52 | B W BUSINESSWORLD | 01 June 2024 For corporations, garnering respect hinges on unwavering performance, steadfast leadership, and a strategic vision that fosters enduring growth and reliability By Ashish Sinha EARNING CORPORATE RESPECT ESSAY MRC MOST RESPECTED
01 June 2024 | B W BUSINESSWORLD | 53 commitment to both stakeholders and the broader community, facilitating sustainable development and shared prosperity in the nation. The 2024 edition of the BW Businessworld Most Respected Companies survey, conducted in collaboration with TechSci Research, delves into this ethos. It’s a perception survey aimed at gauging the prevailing sentiment among Indian employees and self-employed individuals. TechSci’s meticulous methodology identified 24 key sectors, spanning from apparel/textile to telecom, surveying 553 respondents, including senior and mid-level professionals. Through this comprehensive research, the survey offers an illuminating insight into the esteemed companies across diverse industries. In a landscape rife with challenges and opportunities, the survey underscores the enduring significance of integrity, resilience, and adherence to core values, which continue to underpin the most respected companies in India’s vibrant business ecosystem. The sectors covered included apparel/textile, automobile, banking, cement manufacturers, chemicals and paint, consumer durables, ecommerce, FMCG, handset manufacturers, healthcare, hospitality, infrastructure (power, heavy engineering), IT/ ITeS, metals and mineral, NBFCs, oil & gas, pharmaceutical, real estate, retail, technology, telecom (service providers), energy, lifestyle. Emerging Stronger Overall, Google India’s sterling ratings in the realms of work culture, dependable leadership, and pioneering products and services positioned it favourably for the fiscal year 2022-23. Buoyed by high scores for its work culture, trustworthy leadership and effective CSR initiatives, HDFC Bank, among the largest private sector banks in India, climbed two spots from the last year’s rankings to sit at the second position in this year’s list. The others in the top-five list included ecommerce giant Amazon India, the largest and the biggest private sector firm Reliance Industries and the tech services giant Tata Consultancy Services. Undoubtedly, a discernible pattern emerges, highlighting the significance of unwavering leadership, robust financial performance, and a well-crafted growth strategy among all companies, including those esteemed enough to secure a place in the coveted top-20 rankings. It’s noteworthy that the comprehensive list, meticulously curated using stringent rating criteria, encompasses approximately 60 distinguished companies, each embodying excellence and resilience in their respective domains. These esteemed companies have earned their rankings through meticulous evaluation against specific survey criteria. Key considerations include financial performance, COMPANIES A MIDST THE dynamic evolution of companies, there’s a profound shift in work culture, where resilience and adherence to core values define respectability, especially in challenging times. India’s top listed companies wield significant influence not only in driving economic growth but also in fostering social welfare. Through robust corporate social responsibility (CSR) initiatives and employee-centric policies, they actively contribute to society’s betterment. Concurrently, by prioritising shareholder returns, they ensure sustained financial prosperity. These companies serve as beacons of responsible corporate citizenship, leveraging their resources and expertise to address pressing societal issues while fostering a conducive work environment. Their multifaceted approach embodies a The survey underscores the enduring significance of integrity, resilience, and adherence to core values, which continue to underpin the most respected companies in India’s business ecosystem Photograph by Rawpixel
54 | B W BUSINESSWORLD | 01 June 2024 T HE survey exercise was divided into four stages: framing the questionnaires, respondent identification, data collection, and analysis of the data. The framing of the questionnaires was an elaborate process that included going into the details specific to the companies and sectors, creation of an algorithm of questions to give a scientific perspective to the questionnaire, translation of the questionnaire in relevant languages to elicit effective response from all the sectors. The questionnaire was designed to gauge the respondents’ perception based on the following eight parameters – effective growth plan, financial return, innovative product/services, trustworthy leadership, embracing latest technologies, CSR, women friendly policies and work culture. The respondents from 80+ companies were identified based on their age and work experience. The largest pool of 227 respondents were those with more than eight years of work experience and were aged 35 and above. The next lot of 180 respondents had 4-7 years’ work experience and were in the 28-35 age group. The smallest lot of 146 were self-employed individuals of age 30 and above. The database was created targeting employment hubs. MRC MOST RESPECTED HOW WE MEASURED RESPECT METHODOLOGY work culture, innovation adoption, and corporate governance. Additionally, emphasis was placed on women-friendly policies, adherence to prevailing regulations, and commitment to CSR initiatives during the survey’s culmination. The MRC list also mirrors the top spenders on CSR for FY23. Our list of most respected ones include corporates like HDFC Bank, TCS, RIL, Infosys, NTPC, among others, that spent big money towards CSR initiatives in FY23. According to TechSci Research, the survey sought to pinpoint the most respected companies in FY23, gauging public perception across diverse sectors in India. Key rating criteria encompassed financial stability, workplace environment, governance standards, and CSR engagement. Notably, emphasis was placed on financial resilience, strategic growth initiatives, and social responsibility, given companies’ ability to thrive post-pandemic while aiding society through CSR efforts. The survey outcomes underscore the substantial trust and confidence that the populace places in India’s leading corporations. Knowledge Partner: TechSci Research Photograph by [email protected]
01 June 2024 | B W BUSINESSWORLD | 55 COMPANIES The data was collected from employees through phone interviews, email and LinkedIn. Automated validation checks enabled data hygiene, followed by stringent quality checks on the data files. About 10-15 industry employees and 10-15 non-industry employees were selected from each sector to map the perception straight from the stakeholders as well as from the outsiders. In addition, 20-25 respondents from each industry were identified and asked to rate 1-3 for companies of their domain. Finally, each of the parameters were mapped on a 5-point scale but financial return, effective growth plan and CSR were given more weightage. In the last stage, weightages were assigned against the eight parameters and a score was calculated for ranking the most respected companies. [email protected] Rank Companies Income in FY 2022-23 (Rs crore) 1 Google India 9,275 2 HDFC Bank 2,04,666 3 Amazon India 22,198 4 Reliance Industries 9,03,045 4 Tata Consultancy Services 2,28,907 5 Apollo Hospitals Enterprise 16,612 6 State Bank of India 4,73,378 7 HCLTech 1,02,814 8 Infosys 1,46,767 9 Sony India 6,354 10 Reliance Retail (AJIO) 2,60,364 11 Apple India 49,322 12 Tata Power Company 56,033 13 NTPC 1,77,977 14 Wipro 90,935 15 Adani Enterprises 1,36,978 16 Asian Paints 34,368 17 Indian Oil Corporation 9,51,410 18 Dr. Reddys Laboratories 24,588 19 Patanjali Foods 31,821 INCOME OF TOP 20 MOST REPECTED COMPANIES Source: TechSci Research
56 | B W BUSINESSWORLD | 01 June 2024 OOGLE INDIA is integral to the nation’s digital ecosystem, providing innovative services, enhancing connectivity, supporting businesses, and empowering individuals with knowledge and opportunities for socio-economic development. In the vibrant tapestry of India’s digital landscape, Google’s ascent has been nothing short of meteoric, marked by exponential growth. With each passing month, its legion of subscribers multiplies across diverse platforms, painting a picture of resounding success. Steered by pillars of excellence—trustworthy leadership, robust financial returns, and a culture of innovation—Google India soared to the zenith of acclaim, securing the coveted top spot in BW Businessworld’s list of Most Respected Companies for 2022-23, a perception-based study conducted by our knowledge partner TechSci Research. It was ranked at second position in the 2020-21 list. In the ever-evolving sphere of global search, Google remains an G Google India’s sterling ratings in the realms of work culture, dependable leadership, and pioneering products and services have positioned it favourably RANK 1 Google India THE DIGITAL TITAN TECHNOLOGY unrivalled titan, accounting for more than 95.37 per cent of the mobile search engine market worldwide in February 2024. Throughout the preceding year, its supremacy in the global search arena remained unchallenged, maintaining a steadfast grip on 83.49 per cent of the market share. Further reinforcing its hegemony, Chrome emerged as the browser of choice for a staggering 88.22 per cent of Indian users as of March 2024, a testament to its ubiquitous presence in the digital realm. As the vibrant pulse of India’s digital ecosystem, Google extends its reach far and wide, transcending barriers and fostering a sense of connectivity unparalleled in its scope. Boasting a captive audience of 462 million users, India stands as the undisputed epicentre of YouTube engagement, a testament to the platform’s pervasive influence. Echoing this sentiment of inclusivity, Sanjay Gupta, Country Head and Vice President, Google India, sees artificial intelligence (AI) as India’s catalyst for progress, enviSanjay Gupta 3.04 Rs 9,275 crore Source: TechSci Research COUNTRY HEAD & VP OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED
57 | B W BUSINESSWORLD | 01 June 2024 sioning a future where barriers such as illiteracy and language constraints will become relics of the past. Top Showing Amidst this narrative of growth and evolution, Google India has emerged as a beacon of innovation and resilience, charting new frontiers in the digital advertising realm. With a gross ad revenue surge of 12.49 per cent in FY 2022-23, the company has solidified its position as a trailblazer in the digital advertising arena, leveraging its formidable arsenal of platforms including Google Search, YouTube, and Chrome. Despite a marginal drop in operating revenue, Google India’s steadfast commitment to excellence remains unwavering, underscored by the strategic demerger of the IT services business to an independent entity, Google IT Services India. Speaking at the Mumbai Tech Week in mid-February, Gupta said that AI will be India’s ‘FASTag’ to growth and information accessibility, by easing the ‘tollgate’ of hindrances like illiteracy and language barrier. Helping Silently In the contemporary sphere of business, the integration of Corporate Social Responsibility (CSR) into corporate frameworks stands as a hallmark of organisational integrity and ethical commitment. Google, a formidable titan in the global tech arena, epitomises this ethos through its philanthropic arm, Google.org. Embarking on a journey of profound social impact, Google.org has demonstrated an unwavering dedication to fostering positive change, funnelling an impressive $50 million over the span of eight years into Indian nonprofit organisations. By Team BW COMPANIES Photograph by 4zeva
58 | B W BUSINESSWORLD | 01 June 2024 F Buoyed by high scores for its work culture, trustworthy leadership and effective CSR initiatives, HDFC Bank, among the largest private sector bank in India, climbed two spots from the last year’s rankings to sit at the second position in this year’s BW Businessworld list of Most Respected Companies RANK 2 HDFC BANK RESPONSIBLE STEWARDSHIP BANKING OR HDFC Bank, the fiscal year 2022-23 was a very important year that saw the merger of HDFC with HDFC Bank. The merger came through July 1, 2023. “A bigger balance sheet post-merger will enable HDFC Bank to take a larger exposure in infrastructure projects. This means we can participate more meaningfully in India’s growth story and contribute to nation building,” S. Jagdishan, Managing Director and Chief Executive Officer, HDFC Bank explained addressing the shareholders. Building Communities Empowering less privileged communities is a key priority for the bank that has helped it climb rankings in this perception-based rankings. Through HDFC Bank Parivartan, it seeks to drive sustainable and holistic development that can truly make a difference in people’s lives. In FY23, the bank reportedly reached 9.93 crore CSR beneficiaries. It had its CSR projects implemented across 27 states. It covered 3,399 villages under its Holistic Rural Development Programme (HRDP). “In FY 2022-23, around 500 projects were executed through 250+ implementation partners spread across 27 states of the country. The impact of our projects is tracked internally and externally through impact assessment studies,” Jagdishan informed the shareholders. Sashidhar Jagdishan 3.03 Rs 2,04,666 crore Source: TechSci Research MD & CEO OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED
59 | B W BUSINESSWORLD | 01 June 2024 India. Its target is to bring 1 lakh acres of uncultivated land under cultivation augmented by bringing 2 lakh acres of unirrigated land under irrigation and 1 lakh acre of land under cultivation by FY25. Strong Performance In FY23, the banks’ balance sheet grew 19.2 per cent to Rs 24,66,081 crore and net profit increased 19.3 per cent to Rs 44,108.7 crore. Net Interest Income increased 20.6 per cent to Rs 86,842.2 crore. GNPA decreased to 1.12 per cent from 1.17 per cent. In the fiscal under review, the cost-toincome ratio of the bank increased 3.5 per cent over the previous year to stand at 40.4 per cent for FY23. This was due to an increase in operating expenses by 27.3 per cent over the previous year and the increase was largely attributable to continued focus on expanding its network. The bank added 1,479 branches in FY23. The cost-to-income ratio serves as a key performance indicator for banks, providing valuable insights into their operational efficiency, profitability, competitiveness, and financial health. Maintaining a low and stable ratio is crucial for long-term sustainability and success in the banking industry, experts say. Looking ahead, the bank believes that its 10 strategic pillars will continue to drive growth. For HDFC Bank, the medium-term goal (2 years) is to have a presence in 711 districts compared to 697 in March 2023. It also wants to reach 6,000 cities/ towns from 4,080 in March 2023. By Team BW COMPANIES By aligning the CSR focus areas with the Sustainable Development Goals (SDGs), the bank creates a meaningful impact that fosters resilient and thriving communities. It has five focus areas— rural development, promotion of education, skill development and livelihood enhancement, healthcare and hygiene and financial literacy and inclusion. Away from the core banking business, HDFC Bank is also engaged in working diligently to increase the cultivable land panPhotograph by Dvargg
60 | B W BUSINESSWORLD | 01 June 2024 A Guided by the principles of customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and longterm thinking, Amazon strives to be most customercentric company, the best employer, and the safest place to work on the planet RANK 3 Amazon India TOWARDS CUSTOMER CENTRICITY E-COMMERCE MAZON INDIA is once again in the top five of the BW Businessworld Most Respected Companies list this year based on high scores on parameters like trustworthy leadership, effective growth plan, and work culture, among others. Last year too, it was ranked third in the same list. For those not familiar with the intricacies of Amazon’s presence in India, it might initially appear as a monolithic entity. However, a closer look reveals a vibrant tapestry of diverse ventures under its expansive umbrella. Foremost among these is Amazon Seller Services, the familiar face of the e-commerce behemoth in India, connecting customers with a plethora of products and services. Yet, the Amazonian landscape in India is far more nuanced, encompassing an array of ventures that cater to diverse needs. Take, for instance, Amazon Pay (India), a dynamic digital payments arm facilitating seamless transactions within the bustling online marketplace. Delving deeper, we encounter Amazon Internet Services, the purveyor of AWS cloud computing solutions tailored for the Indian Manish Tiwary 2.98 Rs 22,198 crore Source: TechSci Research, Reports COUNTRY MANAGER OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED
61 | B W BUSINESSWORLD | 01 June 2024 sively, this feat is accompanied by a notable narrowing of losses across its various entities, a testament to the resilience and adaptability of Amazon’s ecosystem in India. Operating within the dynamic landscape of the private sector, these financial insights are gleaned from reports meticulously compiled by our esteemed knowledge partner, TechSci Research. Consistent Performer It has been a fantastic journey for Amazon in India. Today, Amazon India has grown its seller base to over 14 lakh adding about 3 lakh new sellers in FY23, said Manish Tiwary, Country Manager, India Consumer Business, Amazon India. The company aims to digitise one crore businesses by 2025. Today, it is delivering to all serviceable pin codes in India. Amazon India witnessed commendable growth in its revenue from operations, which surged to Rs 22,198 crore in FY23 from Rs 21,462 crore in the previous fiscal year. Notably, Amazon Seller Services saw a remarkable 28 per cent increase in advertising revenue, from Rs 4,171 crore in FY22 to Rs 5,380 crore in FY23. Meanwhile, Amazon Web Services India experienced substantial growth, with revenue reaching Rs 12,781 crore in FY23, marking a 43 per cent improvement from Rs 8,956 crore in the preceding year. However, Amazon Transportation Services (ATS) faced a slight setback, reporting a marginal decline in operating revenue to Rs 4,543 crore in FY23 from Rs 4,571 crore in FY22. By Team BW COMPANIES market. In addition, there’s Amazon Data Services India, providing crucial IT infrastructure and hosting support to bolster the operations of AWS in the region. But the narrative doesn’t end there. Amazon’s presence extends into essential logistical domains with Amazon Transportation Services, ensuring swift and reliable delivery of goods to eager customers. And let’s not forget the bedrock of it all: Amazon Retail India and Amazon Wholesale India, the engines driving commerce at both retail and wholesale levels. The cumulative result of these ventures paints a picture of resounding success, with Amazon in India boasting a combined revenue of approximately Rs 45,000 crore in the fiscal year 2022-23 (FY23). ImpresPhotograph by Bloomua
T Reliance Industries continues to be the flagbearer of India Inc, breaking barriers, achieving new milestones and setting new targets in FY23. Its remarkable growth spanned all key business segments effectively RANK 4 RELIANCE INDUSTRIES DELIVERING STELLAR PERFORMANCE OIL & GAS RUSTWORTHY LEADERSHIP, healthy financial returns, superb work culture and a major thrust on giving back to the society via its corporate social responsibility (CSR) services are the four parameters on which Reliance Industries (RIL) has scored high to continuously occupy its leadership position in BW Businessworld’s Most Respected Companies (MRC) list for 2023, a perception-based study. “Despite the headwinds, Reliance was able to deliver another year of remarkable performance both on operating and financial fronts. Consolidated EBITDA was at Rs 1,53,920 crore which is a robust 24.4 per cent growth as compared to last year. Consolidated net profit also grew 11.3 per cent,” Ambani stated. Impressive Growth The impressive growth, according to Ambani, was well-rounded and supported by its business segments. Consumer businesses continued their growth trajectory with a rapid expansion of retail store footprint and strong subscriber acquisition in Jio, he added. Oil-to-chemical (O2C) business delivered a record Mukesh D. Ambani 2.97 Rs 9,03,045 crore Source: TechSci Research CHAIRMAN & MD OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED In the Lead RIL is India’s largest and most profitable private sector company. It is not just India’s largest company by market capitalisation (Rs 17,72,456 crore), by revenue (Rs 9,74,864 crore), and by profitability (Rs 74,088 crore). It is also one of the largest contributors vis-à-vis exports (Rs 3,40,048 crore), job creation (2,62,558 new jobs created during the year), and CSR spends (Rs 1,271 crore). It is, therefore, no surprise that RIL has dominated all rankings for the past several years. Addressing the shareholders in its annual general meeting, RIL Chairman and Managing Director Mukesh D. Ambani acknowledged FY23 as a challenging year yet the company clocked robust all-round growth. 62 | B W BUSINESSWORLD | 01 June 2024 Photograph by Subhabrata Das
performance amidst a challenging business environment as well while the Oil & Gas segment also registered a strong performance with sustained gas production from KG D6 block. During the year, Jio launched the True 5G services in India. By the end of the financial year, Jio’s 5G coverage expanded to 2,300+ cities and towns, demonstrating an impressive pace of network installation. The rollout of FTTH services also gained momentum during the year for the company. Jio retained its preeminent position in the Indian telecom space with 439.3 million subscribers as of March 2023, with a net addition of 29.2 million subscribers during the year. Caring for India For Reliance, social commitment is strongly driven with the philosophy of ‘We Care’. While addressing the nation’s multifaceted development challenges, the central philosophy is the commitment to enhance the quality of life of people from marginalised and vulnerable communities. In FY23, RIL’s CSR push touched lives of over 69.5 million people across 595 districts including 54,200 villages and urban locations. The Reliance Foundation Bharat India Jodo (RFBIJ) adopted a comprehensive approach to build resilience of communities against climate change across 998 gram panchayats. In FY 2022-23, the RFBIJ programme worked on 22 value chains across 24 districts by helping farmers achieve higher productivity, better farming practices and technological interventions. Through its rural transformation initiatives on skilling, livelihood and advisories, 5,60,000 women were impacted in FY23. By Team BW COMPANIES Photograph by Vasilyeva
64 | B W BUSINESSWORLD | 01 June 2024 D Tata Consultancy Services is shining bright sitting at the fifth spot in the Most Respected Companies rankings for FY23, a perception-based study conducted by knowledge partner TechSci Research RANK 4 TATA CONSULTANCY SERVICES INDIA’S LEADING MNC IT/ITES ESPITE GLOBAL volatility in FY22- 23, Tata Consultancy Services (TCS) thrived with 17.6 per cent revenue growth at Rs 2.25 trillion and 24 per cent operating margin surge. Its order book expanded robustly. As part of India’s largest multinational business group, TCS boasted a workforce of 614,000 consultants across 55 nations. It achieved consolidated revenues of $27.9 billion in FY23. In FY23, the company said it broke out of the vicious cycle of hiring and counter-hiring within the industry by investing in onboarding an unprecedented number of fresh engineers – over 110,000 in FY 2022 and over 44,000 in FY 2023 – and training them on the technologies most in demand. In FY 2023, TCS focused on utilising the spare capacity built up in the prior year, and recalibrated its hiring especially as attrition started falling in the second half of the year. The company’s LTM attrition in IT services for FY23 was 20.1 per cent. Net addition in FY 2023 was 22,600, and the closing headcount was 6,14,795. The company stated that its workforce continued to be very diverse, with over 150 nationalities K. Krithivasan 2.97 Rs 2,28,907 crore Source: TechSci Research MD & CEO OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED Furthermore, TCS’s forward momentum extended to its order book, which continued to expand at a healthy pace throughout FY23, reflecting the trust and confidence placed in its capabilities by clients worldwide. In FY23, TCS said it was significantly investing in building AI capabilities which included products and platforms that were AI-powered. Over the last few years, it has leveraged partnerships to design and orchestrate a completely indigenous software-defined 4G/5G network stack. 5G technologies along with IoT, Edge and AI will enable new digital transformation opportunities across industries, both industrial and consumer.
65 | B W BUSINESSWORLD | 01 June 2024 represented and with women making up 35.7 per cent of the employee base. Performance Review TCS’s revenue for the year was Rs 225,458 crore, a growth of 17.6 per cent over the prior year (13.7 per cent in constant currency). According to the company, this growth came with an industry-leading operating margin of 24.1 per cent while the company’s net margin was at 18.7 per cent. The earnings per share was Rs 115.19, a growth of 11.2 per cent over the prior year. From an industry vertical perspective, growth in FY23 for TCS was led by its retail and consumer business, which grew 22 per cent. The company’s life sciences and healthcare businesses also witnessed over 20 per cent growth over the previous year while its communications, media and technology verticals saw a growth of 18 per cent. The banking, financial services and insurance businesses grew at 14.6 per cent. In terms of geographic markets, North America surged 24.2 per cent, UK 11.4 per cent, and Continental Europe 9.2 per cent. Latin America witnessed a growth of nearly 25 per cent, while India saw a 15 per cent increase. Caring for Communities In FY 2023, TCS estimates that its community initiatives touched the lives of over 4.5 million beneficiaries – women, youth and members of marginalised communities. TCS said it brought down its absolute carbon footprint across Scope 1 and Scope 2 emissions by 71 per cent over base year 2016, meeting its target two years ahead of time. By Team BW COMPANIES Photograph by VisualGeneration
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01 June 2024 | B W BUSINESSWORLD | 65 POLLO HOSPITALS Enterprise has carved a mark in Indian healthcare, revolutionising the sector since Prathap C Reddy inaugurated the first hospital in Chennai in 1983. With a consolidated revenue of Rs 16,612 crore in FY23, Apollo Hospitals stands as a testament to the transformative power of corporate healthcare in India. As the nation’s first corporate hospital, Apollo Hospitals is celebrated for pioneering private healthcare. Today, it is one of the world’s largest integrated healthcare platforms, boasting over 10,000 beds across 73 hospitals, nearly 6,000 pharmacies, and more than 2,500 clinics and diagnostic centres. Additionally, Apollo’s 500+ telemedicine centres extend its reach, ensuring comprehensive healthcare access. A APOLLO Hospitals has contributed immensely to the pioneering private healthcare in the country, registering a strong performance in FY23 RANK 5 APOLLO HOSPITALS ENTERPRISE REVOLUTIONISING INDIA’S HEALTHCARE HEALTHCARE Apollo 24|7, India’s largest omnichannel healthcare service, epitomises the integration of technology with healthcare. This platform enables patients to consult doctors within 15 minutes, schedule home sample pick-ups for diagnostics with same-day report facilities, and have medicines delivered to their doorsteps. Apollo has earned its place as a global leader in cardiac care, having performed over 300,000 angioplasties and 200,000 surgeries. Trusted by over 200 million individuals from more than 140 countries, Apollo Hospitals’ impact is both profound and far-reaching. The organisation has conducted over 25 million health checks, making preventive healthcare more accessible and empowering Indians to lead healthier lives. In recognition of its monumental contributions, the Government of India issued a commemorative stamp, a rare honour for a healthcare organisation. Further, Dr. Prathap C. Reddy, the visionary behind Apollo, was awarded the prestigious Padma Vibhushan, India’s second-highest civilian award. Apollo continues to invest in research and the latest technologies, equipment, and treatment protocols, ensuring that patients receive the best care available globally. Through its pursuit of innovation and quality care, it continues to set new standards in the healthcare industry. By Team BW Prathap C Reddy 2.95 RS 16,612 CRORE Source: TechSci Research FOUNDER CHAIRMAN OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED COMPANIES
66 | B W BUSINESSWORLD | 01 June 2024 S A customer-centric approach marked by improving customer experience and seamless delivery of products and services has done SBI the world of good RANK 6 STATE BANK OF INDIA (SBI) UNMATCHED LEADERSHIP BANKING TATE BANK OF INDIA (SBI) has maintained its dominant position among the top ten most respected companies in India consistently. In this year’s list of Most Respected Companies, SBI has climbed three spots driven by strong financial returns, innovative products and services, and trustworthy leadership. With a legacy of over 200 years, SBI provides a wide range of prodmated Deposit and Withdrawal Machines (ADWMs), as on March 31, 2023. SBI has 29.90 per cent market share of ATMs in the country. On an average, ~1.3 crore transactions are recorded every day at SBI’s ATMs/ADWMs. On Growth Path During FY23, SBI’s total deposits grew 9.19 per cent to surpass Rs 44 lakh crore of which domestic deposits grew 8.5 per cent to Rs 42.53 lakh crore and foreign offices deposits 29.6 per cent to Rs 1.70 lakh crore. CASA deposits grew 4.9 per cent to Rs 18.62 lakh crore. “SBI opened 1.24 crore regular savings bank accounts, of which 64 per cent accounts were acquired digitally through YONO D.K. Khara 2.94 Rs 4,73,378 crore Source: TechSci Research CHAIRMAN OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED ucts and services through its various branches and outlets. In sheer number terms, SBI has over 48 crore customers, 22,405 branches, and 26.25 per cent market share in debit card spends. SBI is also a market leader in government business with total turnover standing at Rs 60.35 lakh crore in FY23 and a market share of 65.92 per cent in central government turnover. The bank also emerged as the market leader in SME financing clocking Rs 3.59 lakh crore in total SME advances for FY23. The company is the second-largest credit card issuer in India with nearly 1.8 crore active users. SBI has one of the largest ATM networks in the country with 65,627 ATMs, including Auto-
67 | B W BUSINESSWORLD | 01 June 2024 Big CSR Push SBI scored well on CSR once again in this year’s list. SBI believes that its success is intertwined with the prosperity of the society it serves. For FY2023, an amount of Rs 316.76 crore was allocated for CSR activities by the SBI, almost Rs 112 crore more than the CSR allocations for FY22. Out of Rs 316.76 crore, Rs 194.78 crore was allocated to SBI Foundation for undertaking CSR activities in project mode, the bank said. The CSR initiatives benefitted ~54 lakh citizens. SBI’s CSR activities focused on key areas including healthcare, education, livelihood, rural and slum area development, among others. In FY23, SBI also concluded a landmark $1 billion Syndicated Social Loan, which was Asia Pacific’s largest and second largest globally led by a commercial bank, it added. SBI Foundation, the CSR arm of SBI, adopted 150 villages across 25 states, in five phases, impacting over 1.75 lakh lives. SBI Gram Saksham, a sub-project focused mainly on rural livelihoods to empower communities beyond the adopted villages, was rolled out across 115 villages in 6 states, namely Assam, Bihar, Jharkhand, Maharashtra, Uttarakhand and Uttar Pradesh. By Team BW COMPANIES during FY2023,” said D.K. Khara, Chairman, SBI. In FY23, Xpress credit loans exceeded Rs 3 lakh crore. Home loans and auto loans grew 14 per cent to Rs 6.41 lakh crore and 23.2 per cent to Rs 97,523 crore, respectively. SBI held 33.1 per cent and 19.4 per cent market share in home loans and auto loans as of March 2023, respectively, Khara stated. Photograph by Svetabl
68 | B W BUSINESSWORLD | 01 June 2024 N THE VIBRANT tapestry of FY23, HCLTech (new brand identity) emerged as a shining star, surpassing numerous milestones while harnessing the robust momentum in its targeted markets. Against the backdrop of ongoing macroeconomic transitions, it orchestrated a symphony of success. At the start of FY23, it had unveiled a set of crystal-clear vision through its five strategic objectives: to lead through the innovation of distinctive services and products, to become the employer of choice in professional services across all the key geographies, to stand as the preferred digital partner for global 2,000 enterprises in its select markets, to intricately intertwine ESG (Environmental, Social, and Governance) goals into the business strategy, and to deliver top-quartile TSR (Total Shareholder Return) over the medium term. “During the past 12 months, we have made meaningful progress on each of these objectives,” stated C. Vijayakumar, CEO & MD, HCLTech, while addressing the shareholders. In FY23, HCLTech recorded a I Scoring high across parameters like trustworthy leadership and CSR initiatives, HCL Technologies, or HCLTech, jumped 10 spots in this year’s list of Most Respected Companies (MRC). It was ranked 17th in the previous list RANK 7 HCLTech BIG ON GREEN GOOD IT/ITES 13.7 per cent growth in its revenue at Rs 1,02,814. “Our revenues crossed the Rs 100,000 crore milestone and our employee base reached the 225,000 mark (including an intake of 25,000+ entry-level employees), while our services portfolio encompassing Digital, Engineering, Cloud, AI and Software, coupled with our strategic alliances, all punched in equal weight.” Vijayakumar added. On a consolidated basis, the company’s revenue from operations for FY23 was Rs 1,01,456 crore, as against Rs 85,651 crore for the previous financial year. The profit for FY23 was Rs 14,845 crore, as against Rs 13,523 crore during the previous financial year. On a standalone basis, HCLTech’s revenue from operations for FY23 was Rs 46,276 crore, as against Rs 40,638 crore in the previous financial year. The profit for the financial year under review was Rs 11,459 crore, as against Rs C. Vijayakumar 2.93 Rs 1,02,814 crore Source: TechSci Research CEO & MD OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED
69 | B W BUSINESSWORLD | 01 June 2024 10,874 crore in FY22. Big on CSR On the Corporate Social Responsibility (CSR) agenda, HCL Foundation made significant strides by impacting more than five million lives in India while harvesting 32 billion litres of water for reuse in communities. In FY23, it continued to support different social initiatives worldwide through its global CSR councils. The company stated that over Rs 1,137 crore were invested in the CSR programmes till the end of FY23, resulting in the transformation of over 5.5 million lives, with more than half being women. Additionally, over 12,000 persons with disabilities were reached, with 43 per cent being women. A staggering 57 billion litres of water was also harvested, covering 20 states, three union territories, and 91 districts in India. Furthermore, over 1.45 million saplings were planted, greening and bringing under community management more than 66,000 acres of land. Additionally, 24,000 tonnes of waste was managed, with over 670,000 hours of employee volunteering enabled. Impressively, 15 of the 17 United Nations Sustainable Development Goals were addressed through these endeavours, the company stated. The company also continued to make progress on its ESG commitments, having pledged to be net zero by 2040. Almost one-fifth of HCLTech’s energy consumption came from renewable sources, and it said it had reduced the per capita Scope 1 and 2 greenhouse gas emissions by 70 per cent. By Team BW COMPANIES Photograph courtesy: HCL Technologies Limited Photograph by Yupiramos
70 | B W BUSINESSWORLD | 01 June 2024 NFOSYS, A PROMINENT Indian multinational corporation, has been key to shaping the nation’s IT sector, driving innovation, creating employment opportunities, and contributing significantly I The IT bellwether continues to command respect thanks to a nimble leadership, great work culture, effective growth and its AI-first approach to own transformation RANK 8 INFOSYS NAVIGATING CHANGE IT/ITES to the country’s economic growth and global reputation. The company has brought in the power of AI, analytics, and cloud to accelerate its own enterprise transformation. Established in 1981, from a capital of $250, Infosys has grown to become a company with a market capitalisation of approximately $72.35 billion. In its journey of over 40 years, the company has catalysed India’s transformation as the global destination for software services talent. In FY23, it boasted 3,43,234 employees and 1,872 active clients. Infosys achieved industry leading revenue growth of 15.4 per cent with a healthy operating margin of 21 per cent for fiscal 2023. Its ESG Vision 2030 and ambitions continue to drive value for all its stakeholders. “Financial year 2023 was a strong year for our business. In FY23, we saw growth of over 15 per cent, operating margins of 21 per cent, and free cash flow of $2.5 billion. Our attrition reduced for each quarter of the year,” informed Salil Parekh, Chief Executive Officer and Managing Director, Infosys, in his shareholder’s address. Generating Numbers During FY23 Infosys logged in a revenue from operations of Rs 1,24,614 crore with profit before tax (PBT) of Rs 31,643 crore on a standalone basis and revenues of Rs 1,46,767 crore with PBT of Rs 33,322 crore on a consolidated basis. Out of total revenue, Rs 91,272 crore came from digital service, and Rs 55,499 crore from core service during FY23 on a consolidated basis. In terms of percentage the company’s digital service contributed 62.2 per cent and its core service 37.8 per cent Salil Parekh 2.93 Rs 1,46,767 crore Source: TechSci Research CEO & MD OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED
71 | B W BUSINESSWORLD | 01 June 2024 of revenue during FY23. Revenue growth in US dollar terms was 11.7 per cent and in constant currency it was 15.4 per cent during FY23. Total client base of the company was 1,872 at the end of FY23 which included addition of 458 clients during the year. The top five clients accounted for 12.7 per cent of total revenue whereas top 10 clients of the company accounted for 20.2 per cent of the same. Parekh highlighted Infosys’ deep relationship with its clients across the globe. He said the number of clients with over $100 million in revenue for FY23 stood at 40 while the number of clients with over $50 million in revenue was 75. “Our large deal intensity was strong during the year. We had 95 large deals with a value of $9.8 billion in the year,” he said. Infosys recruited over 50,000 college graduates in the year and ended the year with over 3,40,000 employees. At the end of the year, 39 per cent of its employees were women. CSR Initiatives Infosys said its global Corporate Social Responsibility (CSR) spends stood at Rs 517 crore in FY23 with 3.8 million beneficiaries coming in from India. The company’s global CSR efforts addressed challenges across education, healthcare, women empowerment, science and research, environmental sustainability and more. As is known, Infosys has been at the forefront of the ESG movement and became carbon neutral in 2020, full 30 years ahead of the timeline set by the Paris Agreement. By Team BW COMPANIES Photograph by Si Nyam
72 | B W BUSINESSWORLD | 01 June 2024 ONY INDIA jumped five spots in this year’s list of Most Respected Companies thanks to the high scores it obtained in the perception survey across key parameters including work culture, trustworthy leadership and financial returns. Sony India, a wholly-owned subsidiary of Sony Group Corp, has been consistently S Sony in India, a well-established household name in premium consumer durables segment, is synonymous with innovation and quality RANK 9 Sony India COMMANDING PREMIUM CONSUMER DURABLES featuring in the BW Businessworld Most Respected Companies list. As per data sourced from publicly available reports, Sony India reported a strong financial growth in FY23. It witnessed a notable increase in profits and revenue for the fiscal year 2022-23. According to reports, Sony India’s profit soared 31.8 per cent to Rs 136.7 crore, while its revenue from operations surged 23.1 per cent to Rs 6,353.74 crore in FY23. This impressive performance marks a substantial improvement compared to the preceding fiscal year, where the company recorded a profit of Rs 103.71 crore and a revenue of Rs 5,161.23 crore. Sunil Nayyar, Managing Director, Sony India, attributed the success to the company’s focus on premium offerings. “This is led by premiumisation in our offerings,” Nayyar told a news agency, expressing optimism for the fiscal year 2024 with expectations of a 15-20 per cent value growth. Nayyar also highlighted the significance of premium TV sets, particularly those sized 55 inches and above, as key drivers for growth in the coming years. It must be underlined here that despite experiencing a decline in revenue following Sony Corporation’s exit from the mobile phone and laptop business, Sony India’s revenue stabilised from FY22 onwards, marking a turnaround in its financial trajectory. “We were trying to come back. Now the India premium market has evolved finally,” Nayyar stated, emphasising the company’s commitment to growth, innovation, and the introduction of new products in the market. In addition to the notable increase in profit and revenue, Sony India’s total income surged 23.17 per cent to Rs 6,404.54 crore for FY23. Meanwhile, total expenses also rose 23.07 per cent to Rs 6,225.87 crore, it was reported. Sunil Nayyar 2.93 Rs 6,354 crore Source: TechSci Research MANAGING DIRECTOR OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED
Green Shoots Sony India attributed its growth to various business segments. The TV business witnessed a post-Covid expansion, particularly in large-screen offerings, maintaining dominance in the market. The audio business demonstrated mixed bag but continued its growth momentum, alongside expansion in over-the-top (OTT) services. The headphone business maintained its competitive position, particularly in the active noise cancelling headband segment. The digital imaging business, including camera sales, experienced strong momentum, driven by dominance in the wedding market. Additionally, the gaming business exhibited steady growth despite supply shortages. With these robust financial results and optimistic projections for the future, Sony India appears poised to maintain its growth trajectory and further strengthen its position in the consumer electronics market. Sound Business According to ratings agency CRISIL, Sony India has a number of positives going for it. Sony India receives technical and product support from its parent, Sony Global Corp. In accordance with the parent’s agreement with Competition Team Technology India (Foxconn), Sony India sources more than 95 per cent of its TV requirement locally in India. All other products in the portfolio are directly imported from the parent and associate companies. Alignment of the product portfolio with the parent enables Sony India to launch new products in India alongside global markets. It also has access to Sony Group Corp’s strong research and development capability. By Team BW COMPANIES Photograph by Ritesh Sharma Photograph by Ulvur
74 | B W BUSINESSWORLD | 01 June 2024 CORING HIGH on the parameters of trustworthy leadership, strong financial returns and effective growth plan in a perception-based survey conducted by our knowledge partner, Reliance Retail has broken S Reliance Retail debuts on the list of Most Respected Companies for FY23 riding on a robust performance and another year of strong revenue and profit growth RANK 10 RELIANCE RETAIL SETTING NEW BENCHMARKS RETAIL into BW Businessworld’s Most Respected Companies list for FY 2023. In her address to the shareholders, Isha Ambani, Executive Director, Reliance Retail and RIL termed FY23 as a “landmark year for the retail business”. “Our immense faith and conviction in India’s retail story was amply rewarded when Reliance Retail crossed the milestone of 100 crore transactions, up 42 per cent year-over-year (YoY). Our stores received more than 78 crore footfalls during the year. The number of registered customers grew to nearly 25 crore. We are delivering value to over 30 per cent of India’s addressable population. All this has made Reliance Retail rank among the top 10 most visited retailers in the world,” Ambani said. High Growth For FY23, the company’s digital and new commerce sales contributed nearly Rs 50,000 crore, accounting for about a fifth of RIL revenues. The company witnessed investments of over $10 billion in the preceding two years, focusing on building integration, growing in-house brands, and improving supply chain networks, Ambani added. The company opened over 3,300 new stores in FY23, taking the total count to 18,040 stores, covering 6.56 crore sq. ft of retail space. Two-thirds of these stores were in Tier-2, Tier-3 cities and smaller towns, a testament to Reliance Industries’ commitment to making retail inclusive. The business recorded gross revenues of Rs 260,364 crore for FY23, a growth of 30 per cent over the previous fiscal year. And this was driven by broabased growth across consumption baskets. With focus on store network expansion, the retail business grew its store footprint across consumption baskets. Isha M. Ambani 2.91 Rs 2,60,364 crore Source: TechSci Research EXECUTIVE DIRECTOR OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED
75 | B W BUSINESSWORLD | 01 June 2024 Investments in boosting supply chain infrastructure remained a priority, with the addition of 12.6 million sq. ft. of warehouse space during FY23. The business continued to innovate, launch and scale up new retail formats to serve diverse customer segments. FY23 also witnessed a number of new format launches including Smart Bazaar, Azorte, Centro, Fashion Factory and Portico. Leveraging omni channel capabilities, digital commerce platforms led by JioMart and AJIO sustained growth momentum and continued to serve customers far and wide, Ambani stated. Reliance Retail sold over 18 lakh metric tonnes of groceries during FY23. In its consumer electronics business, it sold nearly 5 lakh laptops and over 23 lakh appliances whereas in its Fashion & Lifestyle business, it sold a record-breaking 50 crore garments in FY23. “We have democratised fashion in India, catering to customers across segments,” Ambani said. Trends and Trends extension formats also consolidated their position as India’s largest fashion destination in FY23 while AJIO had yet another strong year, with its catalogue size crossing 13 lakh options, making it a one-stop shop for all fashion needs. Mega Jobs Generator Reliance Retail also emerged as one of the largest employers in the country in FY23, with nearly 2.5 lakh on-roll employees. Additionally, it generated indirect employment for lakhs of Indians across multiple value streams. “We will continue to play a pivotal role in creating employment opportunities for the aspirational Indian youth,” Ambani added. By Team BW COMPANIES Photograph by Gapchuk Olesia
76 | B W BUSINESSWORLD | 01 June 2024 OOSTED BY high scores on parameters like trustworthy leadership, effective growth plan and innovative products, Apple India ensured its place in the Top 20 of the BW Businessworld Most Respected Companies list in FY23. However, it slipped four places to the 11th position in the latest perception-based study by our knowledge partner. Apple CEO Tim Cook has always termed India as a “hugely exciting market”. And Apple India had its fair share of excitement in fiscal year 2022-23, with the iPhone maker witnessing a 48 per cent jump in revenue on a year-on-year basis to Rs 49,322 crore, according to various B Apple achieved a high double-digit year-on-year growth and record iPhone sales in India during the OctoberDecember quarter RANK 11 Apple India BULLISH ON INDIA HANDSET MANUFACTURER news reports citing the company’s submissions to the government. Apple India had registered revenues of Rs 33,381 crore in FY22. The company’s profit increased about 77 per cent to Rs 2,230 crore in FY23, from Rs 1,263 crore in FY22 while its total expenses stood at Rs 46,444 crore. Bumper Performance In calendar year 2023, iPhone shipments grew about 39 per cent to 9.2 million units and India represented 4 per cent of iPhone shipments and revenue. Five years ago, India generated only 1 per cent of iPhone’s total revenue. Experts said if India maintained its current growth trajectory and China iPhone shipments stayed flat, India would be a bigger iPhone market than China by 2027. And the proof is already out. In the recently concluded first quarter results (Q1 2024) for Apple, India reportedly once again clocked a “strong double-digit growth”. “It was a new March quarter revenue record for us,” said Cook. The Apple CEO had visited India in April 2023 to inaugurate the first Apple Store in the country. While iPhones are the biggest growth drivers for Apple, in India the company is also investing in operations in the country. “We just opened a couple of stores last year, and we see enormous opportunity there,” stated Cook during the earnings call. Big on Sustainability India is also a focus country for Apple’s sustainability initiatives. Apple prioritises sustainability in India, aiming to replenish all water used in critical areas through partnerships, targeting billions of gallons in benefits over the next 20 years. By Team BW Tim Cook 2.87 Rs 49,322 crore Source: TechSci Research CEO OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED COMPANIES Photograph by Jean Nelson
01 June 2024 | B W BUSINESSWORLD | 77 IGH SCORES across parameters such as trustworthy leadership, effective growth plan, financial returns and corporate social responsibility have won Tata Power a place in the top 20 of the BW Businessworld Most Respected Companies rankings for FY23 as well. Tata Power is at the forefront of the transition towards green energy. As one of India’s largest integrated power companies, it has gained a leadership position in the sector. The company is also firmly aligned with the country’s ambition of being net zero by 2070. In FY23, Tata Power saw significant growth across various energy sectors. It generated 3,927 MW of renewable energy and 10,183 MW of conventional energy, showcasing its diverse energy portfolio. It boasted a transmission network of 4,194 ckm under its management, serving 12.9 million customers in distribution. The company’s EV charging infrastructure also expanded, with over 3,700 public charging points energised in 351 cities and towns. Additionally, Tata Power executed rooftop solar projects totalling more than 1,650 MW, and their manufacturing capacity for solar cells and modules reached 4.6 GW, including H One of India’s largest integrated power companies, Tata Power is at the forefront of the transition towards green energy RANK 12 Tata Power Company POWERING TRANSFORMATION POWER ongoing expansions. This comprehensive growth reflects Tata Power’s commitment to sustainability and innovation. Strong Show For FY23, the company delivered a strong set of numbers, with revenue growing at 32 per cent y-o-y to Rs 56,033 crore, up from Rs 42,576 crore in FY22. “At Tata Power, clean and green energy currently accounts for 37 per cent in our generation mix, which we aim to increase to 60 per cent over the next five years. In FY23, we earmarked a capex of over Rs 7,000 crore across generation, transmission and distribution with major allocation for augmenting renewable capacity. For FY24, we are looking at a capex of over Rs 12,000 crore, to be funded primarily from internal accruals,” Praveer Sinha, CEO & MD, Tata Power Company informed in his shareholder’s address. The company plans to achieve carbon net zero before 2045 by growing renewable generation portfolio and targeting carbon intensity reduction scientifically while aligning to the global Sustainable Development Goals. By Team BW Praveer Sinha 2.81 Rs 56,033 crore Source: TechSci Research CEO & MD OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED COMPANIES
78 | B W BUSINESSWORLD | 01 June 2024 ORMERLY National Thermal Power Corporation, NTPC is the largest power producer in India with an installed capacity of more than 73 GW. Present installed capacity of NTPC Group is 73,874 MW (including 15,986 MW through JVs/subsidiaries) comprising of 51 NTPC stations (27 coal-based, 7 gas-based, 1 hydro, 1 small hydro, and 15 solar PV) and 39 joint venture/subsidiary stations (9 coal-based, 4 gas-, 8 hydro, 1 small hydro, 14 solar PV and 4 wind). India’s largest power utility, NTPC plays a pivotal role in meeting the nation’s energy needs. With a focus on sustainable development, it drives innovation and contributes to India’s power sector growth. The company is steering ahead to be India’s largest integrated power F Stability at the top and greater emphasis on socially responsible issues have helped NTPC remain entrenched among the top 20 in this year’s MRC rankings RANK 13 NTPC ENERGISING INDIA POWER company and targets to become a 130-GW firm with diversified fuel mix and a 600-BU company in terms of generation by 2032. Clocking Growth Despite a challenging economic environment, NTPC Group recorded total income of Rs 177,977 crore for FY23 on a consolidated basis, reflecting a growth of around 32 per cent. The group’s profit after tax for FY23 stood at Rs 17,121 crore, up from Rs 16,960 crore in the previous year. NTPC run coal-based power units achieved a plant load factor (PLF), or operating ratio of 75.9 per cent, as against the national average of 64.21 per cent during FY23. “During FY 2022-23, NTPC recorded an all-time high power generation of 399.2 BU, registering a growth of 11 per cent. Further, eight of NTPC’s coal stations figured in the top25 best-performing stations of India in terms of PLF and our coal-based stations registered a PLF of 75 per cent against the country’s coal PLF of 64 per cent,” said Gurdeep Singh, Chairman and Managing Director, NTPC, in his address to the shareholders. NTPC has set an ambitious target of establishing nearly half of its installed capacity through renewable energy sources by 2032, further reinforcing its commitment to a sustainable future. In FY23, NTPC achieved remarkable progress by recording a substantial growth of 24.24 per cent in its nonfossil portfolio, which plays a vital role in the company’s sustainability strategy. By Team BW Gurdeep Singh 2.78 Rs 1,77,977 crore Source: TechSci Research CHAIRMAN & MD OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED COMPANIES
01 June 2024 | B W BUSINESSWORLD | 79 I n a luminous tribute to one of India’s legal stalwarts, the School of Law at Manav Rachna University (MRU) hosted the esteemed Justice RC Lahoti Memorial Lecture Series. This annual event, a homage to the rich heritage of Honourable Justice RC Lahoti, sought to inspire budding legal minds by revisiting his remarkable endeavours, judgments, and memories. The presence of Honourable Ram Nath Kovind, Former President of India, as the Esteemed Chief Guest, elevated the occasion to a memorable milestone in legal scholarship. Honourable Justice UU Lalit, Former Chief Justice of India, graced the event as the Guest of Honour, adding lustre to the proceedings. In his Presidential Address, the venerable Ram Nath Kovind recalled fond encounters with Justice Lahoti, highlighting his noble soul and profound impact. Talking about Justice RC Lahoti, he said “Seldom do we come across persons, such as Justice Lahoti, who is known for his commitment towards judicial independence, integrity, deep humility in expressing his views and in upholding the rule of law. He showed a deep sense of tolerance and dignity that all of us could practise in our daily lives.” Dr. Prashant Bhalla, President of Manav Rachna Educational Institutions & Chancellor of MRU, echoed the sentiment of historic significance. “It is a historical moment for the School of Law at Manav Rachna University - inauguration of a lecture series that commemorates one of the most celebrated legal luminaries of the country. The series will prove to be a fantastic opportunity for learning and I urge all the law students to absorb as much as they can from this platform to use it for the greater good.” Dr. Archana Mantri, daughter of Hon’ble (late) Justice RC Lahoti offered heartfelt reflections on the profound legacy associated with her esteemed father. “Justice Lahoti had a thirst for learning about different subjects, especially technology which he believed would be a game changer for the field of law”, she said. Justice UU Lalit presented reflections on the Judicial discourse of Hon’ble Justice RC Lahoti and said, “There’s no denying that Justice Lahoti was an institution unto himself. His courtroom interactions were not just about imparting justice but also about establishing precedents which will be applicable and acceptable to the entire community for years to come.” The words of Prof. (Dr.) Deependra Kumar Jha, Vice Chancellor of MRU resonated with reverence as he highlighted Justice Lahoti’s foundational contributions to legal education, including the establishment of the Law Advisory Board and the Ratan Lal Lahoti Library of Law. This intellectual odyssey not only celebrates the towering legacy of Justice RC Lahoti but also serves as a testimonial to the profound ethos espoused by the Hon’ble Shri RC Lahoti himself – a fervent champion of equity and probity. nemployment. One of the chief thrusts of MEs is to regulate and provide a platform to e vulnerable groups of the society as the main ivers and empower the women and the youth start their enterprises. mall enterprise promotion has continued to main an important and integral part of Indian evelopment strategy well before the First Fiveear Plan. However, the sec tors faces nforeseen challenges. Some of the most ersisting constraints facing the sector, ominated by smaller units in the informal ctor, include poor or non-availability of loan nance, low levels of technology, inadequate hysical and economic infrastructure and sources to invest in quality search and adopt ew technology, and a policy of product servation for small scale industries. Poor onitoring of implementation and e�ect of rious small �rm policies has been an issue of oncern. The larger enterprises o�er a sti� ompetition to the small scale units in the sale fo u t p u t. Ap a r t fr o m t h e s e m a j o r mpediments, the sector faces a number of her problems like ine�cient management, on-availability of cheap power, burden of local xes, shortage of working capital and lack of emand for the products. The list is endless. MEshaveemergedasavibranttieroftheeconomy as they have already taken over as key contributors to country's GDP. The new shout out is the Make in India Campaign. Owing to the launch of �agship Make In India Campaign, Prime Minister Narender Modi has given way to a new national program designed to facilitate investment, cultivate innovation , augment pro�ciency in skill development, protect intellectual property and build Best-in-Class manufacturing infrastructure, there has never been a better time to make in India. India's small and medium-sized industries can play a big role in making the country take the next big leap in manufacturing. India should be more focused towards novelty and innovation for these sectors. The government has to chart out plans to give special sops and privileges to these sectors. As clearly seen, the hindsight and the future vision of SME's cannot be simply considered a smaller version of their larger counterparts as they have di�erent managerial styles, scale of operations, levels of independence and decision making characteristics. However these di�erences do not eliminate the opportunities of SME's to internationalize and gain �ight in the global market. SME sector development will continue to spread its wings and be an integral part of the development thrust and promotetheentrepreneurialcultureRam Nath Kovind, former President of India, visits Manav Rachna Campus; graces Justice RC Lahoti Memorial Lecture as the Chief Guest
80 | B W BUSINESSWORLD | 01 June 2024 IPRO IS A leading IT company in India driving innovation, creating jobs, and contributing significantly to the country’s technological advancement. By scoring higher on the parameters of financial returns, trustworthy leadership, CSR and work culture, the IT/ITeS major ensured its strong presence in the top 20 list of Most Respected Companies this year as well. Wipro IT Services, one of the leading global information technology, consulting, and business process services companies, reported impressive results for financial year 2022-2023. The company achieved a significant milestone with its revenue W With over 257,000 employees and clients across 65+ countries, Wipro once again delivered on the promise of helping customers, colleagues, and communities thrive RANK 14 Wipro READY FOR TOMORROW IT/ITES crossing $11 billion, representing a growth of 11.5 per cent in constant currency terms, and an addition of $800 million in revenues for the year. Order bookings in total contract value terms grew 28 per cent year-overyear (YoY); Wipro finished the fiscal year with two consecutive quarters of bookings of over $4.1 billion each. The company also signed 55 large deals with a total contract value of $3.9 billion, growing 66.5 per cent YoY. Its IT services operating profits were at their highest ever, informed Thierry Delaporte, CEO and MD, while addressing the shareholders. Decade of AI Wipro’s leadership firmly believes that the next decade will be the age of AI. It said it has been investing ahead of the curve to understand AI and leverage its power inside Wipro, and to create solutions for its clients. For two years now, Wipro’s Generative AI Centre of Excellence has been conducting research with leading academic institutions, building accelerators and solutions, frameworks like WeGA (Wipro Enterprise Generative AI), developing competency through the Wipro AI Academy, and executing key pilot programmes for its clients, said Rishad A. Premji, Chairman, Wipro, in his address to the shareholders. ESG Commitments The company stated that its ESG programmes were central to what it does as a business today, while multiple initiatives are taking it closer to its stated goal of net zero GHG emissions by 2040. In the past year, the company said it overshot its targets of reducing Scope 1, 2 and 3 emissions. Sixty per cent of Wipro’s owned facilities now use renewable energy. By Team BW Thierry Delaporte 2.77 Rs 90,935 crore Source: TechSci Research CEO & MD OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED COMPANIES
81 | B W BUSINESSWORLD | 01 June 2024 S ynthite Industries, led by Executive Chairman Dr. Viju Jacob, is the world’s largest producer of value added spices, commanding 30 per cent of the global market share and generating Rs.3200 crore in revenue. Their success is rooted in quality, innovation, sustainability, and responsible sourcing, with future plans emphasising worldclass standards, sustainable practices, and total productive maintenance for continued growth, Dr. Jacob, in conversation. Can you elaborate on Synthite Industries’ j o u r n e y u n d e r y o u r leadership? Established by Late Shri CV Jacob in 1972, Synthite has evolved from a modest family business to one of the largest manufacturers and exporters of valueadded spices. Joining the company in 1983 after college, I spearheaded its expansion into the overseas market securing successful partnerships. Introducing spice oleoresins and powders in the Indian market and commencing of floral extraction at Coimbatore plant in the 1990s were major achievements. Synthite now has over 500 products focusing on plant-derived ingredients and a dedicated workforce “OUR FOCUS IS ON QUALITY, INNOVATION AND SUSTAINABILITY” the evolving needs of its customers. What strategies have you employed to sustain its global leadership in spice extracts and flavours? Synthite has put in place many strategies to maintain its position as the global leader in spice extract. To name a few of them are: global sourcing, setting up factories closer to the source of raw material, de-risking of the supply chain by cultivating raw material in nonnative countries, application labs across the world to match and develop local flavours, and establishing in-house QA/QC labs with global accreditation. Please share insights into Synthite Industries’ approach towards sustainability and environmental responsibility? Synthite emphasises sustainability and responsible sourcing, collaborating with local farmers to promote sustainable practices and ensure a stable supply chain. Additionally, Synthite’s initiative to promote solar and wind energies at its plants demonstrates its proactive approach towards reducing carbon emissions and transitioning towards renewable energy sources. By aiming to become carbon-neutral in the near future, Synthite sets a high standard for corporate environmental responsibility within the spice oleoresin industry. What are your key priorities for the future growth and de velopment of Synthite Industries? Synthite envisions itself as a global leader in valueadded spices, known for its innovation, sustainability, quality, and customer-centric approach. Through initiatives such as new product development, quality assurance and compliance, investment in technology and infrastructure, talent development and employee engagement, we aim to sustain our growth trajectory and create long-term value for our customers. of nearly 3500 employees, and supporting more than 14000 farming communities across the globe. How does Synthite stay ahead of the curve in terms of innovation and technology in the spice industry? Synthite’s success can be attributed to its relentless commitment to quality, innovation, and sustainability. The company’s stateof-the-art manufacturing facilities adhere to stringent quality standards and utilise advanced extraction technologies to ensure the purity and potency of its products. Synthite’s dedicated R&D team works tirelessly to develop innovative extraction processes and formulations that meet Q & A
82 | B W BUSINESSWORLD | 01 June 2024 DANI Enterprises (AEL), the flagship company of the Adani Group, is one of India’s largest business organisations that has enhanced value for stakeholders by building prominent infrastructure assets across a range of sectors dedicated towards nation building. AEL significantly contributes to job creation in India across various sectors, fostering economic growth and enhancing livelihoods nationwide. From being primarily involved in mining and trading of coal and iron ore, the Ahmedabad-headquartered AEL, through its various subsidiaries, now has business interests across airport operations, edible oils, road, A With high scores on parameters like effective growth plan, work culture, embracing latest technology, Adani Enterprises proudly sits among the top companies in the MRC list for FY23 RANK 15 Adani Enterprises THE GROWTH DRIVER HEAVY ENGINEERING rail and water infrastructure, data centres, and solar manufacturing, among others. As of 31 March 2023, AEL employed 2,140 individuals; 34 per cent of these comprised engineers, chartered accountants and other professionals. The average age of employees was 38, the company disclosed in its annual report to the shareholders. Highlights The mighty Adani Group is made up of 10 publicly listed companies, each with its own set of successes. In FY23, the Adani Group companies set new financial performance records with total EBITDA growth of 36 per cent to Rs 57,219 crore, total income growing 85 per cent to Rs 2,62,499 crore, and total profit after tax surging a whopping 82 per cent to Rs 23,509 crore. In FY23, the group’s deleveraging programme of $2.65 billion for the Adani portfolio companies was completed successfully. That further improved the net debt to run rate EBIDTA ratio from 3.2x to 2.8x in FY23. Flagship AEL continued to successfully demonstrate its incubation capabilities with new businesses accounting for 50 per cent of its EBITDA in FY23. Of the several projects underway, two key ones—Navi Mumbai airport and the Copper Smelter—are on schedule, the chairman told the shareholder’s. CSR Push Adani Foundation, the group’s CSR arm, contributes across 19 states and 5,753 villages, touching more than 7.3 million lives. The CSR programme provides education, health, safety, sanitisation, sustainable livelihood development and infrastructure development to underprivileged communities. Adani Foundation’s CSR efforts are aligned with United Nation’s Sustainability Development Goals. By Team BW Gautam S. Adani 2.77 Rs 1,36,978 crore Source: TechSci Research CHAIRMAN OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED COMPANIES Photograph by Umesh Goswami
83 | B W BUSINESSWORLD | 01 June 2024 SRI CITY: AN EPICENTRE OF JAPANESE MANUFACTURING IN INDIA Firmly established as one of the most sought-after manufacturing zones in India, Sri City is home to some of the biggest multinationals and household names. A true multi-product park, industries in Sri City produce an array of products from mass consumer goods to niche products. nemployment. One of the chief thrusts of MEs is to regulate and provide a platform to e vulnerable groups of the society as the main ivers and empower the women and the youth start their enterprises. mall enterprise promotion has continued to main an important and integral part of Indian evelopment strategy well before the First Fiveear Plan. However, the sec tors faces nforeseen challenges. Some of the most ersisting constraints facing the sector, ominated by smaller units in the informal ctor, include poor or non-availability of loan nance, low levels of technology, inadequate hysical and economic infrastructure and sources to invest in quality search and adopt ew technology, and a policy of product servation for small scale industries. Poor onitoring of implementation and e�ect of rious small �rm policies has been an issue of oncern. The larger enterprises o�er a sti� ompetition to the small scale units in the sale fo u t p u t. Ap a r t fr o m t h e s e m a j o r mpediments, the sector faces a number of her problems like ine�cient management, on-availability of cheap power, burden of local xes, shortage of working capital and lack of emand for the products. The list is endless. MEshaveemergedasavibranttieroftheeconomy as they have already taken over as key contributors to country's GDP. The new shout out is the Make in India Campaign. Owing to the launch of �agship Make In India Campaign, Prime Minister Narender Modi has given way to a new national program designed to facilitate investment, cultivate innovation , augment pro�ciency in skill development, protect intellectual property and build Best-in-Class manufacturing infrastructure, there has never been a better time to make in India. India's small and medium-sized industries can play a big role in making the country take the next big leap in manufacturing. India should be more focused towards novelty and innovation for these sectors. The government has to chart out plans to give special sops and privileges to these sectors. As clearly seen, the hindsight and the future vision of SME's cannot be simply considered a smaller version of their larger counterparts as they have di�erent managerial styles, scale of operations, levels of independence and decision making characteristics. However these di�erences do not eliminate the opportunities of SME's to internationalize and gain �ight in the global market. SME sector development will continue to spread its wings and be an integral part of the development thrust and promotetheentrepreneurialcultureA part from the lucrative and attractive policies offered by the government, Sri City’s infrastructure - both industrial and social along with amenities which are in comparison with the best in the world, are key drivers in attracting industries from across the globe. Today, 220 companies from 30 countries call Sri City home, wherein, Japanese brands with 30 companies form a vast majority among foreign entities. The Business City is the second-largest Japanese Industrial Township in India. The exclusive partnership that India and Japan share has resulted in the development of Japanese Industrial Townships. These townships, of which there are 12, foster economic growth through industrial collaboration where Japanese companies establish their manufacturing operations, employ the youth of the region and deliver skill development. In turn, India offers a large talent pool, business incentives and the potential to grow their companies to greater heights. Sri City’s Infrastructure, strategic location, sustainable development, talent availability, and other factors make it conducive to growth. Its proximity to Chennai has fuelled the establishment of Japanese manufacturers in the automotive component sector, besides also having India’s only manufacturing facility of Isuzu. Furthermore, the city is home to Unicharm, an FMCG powerhouse, various engineering firms, including THK’s only facility in India, and several electronics businesses. In this burgeoning city are Daikin, Panasonic, Miyama Electricals, among others. An increasing number of Japanese expats have driven the development of Japanese restaurants, hotels, and other Japanese-centric businesses in the region. Japanese companies have invested over USD 2.5 billion in Sri City and employ nearly 20,000 people. Sri City is poised for further growth and initiatives such as the Japan-India Institute for Manufacturing (JIM), facilitating skill development among local youth greatly aid this, helping nurture talent and foster long term collaboration. Sri City has cultivated a deep relationship in the Japanese industrial and business space and is recognised as a destination ideal for investments and growth. “Sri City's excellent industrial facilities and well-designed social infrastructure makes it India's top business destination. A thriving Japanese community and expanding industries is testament to the successful ecosystem Sri City has built. I pledge to a mission-driven approach to increase Japan's corporate presence in India and attract more Japanese investments. I'll highlight Sri City's strengths to Japanese investors." - India's Ambassador to Japan, Sibi George. Sri City: the most preferred destination for leading Japanese companies across sectors “A designated enclave spanning 300 acres is earmarked for Japanese companies reflecting elements of Japanese culture and traditions along with exclusive Japanese styled accommodation and recreational areas.’’ - Dr. Ravindra Sannareddy, Founder Managing Director, Sri City.
84 | B W BUSINESSWORLD | 01 June 2024 ITH HIGH scores on parameters like trustworthy leadership, embracing latest technologies and innovative product & services, Asian Paints continues to remain firmly entrenched in the top 20 Most Respected Companies list. Asian Paints says it exists to beautify, preserve, transform all spaces and objects, bringing happiness to the world. Asian Paints has always stood out as a brand that has been steadfast in upholding its ‘customer first’ focus, always striving to better its own industry-beating benchmarks and thereby continuously bringing joy to its customers. Asian Paints and its subsidiaries have operations in 15 countries with 27 paint manufacturing facilities, servicing W Asian Paints is India’s leading paint company, renowned for quality products, innovative solutions, and a dominant market presence RANK 16 Asian Paints PAINTING GROWTH CHEMICALS & PAINTS consumers in more than 60 countries through Asian Paints, Apco Coatings, Asian Paints Berger, Asian Paints Causeway, SCIB Paints, Taubmans and Kadisco Asian Paints. Asian Paints also offers a wide range of home décor products and is an emerging strong player in the home improvement and décor space in India. Stellar Performance Terming FY23 as a year with “significant challenges” on account of the continuing war in Ukraine and geopolitical tensions in other regions, Asian Paints’ MD and CEO Amit Syngle said the company delivered a double-digit volume and value growth in the decorative business taking multiple steps to expand the market and also gaining from the organised and unorganised segments of the market through its distinct product and service offerings. The FY23 consolidated net sales for the company stood at Rs 34,368 crore while its standalone net sales grew 20 per cent to Rs 29,953 crore. “It was an outstanding year for us with a 14 per cent volume growth and 20 per cent value growth in our standalone business and a net profit growth of 31 per cent. Our growth in industrial coatings has been stellar, growing in double digits in volume and value, delivering one of the highest profits in the last two decades. Overall, at a consolidated level we crossed Rs 34,000 crore in revenue and along with our décor and services diversification, we are now the largest integrated player in home décor business,” Syngle said commenting on the full-year performance. By Team BW Amit Syngle 2.76 Rs 34,368 crore Source: TechSci Research MD & CEO OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED COMPANIES
85 | B W BUSINESSWORLD | 01 June 2024 ASED ON sustained all-round performance, Indian Oil Corporation (IOC) regularly finds itself in the top 20 Most Respected Companies list. It scored high marks across parameters like trustworthy leadership, financial returns and corporate social responsibility (CSR). The oil marketer gave a stellar performance in 2022-23 across all operational fronts. During the year, IOC registered its highest-ever revenue from operations at Rs 9,34,953 crore, a 28 per cent year-over-year growth. It also notched up a net profit of Rs 8,242 crore, underscoring the inherent resilience that empowers it to rise above global challenges and make a B Indian Oil plays a vital role in India’s energy sector ensuring fuel availability, driving economic growth, and meeting energy demands RANK 17 Indian Oil Corporation ENERGISED PERFORMANCE DYNAMICS OIL & GAS reflecting its energy leadership. For 2022-23, IOC achieved a capex of Rs 37,287 crore, which was 131 per cent of the utilisation value budgeted for the entire fiscal year, said S.M. Vaidya, Chairman, IOC, while addressing the shareholders. Expansion & Integration To ensure uninterrupted energy supply for India’s rising socio-economic demands, IOC said it is investing over Rs 1 lakh crore in strategic brownfield capacity expansions. The key projects under execution included refinery expansions at Panipat Refinery (from 15 to 25 MMTPA), Gujarat Refinery (from 13.7 to 18 MMTPA), Barauni Refinery (from 6 to 9 MMTPA), Digboi Refinery (from 0.65 to 1 MMTPA). These along with CBR (9 MMTPA) will augment the refining capacity by more than 26 MMTPA, taking the total refining capacity to about 107 MMTPA in the near future. Mission Net Zero IOC says it has already put in place a blueprint with a multi-pronged approach to gradually take the company towards the net zero goal. It has planned an investment of around $30 billion till 2046 to achieve this. The various emission mitigation pathways such as green hydrogen, biofuels, renewables, carbon offsetting, and carbon capture utilisation and storage (CCUS) are already underway to steer the green journey, the chairman informed. By Team BW SHRIKANT M. VAIDYA 2.75 Rs 9,51,410 crore Source: TechSci Research CHAIRMAN OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED COMPANIES mark. The company also achieved the highest ever sales volume of 95.714 million metric tonnes (MMT) of products, cementing its leadership position in the business. In FY23, IOC contributed more than 25 per cent of the total capex incurred by the PSUs under the Ministry of Petroleum & Natural Gas,
86 | B W BUSINESSWORLD | 01 June 2024 RIVEN BY the philosophy of ‘Good Health Can’t Wait’, Dr Reddy’s Laboratories offers a portfolio of products and services including active pharmaceutical ingredients (API), generics, branded generics, biosimilars and over the counter (OTC). It’s major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr Reddy’s Laboratories’ major markets are the US, India, Russia & the CIS countries, China, Brazil and Europe. The company returns to the top 20 MRC list after a gap of a few D Hyderabadbased Dr. Reddy’s Laboratories is a global pharmaceutical company committed to providing access to affordable and innovative medicines RANK 18 Dr. Reddy’s Laboratories IN GREAT SHAPE PHARMACEUTICALS invest in businesses of the future. As an early adopter of sustainability and ESG actions, the company had released its first Sustainability Report way back in 2004. The current ESG goals of the company aim to set the bar high in environmental stewardship, access and affordability for patients, diversity, and governance. Healthy Growth FY23 was an exciting year for the company, K. Satish Reddy, Chairman, Dr Reddy’s Laboratories told the shareholders. The company achieved significant growth in sales, profits and generated a healthy cash flow driven by the opportunity in the US, he said. Overall, the FY23 revenue stood at Rs 24,588 crore ($2.99 billion), having grown 15 per cent over the previous year. The EBITDA margin for the year was at nearly 30 per cent of its revenue, much ahead of the company’s aspirational target of 25 per cent. In FY23, company’s North America generics business as well as its branded generics (India and Emerging Markets) business became billion-dollar businesses for the second year in a row. It also completed the integration of the cardiovascular brand Cidmus that it acquired from Novartis in India, besides acquiring Mayne Pharma’s generic prescription portfolio in the US and Eton Pharma’s branded and generic injectable products in the US. It also divested certain non-core brands in India to help the company consolidate and strengthen its core as it aims to be among the top five in India. By Team BW K. Satish Reddy 2.72 Rs 24,588 crore Source: TechSci Research CHAIRMAN OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED COMPANIES years based on high scores across parameters like financial growth plan, trustworthy leadership, corporate social responsibility (CSR) and Environment, Social, Governance (ESG) initiatives, among others. As a company with a history of deep science that has led to several industry firsts, it continues to plan ahead and
01 June 2024 | B W BUSINESSWORLD | 87 OR PATANJALI Foods (PFL), edible oils and soya foods remain an integral part of its business today even as the company has diversified its offerings into a diverse range of consumer-packaged goods including biscuits, cookies, noodles, cow ghee, honey, and other items, along with a range of nutraceutical products catering to a wide spectrum of consumer needs. This approach, F Patanjali Foods (formerly Ruchi Soya Industries) which pioneered soya foods has today expanded its product portfolio significantly RANK 19 Patanjali Foods NURTURING GROWTH FMCG FY23. “We take pride in announcing a net profit of Rs 886.44 crore and an impressive CAGR of 84.37 per cent from FY19 to FY23,” Ram Bharat, Managing Director, PFL told the shareholders. The company’s substantial presence in the edible oils segment, cultivated over three decades, has enabled it to develop an extensive company-owned infrastructure, solidifying its position as a key player in the industry. In FY23, of the total revenue of Rs 31,821 crore, the edible oils business alone generated revenues to the tune of Rs 24,473 crore led by palm oil and soya oil. Both these had over 85 per cent contribution in the revenues generated by the edible oils business. The balance revenue largely came in from the FMCG business of PFL, mainly led by food, breakfast cereals, soy protein, among others. In FY23, PFL’s FMCG segment achieved significant growth, attributed to its strong distribution network and brand reputation. The company strategically tapped into the rising consumer demand for health and wellness. Wind Turbine Power With a strong focus on sustainability, PFL has also ventured into the wind and solar energy segment to reduce its carbon footprint. It is harnessing renewable energy from its projects for captive use as well as selling the surplus energy, thereby contributing to a greener future. By Team BW Ram Bharat 2.71 Rs 31,821 crore Source: TechSci Research MANAGING DIRECTOR OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED COMPANIES the company said, helped PFL broaden its offerings to reach several high-growth segments. Recently, PFL also announced a significant capital expenditure of Rs 421 crore to fortify its growth. Over the next five years, PFL will deploy this strategic investment to enhance the oil palm plantation business. The revenue numbers for PFL surged to an impressive Rs 31,821 crore in FY23 clocking a remarkable 25 per cent compound annual growth rate (CAGR) from FY19 to
88 | B W BUSINESSWORLD | 01 June 2024 ACTORS SUCH as trustworthy leadership and effective growth plan have stood HDFC Life Insurance Company (HDFC Life) in good stead ensuring a regular place for it in the top 20 of the Most Respected Companies rankings. HDFC Life is a listed life insurer promoted by Housing Development Finance Corporation (HDFC), India’s leading housing finance institution and Abrdn (Mauritius Holdings) 2006, a global investment company. Established in 2000, HDFC Life is a leading long-term life insurance solutions provider in India, offerF Over the years, HDFC Life has successfully implemented a profitable and consistent growth strategy resulting in a smooth upward curve on key metrics RANK 20 HDFC LIFE INSURANCE BUILDING FOR FUTURE INSURANCE products) and optional riders in its portfolio, catering to a diverse range of customer needs. HDFC Life continues to benefit from its presence across the country having a wide reach with 498 branches and additional distribution touchpoints through several new tie-ups and partnerships. HDFC Life closed FY 2022-23 on a strong note. The company recorded 27 per cent year-over-year growth, with a market share of 16.5 per cent and 10.8 per cent in the private and overall sector, respectively, clocking expansion of 40 and 70 basis points, respectively. “We continue to grow faster than the private industry and be ranked amongst the top three life insurers across individual and group businesses, consistently demonstrating market leadership through profitable growth,” said Vibha Padalkar, MD & CEO, HDFC Life in her shareholder’s address. Strong Performance The embedded value (EV) stood at Rs 39,527 crore as on March 31, 2023, with an operating return on EV of 19.7 per cent for FY23. EV is one of the indicators representing the corporate value of life insurance companies that is attributed to shareholders. It is the sum of “adjusted net worth,” which is the accumulation of realised profits, and “value of in-force business,” which is estimated future profits on in-force business. For HDFC Life, the profit after tax for FY 2023 stood at Rs 1,360 crore, a YoY increase of 13 per cent. By Team BW Vibha Padalkar 2.70 Rs 70,609 crore Source: TechSci Research CEO & MD OVERALL AVG. SCORE REVENUE MRC MOST RESPECTED COMPANIES ing a range of individual and group insurance solutions that meet various customer needs such as protection, pension, savings, investment, annuity and health. As on March 31, 2023, the company had more than 60 products (including individual and group
01 June 2024 | B W BUSINESSWORLD | 89 has been confronted with an petitive environment due to: of the investment regime in the oreign direct investment (FDI). tion of the World Trade WTO) in 1995, forcing its tries (including India) to down quantitative and nonrictions on imports. nomic reforms. The cumulative these developments is a nsformation of the economic which small industry operates, e sector has no option but to sh'. of planned economy from 1951 sequent pol i c i e s by the ndia, both planners and the law ed a special role for SMEs in the Due protection was accorded and particularly for small-scale 1951 to 1991, till the nation licy of liberalization and The development of small nstrumental in veering the strialization to rural areas. The ndustries are labour-intensive capital triggers the countries d supply of manpower in the y contribute towards a better cal resources and skills which remain unde�led and might eventually because of lack of means of preserving our culture couraging people engaged in sand �ne arts. Apart from ards of living by increasing the me, these units hereby, assist in bution of income among the or helps the country to alleviate g conditions of the people by he stigma of poverty and conomy unemployment. One of the chief thrusts of SMEs is to regulate and provide a platform to the vulnerable groups of the society as the main drivers and empower the women and the youth to start their enterprises. Small enterprise promotion has continued to remain an important and integral part of Indian development strategy well before the First FiveYear Plan. However, the sec tors faces unforeseen challenges. Some of the most persisting constraints facing the sector, dominated by smaller units in the informal sector, include poor or non-availability of loan �nance, low levels of technology, inadequate physical and economic infrastructure and resources to invest in quality search and adopt new technology, and a policy of product reservation for small scale industries. Poor monitoring of implementation and e�ect of various small �rm policies has been an issue of concern. The larger enterprises o�er a sti� competition to the small scale units in the sale o f o u t p u t. Ap a r t fr o m t h e s e m a j o r impediments, the sector faces a number of other problems like ine�cient management, non-availability of cheap power, burden of local taxes, shortage of working capital and lack of demand for the products. The list is endless. SMEs have emerged as a vibrant tier of the economy as they have already taken over as key contributors to country's GDP. The new shout out is the Make in India Campaign. Owing to the launch of �agship Make In India Campaign, Prime Minister Narender Modi has given way to a new national program designed to facilitate investment, cultivate innovation , augment pro�ciency in skill development, protect intellectual property and build Best-in-Class manufacturing infrastructure, there has never been a better time to make in India. India's small and medium-sized industries can play a big role in making the country take the next big leap in manufacturing. India should be more focused towards novelty and innovation for these sectors. The government has to chart out plans to give special sops and privileges to these sectors. As clearly seen, the hindsight and the future vision of SME's cannot be simply considered a smaller version of their larger counterparts as they have di�erent managerial styles, scale of operations, levels of independence and decision making characteristics. However these di�erences do not eliminate the opportunities of SME's to internationalize and gain �ight in the global market. SME sector development will continue to spread its wings and be an integral part of the development thrust and promote the entrepreneurial culture. INSPIRATIONAL PERSONALITIES Dr. Manish Jain Dr. Monica B. Sood Padmaja Reddy Dr. Grace Pinto Dr. Aneel Kashi Murarka Ridhish Patel Neetu Kishore Rs 200 24 31 www.businessworld.in RNI NO. 39847/81 I 01 JUNE 2024
90 | B W BUSINESSWORLD | 01 June 2024 mall opportunities are often the Sbeginning of great enterprises.� Every single drop in the ocean counts. When talking about a progress of a developed or developing countries worldwide, we can't undermine the signi�cant role of SMEs. Undoubtedly, small and medium sized enterprises have made an indelible landmark on the economic landscape due to their premeditated importance in reengineering the industrial sector. Owing to their signi�cant inputs and involvement, SMEs assumes a pivotal responsibility in socio-economic development of India. These industries account for 95 per cent industrial units, contributing up to 40 per cent of GDP and 45 per cent of total exports. They are the second largest employers of human resources after agriculture. The scope of this sector is vast as individuals with entrepreneurial spirit but limited resources always have before them the option of initiating a business plan at the grass root level. Small �rms are reactive comfortably and more quickly to the changes in the environment. They enthuse innovation and bring into lime light new products, new methods and new ideas. S m a l l B u si n e ss is t h e s e e d b e d o f entrepreneurship. It provides an easy path for the novel entrepreneurs who wish to try their skills and wisdom to start a new venture. They have their own advantages over larger businesses. They are substantial generators of employment, and can act as shock absorbers during a catastrophic situation, responding veritably to topsy-turvy in the market. With not a complicated hierarchy, decision making is ea s y and simpler and so the ma r ket expectations can be ful�lled. They cater to provide services and a wide range of products at a�ordable prices to the consumers. This contribution is despite the sector being exposed to intensi�ed competition since liberalization of Indian economy in 1991. Small industry in India has beenincreasingly competitive en(1) liberalization of the inve1990s, favoring foreign dire(2) the formation of Organization (WTO) in member-countries (incdrastically scale down ququantitative restrictions on(3) domestic economic refoimpact of all these deremarkable transformatioenvironment in which smaimplying that the sector h'compete or perish'. With the advent of plannedand the subs equent Government of India, both makers earmarked a speciaIndian economy. Due proteto both sectors, and particindustries from 1951 to 1adopted a policy of liglobalization. The deveindustries is instrumentdirection of industrializatiofact that these industries and utilize less capital trigemployment and supply orural areas. They contribuutilization of local resourcmay otherwise remain unhave tarnished eventuallyexposure. It is a means of prby means of encouraging the handicrafts and �ne improving standards of liviper capita income, these uequitable distribution of people. The sector helps thethe generic living conditioovercoming the stigmSME Carving Out a New Econ“ r as key w shout g to the mpaign, way to cilitate gment rotect n-Class s never India's play a ext big e more on for art out ges to future dered a arts as cale of e and r these unities ight in pment be an st and INSPIRATIONAL PERSONALITIES VaaaN Infra and Neetu Kishore: Pioneering Smart Infrastructure Development Founded in 2011 by the late visionary leader Aman Kishore, Neetu Kishore and a couple of professional founder team members, VaaaN Infra has emerged as a beacon of innovation and excellence in the digital infrastructure sector in India. Under the dynamic leadership of Managing Director Neetu Kishore, the company has become a frontrunner in developing intelligent transportation systems and smart city solutions, making substantial strides in urban technology, infrastructure and mobility solutions. Neetu Kishore’s Journey and Achievements Neetu Kishore brought her deep expertise in business management and technology to VaaaN Infra with a clear mission: to revolutionize infrastructure through technological integration and sustainable practices. Her innovative leadership and commitment to quality have significantly elevated the company’s industry stature. Under her guidance, VaaaN Infra has successfully delivered several landmark projects, notably the implementation of FASTag across numerous toll plazas in India including Delhi Mumbai Corridor and AI based Toll Management System on Western Peripheral Expressway around Delhi. This initiative streamlined toll operations and laid the foundation for a more connected and automated transportation network nationwide. Mrs Kishore’s strategic foresight was also pivotal in executing Advanced Traffic Management Systems along key expressways such as the Eastern Peripheral Expressway and the Agra Lucknow Expressway. Fostering Innovation and Sustainability A staunch advocate for sustainability, Kishore ensures that environmental considerations are central to every project. VaaaN Infra’s ventures into smart city projects focus on smart parking, digitally managed waste management and water conservation systems, supporting India’s Smart Cities Mission. Additionally, the transformative Kochi Water Metro project, which implemented an advanced Passenger Counting System, underscores VaaaN Infra’s commitment to sustainable urban mobility. The company’s dedication to enhancing road safety and efficiency has earned numerous accolades, including NHAI’s “Best ATMS Project Award” for its work on the Nagpur-Betul Highway and an excellence award from Kochi Water Metro in 2024, Asia One India’s Greatest Brands and Leaders 2023-2024. Educational and Professional Background With an educational background from Delhi University, and over two decades of experience in IT/digital solutions and technology leadership, Neetu Kishore’s career includes roles in project management, strategic planning, and business development. These experiences have equipped her with the insights and skills necessary to lead VaaaN Infra towards groundbreaking successes. Vision and Roadmap for the Future Looking forward, Kishore is dedicated to steering VaaaN Infra through the evolving challenges of urban development. Her future plans include expanding the company’s reach into international markets, embracing digital transformation, and enhancing VaaaN Infra’s contributions to building smart, sustainable cities. Neetu Kishore’s commitment to excellence and her innovative leadership not only drives VaaaN Infra toward new heights but also inspires a new generation of engineers and entrepreneurs. As VaaaN Infra continues to grow under her leadership, its contributions to the infrastructure sector are set to expand, marking the path for a smarter and more sustainable future. With a clear vision and robust strategic approach, the journey ahead is promising for VaaaN Infra and the communities it serves. ❚
01 June 2024 | B W BUSINESSWORLD | 91 confronted with an nvironment due to: stment regime in the ect investment (FDI). the World Trade 1995, forcing its cluding India) to antitative and non imports. orms. The cumulative evelopments is a on of the economic all industry operates, has no option but to d economy from 1951 pol i c i e s by the planners and the law al role for SMEs in the ection was accorded ularly for small-scale 1991, till the nation iberalization and elopment of small tal in veering the on to rural areas. The are labour-intensive ggers the countries of manpower in the te towards a better ces and skills which nde�led and might y because of lack of reserving our culture people engaged in earts. Apart from ng by increasing the units hereby, assist in income among the e country to alleviate ons of the people by a of poverty and nomy unemployment. One of the chief thrusts of SMEs is to regulate and provide a platform to the vulnerable groups of the society as the main drivers and empower the women and the youth to start their enterprises. Small enterprise promotion has continued to remain an important and integral part of Indian development strategy well before the First FiveYear Plan. However, the sec tors faces unforeseen challenges. Some of the most persisting constraints facing the sector, dominated by smaller units in the informal sector, include poor or non-availability of loan �nance, low levels of technology, inadequate physical and economic infrastructure and resources to invest in quality search and adopt new technology, and a policy of product reservation for small scale industries. Poor monitoring of implementation and e�ect of various small �rm policies has been an issue of concern. The larger enterprises o�er a sti� competition to the small scale units in the sale o f o u t p u t. Ap a r t fr o m t h e s e m a j o r impediments, the sector faces a number of other problems like ine�cient management, non-availability of cheap power, burden of local taxes, shortage of working capital and lack of demand for the products. The list is endless. SMEs have emerged as a vibrant tier of the economy as they have already taken over as key contributors to country's GDP. The new shout out is the Make in India Campaign. Owing to the launch of �agship Make In India Campaign, Prime Minister Narender Modi has given way to a new national program designed to facilitate investment, cultivate innovation , augment pro�ciency in skill development, protect intellectual property and build Best-in-Class manufacturing infrastructure, there has never been a better time to make in India. India's small and medium-sized industries can play a big role in making the country take the next big leap in manufacturing. India should be more focused towards novelty and innovation for these sectors. The government has to chart out plans to give special sops and privileges to these sectors. As clearly seen, the hindsight and the future vision of SME's cannot be simply considered a smaller version of their larger counterparts as they have di�erent managerial styles, scale of operations, levels of independence and decision making characteristics. However these di�erences do not eliminate the opportunities of SME's to internationalize and gain �ight in the global market. SME sector development will continue to spread its wings and be an integral part of the development thrust and promote the entrepreneurial culture. INSPIRATIONAL PERSONALITIES The CEO Whisperer: Dr. Jain’s “Obsessive Commitment” Crafting Tomorrow’s Trailblazers and Entrepreneurial Visionaries” Dr. Manish Jain, Founder and Chairman of Indus Business Academy, is the architect of IBA Bangalore’s success. He leads with a clear vision, guided by a prestigious Academic Advisory Council, extraordinary Chief Mentor, a dedicated Director, and a team of exceptional faculty & staff. Dr. Jain is an Alumnus of IIM-A, a Post Graduate in Business & Finance, MBA in Marketing and a Mechanical Engineer. His area of expertise is Transformational Leadership & he takes active interest in Higher Education, Heavy Engineering & sports. With 25+ years of professional experience, he has served in organizations like MUHEPL, MICO-BOSCH & TATA-IBM. In the year 1999, Dr. Jain along with then Chairman late Shri. BML Jain and distinguished captains of Industry & academia conceptualised IBA as an Institute with a clear vision: ‘To be a globally respected Business School nurturing innovative entrepreneurs & business leaders who would produce wealth for the nation’. After the gradual nurturing of more than two decades, IBA Bangalore has established a tradition for excellence & quality in Professional education, Teaching, Research, Corporate Networking & in Placements. IBA is also a proud Business School whose 150 plus alums have become successful entrepreneurs in short period of 20+ years. Education at IBA not only focusses on delivering Management programme having relevant & contemporary cases but also offers skill building programmes, which helps students in devising their career for long run and to develop students as holistic management professionals. IBA fosters a powerful alumni network of over 5000 graduates, alumni community spans the globe. They stay connected, actively contributing to the institute’s vibrant industry connect program. What his colleagues say about him: “Witnessing Dr. Manish Jain’s leadership journey over two decades at IBA has been truly inspiring,” says Dr. Subhash Sharma, Chief Mentor of IBA. “He embodies the spirit of a truly effective leader: open to learning, relentlessly positive, and a champion of diverse perspectives. Dr. Jain actively seeks out opposing viewpoints, masterfully integrating them into actionable strategies. This collaborative approach is the cornerstone of his remarkable leadership style.” Mr. Kishore Asthana, Chairman, The Dhruv Foundation & President, Mensa Project Dhruv says I rate MJ very high in enterprise and vision. Wish there were more like him in India. Dr Jain has diversified experience, advises many SSI & MSMEs and has developed entrepreneurial acumen. He has been awarded at several platforms like; • ‘Distinguished Service Award’ at IIM Ahmedabad at AIMS International Conference for his contribution in developing Management Education in India. • Recognized as one among the 100 visionaries of India by NexBrands & ET Now. He was invited by ET Now to its Talk Show ‘Brand India Vision 2020’ • He was chosen as an Education evangelist by Forbes India for the year 2019. • He has been awarded with Ambassador of Green Planet Awards 2022 in the EY4EV India Summit 2023 in support of mission life which is introduced by our Honorable PM Mr. Narendra Modi at the COP 26 in Glasgow in Nov 2021. Dr. Jain believes in hand on approach to problem solving and nurturing young talents to build leadership qualities in them. He loves to take risk and goes on clubbing, long drives and rides. ❚ A visionary leader with an unwavering dedication to ignite Success by fostering a culture of Inspiration, Breakthrough thinking, and goal Achievement.
92 | B W BUSINESSWORLD | 01 June 2024 mall opportunities are often the Sbeginning of great enterprises.� Every single drop in the ocean counts. When talking about a progress of a developed or developing countries worldwide, we can't undermine the signi�cant role of SMEs. Undoubtedly, small and medium sized enterprises have made an indelible landmark on the economic landscape due to their premeditated importance in reengineering the industrial sector. Owing to their signi�cant inputs and involvement, SMEs assumes a pivotal responsibility in socio-economic development of India. These industries account for 95 per cent industrial units, contributing up to 40 per cent of GDP and 45 per cent of total exports. They are the second largest employers of human resources after agriculture. The scope of this sector is vast as individuals with entrepreneurial spirit but limited resources always have before them the option of initiating a business plan at the grass root level. Small �rms are reactive comfortably and more quickly to the changes in the environment. They enthuse innovation and bring into lime light new products, new methods and new ideas. S m a l l B u si n e ss is t h e s e e d b e d o f entrepreneurship. It provides an easy path for the novel entrepreneurs who wish to try their skills and wisdom to start a new venture. They have their own advantages over larger businesses. They are substantial generators of employment, and can act as shock absorbers during a catastrophic situation, responding veritably to topsy-turvy in the market. With not a complicated hierarchy, decision making is ea s y and simpler and so the ma r ket expectations can be ful�lled. They cater to provide services and a wide range of products at a�ordable prices to the consumers. This contribution is despite the sector being exposed to intensi�ed competition since liberalization of Indian economy in 1991. Small industry in India has beenincreasingly competitive en(1) liberalization of the inves1990s, favoring foreign dire(2) the formation of Organization (WTO) in member-countries (incdrastically scale down ququantitative restrictions on(3) domestic economic refoimpact of all these deremarkable transformatioenvironment in which smaimplying that the sector h'compete or perish'. With the advent of plannedand the subs equent Government of India, both pmakers earmarked a speciaIndian economy. Due proteto both sectors, and particuindustries from 1951 to 1adopted a policy of liglobalization. The deveindustries is instrumentdirection of industrializatiofact that these industries aand utilize less capital trigemployment and supply orural areas. They contribututilization of local resourcmay otherwise remain unhave tarnished eventuallyexposure. It is a means of prby means of encouraging the handicrafts and �ne improving standards of liviper capita income, these uequitable distribution of people. The sector helps thethe generic living conditioovercoming the stigmSME Carving Out a New Econ“ Bridging The Gap: The Philanthropy of Dr Aneel Kashi Murarka In the dynamic realm of business, certain individuals transcend the traditional boundaries of leadership, innovation, and resilience, leaving an indelible mark on their industries and inspiring others along the way. These personalities not only achieve remarkable success but also embody a spirit of giving, and compassion that resonates far beyond boardrooms and balance sheets. At the core of Dr Aneel Kashi Murarka’s philanthropy is a profound commitment to tangible change. Seamlessly blending business acumen with a passion for giving, his leadership at Mirachem Industriies has elevated both the company and his efforts to uplift the underprivileged through diverse social initiatives Through his social organizations, Ample Missiion and Samarpn – C B Murarka Charitable Trust, he has spearheaded a range of initiatives aimed at uplifting marginalized communities, empowering women, fostering education, enhancing healthcare, promoting employment creation, producing short films and advancing sanitation. They built many public infrastructure projects like crematoriums, AC bus stands, temples, libraries, multipurpose auditoriums, lady police quarters, lawyer’s chambers, and public toilets. Yet, his philanthropic ethos extends beyond mere financial contributions In an era where accountability and transparency are paramount, Dr Murarka exemplifies modern philanthropist. With a meticulous focus on producing meaningful results, he has overseen the implementation of over 135 different social projects and continues to do so, each designed to meet the diverse needs of India’s population. His initiatives, ranging from supporting transgender communities to assisting acid attack survivors and empowering tribal groups, are imbued with a profound sense of empathy and purpose As a champion of the common man, Dr Murarka remains steadfast in his commitment to alleviating the plight of the underprivileged. Recognizing that access to essentials such as education, employment, healthcare, and food security remains a challenge for many, he is resolute in his efforts to bridge these gaps and promote inclusive growth Dr Murarka’s philanthropy is not merely a solitary endeavor but a continuation of a rich familial legacy rooted in selflessness and compassion. Inspired by the altruism of his grandfather, late Chiranjilal Murarka, and now his philanthropic father, Kashi Murarka who continues till this day, Dr Murarka embodies a generational commitment to social responsibility. Now, with his son, Sidhaant Murarka, following in his footsteps, the Murarka family’s philanthropic endeavors are poised to transcend temporal boundaries, leaving an indelible mark on future generations In a world marked by inequality and differences, Dr Murarka shines as a guiding light of hope, seamlessly bridging business and philanthropy with grace and resolve. Through his unwavering dedication, he demonstrates that genuine wealth isn’t merely about money, but the positive impact we have on others’ lives What sets inspirational personalities like Dr Aneel Murarka apart is not just their professional success, but also their ability to lead with integrity, empathy, and a relentless pursuit of excellence. In a world of uncertainty, their stories provide solace and motivation, showing us that even in adversity, having a vision, determination, and a commitment to making a difference can lead to remarkable change. ❚ r as key w shout g to the mpaign, way to cilitate gment rotect n-Class s never India's play a ext big e more on for art out ges to future dered a arts as cale of e and r these unities ight in pment be an st and INSPIRATIONAL PERSONALITIES
01 June 2024 | B W BUSINESSWORLD | 93 confronted with an nvironment due to: stment regime in the ect investment (FDI). the World Trade 1995, forcing its cluding India) to antitative and non imports. orms. The cumulative evelopments is a n of the economic all industry operates, has no option but to economy from 1951 pol i c i e s by the planners and the law al role for SMEs in the ection was accorded ularly for small-scale 1991, till the nation iberalization and elopment of small tal in veering the on to rural areas. The are labour-intensive ggers the countries of manpower in the te towards a better ces and skills which nde�led and might y because of lack of reserving our culture people engaged in earts. Apart from ng by increasing the nits hereby, assist in income among the e country to alleviate ons of the people by a of poverty and nomy unemployment. One of the chief thrusts of SMEs is to regulate and provide a platform to the vulnerable groups of the society as the main drivers and empower the women and the youth to start their enterprises. Small enterprise promotion has continued to remain an important and integral part of Indian development strategy well before the First FiveYear Plan. However, the sec tors faces unforeseen challenges. Some of the most persisting constraints facing the sector, dominated by smaller units in the informal sector, include poor or non-availability of loan �nance, low levels of technology, inadequate physical and economic infrastructure and resources to invest in quality search and adopt new technology, and a policy of product reservation for small scale industries. Poor monitoring of implementation and e�ect of various small �rm policies has been an issue of concern. The larger enterprises o�er a sti� competition to the small scale units in the sale o f o u t p u t. Ap a r t fr o m t h e s e m a j o r impediments, the sector faces a number of other problems like ine�cient management, non-availability of cheap power, burden of local taxes, shortage of working capital and lack of demand for the products. The list is endless. SMEs have emerged as a vibrant tier of the economy as they have already taken over as key contributors to country's GDP. The new shout out is the Make in India Campaign. Owing to the launch of �agship Make In India Campaign, Prime Minister Narender Modi has given way to a new national program designed to facilitate investment, cultivate innovation , augment pro�ciency in skill development, protect intellectual property and build Best-in-Class manufacturing infrastructure, there has never been a better time to make in India. India's small and medium-sized industries can play a big role in making the country take the next big leap in manufacturing. India should be more focused towards novelty and innovation for these sectors. The government has to chart out plans to give special sops and privileges to these sectors. As clearly seen, the hindsight and the future vision of SME's cannot be simply considered a smaller version of their larger counterparts as they have di�erent managerial styles, scale of operations, levels of independence and decision making characteristics. However these di�erences do not eliminate the opportunities of SME's to internationalize and gain �ight in the global market. SME sector development will continue to spread its wings and be an integral part of the development thrust and promote the entrepreneurial culture. INSPIRATIONAL PERSONALITIES Empowering Minds, Illuminating Futures: A Journey with Dr. Grace Pinto Development In the dynamic landscape of Mumbai in 1976, a transformative narrative unfolded with the inception of India’s premier K-12 chain of schools. Over 47 years, the Ryan Group of Institutions, founded by Dr. Augustine F Pinto, evolved into a network of 150 institutions spanning 40 cities and 18 states. Driven by a commitment to quality education, excellence, and forward-thinking methodologies, the institution became a beacon of educational leadership under the visionary guidance of Managing Director Madam Grace Pinto. Madam Grace Pinto’s journey, marked by resilience, enterprise, and a passion for societal change, has been integral to the institution’s trajectory. Facing initial setbacks with unwavering determination, courage, and a risk-taking spirit, her leadership style underscores the profound impact effective leaders can have on educational outcomes. The Ryan Group’s vision, aligned with Madam Grace Pinto’s ethos, aspires to be a global educational institution fostering holistic development As an “Edupreneur” and strategic visionary, Madam Grace Pinto oversees the education of nearly a quarter of a million students. Dr. Grace Pinto’s exceptional contributions have earned her prestigious accolades, including the “Women Leadership Award in Education 2023” by Economic Times, the “Lifetime Achievement Award 2022” by H. E. Mr. Prithvirajsing Roopun, GCSK, President of the Republic of Mauritius, and the “Her Power Award 2022” by Brand Story. Despite the recognition, she remains grounded, attributing her success to a higher power. Inspired by Mother Teresa, Dr. Grace Pinto extends her influence beyond education, actively engaging in social causes. Her journey symbolizes unwavering dedication, visionary leadership, and profound impact. Her commitment to transforming education and empowering youth has left an enduring legacy. As she continues to shape the educational landscape, Dr. Grace Pinto stands as a trailblazer, illuminating the path toward a brighter and more promising future. Why Ryan? The Ryan Group of Institutions Enduring Legacy of Excellence • Modern infrastructure, technology-enabled learning, state-of art extracurricular facilities • Focus on academics, leading to superlative examination results and many students joining top 100 global universities • Development of values, so students become responsible and empathetic global citizens • Excellent brand reputation, with over 1000 global awards won • A Ryan student is guaranteed admission at a Ryan school in 40+ cities around India, through inter Ryan transfer facility Ryan believes in fostering life skills and lifelong learners; therefore, they have roped in mental health experts and nutritionists to guide and mentor parents, students and teachers through this entire process. ❚ • ET NOW’s – Best Education Brand 2024 • Education Excellence Awards 2024 – Elets WES – Dubai • Most Respected Education Brand Award 2023; by the prestigious Mid-day Newspaper • Most Influential School for Holistic Development 2023' by AsiaOne Magazine and URS Media International • Navabharat CSR Awards for Child Education and Upliftment 2023 • Best Education Brand in 2023 by The Economic Times • Times Education Icon Awards 2023 • Times Survey Ranking 2023 • Mid-Day School Ranking Survey Mumbai-2023 • Best School Chain of the Year Award 2023 by ZEE Media among others. RECENT AWARDS AND RECOGNITIONS
94 | B W BUSINESSWORLD | 01 June 2024 mall opportunities are often the Sbeginning of great enterprises.� Every single drop in the ocean counts. When talking about a progress of a developed or developing countries worldwide, we can't undermine the signi�cant role of SMEs. Undoubtedly, small and medium sized enterprises have made an indelible landmark on the economic landscape due to their premeditated importance in reengineering the industrial sector. Owing to their signi�cant inputs and involvement, SMEs assumes a pivotal responsibility in socio-economic development of India. These industries account for 95 per cent industrial units, contributing up to 40 per cent of GDP and 45 per cent of total exports. They are the second largest employers of human resources after agriculture. The scope of this sector is vast as individuals with entrepreneurial spirit but limited resources always have before them the option of initiating a business plan at the grass root level. Small �rms are reactive comfortably and more quickly to the changes in the environment. They enthuse innovation and bring into lime light new products, new methods and new ideas. S m a l l B u si n e ss is t h e s e e d b e d o f entrepreneurship. It provides an easy path for the novel entrepreneurs who wish to try their skills and wisdom to start a new venture. They have their own advantages over larger businesses. They are substantial generators of employment, and can act as shock absorbers during a catastrophic situation, responding veritably to topsy-turvy in the market. With not a complicated hierarchy, decision making is ea s y and simpler and so the ma r ket expectations can be ful�lled. They cater to provide services and a wide range of products at a�ordable prices to the consumers. This contribution is despite the sector being exposed to intensi�ed competition since liberalization of Indian economy in 1991. Small industry in India has been increasingly competitive en(1) liberalization of the inves1990s, favoring foreign dire(2) the formation of Organization (WTO) in member-countries (incdrastically scale down ququantitative restrictions on (3) domestic economic refoimpact of all these deremarkable transformatioenvironment in which smaimplying that the sector h'compete or perish'. With the advent of plannedand the subs equent Government of India, both pmakers earmarked a speciaIndian economy. Due proteto both sectors, and particuindustries from 1951 to 1adopted a policy of liglobalization. The deveindustries is instrumentdirection of industrializatiofact that these industries aand utilize less capital trigemployment and supply orural areas. They contribututilization of local resourcmay otherwise remain unhave tarnished eventuallyexposure. It is a means of prby means of encouraging the handicrafts and �ne improving standards of liviper capita income, these uequitable distribution of people. The sector helps thethe generic living conditioovercoming the stigmSME Carving Out a New Econ“ A Customer-Centric Vision: A Rare Phenomenon In the ever-evolving landscape of digital technology, ArMee Infotech Pvt. Ltd has created an unique model of innovation and coupled with an eye on customer value. CEO Ridhish Patel’s leadership has been instrumental in steering the company towards success, blending cutting-edge solutions with a strong ethical foundation and an unwavering commitment to customer satisfaction. Patel emphasizes, “Our team’s expertise and vision are the driving forces behind our continuous innovation and expansion.” This philosophy underscores ArMee’s vibrant organizational culture, where prudent decision-making guided by core values and a strategic emphasis on employee growth have propelled the company to achieve remarkable milestones, including an impressive 100% year-on-year growth rate. Across diverse sectors, ArMee has established itself as a leader with strategic foresight and industry expertise. Their digital infrastructure solutions have empowered clients, enhancing productivity and efficiency across government bodies, public sector undertakings (PSUs), and the banking, financial services, and insurance (BFSI) sector. Patel explains, “Our extensive reach enables us to offer tailored IT r as key w shout g to the mpaign, way to cilitate gment rotect n-Class s never India's play a ext big e more on for art out ges to future dered a arts as cale of e and r these unities ight in pment be an st and INSPIRATIONAL PERSONALITIES
01 June 2024 | B W BUSINESSWORLD | 95 confronted with an nvironment due to: stment regime in the ect investment (FDI). the World Trade 1995, forcing its cluding India) to antitative and non imports. orms. The cumulative evelopments is a n of the economic all industry operates, has no option but to economy from 1951 pol i c i e s by the planners and the law al role for SMEs in the ection was accorded ularly for small-scale 1991, till the nation iberalization and elopment of small tal in veering the on to rural areas. The are labour-intensive ggers the countries of manpower in the te towards a better ces and skills which nde�led and might y because of lack of reserving our culture people engaged in earts. Apart from ng by increasing the nits hereby, assist in income among the e country to alleviate ons of the people by a of poverty and nomy unemployment. One of the chief thrusts of SMEs is to regulate and provide a platform to the vulnerable groups of the society as the main drivers and empower the women and the youth to start their enterprises. Small enterprise promotion has continued to remain an important and integral part of Indian development strategy well before the First FiveYear Plan. However, the sec tors faces unforeseen challenges. Some of the most persisting constraints facing the sector, dominated by smaller units in the informal sector, include poor or non-availability of loan �nance, low levels of technology, inadequate physical and economic infrastructure and resources to invest in quality search and adopt new technology, and a policy of product reservation for small scale industries. Poor monitoring of implementation and e�ect of various small �rm policies has been an issue of concern. The larger enterprises o�er a sti� competition to the small scale units in the sale o f o u t p u t. Ap a r t fr o m t h e s e m a j o r impediments, the sector faces a number of other problems like ine�cient management, non-availability of cheap power, burden of local taxes, shortage of working capital and lack of demand for the products. The list is endless. SMEs have emerged as a vibrant tier of the economy as they have already taken over as key contributors to country's GDP. The new shout out is the Make in India Campaign. Owing to the launch of �agship Make In India Campaign, Prime Minister Narender Modi has given way to a new national program designed to facilitate investment, cultivate innovation , augment pro�ciency in skill development, protect intellectual property and build Best-in-Class manufacturing infrastructure, there has never been a better time to make in India. India's small and medium-sized industries can play a big role in making the country take the next big leap in manufacturing. India should be more focused towards novelty and innovation for these sectors. The government has to chart out plans to give special sops and privileges to these sectors. As clearly seen, the hindsight and the future vision of SME's cannot be simply considered a smaller version of their larger counterparts as they have di�erent managerial styles, scale of operations, levels of independence and decision making characteristics. However these di�erences do not eliminate the opportunities of SME's to internationalize and gain �ight in the global market. SME sector development will continue to spread its wings and be an integral part of the development thrust and promote the entrepreneurial culture. INSPIRATIONAL PERSONALITIES solutions that meet the distinct needs of clients across industries.” ArMee’s commitment extends beyond business to investing in the future through capacity building and with a keen focus on the larger canvas. Patel highlights, “Our investments in capacity building highlights our commitment to empowering individuals. And our social responsibility initiatives help drive societal progress alongside business growth.” This dedication not only enhances workforce readiness but also strengthens community engagement, reflecting ArMee’s holistic approach to corporate citizenship. At the core of ArMee’s strategy is a customer-centric focus that drives innovation and success. By developing solutions that anticipate future needs while addressing immediate challenges, ArMee ensures sustained success for its partners. This customercentric ethos has earned ArMee trust and loyalty, making them a preferred technology partner across industries. Adaptability is another key pillar of ArMee’s strategy, as highlighted by Patel, “Our proactive strategy ensures we stay ahead of the curve, ready to leverage not just today’s demands but also tomorrow’s opportunities.” This agility and readiness to embrace change have been instrumental in navigating evolving market dynamics and positioning ArMee as a leader in the digital technology space. Looking ahead, ArMee Infotech continues to shape a sustainable digital future. Their strategic foresight, unwavering integrity, and relentless pursuit of excellence position them as leaders not only in technology but also in driving positive change. Every move made by ArMee is geared towards pioneering advancements that empower businesses and communities to thrive in the digital age. ❚
96 | B W BUSINESSWORLD | 01 June 2024 mall opportunities are often the Sbeginning of great enterprises.� Every single drop in the ocean counts. When talking about a progress of a developed or developing countries worldwide, we can't undermine the signi�cant role of SMEs. Undoubtedly, small and medium sized enterprises have made an indelible landmark on the economic landscape due to their premeditated importance in reengineering the industrial sector. Owing to their signi�cant inputs and involvement, SMEs assumes a pivotal responsibility in socio-economic development of India. These industries account for 95 per cent industrial units, contributing up to 40 per cent of GDP and 45 per cent of total exports. They are the second largest employers of human resources after agriculture. The scope of this sector is vast as individuals with entrepreneurial spirit but limited resources always have before them the option of initiating a business plan at the grass root level. Small �rms are reactive comfortably and more quickly to the changes in the environment. They enthuse innovation and bring into lime light new products, new methods and new ideas. S m a l l B u si n e ss is t h e s e e d b e d o f entrepreneurship. It provides an easy path for the novel entrepreneurs who wish to try their skills and wisdom to start a new venture. They have their own advantages over larger businesses. They are substantial generators of employment, and can act as shock absorbers during a catastrophic situation, responding veritably to topsy-turvy in the market. With not a complicated hierarchy, decision making is ea s y and simpler and so the ma r ket expectations can be ful�lled. They cater to provide services and a wide range of products at a�ordable prices to the consumers. This contribution is despite the sector being exposed to intensi�ed competition since liberalization of Indian economy in 1991. Small industry in India has beenincreasingly competitive en(1) liberalization of the inve1990s, favoring foreign dire(2) the formation of Organization (WTO) in member-countries (incdrastically scale down ququantitative restrictions on(3) domestic economic refoimpact of all these deremarkable transformatioenvironment in which smaimplying that the sector h'compete or perish'. With the advent of plannedand the subs equent Government of India, both makers earmarked a speciaIndian economy. Due proteto both sectors, and particindustries from 1951 to 1adopted a policy of liglobalization. The deveindustries is instrumentdirection of industrializatiofact that these industries and utilize less capital trigemployment and supply orural areas. They contribuutilization of local resourcmay otherwise remain unhave tarnished eventuallyexposure. It is a means of prby means of encouraging the handicrafts and �ne improving standards of liviper capita income, these uequitable distribution of people. The sector helps thethe generic living conditioovercoming the stigmSME Carving Out a New Econ“ r as key w shout g to the mpaign, way to cilitate gment rotect n-Class s never India's play a ext big e more on for art out ges to future dered a arts as cale of e and r these unities ight in pment be an st and INSPIRATIONAL PERSONALITIES From Crisis Catalyst to Rural Champion: Padmaja Reddy’s Inspiring Journey in Microfinance Padmaja Reddy isn’t your average entrepreneur. Her story isn’t one of a meteoric rise, but rather a testament to resilience, strategic brilliance, and an unwavering commitment to financial inclusion. Reddy’s journey began not in the boardrooms of a corporation, but in the trenches of a non-profit. This early exposure to the struggles of underserved communities sparked a passion within her – a passion to empower people through access to financial services. This passion led her to found Spandana Sphoorty Financial Limited, a microfinance institution (MFI) that aimed to bridge the credit gap for rural and underbanked populations. Reddy’s path wasn’t without its challenges. The 2010 microfinance crisis threatened to engulf the company. Yet, Reddy, with her “out of the box thinking” and unwavering determination, steered Spandana through the crisis. She masterminded a remarkable turnaround, reviving the company and guiding it to an IPO within a mere two years. This act of financial alchemy solidified her reputation as a thought leader in the microfinance industry. However, Reddy’s vision extended beyond mere financial success. For her, it was always about the people Spandana served first followed by organizational goals and personal aspirations—a rare trait in today’s corporate world. Her customer-centric approach, prioritizing clients over profits, became a cornerstone of the organization’s success. Her out-ofthe-box thinking and willingness to challenge conventional norms have earned her the reputation of a thought leader in the finance industry. Now, armed with over 24 years of experience, Padmaja Reddy embarks on a new chapter with Keertana, a next-generation financial institution. Keertana builds upon Reddy’s legacy, leveraging technology to provide hassle-free, affordable credit to rural and small businesses – a segment often overlooked by traditional financial institutions. Her decision to focus on the evolving enterprise business segment reflects her deep understanding of market dynamics and her commitment to addressing unmet credit demands. By acquiring established entities like Rajshree Tracom Private Limited and integrating portfolios from Spandana’s trust and development organizations, Keertana has swiftly positioned itself as a game-changer in the industry. Padmaja Reddy’s story is more than just an inspiring climb to the top. It’s a testament to the power of empathy, strategic foresight, and a relentless pursuit of financial inclusion for all. As she continues to break new ground with Keertana, one thing remains certain – Padmaja Reddy is a force to be reckoned with in the world of financial empowerment. ❚
confronted with an nvironment due to: stment regime in the ect investment (FDI). the World Trade 1995, forcing its cluding India) to antitative and non imports. orms. The cumulative evelopments is a n of the economic all industry operates, has no option but to economy from 1951 pol i c i e s by the planners and the law al role for SMEs in the ection was accorded ularly for small-scale 1991, till the nation iberalization and elopment of small tal in veering the on to rural areas. The are labour-intensive ggers the countries of manpower in the te towards a better ces and skills which nde�led and might y because of lack of reserving our culture people engaged in earts. Apart from ng by increasing the nits hereby, assist in income among the e country to alleviate ons of the people by a of poverty and nomy unemployment. One of the chief thrusts of SMEs is to regulate and provide a platform to the vulnerable groups of the society as the main drivers and empower the women and the youth to start their enterprises. Small enterprise promotion has continued to remain an important and integral part of Indian development strategy well before the First FiveYear Plan. However, the sec tors faces unforeseen challenges. Some of the most persisting constraints facing the sector, dominated by smaller units in the informal sector, include poor or non-availability of loan �nance, low levels of technology, inadequate physical and economic infrastructure and resources to invest in quality search and adopt new technology, and a policy of product reservation for small scale industries. Poor monitoring of implementation and e�ect of various small �rm policies has been an issue of concern. The larger enterprises o�er a sti� competition to the small scale units in the sale o f o u t p u t. Ap a r t fr o m t h e s e m a j o r impediments, the sector faces a number of other problems like ine�cient management, non-availability of cheap power, burden of local taxes, shortage of working capital and lack of demand for the products. The list is endless. SMEs have emerged as a vibrant tier of the economy as they have already taken over as key contributors to country's GDP. The new shout out is the Make in India Campaign. Owing to the launch of �agship Make In India Campaign, Prime Minister Narender Modi has given way to a new national program designed to facilitate investment, cultivate innovation , augment pro�ciency in skill development, protect intellectual property and build Best-in-Class manufacturing infrastructure, there has never been a better time to make in India. India's small and medium-sized industries can play a big role in making the country take the next big leap in manufacturing. India should be more focused towards novelty and innovation for these sectors. The government has to chart out plans to give special sops and privileges to these sectors. As clearly seen, the hindsight and the future vision of SME's cannot be simply considered a smaller version of their larger counterparts as they have di�erent managerial styles, scale of operations, levels of independence and decision making characteristics. However these di�erences do not eliminate the opportunities of SME's to internationalize and gain �ight in the global market. SME sector development will continue to spread its wings and be an integral part of the development thrust and promote the entrepreneurial culture. INSPIRATIONAL PERSONALITIES The Ayurvedic Surge: India’s Path to Global Health Dominance Ayurveda, India’s ancient medical system, is undergoing an amelioration that promises to revolutionize healthcare, stimulate economic growth, and empower women. Central to this revival is Dr. Monica B. Sood, a global health icon and CEO of the Navjivan Group. Her unique interdisciplinary expertise, spanning Mental Health, Ayurvedic medicine, international business, and law, places her at the forefront of this transformation. This article explores Ayurveda’s resurgence, highlighting the standardization of medicines, the eradication of malpractices, and the impact of Prime Minister Narendra Modi’s substantial financial support. Enhancing the quality of ayurvedic medicines The revitalization of Ayurveda hinges on the standardization of its medicines. Standardization guarantees that Ayurvedic treatments are consistent in quality, efficacy, and safety bolstering public trust. Dr. Monica B. Sood champions rigorous quality control measures and standardized production practices for Ayurvedic medicines. By instituting stringent standards, we can eliminate the malpractices that have occasionally tainted Ayurveda’s reputation. Moreover, standardization enhances the global appeal of Ayurvedic products, opening doors for international collaborations and exports. As demonstrated by Dr. Monica’s grandfather, Dr. Amarnath Sood, who initiated exports during British rule in 1923 . Eradicating malpractices in ayurveda Despite its rich legacy, Ayurveda has not been immune to malpractices. Issues like adulteration and false claims have marred its image. Leaders like Dr. Monica B. Sood advocate for stringent regulations and enforcement to combat these malpractices. A robust regulatory framework is essential to protect consumers and maintain the integrity of Ayurvedic medicine. Ayurveda’s efficacy in treating chronic diseases Ayurveda’s holistic approach to health is particularly effective in managing chronic diseases. Dr. Monica’s work in thoracic oncology and cancer metastasis highlights the potential of integrative approaches that combine Ayurveda with modern medicine. This synergy can lead to more effective and comprehensive healthcare solutions. Empowering women through ayurveda Ayurveda is also a platform for women entrepreneurs to flourish. By encouraging female-led ventures in Ayurvedic products and services, India is creating opportunities for women to contribute to the economy and achieve financial independence. Dr. Monica B. Sood’s leadership at Navjivan exemplifies how women can drive innovation and excellence in Ayurveda. PRIME MINISTER MODI’S VISION FOR AYURVEDA Prime Minister Narendra Modi’s administration has significantly bolstered the Ayurveda sector through substantial financial support. The interim Budget, which allocated to AYUSH, underscores the government’s commitment to leveraging traditional medicine. The imperative for research and development Continued research and development are essential to sustain and enhance Ayurveda’s growth. Dr. Monica B. Sood underscores the importance of interdisciplinary research that integrates Ayurveda with modern medical sciences. The renaissance of Ayurveda is a potent force for transformation in India and beyond. Through standardization, regulatory measures, and strategic investments, Ayurveda is poised to become a global powerhouse in holistic wellness. The visionary leadership of Dr. Monica B. Sood and the substantial support from Prime Minister Modi are critical in this journey. As we embrace Ayurveda’s potential to revolutionize healthcare, empower women, and drive economic growth, India stands ready to become a beacon of wellness and prosperity on the global stage. ❚ 01 June 2024 | B W BUSINESSWORLD | 97
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