India's top 500 Companies 2014

Contentsexecutive summary ............................................................................. 1

Methodology ...................................................................................... 2

The Changing Face of Top 500 ............................................................. 3

Quarterly Updates .............................................................................. 11

Corporate survey Findings ................................................................. 17

Top 20 Company Rankings ........................................................... 18-20

INDIA’s TOP 500 COMPANIes 1

executive summaryThe publication ‘India’s Top 500 Companies’ serves as a testimony to the resilience of Corporate India that will be playing a major role in the economic recovery of the country in the near future. Corporate India faced challenges such as high interest rates, depreciating rupee, sluggish demand and subdued consumption, which along with high inflation have not only pulled down investments and economic growth but also dampened savings during FY13 and FY14. The corporate sector also faced highly leveraged balance sheets which resulted in debt restructuring via the bilateral and CDR routes. Despite a challenging year, Top 500 companies managed to deliver a moderate performance. The publication ‘India’s Top 500 Companies 2014’ has captured the growth trends and business dynamics of leading Indian companies across major sectors.

Following are some of the key highlights from the publication:• Market capitalizationofTop500companies increasedby4% inFY13,with257companies

seeing a drop in average market cap of ` 3.8 trillion in FY13 whereas 237 companies registered an increase of ` 5.4 trillion.

• Withsluggishdemand,top-linegrowthfortheTop500deceleratedfrom24.6%inpreviouseditionduringFY12to10.6%inFY13whilebottom-linegrowthdeceleratedfrom7.30%to5.2%forthesameperiod.TotalincometoGDPratioatcurrentmarketpricesstoodat50%inFY13.

• Onanaggregatebasis,overall expenses (excluding taxes)ofTop500companies registeredy-o-ygrowthof11.4%inFY13. Increase in importbillsof inputssuchascoalandelevatedcrudeoilpricesledtoy-o-yincreaseinrawmaterialexpensesof9%inFY13whereasfinancecostshaveincreasedbyasignificant20.3%y-o-yinFY13.

• High inflationand interestcostsandweakening rupee impactingcommoditypricesdentedprofit margins. Despite decline in NPM, Top 500 companies increased dividend payout to shareholdersfrom27%inFY12to30%inFY13,sinceconfidenceininvestmentsdeclinedamidchallenging economic environment.

• Privatecompaniesscoredinprofitgrowth,butPSUspaidmoredividends.ProfitsofprivatecompaniesinFY13increasedby7.4%y-o-ywhereasforPSUsitincreasedby2.1%y-o-y.PSUsrecorded 18.8% growth in dividends outpacing their private counterparts who registered16.4%.

• Top-linegrowthofTop500companiesmoderatedto8.2%comparedwith9MFY13,reflectingweakbusinessconfidenceduring9MFY14.Further,bottom-linegrowthdeceleratedat1.4%during9MFY14comparedwith12.9%during9MFY13.

• AggregateexpenditureofTop500companiesduring9MFY14deceleratedto8.1%from12.1%during9MFY13.Rawmaterialexpensessawdeceleratedgrowthof3.3%inFY14comparedwith10.7%inFY13andinterestcostssaw12.7%growthinFY14against22.5%growthinFY13.

Creation of a stable policy framework by the new government will lead to restoration of investors’ confidence that will primarily have an impact on the economic growth in the coming years. Going forward,measures for enhancingconsumptiondemandbasedon receding inflationwillaid in reviving optimism. Further, initiatives taken by the new government to eliminate structural bottlenecks could improve investment demand. As this dynamic economy continues to evolve, D&B India is committed to track India’s corporate growth story through its editions of ‘India’s Top 500 Companies’.


MethodologyAsisusual,thepublicationincludesprivatesectorcompaniesandpublicsectorenterprises(PSEs)listedontheBombayStockExchange(BSE)andtheNationalStockExchange(NSE), India’stwomajor stock exchanges.

Total income, net profit, and net worth continue to be the criteria used for ranking Dun & Bradstreet’s ‘India’s Top 500 Companies 2014’. Although total income and market capitalisation remain the primary criteria for the initial short listing of companies, the editorial team has used a diverse set of parameters to arrive at the final list of Top 500 companies.

WehaveshortlistedcompaniesbasedontotalincomeandaveragemarketcapitalisationonBSEand Nse for FY13. Further, companies that were de-listed until Dec 2013 were excluded from the publication.Wealsoappliedadditionalexclusioncriteriasuchasthreeyear losses,negativenetworth,financialhealth(*),andcorporategovernancerecordtoarriveatthefinallistofTop500companies.

* Weak macroeconomic conditions in India in the past few years have impacted the financial health of many Indian companies. There have been instances wherein companies faced difficulties in servicing their debt and approached the Corporate Debt Restructuring (CDR) cell for restructuring the debt. In such CDR cases (where information is public), an additional criteria set has been applied to include and exclude companies from the Top 500 list. Such companies have been marked in the Publication with the symbol ‘@’ in company listings, wherever applicable

This edition also features financial comparison of the profiled companies classified under different sectors.Wehaveidentified57distinctsectorsforclassifyingcompanies.WehaveclassifiedcompaniesintorespectivesectorsbasedonFY13segmentalrevenues.Withineachsector,thecompaniesarefurther ranked based on total income. The ‘Diversified’ category includes companies operating in morethanonesegment,wherebynosegmentcontributesmorethan35%oftheoverallrevenueof the company. ‘Others’ category comprises companies, where the given company is the only Top 500 Company in its sector.

All the financial information in the publication is based on standalone financials. Audited Financial statements where period ending is between July 31, 2012 and Jun 30, 2013 have been used as source of information for this publication. Companies whose annual reports were not available to Dun & Bradstreet at the time of compiling this publication have been excluded. The various financial computations are based on D&B’s methodology and have been explicitly explained in the ‘Definitions and Calculations’ section. Companies whose financial statements have been qualifiedbyauditorsaremarkedwithanasterisk(*).Forcompanieswherethepublishedfinancialstatementisforaperiodotherthan12months,thefinancialsareannualizedforthelimitedpurposeof shortlisting, ranking, and profiling. In general, all information used in the publication is from publically available sources.

Eachcompanyfeaturinginthepublicationhasbeenallottedauniqueidentificationnumber(D-U-N-S®-DataUniversalNumberingSystem),whichwillhelpreaderslocateandobtainfull-fledgedbusiness information reports on these companies from the Dun & Bradstreet database.


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0The Changing Face of Top 500

The year 2012-13 was very challenging for the Indian economy due to the prolonged after effects of the global financial crisis and dismal growth of the Us and european markets. During FY13, theIndianeconomygrewatadecadallowof5%onbackoftheslowingindustrialgrowth,highinflation, high interest rate environment, declining business sentiment, delay in implementation of projects and policy logjams. The state of the economy was further worsened due to widening currentaccountdeficit(CAD).TheCADtoGDPratiorosetoarecordhighof-6.7%duringQ3ofFY13.FurthertheCADtoGDPratioroseto-4.8%inFY13asagainst-4.2%inFY12,whichwasthesecondconsecutiveyearforCADtoGDPratioremainingabove-4%; indicatingtheworsening macro-financial conditions. Moreover, the rupee volatility in dollar terms, crude oil prices, high input prices coupled with high interest environment moderated the profitability of India’s corporate sector.

This section analyses key performance aspects of India’s Top 500 companies over the last five years(2009,2010,2011,2012and2014).

CompositionThe number of public sector companies appearing in last five editions of Top 500 has increased marginally.However,theircontributiontooverallmarketcapofTop500companieshasdecreasedfrom30.7%in2009editionto28.3%in2014edition.

Ownership-wise Composition

Number of Companies

2009 2010 2011 2012 2014*

Public 62 62 68 71 70

Private 438 438 432 429 430

Source: D&B Research*The name of 2013 edition has been changed to 2014, while the financials are from FY13

In terms of market cap-wise composition, the small cap companies continue to have maximum representation in the previous four editions of Top 500, followed by mid-cap companies. Market cap of the small-cap companies in the 2014 edition has more than doubled compared to 2009 edition, from ` 483.8 bn in 2009 to `1,153.6bnin2014edition,whilethatofmid-capandlarge-cap companies have grown at a slower pace compared to small-cap companies during the same period. The market cap of mid-cap companies grew from `3,649.7bnin2009editionto ` 7,072.4 bn in 2014 edition, while that of large-cap companies grew from ̀ 25,471.3 bn in 2009 edition to `49,468.8bnin2014edition. Market Cap-wise Composition

Number of Companies

2009 2010 2011 2012 2014*

small-Cap 162 283 194 211 201

Mid-Cap 228 139 185 174 183

Large-Cap 110 78 121 115 116


Further, 375 companies have consistently appeared in last five editions of Top 500 companies. Of these, 21 mid-cap companies in 2009 edition have grown to become large cap companies in 2014edition,while16companiesin2009editionhavegrowntobecomemid-capcompaniesin 2014 edition.


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Economic moderation and macro-economic challenges dent the market cap growth of Top 500TheaveragemarketcapitalisationoftheTop500companiesgrewataCAGRof14%between2009 and 2014 edition. The trend in growth of average market cap of Top 500 companies in past five editions has passed through two distinct phases – from 2009 to 2011 where it grew consistently and from 2011 to 2014 when it declined consistently. The growth concerns in the advanced economies during 2009-2011 periods drove the investors to the emerging markets with Indian equities becoming the key investment destination for the FIIs. During FY10 and FY11, the total investments by FIIs stood at `1,426.6bnand`1,464.4bnrespectively,whichwashighestin the last decade. This is clearly reflected by the consistent increase in the market cap from 2009 to 2011, with 2011 edition recording the highest market cap at `60.2trillion.

However,thetrendreversedinFY12withFIIssellinginvestmentstotheextentof̀ 527 bn, mainly due to the domestic macro-economic issues such as high inflation, high interest rate environment and depreciating rupee coupled with policy uncertainties. As a result, the average market cap of Top500companiesdroppedby7.6%inFY12.ThetrendsidentifiedinFY12continuedintoFY13with Indian economy continuing to face several challenges towards its growth. Consequently, averagemarketcapoftheTop500companiesin2013editiongrewbymeager3.8%to` 57.7 trillionandequivalentto57%ofIndia’sGDP(atcurrentprice).

Average Market Cap to GDP Top 500 Market Cap to BSE Market Cap

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Total Market Cap Share in India's GDP

8586878889909192939495

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Total Market Cap of Top 500

Total Market Cap of BSE

% Contribution of Top 500 companies


Service oriented sectors continue to drive market cap growthThe top 10 most valuable sectors, as per their contribution to average market cap of the Top 500 2014,togethercontributedover62%oftheoverallmarketcapoftheTop500companiesandwas the highest as compared to the previous four editions. Of these 10 sectors, the share of the three service oriented sectors namely banks, software and ITes and FIs/NBFCs/Financial services hasincreasedfrom20%tonearly30%inthepastfiveeditions.


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Most Valuable Sectors of Top 500 2014*

(AverageMcapandNetworthin`Bn.)

Sectors 2009 2010 2011 2012 2014# CAGR

Banks 3,460.3 5,098.8 7,485.7 7,000.8 7,668.2 22.0%

Contribution(%) 10.1 11.5 12.4 12.6 13.3

Net worth 2,704.4 3,256.5 3,920.7 4,780.3 5,623.2

Software & ITeS 2,450.6 3,904.8 5,491.7 5,642.7 5,951.3 24.8%

Contribution(%) 7.2 8.8 9.1 10.2 10.3

Net worth 627.4 789.4 919.9 1,097.2 1,265.1

Oil - Refining and Marketing 3,488.3 4,630.6 4,921.9 3,957.8 3,706.5 1.5%

Contribution(%) 10.2 10.4 8.2 7.1 6.4

Net worth 1,792.6 2,058.1 1,939.9 2,286.2 2,450.8

Oil & Gas Exploration - 2,649.5 2,928.7 2,650.2 3,319.2 7.8%

Contribution(%) - 5.6 4.9 4.8 5.8

Net worth - 999.9 1,121.5 1,293.8 1,760.7

Power 2,465.2 3,791.0 4,010.7 3,253.2 3,002.1 5.0%

Contribution(%) 7.2 8.5 6.7 5.9 5.2

Net worth 1,090.0 1,522.9 1,836.7 1,835.8 1,992.0

Pharmaceuticals 1,356.8 1,635.0 2,323.2 2,482.3 2,980.9 21.7%

Contribution(%) 4.0 3.7 3.9 4.5 5.2

Net worth 405.0 480.6 639.3 671.9 685.9

FMCG 1,051.5 1,409.3 1,788.9 2,133.7 2,796.7 27.7%

Contribution(%) 3.1 3.2 2.3 3.8 4.9

Net worth 110.1 136.9 122.1 158.3 181.7

FIs / NBFCs / Financial Services 1,334.5 1,902.1 2,703.2 2,353.6 2,611.4 18.3%

Contribution(%) 3.9 4.2 4.5 4.2 4.5

Net worth 570.3 801.3 979.1 1,177.0 1,372.3

Engineering / Capital Goods 1,864.2 2,632.1 3,240.6 2,506.4 2,151.7 3.7%

Contribution(%) 5.5 5.9 5.2 4.5 3.7

Net worth 405.7 503.9 624.2 712.9 813.7

Automobiles 489.7 939.6 1,420.9 1,424.7 1,767.4 37.8%

Contribution(%) 1.4 1.2 2.6 2.6 3.1

Net worth 298.3 355.6 482.3 460.8 513.5

Source: D&B Research*Sectors with maximum contribution to average market cap in FY13 have been selected as valuable sectors#The name of 2013 edition has been changed to 2014, while the financials are from FY13

In addition to the service oriented sectors, oil refining and marketing, oil and gas exploration, pharmaceuticals,FMCG,power,engineering/capitalgoodsandautomobiles,continuetodrivetheoverall market cap of Top 500 companies across all the five publications. In terms of growth, in 2014 publication average market cap of sectors such as banks, software and ITes, pharmaceuticals, FMCGandautomobilesgrewataCAGRofover20%respectively.Ontheotherhand,oilrefiningandmarketing,engineering/capitalgoodsandpowersectorsexhibitedtheslowestCAGRgrowthof their average market cap.


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Debut companies in all five editions of Top 500 have shown strong domestic market focusA majority of new companies being featured in the current edition of the Top 500 companies haveshownastrongfocusonthedomesticmarket.Morethan70%ofthedebutcompaniesthathavefeaturedineachoftheearlierfiveeditionshavedomesticmarketscontributingto80%of their net sales.

Particulars 2009 2010 2011 2012 2014*

Total No. of Debut Companies 42 46 46 33 45

Shareofdebutcompaniesearningmorethan80%revenuefromdomesticmarket(%) 71.4 82.6 73.9 72.7 72.7


The current edition of the Top 500 companies features 45 new entrants, of which 30 are small-cap companies, 13 are mid-cap and 2 are large-cap companies. Further, of the 45 new entrants 44 companies belong to the private sector.

Snapshot of New Listings (IPOs) featured in Top 500 editions

2009 2010 2011 2012 2014*

Total IPOs 17 42 61 39 33

IPOs in Top 500 1 6 11 4 5

AvgMarketCapofTop500IPOs(in`Bn) 5.5 949.5 2,492.9 75.4 460.1


Top 500 companies in past four editions have contributed to almost one third of India’s overall exportsIn the last five editions of Top 500, the exports of goods and services by the Top 500 non-financial companies have more than doubled, from `3,662.6bnin2009editionto` 7,472.0 bn in 2014 edition,growingataCAGRof19.5%duringtheperiod,outpacingIndia’soverallexportsgrowththatgrewataCAGRof16.3%,duringthesameperiod.Withanexceptionof2009edition,theTop 500 companies have constituted to almost one third of India’s overall exports in all other editions.


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Export performance of Top 500 Companies

27.2%

33.2% 31.3% 31.3% 30.4%

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% Contribution of Top 500 to India's Exports


Oil-refining and marketing, software and ITes sectors and pharmaceutical sectors continue to be the top sectors contributing to the exports of Top 500 companies during 2009 edition and 2014edition.AlsothesectorsofGemsandJewelleryandengineeringandcapitalgoodsretainthe top slot across the two editions.

Comparative Analysis of Top 10 Sectors contributing to Top 500 exports

2009 2014

Oil - Refining and Marketing

34.4%

Software and ITeS

14.7%

Pharmaceuticals6.2%

Iron and Steel5.1%

Gems and Jewellery

4.7%

Engineering / Capital Goods

4.1%

Non-Ferrous Metals4.0%

Trading3.7%

Textiles2.6%

Power Equipments

2.4%

Oil - Refining and Marketing

40.6%

Software and ITeS18.7%

Pharmaceuticals5.3%

Gems and Jewellery

4.8%

Engineering / Capital Goods

4.3%

Iron and Steel3.0%

Textiles2.6%

Non-Ferrous Metals1.9%

Food and Agro Processing

1.8%

Automobiles1.6%

Source: D&B Research

Higher input cost continue to dent the profitability of Top 500 companiesWhileIndianeconomywasreelingundertheimpactoftheglobaleconomicslowdowninducedby the worsening the global macro-economic conditions, the years FY12 and FY13 posed several challenges to the Indian economy. Rising commodity prices, high interest rate environment, depreciating rupee, delay in implementation of projects and policy logjams added to the woes of businesses.

TotalincomeofthecompaniesfeaturedinlastfiveeditionsofTop500grewataCAGRof14.3%.The year 2009-10 witnessed adoption of several cost management practices by the companies. Asaresult, thetotalexpensesoftheTop500companies in2010editiondeclinedby11.3%comparedto2009edition.Manpowercost,whichdeclinedby20.4%in2010comparedtotheearlier year, contributed the most to the decline in total expenses of the companies during the


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period.In2014edition,therawmaterialexpense,constitutingover55%ofthetotalexpenses,emerged as the single most factor driving the expense of Top 500 companies. This dented their profits,whichgrewmarginallyby3.4%during2014ascomparedto2012.

Financial Performance of Top 500 companies

Top 500 2009 Top 500 2010 Top 500 2011 Top 500 2012 Top 500 2014* CAGR

In ` Bn.

In ` Bn.

Y-o-Y %

In ` Bn

Y-o-Y %

In ` Bn

Y-o-Y %

In ` Bn

Y-o-Y %

Income

Turnover 23,697.7 25,117.8 6.0 30,844.5 22.8 37,680.1 22.2 40,494.9 7.5 14.3%

Total Income 27,544.1 29,426.9 6.8 35,532.2 20.7 43,490.2 22.4 47,065.1 8.2 14.3%

Expense

Raw Material 9,601.7 10,138.6 5.6 11,795.4 16.3 15,343.4 30.1 23,267.3 51.6 24.8%

Manpower 1,631.0 1,298.2 -20.4 2,141.6 65.0 2,497.9 16.6 3,076.6 23.2 17.2%

Total expense 24,529.8 21,748.1 -11.3 31,407.8 44.4 39,062.6 24.4 42,166.9 7.9 14.5%

Net Profit 2,261.3 2,891.9 27.9 3,347.7 15.8 3,520.9 5.2 3,639.5 3.4 12.6%


TheexpensesduringthefiveyearperiodgrewataCAGRof14.5%.RawmaterialwhichaccountedasthemostimportantcostcomponentgrewataCAGRof24.8%,whichisfasterthanthesaleswhichgrewataCAGRof14.3%duringFY09-13,indicatingthesharpincreaseinthecommodityprices.

Sector – wise comparative financial performanceThe seven top most represented sectors each consisting of 20 or more companies in 2014 edition, arementionedinthetablebelow.Mostofthesesectorshaveincreasedtheirpresence(measuredbynumberofcompaniesinthesector)in2014editionofthepublicationascomparedtothe2009 edition. Amongst the top seven sectors, auto components and construction infrastructure development sectors witnessed maximum additions of eight and seven companies respectively. Banks and textiles sectors witnessed maximum increase in their contribution towards the total income and PAT of Top 500 companies in 2014 edition.

Thesesectorscollectivelyaccountedfor30.3%ofthetotalincomeand33.5%ofthenetprofitof Top 500 companies in the 2014 edition.

Most represented sectors of Top 500 2014 and their contribution to Top 500

Sectors2009 2014*

No. of Companies

Share in TI (%)

Share in PAT (%)

No. of Companies

Share in TI (%)

Share in PAT (%)

Banks 38 14.2 18.9 40 16.5 21.2

Construction – Infrastructure Development 22 2.0 1.3 29 2.0 0.9

Pharmaceuticals 31 1.9 2.3 25 1.6 2.4

Textiles 22 1.2 0.0 25 1.6 1.0

Iron and steel 33 5.0 6.5 22 4.0 3.3

Engineering/CapitalGoods 25 3.9 4.1 20 3.6 4.0

Auto Components 12 0.6 0.4 20 0.9 0.8



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Gems and Jewellery sector emerges as the top performing sector Totalincomeof15sectorsregisteredagrowthofover15%CAGRforfiveyears(FY09toFY13),outperformingtheoverall14.3%CAGRofTop500companiesduringthesameperiod.Ofthese,netprofitof10sectorsgrewatCAGRofover20%duringthefiveyears,whichagainoutperformedtheoverallnetprofitCAGRof12.6%oftheTop500companies.Revenueofmajorityofthesesectors is driven by domestic markets except for the gems and jewellery, where exports play an importantrole.Ofallthe15sectors,gemsandjewellerysectorregisteredamaximumCAGRofover35%intotalincomeandover53%CAGRinnetprofit,mainlyduetostrongdemandintheinternational market.

Outperforming Sectors of Top 500

28.0

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CAG

R

TI PAT


Low-growth/Negative growth Sector

-0.25 -0.2 -0.15 -0.1 -0.05 0 0.05 0.1 0.15 0.2 0.25

Fertilisers

Hotels

Iron and Steel

Metal Pipes

Mining

Non-Ferrous Metals

Paper

Petrochemicals and Polymers

Power Equipments

Real Estate

Retail

Shipping

Specialty Oils and Lubricants

Telecom Services

Trading

CAGR (%)

PAT TI


Low-growth/negativegrowthsectorscompriseofthesectorsthathavewitnessedaCAGRgrowthof10%andlessornegativeCAGRgrowthintotalincome.Amongstthese,retailandshippingsectors registered the highest negative growth in their total income, while most of the sectors exceptfornon-ferrousmetals,specialtyoilsandlubricantsandretailsregisteredalmostzeroornegative PAT growth during the period.


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Banks and Oil and Gas sectors emerge as the top equity dividend payersThetotaldividendspaidbytheTop500companiesincreasedby24.6%inFY13onay-o-ybasisto` 1,097.4 bn, higher as compared to FY12. The top six dividend paying sectors contributed over 56%ofthedividendspaidbyTop500companiesin2014,whichwashigherthatalltheearliereditions.Ofthesixsectors,thebankscontributedtothemost(14.4%)totheoveralldividendspaidbyTop500companiesin2014,followedbyoilandgasexplorationat11.1%andsoftwareandITeSat9.2%.InFY13,softwareandITeScompaniesregisteredthehighesty-o-ydividendpaidoutgrowthof47.2%,followedbycoal&coalproductsat38.8%.

Top equity dividend paying sectors

2010 Edition 2011 Edition 2012 Edition 2014 Edition

% Contribution to total dividend

of Top 500


of Top 500


of Top 500


of Top 500

Banks 14.4 14.0 15.6 14.4

OilandGasExploration 11.3 9.7 10.8 11.1

software and ITes 9.8 10.7 7.7 9.2

Coal & Coal Products - 3.0 7.3 8.1

Power 8.2 7.5 4.5 7.7

FMCG 4.4 3.7 4.0 5.6

Total contribution of top six sector 48.1 48.6 49.9 56.1


Banks have consistently been the top dividend payers in last four editions of Top 500 companies, contributingover14.0%totheoveralldividendsofTop500companies.Oilandgasexplorationand software and ITes sectors are other top dividend payers across all four editions of Top 500 companies.

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esTop 500 Quarterly Updates


ForanalyzingquarterlyperformanceofTop500companiesfeaturedinthisedition,numbersforthe June, sep, and Dec quarters for FY12, FY13, and FY14 were collated to study the q-o-q and 9-month growth trends and accordingly a sample of 493 companies was selected.

DomesticeconomicgrowthcontinuedtosufferinFY14,withanestimatedbelow5%growthforthe second consecutive year as per CsO mainly driven by stagnation in the industrial sector. FY14 wascharacterizedbyhighinterestratesandinflation,weakbusinessconfidence,andprojectdelays, which impacted investments and savings.

Theindustrialsectorwasaffectedbysupplyconstraints(persistentdeteriorationintheminingsector), aswell as slackeneddemand conditions.Decline of 0.1% in the index of industrialproduction(IIP)reflectsthedecelerationinindustrialproduction.Further,manufacturingoutputdeclinedby0.8%duringFY14,thereby,leadingtodecelerationinproductionofcapitalgoodsandconsumerdurables.Theservicessectoralsosawmoderationingrowthof6%duringQ2FY14,the lowest in 12 years.

The corporate sector recorded highly leveraged balance sheets whereas increasing bad assets in the banking sector and growth in corporate debt re-structuring amid dwindling investment climate reflected the weak situation of corporate finances.

Subdued income growth of 8% during 9M FY14In line with the macroeconomic growth trend, the aggregate income performance of the Top 500 companiessawaslowdowningrowthof8.2%duringApr-Dec2013against12.2%registeredduringApr-Dec2012.Onaq-o-qbasis,incomegrowthremainedlowtoreach7.3%inQ3FY14from7.7%growthinQ1FY14.Netsalessawdeceleratedgrowthof7.9%during9MFY14comparedwith11.7%during9MFY13,whichcanbeattributedtoweakeneddemandanddeclineinIIP.CollectivenetprofitsfromApr-Dec2013registereddeceleratedgrowthof1%comparedwith13%duringApr-Dec2012.

Earnings Scorecard – Top 500 2014

Parameters Q-o-Q comparison (% Change over corresponding previous quarter) 9M Comparison (% Change)

FY13 FY14 Apr-Dec 2012

Apr-Dec 2013Jun-12 Sep-12 Dec-12 Jun-13 Sep-13 Dec-13

Total Income 13.0 14.4 9.5 7.8 9.6 7.3 12.2 8.2

Net Sales 12.8 14.1 8.5 6.9 9.8 7.0 11.7 7.9

Other Income 18.3 22.8 34.4 27.9 5.1 12.7 25.4 14.6

Net Profit -38.9 63.7 16.8 78.3 -21.1 -7.7 12.9 1.4

PBDIT 4.5 29.8 14.8 21.5 0.7 6.9 16.4 8.8


Sector-wise,SoftwareandITeSrecordedthehighestincomegrowthof28.7%duringApr-Dec2013 due to currency benefits from depreciating rupee. service sectors such as FIs/NBFCs/financial servicesandbanksregistered17%and13%incomegrowthrespectively,outpacingtheaggregateincome growth of Top 500 during Apr-Dec 2013. Power sector saw growth in income which may be due to increased demand from household and industrial segments and improved hydel power generation because of good rainfall and subsequent high reservoir levels during Apr-Nov 2013.IncomeintelecomservicessectorgrewduetohigherAverageRevenueperUser(ARPU).Further,torevivethetelecomsector,GoIhastakeninitiativessuchasintroductionoftheNational

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Telecom Policy 2012, simplifying the licensing regime, and enhancing availability of spectrum anditsallocationandraisingFDIlimitfrom74%to100%.

Major Sectoral outperformers and under-performers as per Total Income (9M FY14 compared to 9M FY13)

High Income Growth Sectors % Change Low Income Growth Sectors % Change

software and ITes 28.7 shipping -19.9

Petrochemicals and Polymers 24.5 ship Building & Allied Activities -18.2

Gas-Processing,TransmissionandMarketing 20.2 Computing and Telecom products -12.8

Media and entertainment 19.6 Metal Pipes -12.1

FIs / NBFCs / Financial services 17.2 Retail -9.3

Banks 12.7 GemsandJewellery -7.4

Iron and steel 7.2 Oil&GasExploration -5.8

Oil - Refining and Marketing 7.6 Construction - Infrastructure Development -5.5

Power 7.9 Automobiles -4.9

Telecom services 9.8 Engineering/CapitalGoods -4.8


However,fifteensectorssawadropinincomeduringthesameperiodcomparedwithsixsectors,which faced a decline in income in the corresponding previous period. During Apr-Dec 2013, the shippingsegmentwastheworsthit,withadeclineof19.9%y-o-yinincomeinFY14.Incomeforconstructionandcapitalgoodssectordeclinedby6%&5%respectivelyduringApr-Dec2013over corresponding previous period due to delayed project execution and lower order inflows. Further,weakconsumerdemandledtoadeclineinincomeforautomobile(passengercarsaswellascommercialvehicles)segment.

Major cost heads viz. raw material & interest costs witness decelerated growthAggregateexpenditureofTop500companiesduringApr-Dec2013deceleratedto8.1%from12.1%inthecorrespondingperiodlastyear,primarilyduetoslowergrowthinrawmaterialandinterest expenses, the two major cost heads.

softening commodity prices have helped companies benefit from cheaper imported raw material, as global commodity prices remained range bound in FY14. Raw material expenses have also declined probably due to better cost management. Increase in raw material expenses, which peakedduringQ2FY13to12.8%,registeredadeclineof2%duringQ1FY14.Ona9Mbasis,rawmaterialexpensessawdeceleratedgrowthof3.3%inFY14comparedwith10.7%inFY13.Rawmaterialexpensesasapercentageoftotalexpensesdeclinedfrom56.3%during9MFY13to53.8%during9MFY14.

Further, credit off-take to industries remained low during FY13 and FY14. ease of monetary policy resultedinweightedaveragelendingrates(WALR)basedonallborrowalaccountstodropby41bpsduringFY13.WALRonallborrowalaccounts further softenedduringApr-June2013compared with previous quarters of FY13 and corresponding previous quarter. Consequently, interestexpensesobservedadropingrowthratefrom30%inQ1FY13to10.4%inQ1FY14.Lending rates however firmed up by sep 2013. Thus, lending rates declined in FY13 whereas largely remained stagnant during FY14. Thus, interest expenses as a percentage of total expenses havemarginallyincreasedfrom14.7%during9MFY13to15.3%during9MFY14.Ona9Mbasis,interestexpensessaw12.7%growthinFY14comparedwith22.5%growthinFY13.

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Interestcoverageratio,definedastheProfitbeforeInterestandTax(PBIT)tointerestexpense,droppedmarginallyfrom1.9%inQ2FY13to1.7%inQ2FY14.Ona9Mbasis,interestcoverageratiodeclinedfrom1.8%inFY13to1.7%inFY14.

Cost Heads of Top 500 Companies

FY13 Quarter Ended (% Change

over corresponding previous quarter)

FY14 Quarter Ended (% Change over corresponding previous

quarter)

9M Comparison (% Change)

Parameters Jun-12 Sep-12 Dec-12 Jun-13 Sep-13 Dec-13 Apr-Dec 2012

Apr-Dec 2013

Total expenses 16.5 12.4 7.9 4.2 11.8 8.4 12.1 8.1

Raw materials 11.9 12.8 7.6 -2.0 6.9 5.1 10.7 3.3

salaries and wages 15.8 14.6 13.3 17.0 17.7 15.5 14.5 16.7

Power and fuel 18.7 16.9 10.3 3.2 16.9 14.0 15.2 11.5

Interest expenses 30.0 20.7 17.7 10.4 13.6 14.1 22.5 12.7

Depreciation 10.8 9.2 11.2 13.3 20.2 11.2 10.4 14.8

Tax provision 4.6 9.7 -0.3 2.3 -2.9 13.2 4.6 4.0


Net profit margin plunges for most sectors during Apr-Dec 2013; however, it grows for 17 sectorsOverall,EBITDAmarginoftheTop500companiesincreasedmarginallyto26.5%duringApr-Dec2013from26.4%inApr-Dec2012.Onthecontrary,netprofitmarginon9Mbasisdeclinedfrom7.5%during9MFY13to7%during9MFY14.NPMregisteredanimprovementinQ1FY14(6.7%)overQ1FY13(4.1%).

NPMdroppedacrossmostsectorsintheTop500,since70%ofthesectorsregisteredadropinNPM. sectors that registered increase in NPM include coal, oil refining and marketing, automobiles, auto components, telecom services among others. Mining segment registered the highest decline inNPMfrom45%during9MFY13to18%during9MFY14,followedbysugarcompanies,whichobserved a decline of 14.3 bps in NPM.

Sector-wise trend in NPM during Apr-Dec 2013

-30 -25 -20 -15 -10 -5 0 5 10 15

MiningSugar

HotelsOil & Gas Exploration

Agro ChemicalsShip Building & Allied Activities

ShippingReal Estate

RetailCement

BanksIron and Steel

PharmaceuticalsAuto ComponentsTelecom Services

Non-Ferrous MetalsPlywood

Specialty Oils and LubricantsBatteries

CigarettesAutomobiles

TyresOil - Refining and Marketing

Coal & Coal Products

NPM Change in bps

Sectors with Improvement in NPM

Sectorswith decline in NPM


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Large-caps show superior performance compared to mid and small-cap peers in terms of profit growth

NPM (%)

9M FY12 9M FY13 9M FY14

Large 8.3 8.5 8.6

Medium 6.8 6.3 4.2

Small 2.5 2.5 0.7


Large-capcompanies(classifiedonthebasisofmarket-cap)accountedfor72%ofthetotalsampleintermsofTIduring9MFY14andsawthehighestgrowthof10%inprofitsduringApr-Dec2013compared with peers, though growth was slower than corresponding previous period. On the contrary, profits of mid-cap and small-cap companies declined during 9MFY14. Large-cap firms alone saw growth in net profit during Apr-Dec 2013 compared with peers.

Mid-cap companies registered second highest growth in TI while registering a decline in net profit. Intermsofincome,large-capcompaniesrecordedhighestgrowthof9.3%during9MFY14overcorrespondingperiodlastyearcomparedwithpeers.However,mid-capcompaniesrecordedthelowest y-o-y decline in growth during nine-month period over corresponding period last year. small-cap companies have incurred the highest decline in profits during Apr-Dec 2013 with TI also decelerating significantly during the same period.

Withrespecttomargins,large-capcompaniesregisteredgrowthinNPMduring9MFY14overthe corresponding period last year whereas the mid and small-caps saw a decline during the same period. Thus, small and mid-caps have been the worst hit during Apr-Dec 2013 compared with large-caps in terms of TI and profit.

Growth in Total Income and Net Profit

-80

-70

-60

-50

-40

-30

-20

-10

0

10

20

TI growth NP growth TI growth NP growth

9M FY14 9M FY13

(%)

Large Medium Small


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ForanalyzingtheperformanceofTop500companiesfeaturedinthiseditionforQ4FY14,thefinancials for the June, sep, Dec, and Mar quarters for FY12, FY13, and FY14 were collated to study the q-o-q and annual growth trends. Accordingly, 159 companies from the Top 500 list that have announced financial results for Q4FY14 have been considered for analysis.

Improved performance of India Inc. during Q4FY14 on the back of better economic conditionsIndia Inc.’s performance growth has strengthened during Q4FY14 supported by bullish market sentimentsandanestimated improvement in India’sGDPgrowthat factor costat constantpricesof5.7%duringQ4FY14comparedwith4.4%growthduringQ4FY13.TheGDPgrowthatconstantpricesduringFY14isestimatedatahigher4.9%comparedwith4.5%inFY13asperCentral statistics Office, Ministry of statistics and Programme Implementation.

For 159 companies from Top 500 2014 list whose Q4FY14 financial results are available, total incomegrew15%q-o-qduringQ4FY14,higherthan8%growthinthecorrespondingquarterlast year. Double-digit growth in total income has continued for the third consecutive quarter in FY14 led by growth in sectors such as software and ITes, oil & gas, and banks accounting for over60%ofaggregatetotalincomeinFY14.Withagrowthof26%y-o-yintotalincomeforthesoftware and ITes sector during FY14 on the back of depreciating rupee, the total income of 159 companiesgrew12.3%y-o-yinFY14.

Net profit grew18%q-o-q duringQ4FY14which is higher comparedwith 10%growth incorrespondingquarterlastyear.The159companiesrecordedy-o-ygrowthinnetprofitof3.8%inFY14, lowerthan24.5%inFY13.Strongernetprofitgrowthwasseenfromexportdrivensoftware and ITes and pharmaceutical sectors along with telecom services sector. Oil – refining & marketing companies also reported growth in profits in FY14. PAT growth was under pressure for banks, cement and construction sectors among others.

Incomegrowthmanaged to retaindoubledigitgrowth in FY14.However,profits couldnotmaintain the same momentum. PAT growth which had shown double digit growth for 1st and 3rdquartersufferedheavilyonaccountforde-growthinthirdquarter.PATgrewonlyby4%inFY14ascomparedto24%inFY13.

Trend in Earnings and Expenses

Parameters

Q-o-Q comparison (% Change over corresponding previous quarter) Annual Comparison (% Change)FY13 FY14

Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 FY13 FY14

Total income 20.4 17.2 15.4 7.7 7.6 16.6 10.2 14.8 14.9 12.3

Total expenses 22.3 16.7 9.6 9.0 6.5 17.2 13.2 14.1 14.0 12.8

Raw materials 20.5 16.1 6.7 1.5 -3.2 14.6 9.6 14.8 10.8 8.9

salaries and wages 20.9 18.3 16.6 18.0 16.4 20.0 14.1 11.3 18.4 15.4

Interest expenses 29.4 21.5 16.7 13.7 10.6 13.7 15.5 13.3 19.9 13.3

Depreciation 5.5 5.8 8.8 6.1 11.5 18.4 10.4 14.1 6.6 13.6

Net Profit 7.2 24.7 62.1 9.9 14.5 4.3 -16.4 17.7 24.5 3.8

PBDIT 18.5 20.8 26.8 11.4 12.3 10.7 5.5 15.3 19.2 10.9


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PBDITmargin stood at a high 37.7%duringQ4FY14 (highest during all quarters of FY14)comparedwith37.6%duringQ4FY13.NPMwashigherat11.1%duringQ4FY14(highestduringallquartersofFY14)comparedwith10.8%duringQ4FY13whichmaybeduetoaweakrupeeand softening of commodity prices in Q3 and Q4FY14 which also improved PBDIT margins. Growthinrawmaterialcosts,amajorcosthead,onasequentialq-o-qbasisdeclinedby2.6%inQ3FY14andwitnesseddeceleratedgrowthof0.17%inQ4FY14comparedwithover17%growthinQ2FY14.Rawmaterialexpensesdroppedasapercentageoftotalexpensesto38.5%duringFY14comparedwith39.8%duringFY13.CompaniesalsocurbedemployeecostsinH2FY14withadeclineof1.4%inQ3FY14anddeceleratedgrowthof1.5%inQ4FY14comparedwithover5%growthinH1FY14.

However,withthehighinterestrateenvironment,interestexpensesdentedIndiaInc’sprofitsduring FY14.With fluctuations in interest expense growthduring FY14, interest costs as apercentageoftotalexpensesincreasedfrom23.2%inFY13to23.3%inFY14.Employeecostswitnessed fluctuations ingrowth for FY13.However, in FY14, its last twoquartershas seendeceleratedgrowth.Employeecostsasapercentageoftotalexpensesincreasedfrom9.5%duringFY13to9.8%duringFY14.IncreasedtaxpaymentsalsodentednetprofitinFY14.Thetotaltaxpaymentsgrew16.9%inFY14comparedwith9.1%growthinFY13.Onanannualbasis,PBDITmarginstoodat36.7%,lowerthan37%inFY13,amargincontractionof48bpsy-o-y.NPMdroppedfrom10.7%duringFY13to9.9%duringFY14.

Trend in Profitability

ParametersFY13 FY14

FY13 FY14Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14

NPM(%) 9.3 10.4 12.1 10.8 9.9 9.3 9.2 11.1 10.7 9.9

PBDITMargin(%) 35.9 37.4 37.9 37.6 37.4 35.5 36.2 37.7 37.2 36.7

Interest Coverage (times) 1.59 1.65 1.75 1.67 1.62 1.60 1.59 1.70 1.66 1.63


Interest Coverage ratio was the highest among all four quarters of FY14 at 1.7 times during Q4FY14.Growthininterestcostsonasequentialq-o-qbasiswitnesseddeceleratedgrowthof0.6%inQ4FY14comparedwithover3%growthinpreviousthreequartersofFY14.However,interestcoverageratiodeclinedfrom1.7timesinFY13to1.6timesinFY14duetodeceleratedgrowth10.7%inPBITduringFY14comparedwith20.2%growthinFY13.

Cor

pora

te s

urve

y Fi

ndin

gsCorporate survey Findings


D&BIndiaconductedaprimarysurveyofnearly30%ofthefeatured500companiestounderstandtheir views about the current business environment that corporate India faces today. Its findings include –

• Infrastructure and taxation topped the chartswhen asked about the priority areas forreformsbythenewgovernment.42%oftherespondentsfeelthatfasttrackingclearanceof bottlenecks associated with infrastructure projects should get the top most priority in the newgovernment’swaveofreforms.35%ofrespondentsalsofeltthatimprovingtaxationsystembyimplementationofGoodsandServiceTax(GST)andDirectTaxCode(DTC)meritsattention – a finding which has stood true in the last year’s study too.

• Expectationsarehighfromthenewgovernment.53%oftherespondentschosepushingforeconomic growth as an important indicator of restoring business confidence on an immediate basis. 33% respondentsmentioned project clearances; followed by 20% respondentsmentioned controlling inflation.

• 79%oftherespondentssentoutaclearmessagethatprudentpoliciesareurgentlyneededwhen they mentioned that delay in policy implementation has impacted their business in the recent past.

• Indiaasanattractiveinvestmentdestinationforglobalinvestorsisgoingthroughatoughphase.46%of respondentssaid retroactive tax issueshaveseverelynegatively impactedIndia's investment climate to global investors.

• Intermsoftheemploymentscenario,apriorityareaofthenewgovernment,52%oftherespondentsareconvincedthattheirorganizationhasrequisiteskillsetsanddon’tforeseeanychallengesintermsofskilledmanpowerinthenearfuturetoo(next12–24months).Butatthesametime,31%wereconvincedthatalthoughtheirorganizationhasmanpowerwith requisite skill sets currently, they may face shortage in the near future.

• Strategy,innovationandleadershipemergedasthetoptypesofskillsetsthatneedtobefurtherdevelopedforenhancingorganizationalefficiency.

• Whilehopesarehighthatarealeffectivechangewouldhappen,theeconomywilltakesometimetoreachtheeuphoriclevelofthemarkets.74%oftherespondentsexpecttheGDPtoregister5-7%growthinFY15.

Top 20 Companies by Total Income

RankCompany Name Total Income (` Mn) (%) Change

2013 2012

1 1 Indian Oil Corporation Limited 4,501,716.8 12.22

2 2 Reliance Industries Limited 3,683,680.0 9.60

3 3 Bharat Petroleum Corporation Limited 2,419,295.8 13.27

4 4 HindustanPetroleumCorporationLimited 2,078,336.2 15.87

5 5 state Bank of India 1,356,919.4 12.26

6 6 OilandNaturalGasCorporationLimited 873,574.4 8.20

7 8 NTPC Limited 687,755.1 6.07

8 11 Mangalore Refinery and Petrochemicals Limited 657,919.1 21.59

9 10 Larsen & Toubro Limited 627,241.6 15.07

10 15 Tata Consultancy services Limited 506,565.3 22.81

11 12 BharatHeavyElectricalsLimited 495,463.6 0.61

12 16 ICICI Bank Limited 484,212.9 17.97

13 18 GAIL(India)Limited 481,555.4 17.82

14 9 Tata Motors Limited 468,539.2 (14.63)

15 14 Bharti Airtel Limited 467,996.0 10.87

16 19 Punjab National Bank 461,092.5 13.35

17 13 SteelAuthorityofIndiaLimited* 455,320.0 (4.94)

18 20 MarutiSuzukiIndiaLimited 443,531.0 22.17

19 17 Chennai Petroleum Corporation Limited 429,070.4 4.98

20 26 HDFCBankLimited 419,174.9 24.54


Symbols used* FinancialswithAuditor’sObservations

Top 20 Companies by Net Profit

RankCompany Name Net Profit (` Mn) (%) Change

2013 2012

1 2 Reliance Industries Limited 210,030.0 4.81

2 1 OilandNaturalGasCorporationLimited 209,256.9 (4.81)

3 3 state Bank of India 141,049.8 20.48

4 5 Tata Consultancy services Limited 127,863.4 16.49

5 6 NTPC Limited 109,055.6 22.39

6 8 CoalIndiaLimited* 97,943.2 21.45

7 7 Infosys Limited^ 91,160.0 7.63

8 11 ICICI Bank Limited 83,254.7 28.77

9 13 ITC Limited 74,183.9 20.38

10 15 HindustanZincLimited 68,994.8 24.85

11 16 HDFCBankLimited 67,262.8 30.18

12 10 BharatHeavyElectricalsLimited 66,151.7 (6.29)

13 - Cairn India Limited 64,806.5 14,642.15

14 9 NMDC Limited 63,423.7 (13.32)

15 19 WiproLimited 56,502.0 20.60

16 21 Axis Bank Limited 51,794.3 22.09

17 14 Bharti Airtel Limited 50,963.0 (11.06)

18 12 Tata steel Limited 50,629.7 (24.39)

19 4 Indian Oil Corporation Limited 49,988.7 35.99

20 22 HousingDevelopmentFinanceCorporationLimited 48,483.4 17.60


Symbols used* FinancialswithAuditor’sObservations^ Abridged Annual Report

Top20CompaniesbyNetWorth

RankCompany Name Net Worth (` Mn)

2013 2012

1 1 Reliance Industries Limited 1,465,630.0

2 2 OilandNaturalGasCorporationLimited 1,228,875.7

3 3 state Bank of India 988,836.9

4 4 NTPC Limited 790,060.6

5 5 ICICI Bank Limited 667,059.6

6 6 Indian Oil Corporation Limited 600,120.3

7 7 Tata steel Limited 572,979.6

8 8 SteelAuthorityofIndiaLimited* 394,818.7

9 10 Bharti Airtel Limited 372,671.0

10 12 HDFCBankLimited 362,141.5

11 11 Infosys Limited^ 360,310.0

12 - Cairn India Limited 339,814.0

13 9 HindalcoIndustriesLimited 339,457.3

14 25 Axis Bank Limited 331,078.6

15 19 Tata Consultancy services Limited 325,174.5

16 13 HindustanZincLimited 322,656.9

17 14 Punjab National Bank 312,480.5

18 15 Bank of Baroda 308,651.8

19 17 BharatHeavyElectricalsLimited 302,622.0

20 18 Larsen & Toubro Limited 288,756.5


Symbols used* FinancialswithAuditor’sObservations^ Abridged Annual Report

India’s Top 500 Companies 2014Published in India by Dun & Bradstreet Information Services India Pvt Ltd. (D&B)

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India’s Top 500 Companies 201414th editionISBN978-93-82060-38-3

Economy & Finance

India's top 500 Companies 2014