09 March 2024 | B W BUSINESSWORLD | 91 250 Cyient 6,548 6,097 681 514 3,408 934 17.00 13.00 11,005 251 Laurus Labs 7,660 6,042 1,109 793 3,941 1,972 23.10 21.40 15,780 252 TV18 Broadcast 13,772 6,038 127 128 4,336 4,132 2.99 2.50 4,929 253 DLF 53,928 6,012 1,502 2,034 37,192 3,103 10.62 5.40 88,294 254 Suzlon Energy 5,523 5,990 2,892 2,887 (1,355) 1,905 20.27 262.69 7,958 255 The Indian Hotels Company 13,669 5,949 1,295 1,053 7,840 818 12.96 12.92 46,071 256 Jaiprakash Power Ventures 17,307 5,922 225 55 (213) 4,754 5.37 0.83 3,804 257 Shipping Corporation of India 11,443 5,907 803 870 6,437 2,583 10.41 13.52 4,360 258 Oracle Financial Services Software 9,276 5,890 2,570 1,806 7,459 0 33.00 25.00 28,197 259 Godawari Power & Ispat 5,159 5,857 1,083 793 3,841 317 26.43 20.31 4,918 260 Gujarat Fluorochemicals 8,371 5,857 1,785 1,323 5,510 1,478 34.07 27.14 33,177 261 Phillips Carbon Black 5,433 5,815 582 442 2,802 943 16.27 15.57 4,382 262 Maharashtra Seamless 5,859 5,805 924 768 4,721 244 19.03 15.98 4,791 263 Jain Irrigation Systems 11,003 5,762 (89) 832 5,056 3,883 7.67 15.97 2,071 264 Sundram Fasteners 4,624 5,708 5,047 500 2,995 706 20.89 16.40 20,551 265 Alembic Pharmaceuticals 6,183 5,655 355 342 4,331 636 12.32 7.82 9,756 266 The India Cements 11,467 5,648 (378) (127) 5,517 2,940 (0.26) (0.22) 5,735 267 Sagar Diamonds 13,839 5,598 26 20 97 1 27.90 20.10 68 268 Atul 5,768 5,542 688 507 4,642 47 19.20 12.40 20,539 269 Bajaj Electricals 4,677 5,505 303 216 1,884 0 19.20 12.44 12,105 270 Abbott India 4,556 5,503 1,274 949 3,167 0 39.06 31.60 46,887 271 KRBL 5,591 5,456 941 701 4,669 201 18.87 16.00 8,140 272 Shirpur Gold Refinery 571 5,362 (33) (33) (166) 546 (19.21) 0.00 14 273 Supreme Petrochem 2,731 5,346 667 498 1,806 0 39.10 29.66 6,963 274 Jindal Poly Films 9,601 5,344 455 319 4,164 4,083 9.97 7.70 2,193 275 Colgate-Palmolive (India) 2,883 5,280 1,410 1,047 1,689 0 84.00 131.45 40,998 276 Tamil Nadu Newsprint & Papers 6,123 5,225 603 388 1,875 1,861 20.48 21.96 1,511 277 JSW Ispat Special Products 5,740 5,214 (398) (398) (3) 3,160 (3.47) (85.28) 1,460 INDIA’S BIGGEST NON-FINANCIAL COMPANIES Source: Annual Reports, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Rank Company Name Rs crore Percentage (%) Rs crore Total Assets Total Income Profit Before Tax (PBT) Profit After Tax (PAT) Reserves and Surplus Total Debt Return on Capital Employed (ROCE) Return on Net Worth (RONW) Avg MCAP
THE BW REAL 500 RANKINGS 92 | B W BUSINESSWORLD | 09 March 2024 278 Jubilant Foodworks 5,382 5,209 489 353 1,906 183 16.44 17.33 29,040 279 Blue Dart Express 3,223 5,204 508 371 1,156 250 27.29 31.41 14,742 280 Bayer CropScience 4,679 5,204 990 758 758 0 32.60 25.00 18,192 281 Astral 4,373 5,185 615 474 2,681 77 21.66 16.84 35,913 282 Avanti Feeds 2,735 5,179 440 312 2,363 0 17.25 13.78 4,625 283 Mahindra Logistics 2,553 5,144 35 27 488 401 8.95 4.75 2,550 284 AIA Engineering 6,631 5,143 1,362 1,057 5,672 496 21.34 19.25 27,382 285 ITD Cementation India 5,017 5,120 184 125 1,220 725 19.30 10.50 1,793 286 Thomas Cook (India) 5,684 5,111 27 10 1,666 391 15.80 2.74 2,641 287 Force Motors 4,013 5,091 272 134 1,862 955 6.03 7.12 1,520 288 Kirloskar Oil Engines 6,725 5,052 449 332 2,275 3,230 15.92 12.10 5,732 289 Hinduja Global Solutions 11,364 5,007 186 334 8,494 321 3.59 3.95 5,408 290 West Coast Paper Mills 4,183 4,998 1,478 1,087 2,568 202 59.91 31.91 3,505 291 Gujarat Ambuja Exports 2,952 4,983 441 330 2,411 221 18.09 13.56 5,329 292 Zensar Technologies 4,121 4,951 444 328 2,931 0 24.70 11.00 6,211 293 Prime Focus 6,784 4,924 306 194 127 3,886 15.33 771.75 2,365 294 Lakshmi Machine Works 4,090 4,867 519 384 2,328 0 20.67 16.35 10,664 295 Religare Enterprises 8,094 4,863 3,259 3,169 1,734 399 10.92 118.00 4,692 296 Castrol India* 3,069 4,842 1,093 815 1,391 0 57.94 46.00 12,181 297 Equitas Small Finance Bank 34,958 4,831 769 574 4,047 2,974 - 12.55 12,214 298 Century Textiles & Industries 8,452 4,827 406 265 3,775 1,038 6.46 6.99 7,082 299 Birlasoft 3,187 4,818 442 332 2,393 0 17.98 13.54 7,178 300 Page Industries 2,693 4,803 758 571 1,360 248 50.00 46.00 42,277 301 HFCL 5,473 4,790 431 318 2,970 748 15.36 8.90 8,397 302 Carborundum Universal 3,924 4,731 580 442 2,802 230 22.60 16.00 18,719 303 Balrampur Chini Mills 5,429 4,729 408 284 2,875 1,879 12.55 9.97 7,994 304 Adani Total Gas 5,645 4,720 733 546 2,831 1,372 21.60 19.70 95,436 305 Max Healthcare Institute 10,102 4,702 1,064 1,104 6,439 565 12.67 14.89 42,825 306 Wheels India 3,010 4,672 69 54 753 764 11.89 9.39 1,080 INDIA’S BIGGEST NON-FINANCIAL COMPANIES Source: Annual Reports, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Rank Company Name Rs crore Percentage (%) Rs crore Total Assets Total Income Profit Before Tax (PBT) Profit After Tax (PAT) Reserves and Surplus Total Debt Return on Capital Employed (ROCE) Return on Net Worth (RONW) Avg MCAP
09 March 2024 | B W BUSINESSWORLD | 93 307 Zuari Agro Chemicals 5,052 4,647 683 554 1,539 2,014 12.21 30.14 510 308 H.G. Infra Engineering 4,927 4,640 665 493 1,857 1,907 23.56 25.66 5,101 309 Finolex Cables 4,980 4,599 649 504 4,340 0 17.40 13.50 12,428 310 Narayana Hrudayalaya 4,162 4,590 752 607 1,927 762 25.86 28.44 15,821 311 GHCL 5,133 4,585 1,463 1,142 3,860 348 42.00 0.29 4,813 312 Gujarat Alkalies & Chemicals 8,335 4,559 695 410 6,139 596 11.75 6.67 4,298 313 Granules India 4,905 4,526 687 517 2,811 1,059 24.04 18.22 7,036 314 Finolex Industries 6,285 4,518 321 251 4,779 526 15.70 5.10 10,585 315 Ratnamani Metals & Tubes 3,780 4,507 694 512 2,590 224 24.82 19.05 13,891 316 Hitachi Energy India 3,919 4,484 131 94 1,207 275 13.51 7.72 14,170 317 Arvind Fashions 3,672 4,474 128 88 857 598 20.85 9.67 3,714 318 Asian Star Company 2,507 4,468 105 83 1,418 628 5.94 6.01 1,104 319 Galaxy Surfactants 2,734 4,455 473 381 1,847 272 23.90 22.00 8,259 320 Godfrey Phillips India 4,968 4,428 873 690 3,543 36 24.21 20.65 9,462 321 Kajaria Ceramics 3,331 4,416 462 346 2,311 209 19.08 15.49 16,788 322 SKF India 3,178 4,357 733 525 2,292 0 31.30 24.80 21,040 323 Patel Engineering 8,750 4,322 233 183 2,898 1,752 13.79 6.35 1,157 324 Filatex India 2,113 4,322 122 90 1,055 302 11.76 8.23 1,420 325 Minda Corporation 3,224 4,316 299 285 1,543 553 17.34 17.93 5,144 326 Oberoi Realty 18,641 4,293 2,224 1,905 11,847 3,944 14.43 16.83 30,637 327 Time Technoplast 3,829 4,293 305 224 2,247 810 13.50 9.66 1,741 328 Venky's (India) 2,015 4,271 95 70 1,285 185 7.62 5.54 2,025 329 Sarda Energy & Minerals 5,481 4,261 807 604 3,475 1,407 19.68 20.58 3,762 330 J Kumar Infraproject 4,356 4,234 374 274 2,302 516 17.60 12.40 1,925 331 IFB Industries 2,107 4,218 32 15 626 204 6.37 3.20 2,988 332 Himadri Speciality Chemical 3,678 4,200 280 216 2,234 836 15.48 9.47 3,778 333 Sun TV Network 10,148 4,149 2,278 1,707 9,075 0 24.49 18.40 16,388 334 V-Guard Industries 2,907 4,142 256 189 1,564 420 13.00 11.76 10,805 335 RattanIndia Enterprises 2,188 4,138 (273) (286) 133 937 (15.57) (51.62) 4,859 INDIA’S BIGGEST NON-FINANCIAL COMPANIES Source: Annual Reports, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Rank Company Name Rs crore Percentage (%) Rs crore Total Assets Total Income Profit Before Tax (PBT) Profit After Tax (PAT) Reserves and Surplus Total Debt Return on Capital Employed (ROCE) Return on Net Worth (RONW) Avg MCAP
THE BW REAL 500 RANKINGS 94 | B W BUSINESSWORLD | 09 March 2024 336 Indo Rama Synthetics (India) 2,713 4,109 (25) (25) 312 866 2.91 (3.34) 1,026 337 KNR Constructions 4,342 4,099 681 439 2,723 646 18.20 18.20 7,135 338 Sharda Cropchem 4,351 4,085 431 342 2,142 3 19.64 17.00 4,418 339 Shoppers Stop 4,603 4,079 159 116 151 126 14.19 80.87 7,113 340 Gallantt Ispat 2,949 4,060 240 141 1,984 538 11.08 6.54 1,343 341 Steel Strips Wheels 2,781 4,053 291 194 1,119 638 27.63 19.57 2,316 342 Shankara Building Products 1,292 4,037 84 63 620 83 15.89 9.81 1,400 343 Asahi India Glass 4,580 4,035 563 362 2,050 1,353 19.61 19.22 10,991 344 3M India 2,714 4,027 607 451 1,666 0 35.44 26.88 25,869 345 Tinplate Company Of India 1,926 4,014 193 143 1,158 0 15.61 11.74 3,263 346 Procter & Gamble Hygiene and Health Care** 2,137 3,958 839 678 914 0 0.81 81.00 43,301 347 NAVA 11,160 3,928 1,264 1,222 5,996 3,067 14.82 19.11 3,164 348 BEML 5,010 3,923 278 158 2,380 371 10.04 6.64 5,236 349 Gujarat Mineral Development Corporation 6,921 3,895 1,658 1,216 5,735 0 30.26 23.00 4,026 350 JBM Auto 3,538 3,884 170 125 1,006 1,676 11.33 13.25 7,615 351 RSWM 2,890 3,880 152 123 1,270 1,151 11.04 9.32 708 352 Gland Pharma 8,778 3,865 1,055 781 7,942 4 11.00 11.00 20,887 353 Kesoram Industries 3,435 3,848 (385) (194) 163 1,936 9.85 (41.05) 1,820 354 Ajanta Pharma 4,679 3,841 745 588 3,363 1 21.39 17.68 15,488 355 PVR INOX 16,476 3,830 (209) (336) 7,232 1,793 11.00 (8.00) 15,026 356 Akzo Nobel India 2,741 3,830 456 335 1,271 0 31.82 26.00 10,477 357 Transport Corporation of India 2,101 3,813 367 321 1,686 63 23.65 20.47 4,862 358 Strides Pharma Science 6,638 3,779 (1) (231) 2,083 2,774 7.59 (9.15) 2,586 359 Kirloskar Brothers 3,016 3,757 318 236 1,388 253 17.52 14.00 3,258 360 Compuage Infocom 1,018 3,745 (119) (114) 157 476 (22.17) (65.85) 108 361 EPL 3,630 3,736 268 231 1,989 769 13.20 11.90 5,162 362 Century Plyboards (India) 2,716 3,694 512 392 1,892 313 23.26 21.19 10,358 INDIA’S BIGGEST NON-FINANCIAL COMPANIES Source: Annual Reports, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Rank Company Name Rs crore Percentage (%) Rs crore Total Assets Total Income Profit Before Tax (PBT) Profit After Tax (PAT) Reserves and Surplus Total Debt Return on Capital Employed (ROCE) Return on Net Worth (RONW) Avg MCAP
09 March 2024 | B W BUSINESSWORLD | 95 363 Mangalore Chemicals & Fertilizers 2,659 3,672 176 135 685 1,358 12.98 18.12 1,160 364 Indian Railway Catering and Tourism Corporation 5,089 3,662 1,354 1,006 2,318 0 0.54 0.46 45,840 365 Savita Oil Technologies 2,264 3,653 303 226 1,435 0 23.18 15.57 1,638 366 MMTC 3,678 3,621 1,766 1,562 1,262 196 (1.38) 110.74 4,185 367 Power Mech Projects 3,054 3,618 280 207 1,260 475 21.00 18.00 3,682 368 Honeywell Automation India 4,451 3,576 591 438 3,180 0 19.00 15.10 32,170 369 Embassy Office Parks REIT 46,412 3,564 662 506 (4,482) 14,800 6.18 5.10 29,590 370 Praj Industries 2,619 3,564 319 240 1,042 0 30.31 24.06 6,265 371 Brigade Enterprises 16,377 3,563 278 222 2,913 4,549 12.65 8.84 10,953 372 RattanIndia Power 17,372 3,559 (1,849) (1,870) (9,903) 10,985 10.26 6.11 1,584 373 Sumitomo Chemical India 3,369 3,556 654 502 1,883 0 30.42 23.31 21,269 374 CreditAccess Grameen 21,858 3,551 1,105 826 4,948 1,672 44.89 17.97 14,297 375 Rane Holdings 2,592 3,537 138 87 1,037 853 14.23 7.70 1,236 376 ZF Commercial Vehicle Control Systems India Ltd 3,022 3,511 427 318 2,400 0 17.80 13.18 19,743 377 HIL 2,364 3,504 117 97 1,236 407 9.00 8.00 1,810 378 Sunflag Iron & Steel Company 4,942 3,495 1,484 1,115 3,162 549 9.17 33.36 2,657 379 Engineers India 4,388 3,494 446 344 1,680 0 20.00 17.00 4,184 380 Bata India 3,272 3,490 430 323 1,374 0 21.95 22.45 18,230 381 Emami 3,110 3,475 670 627 2,303 74 28.68 27.77 15,817 382 Madras Fertilizers 1,857 3,461 249 185 (449) 1,494 20.45 (46.77) 926 383 Prakash Industries 4,251 3,455 190 190 2,775 597 8.58 6.45 912 384 ICICI Securities 15,569 3,425 1,501 1,118 2,691 9300 59.54 42.00 13,820 385 KPIT Technologies 3,401 3,405 497 387 1,393 49 23.59 23.06 25,361 386 Sobha 12,588 3,402 145 104 2,400 2,004 12.45 4.17 4,084 387 Tanla Platforms 2,413 3,381 567 448 1,504 0 38.74 31.18 7,032 388 Glaxosmithkline Pharmaceuticals 3,327 3,352 836 608 1,572 0 47.77 34.69 22,442 389 Dalmia Bharat Sugar & Industries 3,803 3,328 353 248 2,689 454 13.00 10.00 2,735 INDIA’S BIGGEST NON-FINANCIAL COMPANIES Source: Annual Reports, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Rank Company Name Rs crore Percentage (%) Rs crore Total Assets Total Income Profit Before Tax (PBT) Profit After Tax (PAT) Reserves and Surplus Total Debt Return on Capital Employed (ROCE) Return on Net Worth (RONW) Avg MCAP
THE BW REAL 500 RANKINGS 96 | B W BUSINESSWORLD | 09 March 2024 390 Graphite India 6,511 3,314 322 199 4,925 425 7.62 7.54 5,130 391 Usha Martin 3,087 3,296 455 351 2,000 355 19.93 21.30 6,537 392 SJVN 32,311 3,283 1,763 1,359 9,930 13,993 9.47 10.12 13,067 393 Tata Metaliks 2,506 3,273 101 81 1,547 0 7.60 5.00 2,368 394 Syngene International 5,831 3,264 594 464 3,217 575 13.75 12.83 23,865 395 Heritage Foods 1,125 3,253 82 58 679 134 10.60 7.98 1,338 396 GMM Pfaudler 3,355 3,229 275 214 795 797 22.04 28.78 6,591 397 Tata Elxsi 2,764 3,219 938 755 2,023 0 42.05 40.97 37,111 398 Ramkrishna Forgings 3,730 3,197 374 248 1,290 1,307 18.02 20.67 4,574 399 JB Chemicals & Pharmaceuticals 3,554 3,159 555 410 2,465 548 19.09 16.53 15,293 400 Thangamayil Jewellery 1,247 3,156 108 80 375 548 14.52 22.37 1,379 401 Gokul Refoils and Solvent 844 3,147 31 24 308 422 16.88 7.64 260 402 Nilkamal 2,075 3,142 177 134 1,300 189 13.41 10.65 2,620 403 Cosmo First 3,128 3,117 304 244 1,272 890 16.09 18.80 1,542 404 Elgi Equipments 2,502 3,108 510 371 1,339 509 34.90 34.44 13,885 405 Sutlej Textiles and Industries 2,432 3,100 65 37 1,093 951 10.53 3.36 664 406 Fine Organic Industries 1,807 3,087 841 618 1,526 27 65.34 47.62 13,205 407 Goodluck India 1,471 3,087 121 88 615 598 17.04 16.17 1,159 408 Electrotherm (India) 1,752 3,081 (12) (12) (1,109) 1,985 (11.06) 0.00 70 409 Maithan Alloys 3,140 3,060 637 499 2,775 8 26.01 17.79 2,329 410 Precision Wires India 928 3,055 81 59 432 16 24.28 14.60 1,111 411 Gulf Oil Lubricants India 2,072 3,046 313 232 1,178 332 22.95 20.92 1,982 412 Indo Count Industries 3,060 3,043 359 277 1,753 841 15.57 16.36 2,219 413 Va Tech Wabag 4,089 3,014 306 11 1,562 213 2.90 0.70 2,188 414 Huhtamaki India* 1,751 3,000 56 50 742 366 15.44 12.49 1,506 415 TVS Srichakra 2,456 2,994 101 78 1,026 662 10.07 7.54 1,949 416 Gabriel India 1,428 2,989 178 132 856 0 20.34 16.20 1,954 417 Rallis India 2,798 2,980 128 92 1,711 104 7.50 5.40 3,751 418 Sheela Foam 2,711 2,960 273 203 1,560 425 14.50 12.56 9,697 INDIA’S BIGGEST NON-FINANCIAL COMPANIES Source: Annual Reports, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Rank Company Name Rs crore Percentage (%) Rs crore Total Assets Total Income Profit Before Tax (PBT) Profit After Tax (PAT) Reserves and Surplus Total Debt Return on Capital Employed (ROCE) Return on Net Worth (RONW) Avg MCAP
09 March 2024 | B W BUSINESSWORLD | 97 419 Orient Cement 2,877 2,950 192 123 1,583 391 10.07 7.93 2,253 420 Goodyear India 1,261 2,944 165 123 583 0 27.60 18.60 2,464 421 Parag Milk Foods 1,668 2,938 51 53 691 589 13.15 50.00 854 422 Sandhar Technologies 2,155 2,921 100 74 860 547 10.20 7.92 1,215 423 Hindware Home Innovation 2,303 2,908 103 66 561 712 15.10 9.91 2,569 424 Welspun Enterprises 5,106 2,902 741 726 2,212 754 18.30 35.00 1,883 425 CRISIL* 2,831 2,891 742 564 1,785 0 40.50 33.00 23,521 426 Dhampur Sugar Mills 2,122 2,890 223 158 977 726 19.80 15.10 1,484 427 Tata Coffee 4,059 2,880 408 321 1,775 1,115 18.69 14.68 3,845 428 Ahluwalia Contracts (India) 2,493 2,868 262 194 1,215 3 24.46 17.13 3,863 429 Sanofi India* 2,072 2,842 864 621 1,253 0 67.80 35.45 13,480 430 Nahar Spinning Mills 2,514 2,841 150 111 1,536 730 10.18 7.12 867 431 Subros 1,543 2,827 71 48 854 13 9.96 5.69 1,957 432 TTK Prestige 2,587 2,823 343 255 1,928 41 16.78 13.12 9,691 433 Natco Pharma 5,657 2,812 862 715 4,837 165 17.60 14.70 10,284 434 Laxmi Organic Industries 2,412 2,809 173 125 1,359 397 11.09 9.97 5,907 435 Avadh Sugar & Energy 2,418 2,807 144 100 871 1,067 17.15 11.24 873 436 GE T&D India 3,679 2,807 27 ` 1,022 220 6.59 (0.13) 3,053 437 Relaxo Footwears 2,495 2,801 210 154 1,830 0 12.47 8.55 21,182 438 Suprajit Engineering 2,435 2,791 220 152 1,211 642 16.79 13.18 4,772 439 Jayant Agro Organics 761 2,773 71 52 507 84 14.25 11.12 440 440 Wockhardt 7,683 2,773 (624) (621) 3,282 1,887 (0.65) (16.66) 2,218 441 Star Cement 3,131 2,757 380 248 2,376 26 16.87 10.80 4,613 442 Himatsingka Seide 5,534 2,753 (75) (64) 1,400 2,695 4.20 (4.40) 680 443 Can Fin Homes 33,070 2,743 824 621 3,621 22,219 23.92 17.03 7,047 444 Sharda Motor Industries 1,389 2,742 278 278 752 0 35.08 27.48 1,669 445 Info Edge India 16,660 2,739 141 (70) 14,297 2 3.30 3.76 48,102 446 Rites 5,972 2,730 774 571 2,363 0 29.31 21.64 8,520 INDIA’S BIGGEST NON-FINANCIAL COMPANIES Source: Annual Reports, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Rank Company Name Rs crore Percentage (%) Rs crore Total Assets Total Income Profit Before Tax (PBT) Profit After Tax (PAT) Reserves and Surplus Total Debt Return on Capital Employed (ROCE) Return on Net Worth (RONW) Avg MCAP
THE BW REAL 500 RANKINGS 98 | B W BUSINESSWORLD | 09 March 2024 447 Prince Pipes & Fittings 1,854 2,719 165 121 1,253 58 12.24 9.24 5,998 448 Vaibhav Global 1,789 2,719 141 105 1,170 115 14.00 9.03 4,502 449 Aarti Drugs 2,421 2,718 224 166 1,100 607 14.61 14.93 3,128 450 GTPL Hathway 2,710 2,714 169 125 1,097 140 10.00 12.00 1,098 451 Indian Metals & Ferro Alloys 2,654 2,701 324 226 1,849 321 17.00 12.14 1,537 452 VRL Logistics 1,892 2,663 203 323 887 179 27.24 39.72 5,589 453 Shriram Pistons & Rings 2,375 2,656 393 294 1,505 299 21.99 21.02 2,218 454 Meghmani Organics 3,198 2,649 313 238 1,644 820 16.60 14.24 1,976 455 Bharat Dynamics 8,672 2,645 482 352 3,028 0 15.41 11.28 18,121 456 PC Jeweller Limted 7,636 2,636 (108) (203) 3,225 3,630 3.45 (9.57) 1,245 457 Mahindra Holidays & Resorts India 9,317 2,624 171 114 399 756 3.73 (21.79) 5,430 458 Mastek 3,141 2,602 427 310 1,759 371 14.42 20.70 4,691 459 ISMT 1,942 2,598 149 88 1,328 77 11.47 6.78 2,207 460 Grindwell Norton 2,412 2,597 486 362 1,762 18 26.13 20.02 20,798 461 Cochin Shipyard 10,021 2,572 418 305 4,296 133 10.80 7.56 6,258 462 MSP Steel & Power 1,648 2,562 (57) (51) 185 801 1.54 1.47 304 463 Orient Electric 1,265 2,556 102 76 563 10 20.87 12.97 5,752 464 Pfizer 4,001 2,526 824 624 3,162 3 31.74 21.00 15,861 465 Jyothy Labs 2,062 2,526 299 240 1,512 0 41.28 16.00 6,995 466 Gillette India** 1,916 2,499 473 356 956 0 43.68 38.00 14,064 467 Somany Ceramics 2,011 2,493 93 67 886 488 9.80 9.85 2,076 468 Spencer's Retail 1,629 2,485 (211) (210) (196) 542 (12.39) (139.83) 467 469 HDFC Asset Management Company 6,536 2,483 1,870 1,423 6,001 0 30.01 23.30 36,450 470 Hindusthan National Glass & Industries 2,844 2,471 (233) (233) (1,016) 2,264 (2.53) (178.80) 193 471 Dishman Carbogen Amcis 9,454 2,441 (55) (30) 5,778 1,825 3.10 1.45 1,956 472 Vijay Solvex 404 2,436 20 17 316 37 6.53 5.49 235 473 Lux Industries 2,119 2,398 189 147 1,446 240 14.19 9.78 3,492 INDIA’S BIGGEST NON-FINANCIAL COMPANIES Source: Annual Reports, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Rank Company Name Rs crore Percentage (%) Rs crore Total Assets Total Income Profit Before Tax (PBT) Profit After Tax (PAT) Reserves and Surplus Total Debt Return on Capital Employed (ROCE) Return on Net Worth (RONW) Avg MCAP
09 March 2024 | B W BUSINESSWORLD | 99 474 Johnson Controls - Hitachi Air Conditioning India 1,789 2,396 (105) (82) 632 143 (12.10) (11.70) 2,764 475 Sudarshan Chemical Industries 2,392 2,307 60 45 814 817 6.10 5.39 2,709 476 KCP 2,618 2,292 84 90 1,211 555 0.14 (3.63) 1,334 477 Future Enterprises* 8,438 2,289 (3,173) (3,173) 152 7,412 (217.19) (928.08) 20 478 Heidelberg Cement India 2,665 2,283 136 99 1,235 174 10.02 6.78 3,647 479 Man Industries (India) 1,728 2,271 90 68 974 294 11.37 6.77 560 480 Texmaco Rail & Engineering 3,385 2,270 20 26 1,360 982 4.41 1.90 1,366 481 Zydus Wellness 5,833 2,260 291 310 5,059 293 6.40 6.10 9,865 482 IOL Chemicals and Pharmaceuticals 2,022 2,243 189 139 1,449 80 12.25 9.66 1,660 483 Renaissance Global 1,920 2,243 95 88 1,007 462 11.26 8.52 783 484 LG Balakrishnan & Brothers 1,873 2,226 340 252 1,334 93 24.00 18.45 2,330 485 Sadbhav Engineering 9,769 2,176 (713) (699) 318 4,753 13.97 (336.18) 148 486 Sterling and Wilson Renewable Energy 3,190 2,126 (1,179) (1,175) (259) 2,015 (210.97) 0.00 5,531 487 Dwarikesh Sugar Industries 1,280 2,117 153 105 721 372 16.07 14.85 1,607 488 Jindal Worldwide 1,677 2,071 154 116 630 837 21.93 17.80 6,432 489 Uttam Sugar Mills 1,622 2,068 165 124 538 593 16.93 23.79 882 490 Hikal 2,385 2,028 105 78 1,109 748 8.47 7.07 3,473 491 Munjal Auto Industries 1,276 1,997 70 52 374 98 7.83 14.60 363 492 Skipper 2,223 1,986 50 36 757 484 13.51 4.63 988 493 Simplex Infrastructures 10,373 1,962 (825) (471) 289 5,984 5.67 (156.58) 193 494 Hathway Cable & Datacom 4,831 1,959 90 65 3,831 5 1.39 1.56 2,292 495 GE Power India 2,864 1,884 (331) (441) 165 292 (63.37) (189.48) 667 496 Abans Enterprises 310 1,877 18 18 161 88 12.11 9.51 235 497 Hindustan Copper 2,985 1,773 396 295 1,598 156 19.16 34.49 9,511 498 KIOCL 2,938 1,624 (1,228) (977) 1,394 412 (5.81) (4.71) 10,244 499 Mahanagar Telephone Nigam 11,644 1,548 (2,916) (2,915) (21,485) 28,174 2.01 0.00 1,137 500 IFCI 16,939 1,519 26 (120) 4,473 512 9.71 (5.51) 2,152 INDIA’S BIGGEST NON-FINANCIAL COMPANIES Source: Annual Reports, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Rank Company Name Rs crore Percentage (%) Rs crore Total Assets Total Income Profit Before Tax (PBT) Profit After Tax (PAT) Reserves and Surplus Total Debt Return on Capital Employed (ROCE) Return on Net Worth (RONW) Avg MCAP
THE BW REAL 500 RANKINGS 100 | B W BUSINESSWORLD | 09 March 2024 INDIA’S TOP 10 BANKING COMPANIES INDIA’S TOP 20 NON-BANKING COMPANIES 1 State Bank of India 5,516,979 473,378 67,205 50,232 358,039 521,152 1.74 16.80 467,427 2 HDFC Bank 2,466,081 192,800 58,485 44,109 288,880 256,549 3.10 15.89 898,088 3 ICICI Bank 1,584,207 129,062 42,421 31,896 212,340 189,062 2.86 16.10 612,483 4 Canara Bank 1,345,732 103,187 14,173 10,603 76,240 58,073 2.12 15.94 51,603 5 Axis Bank 1,344,418 101,665 29,396 9,580 128,740 206,214 1.67 18.84 264,121 6 Bank Of Baroda 1,458,561 99,614 19,727 14,110 104,019 107,910 2.08 14.18 87,318 7 Punjab National Bank 1,493,649 99,085 4,861 3,069 100,678 21,598 1.56 3.54 51,311 8 Union Bank of India 1,288,357 97,079 12,146 8,430 71,865 13,904 2.05 11.72 45,485 9 Kotak Mahindra Bank 620,430 68,142 19,646 14,780 110,761 57,034 3.41 14.36 344,231 10 Bank Of India 826,036 55,143 6,055 3,838 56,329 65,015 1.68 7.17 30,633 1 Housing Development Finance Corporation 1,091,529 152,998 32,131 27,700 201,108 168,818 7.42 12.98 480,483 2 Bajaj Finserv 405,509 82,072 16,811 12,210 46,248 81,549 11.25 23.46 201,730 3 Power Finance Corporation 896,112 77,625 26,496 21,179 81,518 238,343 8.53 17.01 40,063 4 Bajaj Finance 275,229 41,406 15,528 11,508 54,251 81,549 13.95 23.50 340,054 5 REC 465,503 39,520 13,898 11,167 54,929 137,114 15.00 20.35 30,401 6 Max Financial Services 131,824 31,431 52,721 45,189 3,450 0 13.99 12.85 21,915 7 Shriram Finance 210,600 30,508 8,214 6,020 43,138 78,545 16.25 13.81 47,155 8 Aditya Birla Capital 180,754 30,201 5,635 4,824 17,893 53,815 5.79 22.67 37,128 9 Indian Railway Finance Corporation 491,147 23,933 6,337 6,337 32,402 418,929 5.32 14.70 34,762 10 LIC Housing Finance 278,559 22,728 3,561 2,891 27,078 248,720 7.57 11.10 18,070 11 Reliance Capital 66,341 19,313 -1,654 -1,759 -12,319 1,186 (24.39) 14.73 202 12 Bengal & Assam Company 17,360 16,575 667 453 5,502 4,989 13.59 17.00 9,449 13 L&T Finance Holdings 106,362 13,302 -557 1,536 19,049 44,140 13.03 7.54 20,346 14 Cholamandalam Investment and Finance Company 113,627 13,106 3,615 2,677 14,182 73,186 24.18 18.57 62,581 15 Mahindra & Mahindra Financial Services 105,085 12,832 2,804 2,071 18,313 44,154 14.00 11.16 28,621 16 Muthoot Finance 80,149 11,975 4,923 3,670 21,264 40,597 24.11 16.67 39,340 17 Edelweiss Financial Services 44,064 8,633 385 406 6,654 4,995 18.38 5.10 4,961 18 Housing & Urban Development Corporation 80,969 7,086 2,289 1,701 13,442 14,711 10.44 11.01 8,658 19 Manappuram Finance 39,504 6,750 2,041 1,500 9,476 21,825 25.53 15.51 10,470 20 PNB Housing Finance 66,874 6,530 1,361 1,046 10,845 31,175 15.60 9.49 8,663 Source: Annual Reports, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Source: Annual Reports, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Rank Company Name Rs crore Percentage (%) Rs crore Total Assets Total Income Profit Before Tax (PBT) Profit After Tax (PAT) Reserves and Surplus Total Debt Return on Capital Employed (ROCE) Return on Net Worth (RONW) Avg MCAP
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THE BW REAL 500 RANKINGS 102 | B W BUSINESSWORLD | 09 March 2024 MARKET CAP Rank Company Name Percentage (%) Rs crore Return on Capital Employed (ROCE) Return on Net Worth (RONW) Avg MCAP Rank Company Name Percentage (%) Rs crore Return on Capital Employed (ROCE) Return on Net Worth (RONW) Avg MCAP 1 Indian Oil Corporation 6.19 7.08 110,004 2 Reliance Industries 21.10 10.90 1,577,069 3 Life Insurance Corporation of India 0.95 77.86 337,976 4 Oil & Natural Gas Corporation 38.79 15.06 190,025 5 Bharat Petroleum Corporation 7.80 3.60 74,687 6 Hindustan Petroleum Corporation (10.69) (32.38) 33,591 7 Tata Motors 9.96 12.14 139,762 8 Rajesh Exports 9.94 9.72 18,014 9 Tata Steel 12.78 7.27 127,715 10 Tata Consultancy Services 65.20 46.61 1,173,055 11 Hindalco Industries 11.43 11.67 91,090 12 Larsen & Toubro 10.41 12.20 304,165 13 NTPC 9.42 12.85 169,789 14 JSW Steel 9.65 6.30 166,329 15 Vedanta 21.00 22.00 102,019 16 Infosys 43.80 32.00 592,394 17 GAIL (India) 9.64 10.42 69,137 18 Coal India 26.83 56.03 131,667 19 Bharti Airtel 12.32 9.19 417,578 20 Adani Enterprises 26.43 11.65 199,551 21 Mangalore Refinery & Petrochemicals 21.12 26.82 9,210 22 Mahindra & Mahindra 18.13 15.90 144,088 23 Grasim Industries 5.77 4.44 107,502 24 Maruti Suzuki India 17.90 14.10 250,489 25 Steel Authority Of India 4.98 3.65 34,159 26 HCL Technologies 34.50 23.30 294,501 27 Wipro 18.75 15.80 200,446 28 Chennai Petroleum Corporation 43.08 77.91 3,537 29 SBI Life Insurance Company 0.66 14.00 110,207 30 Redington (India) 24.70 22.20 13,025 31 Samvardhana Motherson International 8.70 2.48 45,470 32 ITC 38.72 28.99 476,322 33 HDFC Life Insurance Company 0.58 10.53 107,296 34 UltraTech Cement 12.10 9.30 220,038 35 Hindustan Unilever 101.90 20.10 601,578 36 Petronet LNG 24.58 22.85 34,328 37 Adani Wilmar 16.82 7.12 52,747 38 Tata Power Company 12.00 13.00 60,791 39 Interglobe Aviation 4.29 0.00 73,665 40 Tech Mahindra 19.72 14.70 107,336 41 UPL 15.30 13.29 53,867 42 Jindal Steel & Power 10.89 5.99 55,717 43 ICICI Prudential Life Insurance Company 0.59 8.09 62,679 44 General Insurance Corporation of India 12.78 15.28 23,448 45 Power Grid Corporation Of India 12.81 18.57 157,436 46 Sun Pharmaceutical Industries 16.02 15.10 235,879 47 Adani Power 16.17 36.00 73,899 48 Avenue Supermarts 18.79 14.79 220,311 49 Vodafone Idea (4.02) 0.00 28,234 50 Ashok Leyland 13.33 14.50 40,871 Source:Annual Reports,National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
09 March 2024 | B W BUSINESSWORLD | 103 TOTAL ASSETS & TOTAL INCOME Rank Company Name Rs crore Total Assets Total Income Total Assets+ Total Income Rank Company Name Rs crore Total Assets Total Income Total Assets+ Total Income 1 Indian Oil Corporation 419,956 951,410 1,150,438 2 Reliance Industries 1,607,431 903,045 2,236,246 3 Life Insurance Corporation of India 4,518,867 788,053 4,903,639 4 Oil & Natural Gas Corporation 614,529 692,903 1,124,649 5 Bharat Petroleum Corporation 188,109 535,046 622,367 6 Hindustan Petroleum Corporation 154,485 468,261 531,194 7 Tata Motors 336,081 350,600 612,127 8 Rajesh Exports 19,353 339,714 530,190 9 Tata Steel 288,022 244,390 267,084 10 Tata Consultancy Services 143,651 228,907 337,286 11 Hindalco Industries 224,817 224,459 418,121 12 Larsen & Toubro 330,352 186,270 478,837 13 NTPC 446,021 177,977 344,387 14 JSW Steel 211,078 166,990 333,932 15 Vedanta 196,356 150,159 551,511 16 Infosys 125,816 149,468 241,821 17 GAIL (India) 107,781 147,204 480,737 18 Coal India 131,667 144,803 293,861 19 Bharti Airtel 446,633 140,081 224,445 20 Adani Enterprises 141,488 138,175 385,916 21 Mangalore Refinery & Petrochemicals 35,145 124,926 190,605 22 Mahindra & Mahindra 205,892 122,475 265,218 23 Grasim Industries 337,205 121,239 164,730 24 Maruti Suzuki India 84,597 119,712 175,751 25 Steel Authority Of India 130,481 105,398 126,233 26 HCL Technologies 93,411 102,814 351,234 27 Wipro 117,134 92,753 188,879 28 Chennai Petroleum Corporation 16,036 90,915 172,193 29 SBI Life Insurance Company 309,587 81,598 144,301 30 Redington (India) 23,283 79,519 269,739 31 Samvardhana Motherson International 61,852 78,958 120,302 32 ITC 85,883 78,499 307,978 33 HDFC Life Insurance Company 239,619 70,609 81,147 34 UltraTech Cement 91,387 63,743 78,088 35 Hindustan Unilever 73,087 61,092 75,703 36 Petronet LNG 22,752 60,422 136,934 37 Adani Wilmar 20,980 58,446 123,221 38 Tata Power Company 128,349 56,547 127,779 39 Interglobe Aviation 59,170 55,881 129,200 40 Tech Mahindra 46,153 54,255 90,628 41 UPL 88,577 54,053 156,620 42 Jindal Steel & Power 69,427 52,768 64,828 43 ICICI Prudential Life Insurance Company 255,851 51,372 293,641 44 General Insurance Corporation of India 162,730 47,750 109,376 45 Power Grid Corporation Of India 250,296 46,606 232,674 46 Sun Pharmaceutical Industries 80,744 44,520 132,361 47 Adani Power 85,821 43,041 69,540 48 Avenue Supermarts 18,106 42,969 113,667 49 Vodafone Idea 207,243 42,489 91,972 50 Ashok Leyland 54,729 41,783 40,009 Source:Annual Reports,National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
THE BW REAL 500 RANKINGS 104 | B W BUSINESSWORLD | 09 March 2024 RESERVES, SURPLUS & DEBT Rank Company Name Rs crore Reserves and Surplus Total Debt Rank Company Name Rs crore Reserves and Surplus Total Debt Source:Annual Reports,National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). 1 Indian Oil Corporation 129,443 132,495 2 Reliance Industries 709,106 313,966 3 Life Insurance Corporation of India 39,906 0 4 Oil & Natural Gas Corporation 294,965 129,186 5 Bharat Petroleum Corporation 51,393 60,455 6 Hindustan Petroleum Corporation 30,844 67,048 7 Tata Motors 51,833 125,660 8 Rajesh Exports 14,694 724 9 Tata Steel 133,575 84,893 10 Tata Consultancy Services 90,840 0 11 Hindalco Industries 94,595 58,335 12 Larsen & Toubro 103,286 92,114 13 NTPC 141,257 173,488 14 JSW Steel 66,738 55,170 15 Vedanta 49,055 42,023 16 Infosys 75,795 0 17 GAIL (India) 5,596 58,352 18 Coal India 28,125 51,082 19 Bharti Airtel 12,287 106,444 20 Adani Enterprises 2,422 37,776 21 Mangalore Refinery & Petrochemicals 2,655 81,119 22 Mahindra & Mahindra 11,374 66,525 23 Grasim Industries 11,078 78,610 24 Maruti Suzuki India 8,211 61,640 25 Steel Authority Of India 2,177 50,616 26 HCL Technologies 14,845 65,398 27 Wipro 11,367 76,570 28 Chennai Petroleum Corporation 3,532 6,326 29 SBI Life Insurance Company 1,721 11,924 30 Redington (India) 1,439 6,771 31 Samvardhana Motherson International 1,670 23,690 32 ITC 19,477 68,296 33 HDFC Life Insurance Company 1,368 10,840 34 UltraTech Cement 5,073 54,091 35 Hindustan Unilever 10,144 50,287 36 Petronet LNG 3,326 13,764 37 Adani Wilmar 582 8,036 38 Tata Power Company 3,810 28,468 39 Interglobe Aviation (306) (6,632) 40 Tech Mahindra 4,857 27,485 41 UPL 4,414 32,293 42 Jindal Steel & Power 3,974 313 43 ICICI Prudential Life Insurance Company 813 8,617 44 General Insurance Corporation of India 6,577 44,307 45 Power Grid Corporation Of India 15,417 76,039 46 Sun Pharmaceutical Industries 8,561 59,315 47 Adani Power 10,727 29,876 48 Avenue Supermarts 2,378 15,383 49 Vodafone Idea (29,301) (123,039) 50 Ashok Leyland 1,362 8,260
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108 | B W BUSINESSWORLD | 09 March 2024 HE INDIAN insurance sector has grown over the last few years and secured a CAGR of 10.3% over the last decade, as per the RBI’s Financial Stability report released last year. The report said that the general and life insurance sectors had robust growth. This is good news for the industry, which has carved its own identity despite the spends on Insurance being lower as compared to matured economies. Not anymore. Insurance is today seen by millions of Indians as a safety net for times of adversity. No wonder the market is getting deeper by the day, and as per available data, there are more than 57 insurance companies in the fray in India. This also makes the industry extremely competitive, and each company vying for a more significant market share and looks at a critical differentiator for a unique customer experience. Digital – A Key Differentiator In a crowded market, carving a differentiation takes work. It is an industry with its share of legacy baggage in terms of technology, rules and processes. Goutam Datta, Chief Information and Digital Officer at Bajaj Allianz Life Insurance, agrees that the insurance industry has morphed into a progressive sector over the last decade and is currently on the cusp of evolving to the next level of maturity. “The industry is rapidly embracing modern technologies, reimagining business outcomes by closely aligning technology with customer preferences and compliance. Digital plays a key role in all these areas. With young to middleT Digitally Transforming Insurance in the Age of AI and Automation Driven by digital the Indian insurance sector is evolving to the next level of technology maturity and looking at harnessing the disruptive power of AI and automation
09 March 2024 | B W BUSINESSWORLD | 109 MASTER STROKES aged customers now under the insurance umbrella, we observe a massive uptick in digital interactions, which, for many, has become the primary touchpoint. The levels of satisfaction we can provide are reflected in the positive Net Promoter Score (NPS) we witness every day.” says Datta. What contributes to this robust IT spending on digital transformation in the insurance sector is the need to address speed? Rachit Sahai, Client Partner-Insurance, IBM Consulting, says, “Speed is the essence, and insurance organizations must provide highly customizable offerings to gain customer traction across processes and with turn-around-times (TAT) in minutes and seconds. That customer centricity is what digital transformation is ushering into this sector, and we, as solution providers, address those demanding expectations by enabling their business processes tuned to achieve greater operational efficiencies. Friction-free onboarding of customers is a pivot for business growth, and digital is critical.” Leveraging AI and Automation The advent of GenAI is creating a seismic shift across industries, and insurance is no exception. Sahai believes that AI and Automation will lead to substantial productivity improvements in insurance and offer companies to develop more tailored-made services, leading to highly personalized services. “I completely agree on the productivity gains and efficiency aspects. Acquiring new customers today occurs at an amazing speed. Policies are issued much faster, and on the backend, we efficiently mine a substantial amount of data—from risk assessment to relevant policies for our customers. Thanks to AI and digital technology, we can act on this data to produce tangible outcomes that benefits the customer like never before.” says Goutam Datta. “Specifically, regarding GenAI, we are aligning all our key stakeholder ecosystems to achieve greater operational output. We leverage GenAI for contextual support to precisely define our product deliverables for customers and empower our sales force to align seamlessly with customer queries through accurate explanations. We actively use and train our GenAI engine to enhance customer engagement and increase conversions.” adds Datta. Datta says, “By blending Machine Learning and NLP with data and GenAI, we are taking customer interactions and conversions to new heights. From call center operations to sales teams, everyone is empowered with data to address cusGoutam Datta, Chief Information & Digital Officer, Bajaj Allianz Life Insurance The industry is rapidly embracing modern technologies, reimagining business outcomes by closely aligning technology with customer preferences and compliance. Digital plays a key role in all these areas.
110 | B W BUSINESSWORLD | 09 March 2024 tomer queries and provide solutions. GenAI plays a crucial role in empowering us, whether it’s delivering contextual responses or achieving higher outcomes”. Securing the Business How are insurance companies safeguarding customer data and making way for secured digital operations? Says Datta, “Cybersecurity tops our agenda, and gone are the days when we focused mainly on perimeter security; now, it’s an integral part of our digital ecosystem. We employ a multi-layered approach to secure our business from a range of threats, ensuring the safety of customer data through the implementation of robust defence systems. Our company is highly interconnected; for instance, our portal is accessed by thousands of users every day, and hundreds of partners do business with us in a connected way, 24x7.We take measures to prevent cyber-attacks in any form. We adhere to a combination of security best practices to fortify our systems.” Security is the fulcrum of digital, says Sahai. “Today, it’s a multi-cloud hybrid IT environment. Any security breach will have serious ramifications for the business and the brand. So, we have an approach of attack (understanding and decoding the threat landscape) and defense embedded in our security strategy infused by AI.” As we look towards the future, the insurance industry finds itself poised to embrace AI-driven disruptive changes. Despite initially trailing behind other financial sectors in digitalization, significant strides have been made since 2015, marked by increasing Foreign Direct Investment (FDI), currently at 74%, with a proposed 100% FDI by the government. These inflows have sparked a transformative shift within the sector, empowering Indian insurance companies to integrate global best practices and processes, thereby enhancing customer experiences. Notably, India has emerged as the 10th most significant life insurance market and the 15th largest non-life insurance market, demonstrating consistent double-digit growth. This trajectory sets a promising foundation as we chart the course for the future of the insurance landscape. MASTER STROKES Master Strokes is a series produced by BW Businessworld and Presented by IBM India. This series will present the efforts and accomplishments of technology leaders across sectors on how they use and continue to leverage technology to bring about business transformation, positively impacting their organizations. Rachit Sahai, Client PartnerInsurance, IBM Consulting Speed is the essence, and insurance organizations must provide highly customizable offerings to gain customer traction across processes and with turn-around-times (TAT) in minutes and seconds.
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112 | B W BUSINESSWORLD | 09 March 2024 PHOTO ES SAY: B W S E C U R I T Y WO R L D 40 U N D E R 40 AWA R D S RECOGNISING THE LEADERS OF TOMORROW Photographs by Naval Kishor
09 March 2024 | B W BUSINESSWORLD | 113 BW Security World in association with BW Businessworld highlighted the remarkable contributions of security professionals at the inaugural ‘BW Security World 40 Under 40 Awards’. The theme of the event was “Recognising Future Masters of the Indian Security Sector.” These awards are designed to recognise and celebrate the exceptional achievements of young professionals under the age of 40 who have made significant contributions to the field of security including cybersecurity, physical security, information security, corporate security and other security segments.
114 | B W BUSINESSWORLD | 09 March 2024 Harsh Wardhan, CEO-BW Security World, Former Group MD- G4S & CEO Securitas shared his insightful views on the status of Crowd Management & its challenges in India in his keynote address Dr Pavan Duggal, Chief Executive, AI Law Hub & Advocate, Supreme Court of India spoke on "The Intersection of Artificial Intelligence and Digital Security: Friend or Foe?" Capt S.B. Tyagi, Chief Councillor at ICSSM shared his perspectives on ‘how to be an efficient leader?,’ with the rising stars of the industry The headline speaker, Shri Rajiv Jain, Hon’ble Member, National Human Rights Commission, New Delhi made remarkable comments on how India is striking a balance between National Security and Human Rights PHOTO ES SAY: B W S E C U R I T Y WO R L D 40 U N D E R 40 AWA R D S
09 March 2024 | B W BUSINESSWORLD | 115 Major Vineet Kumar, Founder & Global President, CyberPeace Foundation; Session Chair: Cdr Subhash Dutta (Retd.), Chief of Operations & Head - Malware Research, Sequertek ;Varun Soni, Cybersecurity Expert; Garima Goswamy, CEO & Co-founder, Dridhg Security International sparked engaging discussions on how AI is transforming cybersecurity offences and defences; the Cat-and-Mouse Game! Session Chair: Col Shakti Rana, Head Personnel Security (Global), Nokia had a discussion on “Physical Security in Metropolitan and Tier-2 cities”; Jeetendra K. Singh, CSO, Fortis Healthcare-Shalimar Bagh, New Delhi; Rishi Choudhary, Group Chief Security Officer, Eros Group; Anchall Saxena, Manager-Risk & Integrated Security Solutions, G4S Secure Solutions India; Punyasloka Panda, CPP, VP - Global Assistance & Protec tion (GAP), India Regional Protective Services, Accenture Solutions
116 | B W BUSINESSWORLD | 09 March 2024 Col Arun Hariharan, VP & National Head-Nodal, Security & Safety, Bharti Airtel spoke on “Physical Security Perspectives In A Data Connected World” in his keynote session Major Gaurav Arya (Retd.), Editor-in-Chief Chanakya Forum made a motivational speech in his keynote on the topic “Leaders of Tomorrow: Are You Ready To Adapt?” A. S. Dulat, Former Special Director of IB & Chief of Research & Analysis Wing (RAW) mentioned some very interesting views on the topic of “Intelligence-led Decision Making For Public Safety” PHOTO ES SAY: B W S E C U R I T Y WO R L D 40 U N D E R 40 AWA R D S
09 March 2024 | B W BUSINESSWORLD | 117 Capt Ashok Datta, Safety & Risk Management Expert, Advisory Leader, DridhG Security International; Lt Col Sanjay Sehgal, COO, Highstuff Services; Akshita Mathur, Regional Security Advisor-APAC, Securitas; Sanjeev Sabharwal, Former Executive Director, Credit Suisse; Session Chair: Maj Vashita Mehra (Retd) CPP, PSP, PCI CSP, CATS, DirectorGlobal Security Manager India and SE Asia, Marsh & McLennan Capt A.A. Collaco, Head Admin istration & Facilities, Insurance Dekho; Prof Dr Surabhi Pandey, Asst. Professor (IT & e-Govern ance), IIPA; Session Chair: Shilpa Chandel, Sr ManagerCommunity & Editorial, BW Businessworld ; Capt Keshav Prasad, VPBD, Rakshak Securitas; Capt Gaurav Bajetha, Vice President, Urban Company pulled an awareness session on the topic of “Consumer Privacy in Digital Era”
118 | BW BUSINESSWORLD | 09 March 2024 A MATHEMATICAL INCONGRUITY THAT WORKS IN BUSINESS BOOKMARK REVIEW E XPROVEMENTExponential Improvement By Converging Parallels’ by Hersh Haladker and Raghunath Mashelkar is a pragmatic guide that delivers actionable insights on personal and professional development. Incremental progress and monumental shifts, evident on personal and institutional scales, form the core premise of the book. If you remember your basic math, parallels never converge. The book starts with an intriguing title suggesting ‘converging parallels’. It offers a fascinating perspective on how unrelated parallels can unexpectedly yield solutions to problems that might not have been considered otherwise. Despite the mathematical principle that parallels never converge, the authors introduce the intriguing notion of denoting exponential improvement achieved by drawing connections between seemingly disparate events or experiences. The authors distinguish between ‘improvement’ and ‘exprovement’ by stating that if the anticipated change is relatively minor, it falls under improvement. In contrast, if the expected change is radical, it qualifies as exprovement. Consequently, an exprovement approach typically entails strategic changes, while improvement primarily occurs at the operational level. Their prime illustration is Henry Ford’s ground-breaking approach to the automotive industry, where he drew inspiration from the workings of the meatpacking industry. Ford contemplated whether the assembly line concept from meat processing could be applied to car manufacturing. It proved successful, and the rest is history. The authors’ straightforward approach and real-world examples make it a valuable resource for those seeking practical strategies to enhance their lives. The book’s focus on improvement through experimentation is refreshing, providing a solid foundation for readers to implement positive changes. Overall, a no-nonsense guide that offers genuine value. According to the authors, “While improvement is incremental, exprovement is an exponentially improved outcome to an existing or foreseeable challenge, accomplished by creating ‘converging parallels.’ This refers to their approach, demonstrating the limitless possibilities of generating new ideas by leveraging information and knowledge from one parallel to another. The authors appear to have introduced a novel term, ‘Exprovement,’ TITLE: ExprovementExponential Improvement By Converging Parallels AUTHORS: Hersh Haladker & Raghunath Mashelkar PUBLISHER: Penguin Business PRICE: Rs 799 (Hardcover) PAGES: 320 Exprovement by Hersh Haladker & Raghunath Mashelkar embodies the art of posing profound questions – queries that evoke creativity, inquiries that venture into the realm of ‘could be.’ It is a perpetual vigilance for insights across diverse industries, that propels the pursuit of transformative possibilities, writes Srinath Sridharan LEAD REVIEW
09 March 2024 | B W BUSINESSWORLD | 119 If you remember your basic math, parallels never converge to clarify commonly misunderstood terms in boardrooms, such as ‘disruption,’ benefiting lay readers and enlightening those already familiar with the distinctions between the status quo and the ‘exprovement’ thesis. “Exprovement” imparts strategies for providing individuals and companies with optimal opportunities for significant improvement in a relatively brief period. The book wraps up with an extensive notes section, offering additional bibliographic references. This is a highly recommended read for entrepreneurs and individuals aiming to cultivate innovation within their respective fields. This book also holds particular relevance for mid-career professionals seeking valuable insights. A central theme of the book is the importance of innovative solutions emerging from crossfunctional collaborations. The authors advocate openmindedness, urging readers to explore unconventional ideas, even if they initially seem incongruous within their respective industries. Exprovement embodies the art of posing profound questions – queries that evoke creativity, inquiries that venture into the realm of ‘could be.’ It is a perpetual vigilance for insights across diverse industries, a fearless embrace of mistakes, and an unwavering optimism that propels the pursuit of transformative possibilities. specific companies that have successfully applied the concept of exprovement, achieving noteworthy breakthroughs. The book is filled with intriguing stories, one standout being Phil McCrory’s. A hair salon owner, he stumbled upon an idea while witnessing an otter amid the Exxon Valdez oil spill in 1989. The otter’s fur absorbing oil sparked McCrory’s ‘lightbulb moment,’ leading to a tool that now aids in large-scale oil spill cleanup. The latter part of the book delves into contemporary issues like cryptocurrency, big data, and the innovative concept of ‘time banking.’ A prime example of an ongoing exprovement is the beta-testing phase of time banking. Anticipating the strain on social security in developing economies by 2050, particularly due to the rising elderly population, some countries are exploring time banking. The idea involves dedicating hours in one’s youth to elder care, accumulating these hours like currency with interest. Upon reaching retirement age, the accumulated hours can be redeemed for an equivalent number of caregiving hours. An intriguing case study from the initial chapters details how Leicester City Football Club (LCFC) employed scientific methods to enhance players’ overall health and prevent injuries. The systematic measurement, recording, and analysis of players’ data, including factors like hamstring muscle condition, player movement, pitch density, and implementing a 48-hour recovery process after games, enabled LCFC to intervene before players reached a breaking point, reducing the risk of injuries. The authors take care something that is currently not part of the ecosystem within which the problem exists”. Leaders can discover unique solutions to intricate challenges by exploring beyond their current domain, drawing inspiration from seemingly unrelated areas. The book emphasises that gaining a fresh perspective, as highlighted, is essential for addressing problems or stimulating growth in unconventional ways. It underscores the exprovement perspective, which enables companies to embark on a new trajectory by exploring parallels beyond their industry. The book is intricately organised into 18 chapters, each dedicated to a compelling case study spanning diverse industries – ranging from retail and energy to manufacturing, healthcare, and entertainment. The authors adeptly intertwine examples of industries and The reviewer is a policy researcher & corporate advisor Photograph: Searagen
120 | BW BUSINESSWORLD | 09 March 2024 Gurcharan Das embarked on his life’s journey equipped with a degree in philosophy from Harvard University, but chose a career in corporate India, where he rose to be CEO of Procter & Gamble India. Two decades and more since his first book, India Unbound was published, he tells his own story. A review of his memoir by Balakrishna S. Kesavan BOOKMARK REVIEW OF A LIFE WELL LIVED WHILE growing up, we were led to believe that academic and professional achievements were primary to leading a good life and that being a good human being is important, but secondary. The author’s introspective enquiry of this subject reverses the priorities, although it is important to note that each of us must find our own individual goal and path. Many interesting topics are covered here, including not being boxed in by other’s expectations of us, pursuing curiosities, topics, like a list of books to read. The topic of socialism comes up many times as a great ideal but degenerates to statism in practice. There are reported conversations about socialism with political leaders like Indira Gandhi, Manmohan Singh and L. K. Advani. One can’t but agree with the author’s point that the licence-permit-inspector Raj lost us two generations of growth. He blames Nehru for it, even as he expresses admiration for Nehru for unifying a diverse country, promoting liberty, building essential infrastructure etc. At one point, the author also credits Nehru with being so loved by the Indian Army art, economics, politics, world affairs, careers, one’s own inflated ego, desires, morality, forming intimate relationships, family bonds, religion, spirituality and, learning from Indian and world classics. The author provides many leads to pursue our own curiosity in each of these TITLE: ANOTHER SORT OF FREEDOM Author: Gurcharan Das Publisher: Penguin Allen Lane Pages: 416 Price: 446.41 (Hardcover) that the idea of coups never took hold, unlike in our neighborhood. There are also clear warnings about the dangerous majoritarianism phase that India currently is in. Secularists are also called out for their fundamentalist antipathy to Indian traditions. The importance of democracy, prosperity, and social harmony as the attributes of a successful nation are pointed out. A nice argument is made against the familiar idea that desire is the root of all suffering. Like all of us, the author has enjoyed the pleasures that come from achieving desires and makes a case for such enjoyment even if it is followed by gaps of boredom or even suffering. While he candidly admits that self-concern is still important to him, he arrives at the conclusion that being “other directed” over “selfdirected” is his “moksha” or path to true fulfillment. But do note that this is on top of living up to the full potential of our capabilities and not about simply giving up. The author has enjoyed much worldly success in business and as a writer and this could not have happened without a lot of hard work. It is this worldly success he has achieved that makes his introspection very credible, as opposed to a monk with nothing arriving at the same conclusion. The reviewer has long decades of experience in business
09 March 2024 | B W BUSINESSWORLD | 121 KUMAR MANGALAM BIRLA on the state of the Indian economy, the conglomerate’s entry into the paints industry and the tailwinds therein, and much more Mirroring India’s Zest For Innovation LAST WORD KUMAR MANGALAM BIRLA,Chairman, Aditya Birla Group Why Paints? The answer lies in the bedrock of our booming infrastructure. The construction segment alone is poised to command 9 per cent of GDP, translating to about $900 billion in just about a decade. Our deep insight into the building materials ecosystem, honed over the years, offers us a unique vantage point. Our journey in the paint industry is, in many ways, a strategic extension. India’s per capita paint consumption stands at a mere 3.5 kg; this contrasts starkly with the global average of about 10 kg and dwarfs against the 25 kg consumption per capita in the developed economies. For a country like ours at the forefront of economic acceleration, India ranks at the bottom 10 per cent of paint consumption. This presents a galactic opportunity with rising per capita income, a young population, a booming real estate sector and shorter repainting cycles. The path forward demands a commitment to long-term investment and a vision to redefine the industry with consumer-centric technologies and practices. A Scale Startup Over the last decade, we’ve all witnessed the dramatic transformation of the Indian economy. The transformation has spurred the incumbent players to improve the quality of their services significantly and, in turn, upgrade the lives of every Indian. It is with this spirit that the Aditya Birla Group stepped into the paints sector. Birla Opus is anchored in the values and purpose of the group and fuelled by the energy of a startup. It should be seen as a scale startup incubated by the Aditya Birla Group. It uniquely combines a startup’s dynamism, energy and frugality with the muscle, reliability and brand strength of a storied conglomerate. Excerpts from his address at the launch of Birla Opus I ndia today is witnessing an unprecedented economic boom. In my annual reflections note this year, I couldn’t help but borrow from a viral meme to describe the state of the Indian economy – “Just looking like a wow.” India’s rise has captivated the world’s imagination. Few countries today have a multi-decadal runway of high growth. Our economy is well poised to hit the $10-trillion mark over the next eight to 10 years. And the scale of our ambition is now being matched by the scope of the infrastructure evolution, which is starting to unfold. I would argue that this is not just infrastructure development but nation-building. The Aditya Birla Group’s diverse businesses are set to play a pivotal role at the heart of this monumental nationbuilding endeavour. Our cement fortifies the expanding highways; our aluminium and lightweight railways enhance efficiency, and our copper powers the surge of electric vehicles. Our fashion brands give expression to a new and competent India, and our financial services give wings to the aspiration of consumers. And now, the launch of our paints business embodies the spirit of an aspirational India. This India teeming with dynamism, audacity and penchant for d i s r u p t i o n finds a reflect i o n i n o u r paints business. This paint venture mirrors India’s zest for innovation. Birla Opus is anchored in the values and purpose of the Aditya Birla Group and is fuelled by the energy of a startup. It should be seen as a scale startup incubated by the Aditya Birla Group
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