india's top 500 companies of india 2016

Indias TOP 500

Companies2016

Published byDun & Bradstreet Information Services India Pvt Ltd

Indias TOP 500

Companies2016

Indias Top 500 Companies 2016Published in India by Dun & Bradstreet Information Services India Pvt Ltd. Registered OfficeICC Chambers, Saki Vihar Road,Powai, Mumbai - 400072.CIN: U74140MH1997PTC107813Tel: +91 22 6676 5555, 2857 4190 / 92 / 94Fax: +91 22 2857 2060Email: [email protected]: www.dnb.co.in

New Delhi Office1st Floor, Administrative Building,Block E, NSIC - Technical Services Center,Okhla Industrial Estate Phase - III,New Delhi - 110020.Tel: +91 11 41497900/01Fax: +91 11 41497902

Kolkata Office166B, S. P. Mukherjee Road,Merlin Links, Unit 3E, 3rd Floor,Kolkata - 700026.Tel: +91 33 24650204Fax: +91 33 24650205

Chennai OfficeNew No: 28, Old No: 195,1st Floor, North Usman Road,T. Nagar, Chennai - 600017.Tel: 91 44 28142265/75Fax: +91 44 28142285

Ahmedabad Office801 - 8th Floor, Shapath V,Opp. Karnavati Club, S. G. HighwayAhmedabad 380054.Tel: +91 79 66168058/59Fax: +91 79 66168064

Bengaluru OfficeNo. 7/2 Gajanana Towers,1st Floor, Annaswamy Mudaliar Street,Opp. Ulsoor Lake,Bengaluru - 560042.Tel: +91 80 42503500Fax: +91 80 43503540

Hyderabad Office504, 5th Floor,Babukhans Millennium Centre,6-3-1099/1100, Somajiguda,Hyderabad - 500082.Tel: +91 40 66624102, 66514102Fax: +91 40 66619358

Editor Pawan Bindal

Sub-Editor Naina Acharya

Editorial Team Yogesh Jambhale, Mihir Shah, Omesh Kandalkar, Aakanksha Sawant, Christopher DSouza, Yash Kavi, Rohit Singh, Agnel Peter, Nishita Lali, Rohit Pawar, Amol Lad

Sales Head Jayesh Bahadur

Sales Team Suhail Aboli, Ajith Alex George, Sunena Jain, Nishant Gulliya, Tanya Bedi, Girish Menon, Keerthi Madhu, Apoorwa Tyagi, Asha Nair, Aloka Chatterjea, Nehal Khosla

Operations Team Nadeem Kazi, Prem Kumar, Ankur Singh, Parth Desai, Sumit Sakhrani, Rajesh Gupta, Parmeshwar More

Design Team Mohan Chilvery, Aditya Salvi, Tushar Awate, Sonal Gangnaik, Shilpa Chandolikar

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DISCLAIMERThis publication is circulated by Dun & Bradstreet to the select recipients and at Dun & Bradstreets sole discretion. The publication shall neither be reproduced, republished, publicly circulated, disclosed nor shall be copied, modified, redistributed, or otherwise made available to any person or entity, in any form whatsoever including by way of caching, framing or similar means, whether in part or whole, without the prior written consent of authorized representatives of Dun & Bradstreet. This publication is meant for the fair and internal use of the recipients. Dun & Bradstreet provides no advice or endorsement of any kind through this publication. This publication does not constitute any recommendation by Dun & Bradstreet to enter into any transaction or follow any course of action. All decisions taken by the recipients shall be based solely on the recipients evaluation of circumstances and objectives. Dun & Bradstreet recommends that the recipient independently verify the accuracy of the contents of the publication, upon which it intends to rely. This publication contains information compiled from various sources over which Dun & Bradstreet may not have control and / or which may not have been verified by Dun & Bradstreet, unless otherwise expressly indicated in the publication. Dun & Bradstreet, therefore, shall not be responsible for any accuracy, completeness or timeliness of the information or analysis in this publication. Dun & Bradstreet thus, expressly disclaims any and all responsibilities and liabilities arising out of the publication or its use by the recipient or any person or entity.

Indias Top 500 Companies 201616th EditionISBN 978-93-82060-96-3

ContentsPreface ................................................................................................................. I

Foreword ........................................................................................................... III

Executive Summary ............................................................................................V

Methodology ....................................................................................................VII

Definitions & Calculations .................................................................................XI

Economy Update .............................................................................................XVII

Insights

Changing Face of Top 500 Companies .......................................................................... XXVII

Overview of Top 500 Companies ................................................................................ XXXIX

Quarterly Update ...........................................................................................................XLIX

Corporate Awards 2016 ..................................................................................... LV

Experts View ..............................................................................................E1-E17

Journey of an Enterprise ............................................................................. J1-J11

Top 500 Company Rankings ....................................................................... L1-L55

Profiles of the Top 500 Companies ..............................................................1-416

Abbreviation ............................................................................................418-446

Index ........................................................................................................447-452

INDIAS TOP 500 COMPANIES I

PrefaceDun & Bradstreet India is pleased to present the 2016 edition of its premier publication Indias Top 500 Companies. The issue, which made its debut in 1997, is a ready reference tool on top companies of corporate India across more than 50 sectors with valuable insights on their business operations and financial performance.

The publication Indias Top 500 Companies 2016 continues with the customary approach of profiling companies that are ranked on total income, net profit, and net worth among other key financial indicators. Further, the edition also includes a financial comparison of companies classified under their respective sectors. The Insights section is based primarily on in-depth analysis of the aggregate financial performance of these companies for the past five years (including FY15) and the first three quarters of FY16. Views of industry veterans on opportunities and growth drivers about their respective sectors and the future plans have been encapsulated in the Experts View section.

Indias Top 500 Companies are a reflection of the Indian economy in the true sense. Public sector enterprises are today considered to be the pillars of critical sectors such as oil & gas, coal, power etc. Their importance can be underscored by the fact that public sector enterprises, which account for 14% of the universe of Top 500 Companies, contribute to approximately 40% of the aggregate total income and profit and around one-thirds of the aggregate market cap. The publication also highlights the gradual shift of the Indian economy from manufacturing to the services sector wherein banking and software sectors have today emerged to be the growth drivers of the economy. To continue among the fastest growing economies of the world, India needs to show sustainable growth for which the role of consistent performers becomes critical. Noteworthy is the fact that 147 companies have consistently featured in all the editions of Indias Top 500 Companies and have recorded a CAGR of 16% in market capitalization, 14% in income and 13% in profit between 1997 and 2016 editions a testimony indicating that stable performance is the key to success in the long run, especially in a dynamic business environment. The Indian economy continued to demonstrate resilience in the face of a tepid global recovery. The real GVA at basic prices registered a growth of nearly 7.1% in FY15. Battling sluggish demand and tight liquidity conditions, the aggregate income and profit of Indias Top 500 Companies grew by 3% and 5% respectively in FY15. The growth prospects of the Indian economy for the year 2016-17 would be highly dependent on domestic drivers of growth. We are moving in the right direction with improvement in macro-economic conditions and softening interest rates expected to improve the business sentiment in FY17. In this context, the role of Indias Top 500 Companies will be clearly accentuated to lead India to greater heights in the days to come.

I hope you enjoy reading this issue of Indias Top 500 Companies 2016 and look forward to your comments and suggestions.

Kaushal SampatPresident & Managing Director - IndiaDun & Bradstreet

INDIAS TOP 500 COMPANIES III

ForewordIt is a great pleasure to present the sixteenth edition of Indias Top 500 Companies, Dun & Bradstreets premium publication. This publication has consistently served as a compendium on financial performance of corporate Indias top performing companies across a whole spectrum of diverse industries. The publication provides comprehensive comparative performance of these top companies for key financial indicators.

The real GVA at basic prices registered a growth of nearly 7.1% in FY15 compared to 6.6% in FY14. The momentum continued with GVA registering a growth of 7.3% during Q1-Q3 of FY16 as compared to 7.4% in the corresponding period of the previous fiscal. Macroeconomic developments coupled with market concerns about the growth of the Chinese economy and non-revival in the domestic demand conditions adversely impacted Corporate India. As a result, the total income of Top 500 Companies showed 4% de-growth for the first three quarters of FY16 as compared to the corresponding period of previous year.

Global prices of crude oil and other raw materials particularly metal declined in 2015 leading to softening of commodity prices. Continuing the downward trend, crude oil price declined from approximately $55 per barrel at the start of 2015 to less than $40 per barrel during end of 2015. Analysis of 300 companies from the manufacturing sector (whose data for raw materials and profit was available for 9M period of Apr-Dec 2015 and 2014) shows that raw material expenses of these companies slowed down by nearly 20% during Apr-Dec 2015 compared to corresponding period of previous year. As a consequence, these companies from the manufacturing sector managed to record profit growth of more than 10% for the same time period.

Prospects for the Indian economy have definitely brightened in view of abatement of high inflationary pressures and easing of interest rate cycle. In addition, the Union Budgets reiterating thrust in investment in the infrastructure sector as well as policy initiatives undertaken by the current government has created an environment of optimism. However, high corporate debt continues to be a point of serious concern that Corporate India will need to manage prudently. As the Indian economy continues to evolve Dun & Bradstreet will continue to provide critical insights about Corporate Indias performance through Indias Top 500 Companies 2016.

I look forward to receiving your valuable feedback and suggestions.

Pawan BindalDirectorDun & Bradstreet India

1700 Innovation Makers

7 offices across 5 cities

Over 12 years of experience in India

Aerospace, Defense & Railways

Energy,Power,

Oil & GasIndustries & Life Sciences

Telecom & Semiconductor Automotive

Altran India

Sanjay Kumar CEO & MD

Dear friends, thank you for your support to help us emerge as Indias fastest growing Engineering Services company.

/Altran India /Altran India .com/co.in

INDIAS TOP 500 COMPANIES V

Executive SummaryThe publication Indias Top 500 Companies 2016 serves as a testimony to the resilience of Corporate India and their critical role in driving the economic growth of the nation. FY15 was characterized by macroeconomic improvement and consequent turnaround in the investor sentiments. This was primarily attributed to governments policy actions on environmental clearances; mining licenses and a push to some stalled projects which aided the growth prospects. Despite the positive domestic economic indicators, factors arising due to volatile external environment continued to exert severe stress on the performance of Indias Top 500 companies. An analysis of the Top 500 companies across more than 50 sectors can be treated as an indicator of the growth trends of Indias leading businesses.

Following are some of the key highlights from the publication: 37 new entrants made their debut in the 2016 edition as compared to 51

new companies in the last edition. These new entrants recorded 10% growth in total income in FY15 compared to FY14

The top-line growth of the Top 500 companies was dented due to global deflation of manufactured products coupled with surplus capacity in the domestic market and falling domestic and global demand. The total income growth of the Top 500 companies slowed down to 2.8% in FY15 compared from 9.9% in FY14

The Profit after Tax (PAT) of the Top 500 companies grew marginally from 3.2% in FY14 to 4.6% in FY15, on account of correction in commodity prices

The aggregate dividend paid by the Top 500 companies slowed down from 16.7% in FY14 to 13.2% in FY15 on the back of slow income and profit growth

In terms of y-o-y growth, total income of large-cap companies grew at a rate of 1.8% in FY15 as compared to the growth of 6.2% and 4.2% witnessed by mid-cap and small-cap companies, during the same period

71 PSUs, which feature in the current edition and account for nearly 14% of Top 500 companies in terms of absolute numbers, contribute to nearly 40% of the aggregate total income of Top 500 companies

Dun & Bradstreet also analyzed the recent performance of 498 companies from Indias Top 500 companies based on availability of information for first three quarters of FY16 (Apr Dec 2015)

The total income of Top 500 companies declined by 4% during 9M FY16 as compared to 9M FY15, while their PAT declined by 2.9% during the same period

The total expenses of the Top 500 companies declined by 3.9% during 9M FY16 as compared to 9M FY15 during which they grew by 5.6%

The government has implemented a reform-to-transform agenda which is a series of incremental, yet collectively meaningful measures to spur economic growth. These measures jointly with regulatory policies are expected to accelerate the growth of Indian economy. As this dynamic economy continues to evolve, Dun & Bradstreet is committed to track Indias corporate growth story through its editions of Indias Top 500 Companies.

Naina R AcharyaDeputy Leader - OperationsEconomic Analysis GroupDun & Bradstreet India

INDIAS TOP 500 COMPANIES VII

MethodologyIndias Top 500 Companies 2016 includes private sector companies and public sector enterprises (PSEs) listed on the Bombay Stock Exchange (BSE) and/or the National Stock Exchange (NSE), Indias two major stock exchanges.

Standalone total income remains the primary criteria for the initial shortlisting of companies. However the editorial team continues to use a diverse set of parameters to refine and arrive at the list of Top 500 companies. Such criteria include market capitalization and financial health (*). The list was filtered by exclusion criteria such as three year losses, negative net worth, and corporate governance records to arrive at the final list of Top 500 companies. Total income, net profit, and net worth continue to be the criteria used for ranking of companies in Dun & Bradstreet Indias Top 500 Companies 2016.

Companies that were listed until March 31, 2015 were considered for inclusion. However, companies that were delisted after March 31, 2015 were not considered. Exceptions for delisted entities were made for those companies which were delisted due to amalgamation/merger and the resulting new entity was listed post March 31, 2015.

Entities that were classified as suit-filed accounts (willful defaulters) of 2.5 mn and above, by Credit Information Bureau (India) Ltd. (CIBIL) are excluded from the publication.

* 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 have adopted different debt restructuring mechanisms such as joint lenders forum (JLF), 5:25 scheme, corporate debt restructuring (CDR) and strategic debt restructuring (SDR). In such 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. We have identified 55 distinct sectors for classifying companies. We have classified companies into respective sectors based on the companys line of business falling within the defined scope of the sector as mentioned in the Sector Definition. In the case of companies operating in more than one sector, we have classified these companies based on the major source of the respective companys income. The main source of information includes FY15 segmental revenues and other related business information. The Diversified category includes companies operating in more than one segment, whereby no segment contributes more than 35% of the overall revenue of the company. Others category comprises of companies, where the given company is the only Top 500 Company in its sector. Within each sector, the companies are further ranked on their total income.

All the financial information in the publication is based on standalone financials sourced from annual reports or audited financial statements. Financial information for the period ending between October 31, 2014 and September 30, 2015 is considered for the purpose of the publication. In effect for the majority of Top 500 Companies, the audited financial statements for the period ended March 31, 2015 have been considered. For companies where the published financial statement is for a period other than 12 months, the financials are annualized for the purpose of shortlisting, ranking, and profiling. Dun & Bradstreet excluded companies in the absence of unavailability of the annual reports at the time of compiling this publication. In general, all information used in the publication is from publically available relevant sources. The various financial computations are based on Dun & Bradstreets methodology and have been explicitly explained in the Definitions and Calculations section. Companies with financial statements which have been qualified by auditors are marked with an asterisk (*).

Dun & Bradstreet has developed an in-house model for selecting top performing companies for awards in respective sectors. The model took into consideration key financial indicators in areas of business size, growth, profitability, leverage and solvency among others.

Each company featuring in the publication has been allotted a unique identification number to (D-U-N-S - Data Universal Numbering System), which will help readers locate and obtain full-fledged business information reports on these companies from the Dun & Bradstreet database.

INDIAS TOP 500 COMPANIESVIII

Sector Definition

Agro Chemicals Manufacturing and distribution of chemicals used in agriculture industry. These chemicals include insecticide, pesticide, herbicide and related chemicals. The sector excludes fertilisers which are classified separately.

Auto Components Manufacturing and distribution of all types of auto ancillaries, such as engines, carburettors and shock absorbers. The sector excludes manufacturer of tyres and batteries, which are classified separately in the respective sectors.

Automobile - Two/Three Wheelers Manufacturing and distribution of Two/Three wheeler automobiles.

Automobiles Manufacturing and distribution of passenger vehicles, which include cars & sport utility vehicles (SUVs) and commercial vehicles.

Banks Companies operating with Banking license as issued by the Reserve Bank of India

Batteries Manufacturing of rechargeable batteries. The sector excludes manufacturing of dry cells

Bearings Manufacturing and distribution of bearings

Cement Manufacturing of cement, clinker & concrete

Chemicals Manufacturing and distribution of basic chemicals. The sector excludes fertilisers, plastics and petrochemicals which are classified separately in the respective sectors.

Cigarettes Manufacturing and distribution of cigarettes

Coal & Coal Products Mining & distribution of coal and coal products

Construction - Infrastructure Development Construction of infrastructure such as roads and bridges and other civil structures

Consumer Durables & Appliances Manufacturing and distribution of consumer appliances such as TVs, Fridge, Air conditioners etc.

Diversified Companies operating in multiple segments with no single business vertical as the major revenue contributor

Electrical & Electronic Manufacturing and distribution of products used to generate, distribute and use electrical power. Also included is the manufacturing of electrical lighting and electric household appliances

Engineering Project/Capital Goods Design, manufacturing and supply of industrial equipment and providing related EPC services

Fertilisers Manufacturing and distribution of fertiliser products such as urea, crude phosphate etc. The sector excludes manufacturing of agro chemicals such as pesticides.

FIs / NBFCs / Financial Services Companies engaged in providing various types of financial services other than banking services

FMCG Manufacturing and distribution of goods that are commonly available with relatively low unit value. Example: soaps, toothpaste, cosmetics etc. This sector excludes food & beverage products

Food Products Manufacturing and distribution of food products including snacks, fruits, vegetables, dairy products, meatpacking, dietary supplements, vegetable & other edible oils and related items

Footwear Manufacturing and distribution of shoes, sandals and other footwear products

Gas - Processing, Transmission and Marketing Manufacturing and distribution of natural gas through pipelines for both domestic and industrial purposes. This sector excludes the manufacturing of industrial gases

Gems and Jewellery Manufacturing and distribution of jewellery and related articles

Glass and Ceramics Manufacturing and distribution of all forms of glass (except glass jewellery) and ceramic products

Graphite and Electrodes Manufacturing and distribution of graphite and graphite related products such as electrodes.

Sector Definition

INDIAS TOP 500 COMPANIES IX

Sector Definition

Sector Definition

Hotels Management and operation of hotels providing accommodation

Iron and Steel Manufacturing of basic iron and steel such as sheets and bars.

Liquor Manufacturing and distribution of all types of alcoholic beverages

Media and Entertainment Companies engaged in providing print and electronic media for information and entertainment purposes

Metal Products Manufacturing and distribution of finished metal products such as metal pipes and tubes among others

Mining - Metals & Minerals Companies involved in mining activities of metals & minerals

Non Ferrous & Precious Metals Manufacturing of metal products other than iron excluding companies which make finished products

Oil - Refining and Marketing Companies engaged in refining and supply of oil & gas products. Excluding companies involved in processing and supply of natural gas and petrochemicals which are covered in separate sector

Oil & Gas Exploration Companies involved in exploration for drilling and production of oil & gas resources

Others Companies with businesses/products not classified in any of the mentioned sectors

Packaging and Allied Activities Manufacturing and distribution of packaging material.

Paints Manufacturing and distribution of paints

Paper & Paper Products Manufacturing and distribution of paper and paper products

Petrochemicals and Polymers Manufacturing and distribution of petrochemical products such as PET resins, polystyrene among others

Pharmaceuticals Manufacturing and distribution of over-the-counter & prescription drugs and allied activities, including life science products

Plastic and Plastic Products Manufacturing and distribution of plastic and plastic products

Power Companies engaged in generation, transmission and distribution of electricity.

Power Equipments Manufacturing of equipments related to management of electrical energy and EPC services in the power transmission and distribution business

Real Estate Construction and development of residential and commercial infrastructure

Retail Sale of goods using multi-brand retail outlets

Shipping Water transport services for commercial purposes

Software and ITeS Companies engaged in providing various types of services related to information technology including consultancy.

Specialty Oils and Lubricants Companies engaged in production and distribution of lubricant oils.

Sugar Manufacturing and distribution of sugar

Telecom Services Companies providing fixed and mobile telecommunication services including data services

Textiles Manufacturing and distribution of textile fibres and finished textile products

Trading Companies engaged in trading activities of goods

Transport and Logistics Companies engaged in transportation and delivery services and allied activities for commercial as well as personal purposes

Tyres Manufacturing and distribution of tyres for automotive industry

Wood & Wood Products Companies engaged in providing finished wood and related products such as plywood

DEfINITIONS & CALCuLATIONS

INDIAS TOP 500 COMPANIESXII

Definitions & CalculationsThis section defines financial terms and ratio used in this publication.

Total Income - Refers to the revenue plus other income but excludes impact of prior-period, exceptional and extraordinary items, and any movement in. The revenue is the net of excise duties, sales tax, inter-unit transfers and other government levies. Interest and subsidies are added to Total Income. Net Profit - Is profit after tax excluding impact of prior-period, exceptional and extraordinary items. Tax includes all provisions required and any other tax adjustment specifically mentioned.Net Worth - Is the sum of share capital, equity equivalents and reserves & surplus. Equity equivalents include share warrants, ESOP etc. Debit balance appearing in the profit and loss account and foreign exchange translation reserve account, revaluation reserves, miscellaneous expenditure, and intangibles such as patents, goodwill, trademarks, copyrights, know-how, brands, licenses, rights, computer software and the likes are deducted from the Net Worth.Net depreciation as mentioned in profit & loss account. Interest cost net of capitalisation wherever available

Ratios

Particulars Formulae

EBITDA Profit Before Tax + Interest Expense + Depreciation and Amortisation Expense

EBIT EBITDA Depreciation and Amortisation Expense

EBITDA Margin (%) (EBITDA/Total Income) * 100

Net Profit Margin (NPM) (%) (Net Profit/Total Income)* 100

Return on Net Worth (%) (Net Profit/ Net Worth) * 100

Return on Assets (PAT/ Total Assets) * 100

Debt-to-Equity (times) (Total Debts) /Shareholders Fund

Shareholders Fund Equity Share Capital + Preference Share Capital+ Reserves and Surplus Accumulated Losses Deferred expenses

Total Debt Short Term Debt + Long Term Debt + Current maturities of Long Term Debt

Total Assets Non-Current Assets + Current Assets (excluding accumulated losses and deferred expenses)

Interest Coverage (times) EBIT/Interest Expense

The publication also includes terms and indicators specific to the banking sector.

Banking Indicators and RatiosParticulars Formulae

Total Business Total Advances+ Total DepositsTotal Assets Cash in hand + Balances with RBI + Balances with banks inside/outside India + Money at call

+ Investments + Advances + Fixed Assets + Other Assets Net Interest Margin As provided in Companys Annual Report. If not provided, as provided by RBINet Interest Income Total Interest earned Total Interest expendedNet NPA Ratio As provided in Companys Annual Report. If not provided, as provided by RBIReturn on Assets (ROA) As provided in Companys Annual Report

INDIAS TOP 500 COMPANIES XIII

Symbols used# Annualised Financials* Financials with Auditors Observations^ Abridged Annual Report^^ Company whose year ending has changed from 30th Sep 2014 to 31st Mar 2016.PL Profit to LossLP Loss to ProfitLL Loss in Current and Previous Year@ The companies which have adopted different debt restructuring mechanisms such as joint lenders forum (JLF),

5:25 scheme, corporate debt restructuring (CDR) and strategic debt restructuring (SDR).

INDIAS TOP 500 COMPANIESXIV

ECGC Ltd. paid out record claims of ` 1,122.84 Crores to Indian exporters and financing banks during FY 2015-16 in the wake of continuing global economic recession and uncertainties. The Corporations paid-up capital stands at ` 1,300 Crores, while the Authorised Capital is ` 5,000 Crores. Net Worth as on March 31, 2016 is ` 3,279.31 Crores. ECGC has built up cumulative provision aggregating to ` 4,384.46 Crores as on March 31, 2016. The total assets under management is over ` 7,100 Crores. The Corporations Solvency Ratio as on March 31, 2016 was 9.79 vs. the regulators norm of 1.5. The organization is iAAA rated by ICRA which denotes highest claim paying ability.

Addressing a media meet to highlight business performance for the FY 2015-16, Mrs. Geetha Muralidhar, Chairman Cum Managing Director of ECGC mentioned that the Corporation was able to meet expectations of its customers as well as stakeholders. During the past three years, Indian exporters suffered financial losses owing to the global economic slowdown and resultant failure of a large number of overseas buyers due to European crisis, slowdown in China, and fall in international crude prices. Therefore, the role of ECGC, the national export credit insurer of India, has been and will continue to be very crucial as exporting without suitable credit insurance is fraught with financial and business risks. Also the cover enabled banks to continue to lend to exporters. During FY 2015-16, ECGC paid out 439 claims worth ` 127.32 Crores to exporters under direct policies and 172 claims worth ` 995.52 Crores to financing banks under Export Credit Insurance Covers issued to Banks. Major sectors under which the claims arose are gems & jewellery, readymade garments, agricultural products, synthetic yarn, engineering goods, chemicals, marine products & leather.

On 31.03.2016 ECGC had 11,525 short- term policies and 284 ECIB covers in force, Under the ECIB covers over 25,342 accounts of exporters financed by various commercial banks were covered. The share of Banks covered by ECGC in export credit disbursement is around 75%. All the Government owned banks and 14 private sector banks are under the cover of ECGC. As regards Policy business, the Corporation presently underwrites risk on 237 countries of the world and maintains records of about one lakh active buyers all over the world. During the FY 2015-16, the Corporation added 18,278 new buyers to its database. The data on buyers is used for underwriting commercial risks on the buyers. ECGC covered gross risk value of ` 135,872 Crores under its Short Term Policy schemes for exporters during FY 2015-16.

ECGC also covers risks of project exporters and banks involved in the medium and long term exports. Under this sector, the Corporation issued 21 Policy covers to exporters and 92 covers to Banks during FY 2015-16. Major projects supported by ECGC, are being executed in Vietnam, Cambodia, Nepal, Brazil & Argentina.

On account of Government Of India, ECGC operates National Export Insurance Account (NEIA) Trust to provide insurance support to large value projects in high risk countries, which are beyond underwriting capacity of the Corporation.

Dwelling on the financial results of the Corporation for 2015-16, Mrs. Geetha Muralidhar mentioned that the Corporations financial results during the year were highly satisfactory. After making adequate provisions for pending claims and as per IRDA guidelines in respect of impending risks on 31.03.2016, the Corporation earned a PBT of ` 387.35 Crores registering a

growth of 51.80 % over the previous year. PAT for the FY 2015-16 stood at ` 276.22 Crores compared to ` 180.10 Crores during the previous years. Dividend proposed to its sole shareholder, Govt. of India is ` 78.23 Crores, including dividend tax.

During the year 2015-16, ECGC took various initiatives to promote exports and improve services to its customers viz. Exporters and Banks. These include organizing Customer Awareness Campaign for non-Policyholders & export promotion seminars in association with Trade Bodies & Export Promotion Councils at export centres across the country, motivating exporters through awards for high performing exporters in different segments. A number of customer-friendly measures are in the pipe-line emerging out of Mr. Hakeems Study. On April 18, 2016, as a first step, the Corporation has already announced the reduction in premium rates for exporters by an average of 17% under several of its insurance schemes. Few other initiatives we are awaiting necessary approvals which we expect to receive very soon and implement them.

The year ahead looks challenging for the exporters and the Ministry of Commerce is taking several steps to address the difficulties being encountered by our exporters. ECGC is also looking forward to a reasonably good growth in business in FY 2016-17 by making credit insurance more easily accessible for the exporters. In the International arena of credit insurers, ECGC had the privilege of holding Chairmanship of Regional Co-operation Group of Berne Union which is an association of 73 ECAs (Export Credit Agencies) worldwide.

ECGC Strengthens its Balance Sheet: Settles claims of ` 1,122.84 Cr during 2015-16

INDIAS TOP 500 COMPANIES XV

ECGC Ltd. paid out record claims of ` 1,122.84 Crores to Indian exporters and financing banks during FY 2015-16 in the wake of continuing global economic recession and uncertainties. The Corporations paid-up capital stands at ` 1,300 Crores, while the Authorised Capital is ` 5,000 Crores. Net Worth as on March 31, 2016 is ` 3,279.31 Crores. ECGC has built up cumulative provision aggregating to ` 4,384.46 Crores as on March 31, 2016. The total assets under management is over ` 7,100 Crores. The Corporations Solvency Ratio as on March 31, 2016 was 9.79 vs. the regulators norm of 1.5. The organization is iAAA rated by ICRA which denotes highest claim paying ability.

Addressing a media meet to highlight business performance for the FY 2015-16, Mrs. Geetha Muralidhar, Chairman Cum Managing Director of ECGC mentioned that the Corporation was able to meet expectations of its customers as well as stakeholders. During the past three years, Indian exporters suffered financial losses owing to the global economic slowdown and resultant failure of a large number of overseas buyers due to European crisis, slowdown in China, and fall in international crude prices. Therefore, the role of ECGC, the national export credit insurer of India, has been and will continue to be very crucial as exporting without suitable credit insurance is fraught with financial and business risks. Also the cover enabled banks to continue to lend to exporters. During FY 2015-16, ECGC paid out 439 claims worth ` 127.32 Crores to exporters under direct policies and 172 claims worth ` 995.52 Crores to financing banks under Export Credit Insurance Covers issued to Banks. Major sectors under which the claims arose are gems & jewellery, readymade garments, agricultural products, synthetic yarn, engineering goods, chemicals, marine products & leather.

On 31.03.2016 ECGC had 11,525 short- term policies and 284 ECIB covers in force, Under the ECIB covers over 25,342 accounts of exporters financed by various commercial banks were covered. The share of Banks covered by ECGC in export credit disbursement is around 75%. All the Government owned banks and 14 private sector banks are under the cover of ECGC. As regards Policy business, the Corporation presently underwrites risk on 237 countries of the world and maintains records of about one lakh active buyers all over the world. During the FY 2015-16, the Corporation added 18,278 new buyers to its database. The data on buyers is used for underwriting commercial risks on the buyers. ECGC covered gross risk value of ` 135,872 Crores under its Short Term Policy schemes for exporters during FY 2015-16.

ECGC also covers risks of project exporters and banks involved in the medium and long term exports. Under this sector, the Corporation issued 21 Policy covers to exporters and 92 covers to Banks during FY 2015-16. Major projects supported by ECGC, are being executed in Vietnam, Cambodia, Nepal, Brazil & Argentina.

On account of Government Of India, ECGC operates National Export Insurance Account (NEIA) Trust to provide insurance support to large value projects in high risk countries, which are beyond underwriting capacity of the Corporation.

Dwelling on the financial results of the Corporation for 2015-16, Mrs. Geetha Muralidhar mentioned that the Corporations financial results during the year were highly satisfactory. After making adequate provisions for pending claims and as per IRDA guidelines in respect of impending risks on 31.03.2016, the Corporation earned a PBT of ` 387.35 Crores registering a

growth of 51.80 % over the previous year. PAT for the FY 2015-16 stood at ` 276.22 Crores compared to ` 180.10 Crores during the previous years. Dividend proposed to its sole shareholder, Govt. of India is ` 78.23 Crores, including dividend tax.

During the year 2015-16, ECGC took various initiatives to promote exports and improve services to its customers viz. Exporters and Banks. These include organizing Customer Awareness Campaign for non-Policyholders & export promotion seminars in association with Trade Bodies & Export Promotion Councils at export centres across the country, motivating exporters through awards for high performing exporters in different segments. A number of customer-friendly measures are in the pipe-line emerging out of Mr. Hakeems Study. On April 18, 2016, as a first step, the Corporation has already announced the reduction in premium rates for exporters by an average of 17% under several of its insurance schemes. Few other initiatives we are awaiting necessary approvals which we expect to receive very soon and implement them.

The year ahead looks challenging for the exporters and the Ministry of Commerce is taking several steps to address the difficulties being encountered by our exporters. ECGC is also looking forward to a reasonably good growth in business in FY 2016-17 by making credit insurance more easily accessible for the exporters. In the International arena of credit insurers, ECGC had the privilege of holding Chairmanship of Regional Co-operation Group of Berne Union which is an association of 73 ECAs (Export Credit Agencies) worldwide.

ECGC Strengthens its Balance Sheet: Settles claims of ` 1,122.84 Cr during 2015-16

INDIAS TOP 500 COMPANIESXVI

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/Altran India /Altran India .com/co.in

ECONOMY uPDATE

INDIAS TOP 500 COMPANIES XVIII

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Overview of the Indian Economy

Eight years after the global financial meltdown, the world economic recovery still remains fragile. The slowdown in China has aggravated the cooling-off of the growth momentum of the some emerging countries with ramifications spreading out to the other parts of the world as well. In the midst, while India was touted as the bright spot on world economic growth map, the wheels of economic recovery, which was much anticipated to have started rolling on by the year, seems to have pulled the brakes on various fronts. Data emanating from various economic indicators points towards subdued growth and rising inflation. Given the drought and low water reservoir levels in various states, the agriculture output critically hinges on a normal and spatial distribution of monsoon. The foods prices remain elevated and headline WPI inflation has also turned positive in the month of April 2016. While there are rising apprehension of global oil prices to remain higher than the last year level, the inflation trajectory in India during the year will largely depend on the overall food production and the general demand scenario.

Animal spirits in the industrial sector remains low. With low capacity utilization rate, new orders received by the manufacturing sector in FY16 remained low as compared to the peak levels observed in 2013-14 (RBI OBICUS survey). A similar trend was also witnessed in the Business Optimism Index survey (industry and services sector) done by Dun & Bradstreet. This also indicates slow recovery in the investment demand, unless the government expenditure gets rolling, especially in the areas it had promised during the budget. The manufacturing growth is beleaguered by bleak exports, poor demand (more so in the rural sectors), high borrowing cost, and projects stuck at various levels. Exports have encountered a consecutive 17 month of contraction. However, the flow of funds remains weak not only due to the weak credit off-take by the industry but also due to the overall state of the banking sector and rising risk aversion. The Indian banking system is struggling to come out from the significantly high non-performing assets, which is even expected to increase during the year.

The only ray of hope for the sustained revival of the Indian economy would arise from the strong inertia from the government on the execution of reforms and expenditure on infrastructure. Though termed as incremental efforts, the government has transformed the global investors perceptions about India. FDI limit has been liberalized in many sectors. FDI rose to a record in 2015 since 2009. Deregulation of fuel prices, auctioning off coal and telecommunications licenses in an open and transparent way, creation of a real estate regulator, redrawing its treaty with Mauritius, passage of the Bankruptcy and Insolvency law and increase in productivity in the parliament only paves the way for the execution of more aggressive reforms in the year ahead.

Key Highlights

Real Sector

Growth in Index of Industrial Production moderated to mere 0.1% (y-o-y) during Mar-16 as against 2.0% during Feb-16.

Growth in industrial activity was dragged down by decline in activity of mining and manufacturing sectors. IIP for mining and manufacturing sectors contracted by 0.1% and 1.2% respectively during Mar-16.

Electricity sector, on the other hand, clocked a significant growth of 11.3% during Mar-16, providing some support to the overall IIP growth.

During FY16, growth in IIP moderated to 2.4% from 2.8% in the previous fiscal.


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Price Scenario

WPI registered a growth of 0.3% (y-o-y) in Apr-16, after declining consistently for 17 months since Nov-14.

The rise in WPI inflation was mainly due to surge in prices of food articles. During Apr-16, inflation in food articles rose to 4.2% as against 3.7% in the previous month.

CPI inflation surged to 5.4% during Apr-16 as against 4.8% in Mar-16. CPI inflation in rural and urban areas also soared to 6.1% and 4.7% respectively in Apr-16.

Money & finance

The aggregate deposit and bank credit grew by 9.3% (y-o-y) and 9.2% (y-oy) respectively in the week ended Apr 29, 2016 as against a growth of 11.6% and 10.0% in the year-ago period.

During FY16, deployment of bank credit to services (9.1%), personal loans (19.4%) and priority sector (10.7%) increased as against a growth of 5.7%, 15.5% and 9.9% respectively during FY15, whereas deployment to the agriculture remained flat at around 15.0% during the same period.

External Sector

Indias exports and imports declined by 6.7% (y-o-y) and 23.1% (y-o-y) to around US$ 20.6 bn and US$ 25.4 bn respectively during Apr-16 leading to a moderate trade deficit of US$ 4.8 bn.

Non-oil imports declined by 22.8% to around US$19.8 bn during Apr-16, whereas oil imports declined by 24.0% to around US$ 5.7 bn.

External Commercial Borrowings (ECB)/ Foreign Currency Convertible Bonds (FCCB) stood at around US$ 24.4 bn during FY16, registering decline for the second year in a row to 14.1% on a y-o-y basis.

FII invested at around US$ 2.2 bn during Apr-16 as against an inflow of around US$ 3.0 bn in Mar-16.

Source: The entire section has been reproduced from May 2016 edition of Dun & Bradstreet Economy Observer.

INSIgHTSCHANgINg fACE Of TOP 500 COMPANIES

OvERvIEw Of TOP 500 COMPANIES

QuARTERLY uPDATE

CHANgINg fACE Of TOP 500 COMPANIES

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Changing Face of Top 500 Companies

FY15 was a year of change for the Indian economy, with a new and stable government coming to power at the Centre. Towards the end of the year, the market reacted positively in anticipation of the change in administration. During the year, the Indian economy demonstrated resilience in a global environment that of rising financial stability risks and sluggish demand. Among the emerging economies that grappled with falling commodity prices, tight liquidity conditions and structural constraints, India saw some degree of easing of inflation and continuing fiscal consolidation. In FY15, Indias real GVA at basic prices grew by 7.1% over a 6.6% growth in FY14. The growth was driven by private consumption and supported by fixed investment. The Current Account Deficit to GDP ratio shrunk from 1.7% to 1.3% during the same period.

This section analyses the key performance aspects of Indias Top 500 companies across five editions of the publication, i.e. five financial years FY11 to FY15.

Total Income and Market Cap Reflect Healthy growth over Past five EditionsOver the past five editions of the Indias Top 500 Companies publication, the aggregate value of total income and average market capitalisation grew at a healthy CAGR of 9.2% and 10.6% per annum, respectively. As per the current 2016 edition of the publication, the aggregate total income and average market cap stood at ` 50,558 bn and 89,968 bn, respectively. The aggregate value of net profit, however, grew by a modest 4.7% per annum over the corresponding period. The subdued growth in profits is a reflection of the moderation that companies have been facing on their margins against a backdrop of subdued industrial activity, high consumer price inflation and interest rates, sluggishness in the services sector, weakening private consumption and investment demand. This is evident through the fact that there were 32 loss-making companies in FY14 and 39 in FY15.

Aggregate financial Indicators of Top 500 Companies over five editions

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

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30,000

45,000

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75,000

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Total Income Average Mkt Cap PAT Linear (PAT)

Source: Dun & Bradstreet Research*Prior to the 2014 edition, editions were named according to the financial year being covered

Increasing Prominence of Private Sector Companies The number of public sector companies appearing in the last five editions of the Indias Top 500 Companies publication has largely remained unchanged. However, their contribution to the aggregate value of certain parameters has declined over the same period. For instance, the contribution of PSUs in the aggregate market capitalisation of the set of companies constituting Indias Top 500 Companies declined sharply from 34.3% in the 2011 edition to as low as 19.6% in the current 2016 edition, while their share in the aggregate value of net profit declined from 39.6% to 33.5% over the same period. Nevertheless, it is a noteworthy fact that the public sector, which accounts for merely 14% of the universe of Top 500 Companies, contributes to around 40% of the aggregate total income and PAT.


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The share of private companies in the aggregate market capitalisation of Indias Top 500 Companies increased from 65.7% in the 2011 edition to a phenomenal 80.4% in the 2016 edition. Private sector companies share in the aggregate net profit increased from 60.4% in the 2011 edition to 66.5% in the 2016 edition. Their share in the aggregate total income, however, has largely remained range-bound at around 55%.

Ownership-wise Composition

Number of Companies

2011 edition* 2012 edition* 2014 edition 2015 edition 2016 edition

Public sector companies 70 71 70 69 71

Private sector companies 430 429 430 431 429Source: Dun & Bradstreet Research*Prior to the 2014 edition, editions were named according to the financial year being covered

Contribution to Aggregates Public Sector vs Private Sector

15%

20%

25%

30%

35%

40%

45%

50%

2011edition*

2012edition*

2014 edition

2015 edition

2016 edition

Public Sector

Share in Total Income (%) Share in PAT (%)

Share in Market Cap (%)

40%

50%

60%

70%

80%

90%

2011edition*

2012edition*

2014 edition

2015 edition

2016 edition

Private Sector

Share in Total Income (%) Share in PAT (%)

Share in Market Cap (%)

Source: Dun & Bradstreet Research, BSE*Prior to the 2014 edition, editions were named according to the financial year being covered

gradual Progression of Small Cap Companies to Mid and Large CapFor the purpose of analysis, the set of companies constituting Indias Top 500 Companies has been segregated on the basis of their market cap viz; large-cap, mid-cap, and small-cap, based on the widely

used 80:15:5 principle, b a s i s t h e a v e r a g e market capitalisation. In terms of market cap-wise composition, small cap companies have histor ica l ly had the largest representation among Indias Top 500 Companies. However, it is noteworthy that the number of small cap companies has been steadily declining over the years. Over the past five editions of the Indias Top 500 Companies

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publication, the number of small cap companies has declined from 194 companies in the 2011 edition to 177 in the 2016 edition. In contrast, the number of mid cap companies has risen from 185 in the 2011 edition to 191 in the current edition, and the number of large companies has increased from 121 to 132 during the same period. This trend indicates the progression of companies to higher levels in terms of market cap.

Market cap-wise Composition

0

100

200

300

400

500

2011 2012 2014 2015 2016

194 211 201 192 177

185 174 183 188 191

121 115 116 120 132

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Small cap Mid cap Large cap

Source: Dun & Bradstreet Research

Healthy growth in Market Capitalisation of Top 500 CompaniesOver the past five editions of the Indias Top 500 Companies publication from 2011 to 2016, the aggregate value of the average market capitalisation grew at a CAGR of 10.6%. Interestingly, the aggregate average market capitalisation had witnessed a 7.6% decline in FY12 (2012 edition), which can be attributed to concerns about macroeconomic issues like high inflation, high interest rates, a depreciating rupee and policy uncertainties. However, from that period onwards, the average market capitalisation bounced back in subsequent editions.

Average Market Cap to gDP

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

-

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20,000

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2011* 2012* 2014 2015 2016

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Average Market Cap (Rs bn) Share in India's GDP (%)

Source: Dun & Bradstreet Research, RBI, BSE*Prior to the 2014 edition, editions were named according to the financial year being covered

During FY14 (2015 edition), the aggregate value of the average market capitalisation of the Top 500 companies jumped by a sharp 33.1% to ` 76,806 bn, in the wake of improved scenario of global financial markets and exchange rate adjustments, policy measures and anticipation of electoral outcomes in the domestic scenario.


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The 2016 edition (FY15) also saw a sharp rise in the aggregate average market capitalisation to ` 89,968 bn (17.1% rise), which can be perceived as a positive response to a stable government at the centre, a series of long-pending policy reforms and several other proactive steps taken to improve governance and simplify procedures. The share of the aggregate average market capitalisation of the Top 500 companies as per the 2016 edition stands at 72% of Indias GDP at market prices (base year 2011-12).

Service Sectors Play Dominant Role in Driving Market Cap growthThe companies constituting the set of 500 companies featuring in the 2016 edition of the Indias Top 500 Companies publication have been categorised into 55 sectors (including the residual others category). Of the top 10 sectors contributing to the aggregate market capitalisation, service sectors, namely Banks, Software and ITeS and FIs/NBFCs/Financial Services feature among the top four. In the 2016 edition (FY15), these three sectors together account for 31.8% of the aggregate value of average market cap, 38.8% of the aggregate net profit, and about 26.9% of the aggregate total income. In the 2011 edition (FY11), their contribution to the aggregate values of average market cap, net profit and total income stood at 26%, 30% and 19.5%, respectively. According to the table below, these sectors reflect a healthy CAGR in terms of growth in all three parameters (except for banks net profits).

Most valuable Sectors of Top 500 2016* (% share in aggregate)

Sectors 2016 2015 2014 2012* 2011* CAgR

Banks

Contribution:-

to Avg Mkt Cap 13.5 12.9 13.3 12.6 12.4 12.8

to Total Income 19.1 17.2 16.5 15.4 14.5 17.0

to Net Profit 18.2 17.2 21.2 19.8 18.0 5.0

Software and ITeS

Contribution:-

to Avg Mkt Cap 12.9 13.5 10.3 10.1 9.1 20.7

to Total Income 4.7 4.1 3.5 3.4 3.1 20.6

to Net Profit 12.9 12.3 9.3 8.8 7.4 20.2

Pharmaceuticals

Contribution:-

to Avg Mkt Cap 7.8 6.2 5.2 4.5 3.9 32.0

to Total Income 1.9 1.6 1.6 1.7 1.7 13.0

to Net Profit 3.1 3.1 2.4 1.5 3.1 4.3

fIs/NBfCs/financial Services

Contribution:-

to Avg Mkt Cap 5.5 4.7 4.5 4.2 4.5 16.1

to Total Income 3.1 2.6 2.3 2.1 1.8 24.4

to Net Profit 7.7 6.7 6.3 5.5 5.0 16.7

Oil - Refining and Marketing

Contribution:-

to Avg Mkt Cap 5.4 6.0 6.4 7.1 8.2 -0.4

to Total Income 25.4 30.9 29.3 29.0 27.9 6.8

to Net Profit 8.0 8.8 7.4 9.8 9.9 -0.7

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Sectors 2016 2015 2014 2012* 2011* CAgR

fMCg

Contribution:-

to Avg Mkt Cap 4.4 3.7 4.8 3.8 3.0 21.7

to Total Income 1.2 17.2 1.5 1.3 1.4 3.9

to Net Profit 1.8 1.7 2.4 2.0 1.8 5.3

Automobiles

Contribution:-

to Avg Mkt Cap 4.0 3.7 3.1 2.6 2.4 25.8

to Total Income 3.0 2.8 3.2 3.3 3.5 4.4

to Net Profit 0.7 1.8 1.7 1.8 2.3 -22.1

Power

Contribution:-

to Avg Mkt Cap 3.4 4.0 5.2 5.9 6.7 -6.3

to Total Income 3.7 3.4 3.1 3.0 3.5 10.8

to Net Profit 6.3 6.2 5.9 6.0 5.8 6.9

Oil & gas Exploration

Contribution:-

to Avg Mkt Cap 3.4 5.3 5.8 4.8 4.9 1.3

to Total Income 2.1 2.2 2.3 2.1 2.3 7.4

to Net Profit 5.9 8.1 8.5 7.2 6.5 2.2

Cigarettes

Contribution:-

to Avg Mkt Cap 3.0 3.6 3.7 2.9 2.1 21.6

to Total Income 0.8 0.7 0.7 0.6 0.7 14.6

to Net Profit 2.4 2.2 2.1 1.8 1.5 17.4Source: Dun & Bradstreet Research*Selection of most valuable sectors is based on the contribution to average market cap in FY15

The market cap of the pharmaceuticals sector grew at a rate of 32% per annum over five editions and its share in the aggregate market cap doubled from 3.9% in the 2011 edition to 7.8% in the current one. On the other hand, although the Oil Refining and Marketing sector continued to account for more than one-fourth of the aggregate total income, it reflected a decline in both, market cap as well as net profits over the corresponding period. The FMCG and Automobiles sectors reported a healthy 20-25% growth per annum in their average market cap during this period, although the latters net profits fell to less than 40% of the value reported in FY11. The cigarettes sector exhibited a healthy CAGR growth in all parameters.

Share of Top 500 Companies in Indias Overall Exports Contracts in fY15In all the past editions (barring the 2009 edition), the share of Dun & Bradstreets list of Indias Top 500 companies in the countrys overall exports consistently stood at over 30%. In FY15 (2016 edition), however, their share contracted to 27.5%. Amongst the Top 500 companies, the sector that witnessed the steepest decline in exports was Oil Refining & Marketing. This was largely due to a steep fall in global oil prices. Other sectors that reported a sharp decline in exports were Oil & Gas Exploration, Engineering Projects/ Capital Goods, Food Products and Iron & Steel.

Between the 2011 and 2016 editions of the publication, Indias overall exports grew at a CAGR of 13.7%, while the exports of Top 500 companies grew by a slower 9.8% per annum.


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Export Performance of Top 500 Companies

31.7 31.6

30.6 30.5

27.5

25.0

26.0

27.0

28.0

29.0

30.0

31.0

32.0

0.0

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2,000.0

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5,000.0

6,000.0

7,000.0

8,000.0

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Exports of Top 500 Companies % Contribution of Top 500 to India's Exports

Source: Dun & Bradstreet Research, India Budget

Rising Interest Expenses Dent MarginsIn line with overall industry trends, the margins of Top 500 companies have contracted over the past five editions. The profit margin calculated on the basis of the collective total income and net profit of all Top 500 companies taken together contracted from more than 9% in FY11 (2011 edition) to less than 8% in FY15. Over the past five editions, net profit of Top 500 companies has grown at a modest CAGR of 4.7% per annum, in spite of a faster 9.2% per annum growth in total income. The major expense head is raw materials, stores & spares (33-36% of total income), which rose at 8.8% per annum. Interestingly, raw material expenses reflected a decline of 20.5% and 10.5% in FY14 and FY15, respectively. On the other hand, employee costs and interest expenses rose by a sharp 15.4% per annum and 20.1% per annum, respectively, over the past five editions. Interest expenses, in particular, have risen rapidly over the past five editions, with their proportion in total expenses expanding from 11.5% in the 2011 edition to 15.3% in the 2016 edition.

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financial Performance of Top 500 Companies

Top 500

2011Top 500 2012 Top 500 2014 Top 500 2015 Top 500 2016 CAgR

in ` bn in ` bn y-o-y % in ` bny-o-y

% in ` bny-o-y

% in ` bny-o-y

%

Income

Turnover 30,845 37,680 22.2 40,495 7.5 42,006 3.7 40,215 (4.3) 6.9

Total Income 35,532 43,490 22.4 47,065 8.2 51,109 8.6 50,558 (1.1) 9.2

Expenses

Raw Material, Stores & Spares 11,795 15,343 30.1 23,267 51.6 18,486 (20.5) 16,553 (10.5) 8.8

Employee Costs 2,142 2,498 16.6 3,077 23.2 3,485 13.3 3,794 8.9 15.4

Interest Expenses 3,623 5,211 43.8 6,195 18.9 6,927 11.8 7,527 8.7 20.1

Total Expenses 31,408 39,063 24.4 42,167 7.9 49,949 18.5 49,352 (1.2) 12.0

Net Profit 3,347 3,521 5.2 3,639 3.3 4,004 10.0 4,029 0.6 4.7

Net Profit Margin (%) 9.4 8.1 7.7 7.8 8.0


Software & ITeS Sector Emerges as Top Equity Dividend Paying SectorIn the past five editions of the Indias Top 500 Companies publication, the Banks, Oil & Gas Exploration, Software & ITeS, Coal, Power and FMCG sectors have been the highest contributors in terms of payment of equity dividend among Top 500 companies. In the 2016 edition (FY15), the Software & ITeS sector emerged as the topmost sector in terms of equity dividend payment with a share of 23.1%. Banks (10.3%) and Oil & Gas Exploration (7.6%) also contributed significantly. The top six sectors collectively paid 57.4% of the total equity dividend paid by Top 500 companies during the year.


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Contribution of Top Equity Dividend Paying Sectors to Total Dividend of Top 500 Companies (%)

2016 edition 2015 edition 2014 edition 2012 edition 2011 edition

Software and ITeS 23.1 9.7 9.2 7.7 10.7

Banks 10.3 9.6 14.4 15.6 14.0

Oil & Gas Exploration 7.6 8.2 11.1 10.8 9.7

Coal 9.1 12.7 8.1 7.3 3.0

Power 4.1 5.8 7.7 4.5 7.5

FMCG 3.2 3.0 5.6 4.0 3.7

Total 57.4 48.9 56.1 49.9 48.6Source: Dun & Bradstreet Research

147 Companies have featured in all Editions of Indias Top 500 Companies Publication SeriesThe 2016 edition of Dun & Bradstreets premier publication Indias Top 500 Companies includes 147 companies which have featured in all editions thus far. It is only apt to label these companies as consistent performers, considering the fact that they have been able to sustain their position over the years, amid tough competition.

The set of 147 companies that has been consistently featuring in Dun & Bradstreets Top 500 publication accounted for a phenomenal 71.2% of the aggregate market capitalisation and almost 70% of the aggregate values of total income and net profit in the 1997 edition. By the 2016 edition, however, their share in all three parameters contracted to 53.2% of the aggregate market capitalisation, 58.5% of the aggregate total income and 46.9% of the aggregate net profit. Notwithstanding the decline in contribution, these 147 companies have still managed to hold onto a lions share among the universe of Top 500 Companies. These 147 companies have grown consistently over the years. They recorded a CAGR of 16.1% in market capitalisation, 14.1% in aggregate total income and 12.9% in aggregate net profit between the 1997 and 2016 editions of the Indias Top 500 Companies publication.

Of these 147 companies, 32 are PSUs and 115 are private companies. The PSUs among these 147 companies grew at a healthy rate of 13.6% per annum in terms of collective total income and around 10-11% per annum in terms of aggregate market capitalisation and net profit. Private companies, however, grew faster, recording an 18.5% per annum growth in terms of aggregate average market capitalisation and 14-15% per annum growth in total income and net profit.

Comparative Analysis of 147 Consistently featuring Companies

Average Market Cap Total Income Net Profit

1997

Edition (` mn)

2016 Edition (` mn)

CAgR (%)

1997 Edition (` mn)

2016 Edition (` mn)

CAgR (%)

1997 Edition (` mn)

2016 Edition (` mn)

CAgR (%)

Private Companies 1,788,172 37,990,588 18.5 1,105,773 13,276,291 14.8 100,210 1,252,938 15.1

Public Companies 1,474,172 9,860,059 11.1 1,636,890 16,276,440 13.6 112,564 635,919 10.1

All 147 Companies 3,262,344 47,850,647 16.1 2,742,663 29,552,731 14.1 212,775 1,888,857 12.9Source: Dun & Bradstreet Research

OvErvIEw OF TOP 500 COMPANIES

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esOverview of Top 500 Companies

This section includes the key analytical observations and trends of Dun & Bradstreets Indias Top 500 Companies. These insights are derived from the comparison of financial performance during FY15 and FY14 of the Top 500 companies in India which have featured in current edition of publication. The publication features companies listed on the BSE and/or NSE, which are categorised on the following parameters for analytical purposes:

Sector-wise classification into 55 different sectors (including others and diversified)

Segregated on the basis of their Market cap viz; Large-cap, Mid-cap, and Small-cap, based on the widely used 80:15:5 principle, basis the average market capitalization.

Ownership/Market Cap-wise share of companies in Top 500

Type Private Public Total

Small-cap 167 10 177

Mid-cap 156 35 191

Large-cap 106 26 132

Total 429 71 500Source: Dun & Bradstreet Research

The Top 500 companies comprise of 132 large-cap companies with average market capitalisation of ` 119.2 bn or more; 191 mid-cap companies having average market capitalisation between ` 116.9 bn and ` 21.5 bn; 177 small-cap companies with average market capitalisation below ` 21.5 bn.

37 new entrants debut in Top 500 2015The 2016 edition of Indias Top 500 companies witnessed the debut of 37 new companies as compared to 51 new companies in the last edition. These debutant companies are across various sectors. Majority of the new entrants belong to the following sectors including; textiles (6 nos) and auto components (3 nos). Among the 37 new entrants, one is a large-cap company while 14 are mid-cap companies and 22 belong to the small-cap category.

During FY15, these 37 new entrants outperformed Top 500 companies in terms of total income and net profit growth. During FY15, the total income of these debutants grew by 8.1% while their net profit declined by 7.4%, as against the overall Top 500 companies which witnessed an income growth of 2.8% and profit growth of 4.6% during FY15. Indian total exports increased marginally by 0.2% during FY15 on the back of global economic slowdown. Pressure exerted by the subdued global economic activity also dented the export performance of all the featured Top 500 companies. Export revenue of all the featured Top 500 companies declined marginally by 5.4% during FY15 as compared to the growth

of 15.7% during FY14. Export revenue of new entrants on the other hand grew marginally by 2.9% during FY15 as compared to the growth of nearly 43% during the last year.

Overview of Top 500 Companies

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Top 500 companies clock a growth of 18% in their Average Market Capitalisation in the 2016 editionIn the 2016 edition, the average market capitalization of Top 500 companies stood at ` 89,967.7 bn as compared to ` 76,173.4 bn during the same period last year, registering a growth of over 18%. In addition, approximately 121 companies witnessed a drop in their average market cap. These 121 companies lost nearly ` 2,912.0 bn in their average market cap during FY15. The remaining 379 companies gained nearly ` 16,705.3 bn in their average market cap during FY15.

The top 10 sectors, mentioned in the table below, contributed to more than 63% to the total average market cap of all 500 companies. Of the top 10 sectors, top five sectors accounted for over 45% of the total market cap. Banks and Software & ITeS emerged as the highest contributors with 13.5% and 12.9% share respectively in the total market cap.

Top 10 Sectoral Contributors to Average Market Cap of Top 500 companies

SectorsAvg Market Cap

2015 Edition(` Mn)

Avg Market Cap 2016 Edition

(` Mn)

growth(%)

Contribution to Total Market Cap in 2016

Edition (%)

Banks 9,769,916.9 12,104,849.4 23.9 13.5

Software and ITeS 10,358,737.8 11,640,570.8 12.4 12.9

Pharmaceuticals 4,760,704.4 7,049,039.4 48.1 7.8

FIs / NBFCs / Financial Services 3,829,715.1 4,908,296.1 28.2 5.5

Oil - Refining and Marketing 4,482,052.8 4,843,185.2 8.1 5.4

FMCG 2,810,705.5 3,924,396.4 39.6 4.4

Automobiles 2,815,492.1 3,554,756.1 26.3 4.0

Power 3,090,838.1 3,095,263.6 0.1 3.4

Oil & Gas Exploration 4,059,438.8 3,078,153.1 (24.2) 3.4

Cigarettes 2,795,973.7 2,712,764.4 (3.0) 3.0Source: Dun & Bradstreet Research

Despite the positive economic indicators, Top 500 companies witness moderation in income and profit growthGross Domestic Product (GDP) growth which had plummeted to sub 5% levels in the past two fiscal years, bounced back on macro-economic stability, reforms introduced, and a strong mandate of current government to introduce decisive economic change. The growth in real GVA at basic prices, though not spectacular, has moved comfortably to 7.1% in FY15 compared to 6.6% in FY14. The macroeconomic improvement and consequent turnaround in the investor sentiments were spurred by governments policy actions on environmental clearances; mining licenses and a thrust to restart the stalled projects.

Inflation rate and inflationary pressures reduced beyond the target set by the Reserve Bank of India (RBI) due to decline in international commodity prices, especially the crude oil prices. This led to initiation of the monetary policy easing the cycle from the last quarter of FY15. Despite these positive economic indicators, Indias leading corporates faced a severe stress on their earnings and profitability. The decline in aggregate corporate performance can be attributed to a number of reasons including corrections in commodity prices, global deflation of manufactured products coupled with surplus capacity in the domestic market, falling domestic (industrial and consumer) and global demand.

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Consequently, total Income (TI) of the Top 500 companies slowed down to 2.8% in FY15, compared to 9.9% in FY14. The Profit after Tax (PAT) of the Top 500 companies grew by 4.6% in FY15 compared to 3.2% in FY14, indicating the nearly flat growth in profitability of the Top 500 companies during FY15. Further, the number of loss making companies increased from 32 in FY14 to 39 in FY15, indicating the deterioration in the performance of corporate India amidst volatility in the external environment.

The top 10 sectors, which contribute significantly to the income, include automobiles, banking, oil refining & marketing, software & ITeS, power, iron and steel, FIs/NBFCs/financial services, telecom services, oil & gas exploration, gas processing, transmission & marketing, accounting for almost 69% of aggregate income of Top 500 companies.

Income-wise Top 10 contributing sectors (fY15)

Sectors Total Income fY14 (` Mn)Total Income fY15 (` Mn)

growth(%)

Contribution to Overall TI in fY15

(%)

Oil - Refining and Marketing 15,376,073.4 13,942,793.5 (9.3) 26.1

Banks 8,808,157.9 9,756,580.6 10.8 18.3


Power 1,774,848.6 1,906,234.5 7.4 3.6

Iron and Steel 1,773,791.9 1,815,200.5 2.3 3.4

Automobiles 1,549,820.3 1,635,201.1 5.5 3.1

FIs / NBFCs / Financial Services 1,381,902.2 1,587,431.3 14.9 3.0

Telecom Services 978,717.6 1,158,893.3 18.4 2.2

Oil & Gas Exploration 1,193,575.6 1,138,182.6 (4.6) 2.1

Gas - Processing, Transmission and Marketing 1,109,346.2 1,126,046.5 1.5 2.1Source: Dun & Bradstreet Research

From among the top 10 contributing sectors, the sectors having witnessed a slowdown in their income growth during FY15 include oil refining & marketing and oil & gas exploration. The total income from the oil refining & marketing sector declined by 9.3% while that of oil & gas exploration sector declined by 4.6% in FY15 as compared to FY14. This was mainly due to decline in international oil prices which had a direct impact on the Indian oil - refining & marketing and oil & gas exploration companies.

The slowdown in the overall business sentiments impacted the finance raised by the Top 500 companies during FY15. The total borrowings by the Top 500 companies increased by 8.3% in FY15 compared to a growth of 13.0% in FY14.

Mid-cap companies outperform their peers in terms of income growth while Large-cap companies score in profit growthDuring FY15, large-cap companies contributed to over 72% of the total income of the Top 500 companies, followed by mid-cap companies at 19.3%. In terms of y-o-y growth, total income of mid-cap companies grew at a rate of 6.2% in FY15 as compared to the growth of 1.8% and 4.2% witnessed by large-cap and small-cap companies, during the same period. However, in terms of net profit, net profit of large-cap companies grew by 5.4% in FY15 as compared to 4.2% in FY14, while that of mid-cap companies grew by 2% while that of small-cap companies declined further by 11.8%.


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Private sector companies score over public sector companies on TI and net profit growth71 public sector companies which form the part of Indias Top 500 companies in FY15, accounted for a share of more than 40% in the total TI of Top 500 companies as against 431 private sector companies which accounted for almost 60% share in the overall income. The total income growth of public sector companies remained flat in FY15 over FY14 compared to private sector companies whose TI increased by 9.2% in FY15 as compared to FY14.

In case of the public sector companies which are forming the part of the Top 500 2015, net profit declined by 5.7% as compared to private sector companies whose profit grew by 10.7%.Top 500 companies account for over 27% of Indias total exportsThe contribution of total exports of the Indias Top 500 companies (excluding banks and coal & coal product companies) to Indias overall exports declined marginally from 29% in FY14 to 27.4% in FY15. The Top 500 companies also witnessed a slowdown in their exports orders during FY15 on account of global economic slowdown. The export revenue of Top 500 companies declined by 5.4% in FY15 as compared to the growth of 15.7% in the year before.

The Top 10 sectors contributing to exports accounted for more than 80% of the total exports by the Top 500 companies, excluding banks and coal & coal product companies. Of the top 10 sectors, oil-refining & marketing and software & ITeS sectors alone accounted for nearly 69% of the exports by the Top 500 companies. The impact of global economic slowdown on the Top 500 companies can be seen through the export performance of top 10 sectors. Of the top 10 sectors contributing to the exports of Top 500 companies, six sectors witnessed a slowdown or decline in their export revenue during FY15.

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Export income-wise Top 10 contributing sectors (fY15)

Sectors Total Exports fY14 (` Mn)Total Exports fY15 (` Mn)

Exports growth (%)

Contribution to Total Exports in fY15 (%)

Oil - Refining and Marketing 3,399,484.2 2,620,230.5 (22.9) 33.4


Pharmaceuticals 440,090.4 500,191.7 13.7 6.4

Gems and Jewellery 234,322.3 234,454.3 0.1 3.0

Non Ferrous & Precious Metals 156,276.6 209,927.1 34.3 2.7

Textiles 183,315.0 190,927.5 4.2 2.4

Iron and Steel 158,922.6 157,368.6 (1.0) 2.0

Oil & Gas Exploration 173,817.0 127,892.8 (26.4) 1.6

Automobiles 101,905.9 124,805.5 22.5 1.6

Engineering Projects/ Capital Goods 149,701.6 122,492.5 (18.2) 1.6


Moderate profit growth leads to moderation in the dividends paid by Top 500 companies in fY15Despite the positive economic indicators, Indias leading corporates faced a severe stress on their earnings and profitability, primarily due to corrections in commodity prices, global deflation of manufactured products coupled with surplus capacity in the domestic market, falling domestic and global demand. This resulted in slower income and profit growth of Indias Top 500 companies in FY15 as compared to FY14, thereby impacting the dividends paid by these companies. The aggregate dividend paid the Top 500 companies slowed down from 16.7% in FY14 to 13.2% in FY15.

Top 10 sectors as per dividend paid

Sectors PAT growthfY14 (%)

Dividend paid fY14

(` Mn)

Dividend paid fY15

(` Mn)

Dividend growth

(%)

Contribution to overall Dividend in fY15

(%)

Software and ITeS 6.26 160,937.5 394,775.3 145.3 23.4

Banks 7.83 154,543.8 169,361.5 9.6 10.0

Coal & Coal Products (10.12) 191,910.6 132,023.3 (31.2) 7.8

Oil & Gas Exploration (30.49) 138,220.4 131,947.5 (4.5) 7.8

FIs / NBFCs / Financial Services 10.83 92,050.2 100,154.1 8.8 5.9

Oil - Refining and Marketing (4.58) 77,792.0 84,074.1 8.1 5.0

Power 9.29 97,682.9 70,015.4 (28.3) 4.2

Cigarettes 9.31 56,315.7 60,796.3 8.0 3.6

FMCG 13.29 49,470.6 55,370.7 11.9 3.3

Pharmaceuticals 2.73 89,657.0 55,283.2 (38.3) 3.3



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The Top 10 sectors contributing to dividend accounted for nearly 75% of the total dividends paid by the Top 500 companies. Of the Top 10 sectors, software & ITeS, banks, coal & coal products and oil & gas exploration sectors alone accounted for nearly 50% of the dividends paid by the Top 500 companies. Dividend paid by software & ITeS companies grew by over 145% in FY15 as compared to FY14, on back strong financial performance and increased revenue from exports. Banks on the other hand, despite the increase in non-performing assets, were generous in distributing the earnings amongst their shareholders. The dividend paid by the banking sector grew by nearly 9.6% in FY15. Power sector which faced severe operational stress due to unavailability of coal, distributed less dividend despite the growth in profit. The dividend paid by the power sector declined by nearly 28%.

Public sector companies who witnessed a y-o-y decline in their net profit as compared to their peers in the private sector, paid lower dividends compared to companies in the private sector. The public sector companies accounted for 33% of the total dividend paid by Top 500 companies in FY15, as against 67% share of private sector companies in the total dividends paid.

About the CompanySenrysa Technologies Pvt Ltd is a multi-skilled software and service provider with a highly competent workforce. The company follows world-class processes that help clients manage through rapid changes in technology. The journey started with a mobility platform optimally designed to provide government payments to beneficiaries in remote and inaccessible rural India, virtually isolated from the mainstream economic system.

Technological innovation has been Senrysas primary passion, from inception. Senrysas mission has been to devise solutions that would deliver high quality services at a very low cost to the end users. Senrysa always believed in relevance, reliability, creativity and cost effectiveness as key drivers in their initiatives. With these commitments, the company has striven to upgrade its knowledge base, technology skills, and resource capabilities so as to add significant business value to clients.

Senrysa Technologies Private LimitedWinner of Flag Bearers of Financial Inclusion Award by the Economic Times of India.

Business OperationsSenrysa provides a vibrant combination of strategic IT consultancy services and technical expertise. The company delivers a full range of application outsourcing, business process consulting, systems implementation and integration, professional services and focused solution frameworks.

The company helps enterprises transform and thrive in a changing world through strategic consulting, operational leadership, and the co-creation of breakthrough solutions, including those in mobility, sustainability, big data and cloud computing.

Products Offered1. Branchless Banking

Platform End-to-End Financial Inclusion

Gateway from Senrysa Technologies delivers banking services at affordable cost to the vast sections of unbanked and under-banked population. This allows mainstream financial services like savings, withdrawal, insurance, loans etc. to be accessible to these population segments cost-effectively and efficiently. The package contains all the modules necessary for

setting up complex Financial Inclusion Gateway such as a Biometric Enrollment System, Central Authentication, Card Management System and several other applications.

2. Green Channel Banking

Senrysas ATM Switch module enables banks and processing companies to create a wide service line via ATM Network, from cash withdrawals, mini statements and balance enquiry. It uses communications and cryptography innovations, automates routine operations and provides users with convenient ATM management and monitoring tools.

3. eKYC

The UIDAI e-KYC service provides an instant, electronic, non-repudiable proof of identity and proof of address along with date of birth and gender. In addition, it also provides the residents mobile number and email address to the service provider, which helps further streamline the process of service delivery. E-KYC may be performed at an agent location using biometric authentication, as well as remotely using an OTP on a website or mobile connection.

Key AchievementsThe company was one of the front-runners who presented trustworthy and fail-proof technology solutions in order to open up cheaper alternative channels of banking. It also built a vast delivery infrastructure with trained manpower to translate the financial inclusion dream of making growth inclusive in India, into a reality.

Senrysa obtained a strong ground in technology industry for its unbeatable ICT solutions catering to financial inclusion in rural India. Senrysas Aadhar Enabled Payment System (AEPS) made a mark in technology industry and earned national level acclamation for its high efficiency and fail-free working even when accessed from the remotest parts of India.

Senrysa has brought the best product for financial service using very low bandwidth communication technology to the under banked populace across India eventually catering to the economic growth of country. Senrysa secured an elevated place in technology industry by its far-reaching technology visions to

share platform with Banks & System Integrators.

Recently, the company won a prestigious assignment for providing the financial inclusion solution to microfinance giant, which got a banking license from RBI. The solution was deployed on more than 15,000 hand-held devices integrated with the Core Banking System for branchless banking.

Key HighlightsSenrysas business growth in the last three years has been phenomenal. They recorded a 300% average growth in turnover which speaks of the confidence and trust Senrysas clients did repose on them. The companys product outreach has also been quite fabulous; nearly a billion satisfied rural customers as of date and expanding everyday proportionate to Senrysas name.

CSR InitiativesSenrysa has been long associated to the service of the rural masses through technology solutions. The company felt strongly on the empowerment of rural women and considered it a corporate social responsibility to contribute to the cause. Senrysa has complete conviction that Empowering women to participate in economic life across all sectors is essential for building stronger economies, to achieve universal goals of development and sustainability and to improve their quality of life. Today, the company takes pride that the majority of their workforce in rural area comprise of women who have been excellent in their job, improved

india's top 500 companies of india 2016

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