2008Apr-Dec
2009
PAT%
ChangeApr-Dec
2008Apr-Dec
2009
Other Inc.%
ChangeApr-Dec
2008Apr-Dec
2009
Sales
fe500 ninemonthsperformanceoftop100500 ninemonthsperformanceoftop100
GSFC
Punj Lloyd
Ashok Leyland
Ambuja Cements
Ultratech Cement
Hindustan Zinc
Pantaloon Retail(I)
Power Grid Corp(I)
National Fertilizers
Welspun-Guj Stahl Rohren
National Aluminium
Bhushan Steel
Cipla
Tata Chemicals
Chambal Fertilisers
Jaiprakash Associates
Aditya Birla Nuvo
HCL Technologies
JSL
Sesa Goa
MTNL
Ranbaxy Laboratories
Shipping Corp(I)
Tech Mahindra
Torrent Power
IVRCL Infrastructures
Crompton Greaves
Asian Paints
Dr Reddys Laboratories
Nagarjuna Construction
United Spirits
Apollo Tyres
Tata Communications
India Cements
DLF
Sun Pharma. Inds
Century Textiles & Inds
Exide Inds
Neyveli Lignite Corp.
Container Corporation
GNFC
HCC
CESC
Great Eastern Shipping Co.
Cummins(I)
Lanco Infratech
Lupin
Nirma
Aurobindo Pharma
Jubilant Organosys
Company(Rs Crore)
7.61
3.07
5.62
18.63
18.48
55.56
2.39
35.72
3.30
8.99
33.94
9.24
16.78
12.36
8.70
14.88
5.98
29.07
4.78
36.15
8.46
16.67
20.70
21.01
6.02
5.81
7.76
11.40
13.30
4.93
10.63
5.94
5.84
24.23
49.79
38.97
11.46
9.13
32.89
22.73
12.57
3.53
12.62
47.24
12.35
9.87
19.06
7.94
13.40
23.24
50.31
43.08
10.27
35.34
53.62
51.50
29.18
2.55
2.69
19.49
18.46
69.79
33.12
2.83
3.52
20.95
11.69
47.65
-
180.58
4.21
-
17.47
62.86
5.57
55.10
36.31
28.13
48.06
25.27
24.12
12.29
7.44
11.98
44.58
81.17
12.27
27.02
4.16
48.61
13.38
28.86
25.08
74.51
79.67
6.62
39.66
4.20
15.66
-
26.34
15.12
21.84
26.13
58.19
73.71
26.54
2.68
2.06
29.03
18.87
65.02
33.52
16.67
4.44
17.09
17.66
69.33
59.48
176.28
4.81
27.20
20.02
45.25
3.40
51.70
28.76
30.27
37.22
23.89
25.76
33.61
6.14
18.91
57.24
73.95
30.17
25.00
4.27
85.26
20.60
27.96
21.27
57.16
51.79
4.10
44.69
16.79
79.88
227.72
209.89
91.73
290.59
795.49
724.35
3118.00
80.01
1126.72
101.04
249.20
1215.83
276.12
521.03
389.19
184.71
400.00
164.78
922.35
175.41
693.84
303.32
507.71
565.21
549.20
160.79
137.27
210.85
290.36
312.98
109.32
255.94
160.04
175.10
533.10
1951.73
765.76
280.68
187.51
716.89
554.11
320.13
71.66
268.00
870.42
205.09
90.18
366.74
133.59
214.71
335.20
91.02
185.08
-52.96
35.27
-7.84
-30.21
27.80
-4.64
30.76
-27.06
-2.19
7.34
-1.17
-82.87
-20.59
23.98
-32.60
-30.80
-
104.87
-12.52
-
30.91
39.34
63.72
7.17
26.26
-7.07
29.31
5.79
-5.60
-61.30
21.03
-36.54
-22.22
9.77
-59.32
15.30
-2.57
14.02
-35.03
3.24
17.91
30.37
53.83
61.33
-10.40
-75.00
-80.40
-
-18.64
-42.52
-17.87
-90.57
2.61
19.30
31.73
17.81
62.51
194.23
-12.81
-84.87
53.82
-37.69
-17.47
12.03
-39.16
-47.02
-23.77
178.35
61.12
-46.49
63.15
-
32.04
524.48
-41.94
-1.54
-63.24
46.99
-42.54
-77.13
-3.96
46.32
99.31
-80.82
81.40
245.45
8.89
31.77
14.56
-8.42
19.44
-14.51
40.08
-43.04
-80.70
-90.52
-38.87
-90.73
400.94
261.50
136.68
1076.07
667.56
2176.14
102.25
1074.47
132.12
181.76
1189.25
296.39
514.91
66.66
146.67
495.90
111.06
638.26
-418.60
1421.49
265.33
-1135.75
739.91
765.25
263.25
147.11
266.21
269.82
404.73
115.65
241.61
61.93
211.93
338.32
1518.06
840.60
114.19
216.19
698.47
631.81
207.98
73.98
316.00
1134.77
315.50
145.49
328.60
33.40
42.09
-31.04
81.95
65.69
-8.05
8.68
15.37
-19.76
31.87
37.77
36.36
45.80
12.20
28.45
23.24
20.52
77.92
35.85
31.06
13.08
-4.41
80.20
-3.49
10.39
23.07
27.97
24.48
37.68
19.62
24.43
30.17
37.61
23.17
9.97
-5.31
28.31
-29.13
37.00
9.64
26.37
18.78
5.50
-6.09
15.13
7.87
23.09
36.38
142.98
15.00
31.09
21.62
30.52
71.94
46.02
62.39
775.35
72.93
525.00
2.08
257.32
33.66
5.20
433.34
50.56
84.56
73.46
87.31
240.00
20.20
396.94
25.79
53.63
368.31
344.91
155.16
63.50
76.04
3.39
45.57
51.78
183.28
1.83
26.61
9.62
140.30
18.61
382.39
517.23
49.74
1.43
444.19
109.17
34.61
47.89
108.00
577.40
76.32
21.12
171.75
96.46
109.20
137.80
58.53
26.45
51.24
73.10
74.83
626.35
2.74
303.14
54.70
15.30
377.82
7.65
130.07
45.77
72.06
268.87
12.29
210.28
19.66
149.28
593.42
184.55
253.14
-49.05
100.40
21.17
26.46
50.98
67.37
2.69
15.29
2.20
134.75
27.23
762.14
99.23
90.23
4.94
483.68
143.85
39.65
43.86
129.00
493.61
106.91
12.03
33.14
9.14
66.75
12.77
2759.78
2989.17
5167.11
4270.64
3920.55
5612.00
3350.57
3154.49
3065.28
2770.70
3582.69
2988.88
3104.71
3148.08
2123.07
2689.00
2756.14
3173.19
3673.06
1919.56
3583.96
3046.07
2729.85
2614.00
2671.36
2364.00
2716.23
2547.65
2353.65
2218.87
2407.27
2692.59
2996.61
2200.26
3919.57
1965.19
2450.08
2053.59
2179.91
2437.93
2546.47
2027.74
2123.00
1842.73
1660.78
913.56
1924.12
1683.21
1602.33
1442.40
5021.45
4952.78
4751.11
4641.51
4522.95
4503.32
4418.27
4346.06
4179.86
4039.77
4019.60
3839.08
3826.11
3794.01
3777.41
3653.00
3612.18
3588.40
3510.95
3459.02
3458.83
3362.46
3359.69
3345.14
3325.18
3254.65
3249.23
3169.98
3063.86
3053.36
2964.99
2960.99
2837.35
2823.18
2777.97
2692.28
2686.29
2595.07
2589.24
2572.12
2391.48
2334.48
2290.00
2268.25
2264.93
2219.80
2212.75
2206.51
1948.69
1882.66
ROS (%)Apr-Dec
2009
ROS (%)Apr-Dec
2008
EPS (Rs)Apr-Dec
2009
EPS (Rs)Apr-Dec
2008%
ChangeApr-Dec
2008Apr-Dec
2009
PAT%
ChangeApr-Dec
2008Apr-Dec
2009
Other Inc.%
ChangeApr-Dec
2008Apr-Dec
2009
Sales
MARCH 2009 | THE FINANCIAL EXPRESS | 83
7.98
5.28
2.88
23.18
14.76
48.32
2.31
24.72
3.16
4.50
29.59
7.72
13.46
1.76
3.88
13.58
3.07
17.79
-
41.10
7.67
-
22.02
22.88
7.92
4.52
8.19
8.51
13.21
3.79
8.15
2.09
7.47
11.98
54.65
31.22
4.25
8.33
26.98
24.56
8.70
3.17
13.80
50.03
13.93
6.55
14.85
1.51
2.16
-
Pradip Kumar Dey
THE FE 500 list has been compiledfrom largely published balance-sheets of companies, which
closed their last financial year betweenApril 1, 2007 and March 31, 2008. And forsome companies, June 2008 figureshave been considered. It includes allprivate 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-December2008.
In the tables that follow, any refer-ence to 2008 (current) refers to thefinancial year 2007-08 and the sameholds for 2007 (previous). Where com-panies had financial years that wereless than 12 months or more than 12, theresults have been annualised to arriveat a comparable figure.
For the purposes of our study, theranking has been done on the basis ofNet Sales, which is sales or mainincome minus excise duty. Salesinclude service charges and leaseincome.
Assets relate to fixed assets (land,buildings, machinery, etc) plus capitalwork-in-progress, cash and bank bal-ances, loans and other debtor balances,investments and other intangibleassets, excluding accumulated lossesand advance tax provisions.
Operating Profit is arrived at bycalculating gross profit plus interest.
Gross Profit is arrived at by calcu-lating profit before tax (PBT) plusdepreciation. Deduct taxes (includingdeferred taxes) from the PBT figure andyou get the profit after tax (PAT). PATminus dividends gives us RetainedProfit.
Market Capitalisation is the mar-
ket value of a company's outstandingshares based on closing market pricesas on January 30, 2009.
Net Worth is the paid-up capital(equity and preference) plus totalreserves and surplus excluding accu-mulated losses.
Earnings Per Share (EPS) refer toPAT divided by the number of out-standing equity shares.
Debt includes all long-term loans,including debentures, plus instalmentcredit. Thus the Debt-Equity Ratiorefers to debt divided by net worth.
Return on Sales is PAT as a per-centage of net sales, while the ReturnOn 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 asa percentage of net sales.
How we did it
84 THE FINANCIAL EXPRESS | MARCH 2009
500 methodology500 methodology
Illus
trat
ion:
ASI
T B
AG
CH
I
MARCH 2009 | THE FINANCIAL EXPRESS | 85
5 While the overall sales rankings havebeen made on the basis of the availableuniverse of private and public sector quotedcompanies, the other rankings (assets, networth, gross profit, market capitalisation,composite, etc) are restricted to the FE 500.
5 Every attempt has been made to make allfigures comparable and compatible withour definitions. All the related data aretaken from the respective balance sheetsonly. Standalone balance sheets & profit ofloss accounts figures are considered.
5 Seventeen companies changed theiraccounting period during 2007-08. They areBalrampur 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 TorrentPower.
5 Wherever accounting periods have beenless or more than 12 months, sales,operating profit, gross profits, PBT, PAT, andretained profit figures have beenannualised. The only exception from thisgeneral rule is net worth and assets.
5 Some big companies could not beincluded in the study because balancesheets and profit and loss accounts were notavailable for two years. These companiesare Automotive Axles, Areva T & D (I),Avaya Global, Bajaj Auto and KM Sugar.
5 Some companies changed their namesduring the year. These are, with the newnames in brackets: Reliance Energy(Reliance Infrastructure), VSNL (TataCommunications) , LT Overseas ( LT Foods),Spanco Telesys & Solutions (Spanco), EraConstruction (Era Infra Engg.), Tulip ITServices (Tulip Telecom), Deccan Aviation(Kingfisher Airline), Nicholas Piramal (I)(Piramal Healthcare), Essar Shipping (EssarShipping Ports & Logistics) , JhunjhunwalaVanaspati (JVL Agro Industries) andVideocon Appliances (Value Industries).
5 Industry-wise groupings have been doneon the basis of the standard industrialclassification of all economic activitiesadopted by the Government of India. Acompany with more than one activity isclassified within that industry from whichit derives more than a half of its sales ormain income.
5 Mergers and acquisitions have alsobecome major factors in corporate growthduring 2007-08. Some companiesamalgamated with others during the year.These are, with names in brackets: JBFIndustries (Microsynth Fabrics (I)),
Pratibha Industries (Pratibha Pipes &Structural), Siemens ( Siemens IndustrialTurbomachinery Services), Kingfisher(Deccan Aviation),Tech Mahindra ( TechMahindra (R&D) Services), Piramal HealthCare ( NPIL Healthcare & Nicholas PiramalConsumer Products), Supreme Petro ( SplPolymers), KEC International ( RPGTransmission,NIT and MP Power Line),Coromandal Fertilisers ( GodavariFertilisers&Chemicals), Mphasis ( EDSElectronic Data Systems(I)), GSFC (GSFCInvestment&Leasing Co), Bannari AmmanSugar (Maheswara Sugars), Aditya BirlaNuvo (Aditya Birla Insulators), HCLInfosystems (Stelmac Engg), Nilkamal(Nilkamal Crates & Bins & StackwellMarketing Services), Hind Unilever(Modern Food Inds), Texmaco (NeoraHydro, Shree Export House & EvershineMerchants Pvt Ltd), Coromandal Fertilisers(Godavari Fertilisers & Chemicals), ValueIndustries (Videocon Appliancesamalgamated with Ranjangaon Inds) andWipro (Wipro Infrastructure Engg, WiproHealthcare IT, Quantech Global Services,MPACT Technology Services Pvt Ltd, MPower Software Services(I) and C MangoIndia Pvt).
5 Some companies could not be includeddue to lower sales during 2007-08 but were inthe list of FE-500 during 2006-07. These areArvind Products, Andhra Sugar, Blue Bird,BOC, Ennore Foundries, Futura Polyesters,Flat Products, Forbes Gokak, GujaratSidhee Cement, Gayatri Projects, HimachalFuturistic Communications, IndianAcrylics, JCT, Kanoria Chemicals & Inds,KSB Pumps,Lakshmi Overseas Inds,Mysore Paper, Malwa Cotton Spg, MawanaSugar, NIIT, NRC, Oudh Sugar, Ruchi Strips& Alloys, Rajshree Sugars & Chem.,Sudarshan Chem. Inds, Shasun Chem. &Drugs, Sree Rayalaseema Alkali,Saurashtra Cement, Strides Arcolab, SicalLogistics, Sundaram Clayton, TVSSrichakra, Tinplate Co, Ugar Sugar Works,Upper Ganges Sugar and Zenith Birla (I).
5 Some companies abridged balancesheets have been considered. These areDCM Shriram Inds, Essar Shipping Ports&Logistics, Gati, Gujarat NRE Coke, GNFC, JK Cement, Polaris Software Lab., PunjLloyd, Reliance Infrastructure, RelianceCommunication, Redington, Rolta,Wiproand Zylog System.
5 Market capitalisation figures arecalculated on the basis of Bombay StockExchange (BSE) quotations and for somecompanies National Stock Exchange (NSE)quotations have been considered. Some
companies have been delisted from the stockexchanges or not quoted during the last oneyear, so we have not considered thosecompanies for our study.
5 Companies, which have been delisted ornot quoted for long are Bosch Chassis Sys(I), Cadbury (I), Essar Steel, iGate GlobalSolutions, Liberty Oil, Modern Syntex, OtisElevators, Philips Electronics, RainCalcining, Sandvik Asia, Southern Iron &Steel Co, Syngenta Inds and UshaInternational.
5 Some companies changed their facevalue during the year. These are, with thenew face value in brackets: AhluwaliaContracts(I) (Rs 2), Amar Raja Batteries (Rs2), Apollo Tyres (Rs 1), Ballarpur Inds (Rs 2),BL Kashyap & Sons (Rs 5), Blue Star (Rs 2),Classic Diamonds(I) (Rs 2), DivisLaboratories (Rs 2), Electrosteel Castings(Rs 1), Emco (Rs 2), GMDC (Rs 2), GreavesCotton (Rs 1), Gujarat Fluorochemicals (Rs1), Gulf Oil Corp.(Rs 2), Hindustan Copper(Rs 5), ICSA(I) (Rs 2), Jagran Prakashan (Rs2), Jaiprakash Associates (Rs 2), Jindal Steel& Power (Rs 1), K S Oil (Rs 1), Kriti Inds (Rs1), Man Inds (Rs 5), NIIT (Rs 2), Orient Paper& Inds(Rs 1), Paper Products (Rs 2), RajeshExports (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 UshaMartin (Rs 1).
5 Fourty nine companies have entered thelist of FE 500 for the first time in 2007-08.Mention may be made of Ankur Drugs, BGREnergy Systems, Binani Cement, BombayDyeing, Bharati Shipyard, ConsolidatedConst.Consortium, Century Ply, CompuageInfocom, Diamond Cables, EmmsonsInternational, Flawless Diamonds, GreatOffshore, Gujarat Fluorochemicals, GokulRefoils&Solvent, HDIL,Heritage Foods(I),Hind National Glass, ICSA(I), Ind-swift, KSL& Inds, Koutons Retail (I), KPR Mill, KpitCummins Infosystems, KNR Construction,Kriti Inds, Mundra Port, Mcleod Russel(I),MindTree, Manaksia, Meghmani Organics,Nitco, Nakoda Textile Inds, Piramal Glass,Pennar Inds, Pratibha Inds, RelianceCommunications, Redington,(I), RathiSteel, Sadhav Engg, Sakuma Exports, ShriLakshmi Cotsyn, Sanwaria Agro Oils, SardaEnergy, Torrent Power, Time Techno,Titagarh Wagons,Varun Inds,Walchandnagar and Zylog System.
5 Composite ranks have been arrived at byaveraging ranks of sales, assets, net worthand M-Cap for the years 2007-08 & 2006-07. M-Cap figures are related to January 30, 2009and January 30, 2008.
Caveats and limitations
MG Arun
CORPORATE India has beengoing through turmoil in the last few months, thanks to the
global financial meltdown and the subsequent credit squeeze. With thefall of the capital markets, all hope ofraising money from the public haddried up. Banks became more cautiousin lending to corporates, especially insectors like real estate where demanddipped drastically. Raising debt thusbecame a matter of concern for com-panies that had planned large scaleacquisitions and aggressive expan-sions.The best way forward in the slow-down, companies reckoned, is toconserve cash, focus on strengtheningcore businesses, re-align business byselling off non-core businesses, andrestructuring.
Some of the recent developments inthe corporate world point to this fact.Reliance Industries (RIL) has an-nounced that it will merge its listedentity, Reliance Petroleum (RPL) withitself at a swap ratio of 1:16. BhartiAirtel is reportedly planning to rejigoperations and create nine verticals.Hindalco, the flagship company of theAditya Birla Group is going in for afinancial restructuring so that the hugecosts incurred by it in overseas acquisi-tions do not overburden it. The TataGroup, meanwhile has already sig-naled that it is bracing itself for thedownturn, when its chairman RatanTata wrote to senior company officialsthat they need to curb investmentswhich are not absolutely necessary. It isalso interesting to see some familyowned businesses are also using theopportunity to patch up differences
within the family.Says Sidharth Punshi, managing
director & country head, Jeffries India,“This is a tough time for corporates.The economies have shrunk, and thegrowth forecast has been impacted.Financing was done when it wascheaply and readily available, now it’sbecome tough.” He sees a large shift inthe manner in which companies wouldthink and operate in the future. “Wewill see more restructuring happenglobally and in India. Large conglomer-ates facing pressure on their balancesheets will consider restructuring ofdebts or selling of non-core assets.”
Many industry observers feel thatthe RIL-RPL merger had more to dowith the current downturn than any-thing else. Analysts were stumped bythe timing of the announcement, eventhough an eventual merger of the twocompanies was expected. One analystsaid that RPL's business had beenunder pressure and may show a declineby the end of the year. “The mergerwould help bring down the cyclicalityof its business and add strength to thebalance sheet,” said an analyst. It isalso said that the move was being con-sidered since markets ascribe highervaluation for integrated energy compa-nies vis-à-vis standalone refiners,owing to better competitive positionand reduced earnings volatility. Simul-taneously, Chevron also decided to sellits 5% stake in RPL back to RIL, foraround $270 million (Rs 1,377 crore).
Meanwhile, Hindalco said inFebruary that the company will under-take a financial restructuring exerciseto earmark, allocate and credit anamount to business reconstructionreserve account. Hindalco had
acquired Canadian aluminium prod-uct maker Novelis for $5.9 billion in2007 in an all-cash transaction, whichalso included a debt of $2.4 billion. ButNovelis reported a net loss of $1.8 bil-lion in the third quarter of FY09, whichincluded non-cash, pre-tax charges of$1.5 billion for goodwill impairment,80% of that is attributed to the rise inthe cost of capital. Novelis is the firstIndian company to report goodwillimpairment, caused by the stock mar-ket crash and economic slowdown. TheNovelis loss will be written off againstthe share premium account inHindalco’s books.
According to Raju Bhinge, CEO,Tata Strategic Management Services,companies will now take a hard look atthe way they have been functioning sofar. “Most companies will be looking attheir balance sheets—at their operat-ing assets, current assets and theinvestment schedule,” he said in a
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Shaping up inslowdown timesThe slowdown is a test by fire for corporates.But it is also an opportunity for some toemerge leaner, productive and innovative
MARCH 2009 | THE FINANCIAL EXPRESS | 87
recent interview. “They will look at allcomponents more closely, like sub-sidiaries, associate companies, invest-ment stake, equity or real estateholdings. There might be divisions andunits within companies that could bespun off. A great deal will depend on thetiming.”
Although companies will move cau-tiously when it comes to large scaleinvestments and big ticket acquisitionsin the slowdown, there is a lot of scopefor firms to also look at buys that aregood strategic fits, say experts. AjayDhankhar, partner, McKinsey & Co Inc,said that although the popular notion isthat companies should conserve asmuch as cash at the moment since theseare recessionary times, certain pru-dent investments can bring in richrewards. He cited the examples ofPfizer's acquisition of Wyeth and theRoche-Genentech deal recently to showhow planned investments should not be
put off citing recessionary pressures.How has the downturn impacted
corporate deals? According to GrantThornton, 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. Thislooks disappointing, but consideringthat just a handful of deals in the previ-ous year had contributed much ofchunk of investments, experts feel thatall is not lost.
Harish V, partner, Grant Thorntonsays that the momentum is expected toreturn, especially in emerging marketslike India. “With moderating inflation,lowering of interest rates, timely inter-vention by federal governments acrossthe globe to provide financial stimulus,lowering of key commodity pricesespecially oil, we expect (and hope) thatthe markets will resume their growthmomentum globally and particularly
in emerging markets like India,” hesaid in a recent report.
So, which are the areas to be watchful about? “Companies withheavy debt positions that will confrontexpensive roll over provisions becauseof tightness of liquidity have prob-lems. Companies that chase valuationsrather than have fundamental businessvalue, also have problems,” saysShumeet Banerji, CEO, Booz &Company. “You should be very clear, inbad times, as to what businesses youwill be in now, or will enter when thingslook better,” he adds.
So, overall, this is a test by fire forIndia Inc. Some of the most iconic con-cepts as well as companies have drop-ped by the road, causing muchconfusion and chaos. But this also pro-vides a window of opportunity for com-panies that would want to come out ofthe slowdown—leaner, nimble, moreproductive and innovative.
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Pradip Kumar Dey
INVESTORS 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 hasdecreased to Rs 28.24 lakh crore onMarch 17, 2009 from Rs 51.07 lakh croreon March 17, 2008. Also, on the NationalStock Exchange (NSE), the M-Capdecreasedby21.83lakhcrore(-45.1%)toRs 26.53 lakh crore on March 17, 2009from the level of Rs 48.36 lakh crore onMarch 17, 2008.
The Sensex decreased by 5945.67points (-40.15%) to 8,863.82 on March 17,2009 from 14,809.49 on March 17, 2008.The Nifty, on the other hand, decreasedby1,745.65points(-38.77%)to2,757.45onMarch 17, 2009 from its previous level of4,503.10 on March 17, 2008.
DR Dogra, DMD, CARE said, “Afterseeing a remarkable growth inthe Sensex over the last fouryears, the total market capitali-sation of Indian companies hasplunged by more than Rs 30 lakhcrore, wiping off huge investorfunds. Primarily, this was due tothe huge sell-off by FIIs fromequity markets across the globe,following the subprime crisis.With a severe liquidity crisis anda 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 globalfinancial markets, the Indianstock market too continued thedownward momentum, therebyresulting in huge losses toinvestors in the stock market.”
A sectoral analysis showsthat while the top sector, namelyoil and gas, in terms of marketcap, has decreased by 33.55%during the study period, othersectors like construction, diver-
sified, retailing, steel, shipping, media,engineering, electronics, textiles andtyres have been losing significantlymarket cap values.
On the other hand, FMCG, ciga-rettes, pharmaceuticals, electricityandtradingsawalessererosioninmar-ket cap compared to March 17, 2008.
Amongthemajorindustrialhouses,a significant decrease in M-Cap wasseen in the case of Essar (-69.8%) fol-lowed by Jaiprakash (-63.8%), AnilAmbani led ADAG (-61.9%), Godrej (-60.4%) and OP Jindal (-57.1%). The M-Cap of three Mukesh Ambani ledReliance Industries group companiesdecreased from Rs 4.14 lakh crore onMarch 17, 2008 to Rs 2.41 lakh crore onMarch 17, 2009.
An opposite trend was seen in thecase of Hero group (40.1%). The M-Capof five Hero group companiesincreased from Rs 14,019 crore on
March 17, 2008 to Rs 19,637 crore onMarch 17, 2009. The M-Cap of the Agroup (197 companies), which lost sig-nificantly, decreased by 54.89% (Rs30.15 lakh crore) from Rs 54.93 lakhcrore on March 17, 2008 to Rs 24.78 lakhcrore on March 17, 2009. Among the Agroup companies, a significantdecrease in M-Cap was seen in the caseof NMDC(-95.9%),Unitech(-90.1%),JaiCorp (-86.6%), Suzlon Energy (-84.6%)and Godrej Industries (-80.0%).
A reverse trend was seen in the caseof Spice Communications (122.8%),Hero Honda Motors (42.0%), CastrolIndia (30.9%) and Colgate Palmolive(I)(15.5%). Reliance Industries kept itsfirst rank intact during the last oneyear. Despite keeping its first rank, itreduced its value by Rs 1.38 lakh crore.ONGC, the PSU giant, lost Rs 57,353crore to its M-Cap during the sameperiod. Hindustan Unilever improved
its performance during the yearand the company's M-Cap in-creased by Rs 2,431 crore duringthe period.
Some significant decline inM-Cap of some major steel com-panies was observed on March17, 2009. They included TataSteel, which lost Rs 35,797 croreto its M-Cap, a decline of 74.4%overitsMarch17,2008levelof Rs48,121 crore. JSW steel alsoshowed a decline of 79.3% in itsM-Cap. Ispat Industries showeda decline of 68.3% to its M-Capduring the study period. It's notthat only steel stocks showed adecline but some NBFCs likeReliance Capital (-72.6%), HDFC(-38.7%) too showed a declinein M-Cap.
Conversely, some of thebiggest increases in M-Cap werenoticed in the case of pharmacompanies like Lupin (29.7%)and GlaxoSmithkline Pharma-ceuticals (19.2%).
Depletion of wealthIn 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
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