9 March 2024 E Book

09 March 2024 | B W BUSINESSWORLD | 41 Photographs by Naval Kishor ourselves in through successful PLIs and being able to have capacities for exports. Some tariff rationalisation took place before the interim budget, and we hope that it will fuel more exports, particularly of mobile phones. When it comes to other electronics, we are still quite import-dependent. One way of looking at it is that we don’t have protection, and it’s difficult to produce without tariff barriers. But on the other hand, you can look at it as an opportunity even without tariff barriers and strive to become competitive. The success of the government’s support to any sector is determined by that sector’s ability to export and become competitive. We have to create an environment where exports can take place even as the domestic demand is met. [email protected] “The AI debate has brought the realisation that misrepresentation is real, especially for democratic societies. The law as it stands today can be used to curb some of these things” how the revenues are divided. The ministry believes that these digital news producers and their journalists put in rigour to bring out stories; there is an associated cost with it, and it is an important social function. We recognise it as the fourth estate and is an important medium of keeping people informed. The revenue sharing is a commercial aspect. So, there is a caution between ensuring what is a public good and, at the same time, seeing how much you can interfere in a contractual agreement of payments. But we will examine, there are laws on this in other countries, and based on them, we will see what can be done. Electronics exports are on an uptick. Are there specific strategies or initiatives in consideration to boost the global competitiveness of Indian electronic goods and services? There are two aspects to exports. First, take the category of mobile phones. Our domestic production of mobile phones is able to meet the entire demand. Beyond this, if the sector has to grow, then exports would also have to grow. That is the position we put

42 | B W BUSINESSWORLD | 09 March 2024 Mining giant GMDC is diversifying its portfolio with its recent foray in Odisha after the allotment of coal blocks in the state. ROOPWANT SINGH, Managing Director, GMDC, speaks to BW Businessworld’s Arjun Yadav on the recent capital outlay, the business performance and diversifying its portfolio. Excerpts: Your capital outlay for FY25 stands at Rs 3,041 crore. Delineate where it will be deployed and how will it propel GMDC’s future? Our ambition is to take this company, principally a lignite mining one, to have an annual production capacity of 40-50 million tonnes per annum from its present 8 million tonnes. Lignite and coal may have become slightly unfashionable in the eyes of the bankers, but it is a harsh reality that, for the coming two decades, both will have a significant role. We believe we have a solid record of monetising these minerals and can capture value here. THE BW REAL 500 “WE PLAN TO DEVELOP THE METALS DIVISION AT PAR WITH OUR FOSSIL FUELS BUSINESS” IN CONVERSATION Photograph by Naval Kishor

09 March 2024 | B W BUSINESSWORLD | 43 Second, while we will continue to make money from here, we realise that the world is changing, and the company has to be strengthened for the future. We plan to develop the metals division of our company, which does well but in percentage terms it is not very big. The idea is to make it as big as our fossil fuels business. So we believe that this outlay will usher in an era of innovation and industry leadership. The capex outlay also gives a significant chunk to extracting and processing rare earth elements. What can we expect from GMDC in this space? This topic concerns national security, and I will be more open as things evolve. However, GMDC is interested in critical minerals; we own a world-class underground copper mine. We could not work on it until now because it is underground, but in the coming 2-3 financial years, we will be developing it, and it is a very crucial transition metal. Your last two quarters were muted. Tell us what happened here and what went wrong. What have been some of the learnings that make you project a positive outlook? Yes, our last two quarters were muted, and this year will largely end on a muted note compared to the previous year. We were in a ditch but got out of that in the last 4-5 months. Two years ago, we placed all our bets on making the Bhavnagar mine our flagship mine. The production capacity was to be increased to 5 million tonnes. However, the environment clearance didn’t come for more than two years, work contracts were not finalised, and there was a general lack of engagement. Now, all of these have been granted, and this project will fuel a lot of growth in the coming year. Then, one of our cash cows, the Tadkeshwar project in Surat, had a massive slide. It lasted for a few months, but our entire team, through their efforts, were able to operationalise it. Also, our Rajpardi mine in the Bharuch district became exhausted. We had to bear a fixed cost for months, but our team found certain places where we could still extract more value, and the mine is up again now. So, we did some not-easy but early fixes, and the next year will be very good. Any interesting developments in your power generation business? There are two things I would like to highlight in our power generation business: there is a bleeding that we need to stop, and there is something new that we need to create. There is a capacity to install 300 megawatts of renewable energy in our Kutch projects. It requires a concerted and focused effort, and we will work on it this year. On the bleed side, our small power plant has been doing very poorly. We apprised the government that this plant needs to be infused with capital and should have some revisions in the PPA norms. We have received a Rs 300 crore capex approval; works have been awarded and will be carried out next year. The PPA has been revised, so once the overhaul is complete, you should see better load factors and relationships. You recently forayed into Odisha with the allotment of coal blocks there. As a mining company, how do you see the developments around the future of coal and the thrust on phasing it down? There is no brainer on the fact that energy requirements will increase, renewables will grow, and conventional energy will also grow. However, the growth in conventional energy will be much muted, but on the non-conventional side, it will be humongous. For your core base load, the requirement will come from conventional sources, so countries like India will make their coal plants less polluting and more sustainable to sustain the future decades while we build up our non-conventional resources. Coal will grow till 2035, then it will plateau, and finally, it will wind down. How do you envision GMDC’s position in this space in the next five years as you diversify your portfolio? After our foray into Odisha, we have become a national mining player from a state mining player. Hopefully, by the end of five years from now, GMDC may earn its place under the Sun as a state PSU but carry the weight of a central public sector enterprise. We are on an inferior fuel but still generate value and sell to the MSME sector at competitive prices. With our strong traditions, we are serving them very efficiently. [email protected]

44 | B W BUSINESSWORLD | 09 March 2024 In the face of geopolitical tensions that disrupted trade relations and investment flows impacting businesses worldwide, India Inc. powered ahead showing great resilience ByAshish Sinha THE BW REAL 500 LIST is India’s most definite ranking of successful busin e s s e s . D u r i n g 2022-23, India Inc. continued to grapple with escalating prices of oil, metals, and agricultural products that increased production costs for businesses across various sectors, squeezing profit margins. Despite that, companies powered through clocking healthy growth across vital parameters including revenue growth. Research Methodology The BW Real 500 list takes into account the income generated on the assets that are created by the companies. Like the last few years, w e p a r t n e r e d w i t h Te c h S c i Research that selected only listed companies based on their turnover for FY2022-2023 (FY23) and ranked them on Total Income. The number crunching was done on available data sourced from BSE, NSE, annual reports and public filings, etc. Once the list of companies in each category (of top 500 nonfinancial institutions, top 10 banking institutions, top 20 non-bankTHE BW REAL 500 THRIVING AMIDST GLOBAL TURMOIL ing financial companies) were prepared basis revenues, TechSci examined other indicators. For example, Total Asset. It is the total amount of assets owned by a company. TechSci has defined Total Income as the total amount of money that a company earns by selling its goods and/or services in the financial year under consideration. While terms like Profit Before Tax or Profit After Tax are self-explanatory, the term Reserves and Surplus included the summation of Capital Reserves, Retained Earnings, Fair Value Reserves, Hedging Reserves, Asset Revaluation Reserves, Foreign Currency Translation Reserves and Statutory Reserves. ESSAY Photograph by Viktor88

09 March 2024 | B W BUSINESSWORLD | 45 TOP 15 COMPANIES Rank Company Name Total Assets Total Income (Rs crore) 1 Indian Oil Corporation 4,19,956 9,51,410 2 Reliance Industries 16,07,431 9,03,045 3 Life Insurance Corporation of India 45,18,867 7,88,053 4 Oil & Natural Gas Corporation 6,14,529 6,92,903 5 Bharat Petroleum Corporation 1,88,109 5,35,046 6 Hindustan Petroleum Corporation 1,54,485 4,68,261 7 Tata Motors 3,36,081 3,50,600 8 Rajesh Exports 19,353 3,39,714 9 Tata Steel 2,88,022 2,44,390 10 Tata Consultancy Services 1,43,651 2,28,907 11 Hindalco Industries 2,24,817 2,24,459 12 Larsen & Toubro 3,30,352 1,86,270 13 NTPC 4,46,021 1,77,977 14 JSW Steel 2,11,078 1,66,990 15 Vedanta 1,96,356 1,50,159 Challenging Numbers Fiscal year 2022-23 was certainly a more challenging year for the businesses compared to fiscal year 2021-22. In FY23, the top-5 companies in the BW Real 500 list could only generate a combined total income of Rs 38.7 lakh crore, a drastic drop over FY22 numbers of Rs 100.34 lakh crore. This clearly reflected the global headwinds and a tougher business climate that impacted India Inc. in 2022-23. The top-10 ranked companies generated a total income of Rs 55 lakh crore, less than half of what was generated by the top-10 ranked companies for fiscal year 2021-22. However, the top-15 companies together generated a total income of little over Rs 64 lakh crore in FY23 or just about half the total income generated by all the 500 companies together. Dividends Galore The central government continued to reap in the benefits of dividends

46 | B W BUSINESSWORLD | 09 March 2024 THE BW REAL 500 ESSAY from the central public sector enterprises (CPSEs) all through FY23. Total dividend receipts from the CPSEs for FY23 stood at Rs 59,533 crore. In FY21 and FY22, it stood at Rs 39,750 crore and Rs 59,294 crore, respectively. These exceed the revised estimated of Rs 34,717 crore and Rs 46,000 crore (for FY21 and FY22) and Rs 43,000 crore for FY23, the finance ministry said in the 2023 year-ender on DIPAM. In FY23, Oil & Natural Gas Corporation (ONGC) maintained its standing as the most profitable CPSE with Rs 38,829 crore net profit in FY23. Overall, the CPSEs posted a 15 per cent year-on-year decline in their aggregate net profits to Rs 2.12 lakh crore in FY23 over FY22, owing mainly to the decline in the earnings of oil marketing and steel companies that were vulnerable to global commodity price cycles, and reduced profitability of steel firms. “During the year, IOC registered its highest-ever revenue from operations, at Rs 9,34,953 crore, a 28 per cent YoY growth. We also notched up a net profit of Rs 8,242 crore, that underscores the inherent resilience that empowers us to rise above global challenges and make a mark,” said S. M. Vaidya, Chairman, IOC. In fact, IOC continued to occupy the top position among companies for the third year in a row. Resilient Private Sector Reliance Industries (RIL) continued its great run as well, further cementing its position as India’s largest and most profitable private sector company. In FY23, RIL was not just India’s largest company by market capitalisation (Rs 17,72,456 crore), it was the also largest by revenue (Rs 9,74,864 crore) as well as profitability (Rs 74,088 crore). RIL was one of the largest contributors to the economy vis-à-vis exports (Rs 3,40,048 crore), job creation (2,62,558 new jobs created during the year), and CSR spends (Rs 1,271crore). Leading multinational automotive manufacturing company Tata Motors also gave a good account of itself in a challenging environment to deliver a healthy set of numbers and retain its seventh position in this year’s list of BW Real 500 companies. The company was ranked seventh in the previous two lists as well. Addressing the shareholders, N.Chandrasekaran, Chairman, Tata Motors described FY 2022-23 as a “good year” for the company. “We had a good year with all automotive verticals delivering on their strategies leading to multiple achievements. Compared to FY 2021-22, vehicle sales increased 23 per cent to 13,35,819 units. Revenues rose to an all-time high Rs 3.46 lakh crore (up 24 per cent), EBITDA improved by 110 basis points (bps) and profit before tax (PBT) turned positive at Rs 1,500 crore. [email protected] Photograph by Elnur/CANVA

2 PARLIAMENTARIAN l JANUARY 2023

48 | B W BUSINESSWORLD | 09 March 2024 THE BW REAL 500 ELEVATED PERFORMANCE DYNAMICS RANK 1 Indian Oil Corporation SHRIKANT M. VAIDYA, Chairman NON-FINANCIAL COMPANIES 48 | B W BUSINESSWORLD | 09 March 2024

09 March 2024 | B W BUSINESSWORLD | 49 INDIAN OIL Corporation (IOC), the largest integrated and diversified energy company in the country, has emerged at the top of BW Real 500 rankings for the third year in a row. S. M. VAIDYA, Chairman, IOC explains the growth journey in his shareholder’s address. Excerpts On IOC’s performance in 2022-23 The IOC performance in 2022-23 was indeed stellar across all operational fronts. During the year, the company registered its highest-ever revenue from operations, at Rs 9,34,953 crore, a 28 per cent year-on-year growth. We also notched up a net profit of Rs 8,242 crore, that underscores the inherent resilience that empowers us to rise above global challenges and make a mark. We also achieved the highest ever sales volume of 95.714 million metric tonnes of products, cementing our leadership position in the business. On the commitment to achieving net zero emissions by 2046 We already have a well-crafted blueprint in place with a multi-pronged approach to gradually take us towards the net-zero destination with an investment of around $30 billion till 2046. 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. On capex goals and performance IOC contributes more than 25 per cent of the total capex incurred by PSUs under the Ministry of Petroleum & Natural Gas, reflecting its energy leadership. For 2022-23, IOC achieved a capex of Rs 37,287 crore, which is 131 per cent of the utilisation value budgeted for the fiscal year. The ambitious capex of Rs 30,395 crore for 2023-24 reiterates our commitment to serve the nation with all our might, in the years ahead. On expansion plans & investments to meet future needs To ensure uninterrupted energy access for India’s rising socioeconomic demands, we are investing over Rs 1 lakh crore in strategic brownfield capacity expansions. The key projects under execution include 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 group refining capacity of IOC to about 107 MMTPA in the near future. On petrochemical integration and expansion Petrochemical integration is the way forward for us in all our refining investments. It is vital for mitigating the risks from business uncertainties, while enhancing the value of every molecule in the hydrocarbon chain. During 2022-23, we continued to make significant strides in this vital sector by expanding our petrochemicals capacity from 3.7 MMTPA to 4.1 MMTPA and attained an annual petrochemicals sale of 2.23 MMT with 4 per cent growth in the paraxylene (PX)/ Indian Oil Corporation Rs crore Total Assets 4,19,956 Total Income 9,51,410 Operating Profit 15,038 Net Profit 11,704 Data by TechSci Research para terephthalic acid (PTA) sales segment. IOC continues to drive progress and self-reliance in India’s petrochemicals sector with strategic investments. These include implementing a 387 KTA styrene unit and a 60 KTA poly butadiene rubber (PBR) plant at Panipat to support the growing demand and reducing imports of styrene and PBR. The board, in a key move, approved the setting up of Paradip Petrochemical Complex in Odisha, at an estimated cost of over Rs 61,000 crore. This is our single largest investment at a location that will enhance India’s self-sufficiency in this critical sector. Team BW 09 March 2024 | B W BUSINESSWORLD | 49

50 | B W BUSINESSWORLD | 09 March 2024 THE BW REAL 500 FULFILLING ASPIRATIONS RANK 2 Reliance Industries MUKESH D. AMBANI, Chairman & MD NON-FINANCIAL COMPANIES

09 March 2024 | B W BUSINESSWORLD | 51 ELIANCE INDUSTRIES (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 to the economy 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 the BW Real 500 rankings for the past several years. This year, like the one before, it has slipped to the second place basis lower income when compared to Indian Oil. On every other count, RIL is most certainly the country’s largest and most profitable private sector company. 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. “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 at 11.3 per cent,” Ambani stated. Impressive Growth RIL’s 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. The oil-tochemical (O2C) business delivered a record performance amidst a challenging business environment as well while the oil and 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. 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. With an increase of nearly 25 per cent from the previous year, digital services EBITDA for FY23 stood at Rs 50,286 crore. Retail Reliance Retail further consolidated its position as the largest retailer in India and the only Indian retailer to feature in the top 100 retailers globally. FY23 saw Reliance Retail cross the 1-billion transactions mark. The retail business expanded its store network with over 3,300 new stores added during the financial year, taking the store tally to 18,040 stores pan-India. Reliance Retail stores now cover 65.6 million sq. ft of store area, up 50 per cent compared to the previous year. “Footfalls increased by 50 per cent from last year to 780 million. The registered customer base also grew to 249 million, establishing Reliance Retail as the preReliance Industries Rs crore Total Assets 16,07,431 Total Income 9,03,045 Operating Profit 94,046 Net Profit 74,088 Data by TechSci Research ferred shopping venue of Indian citizen across formats,” said Ambani. Oil to Chemicals Despite facing major operational challenges given the highly volatile global scenarios, the O2C business posted highest ever earnings excluding the impact of special additional excise duty (SAED). The O2C business EBITDA stood at Rs 62,075 crore with a healthy 17.7 per cent increase as compared to the last year despite considering the SAED levy of Rs 6,648 crore, stated Ambani. Team BW R

52 | B W BUSINESSWORLD | 09 March 2024 THE BW REAL 500 LEADING THE WAY RANK 3 LIC OF INDIA SIDDHARTHA MOHANTY, Chairperson NON-FINANCIAL COMPANIES

09 March 2024 | B W BUSINESSWORLD | 53 NDIA’S LARGEST life insurer LIC had a good run in FY 2022-23. For the entire FY23 fiscal, LIC’s total premium income clocked a healthy 11 per cent growth at Rs 4,74,005 crore compared to Rs 4,27,419 crore in FY22. LIC held its leadership position in first year premium income (FYPI) in India with a market share of 62.58 per cent in FY23. The FYPI for LIC stood at Rs 2.32 lakh crore. Commenting on the numbers, Siddhartha Mohanty, Chairperson, LIC said, “Our results demonstrate the resilience of our business, built in every nook and corner of the country, over a period of more than six decades. Our efforts towards enhancing the share of non-par products in the overall product mix are bearing fruits.” During the fiscal year LIC settled a total of 225.5 lakh with claim payouts totalling Rs 2.10 lakh crore. During FY 2022-23, 137.96 lakh individuals were insured for the first time for the total sum assured of Rs 3.91 lakh crore. Of this, the new business from rural areas amounted to sum assured of Rs 1.16 lakh crore for 45,44,516 policies. Robust Performance While the net profit for FY23 zoomed 800 per cent to Rs 36,397.40 crore as compared to Rs 4,043.12 crore for the previous year, this growth in net profit in FY23 comprised of an amount of Rs 27,240.75 crore (net of tax) pertaining to the accretion on the available solvency margin, transferred from Non Par fund to shareholders account. Further, on an Annualised Premium Equivalent (APE) basis, the total premium was Rs 56,682 crore in FY23 as compared to Rs 50,390 crore in FY22, representing a growth of 12.49 per cent year on year. During the fiscal 2022-23, 68.22 per cent (Rs 38,667 crore) was accounted for by the individual business and 32 per cent (Rs 18,015 crore) by the group business. The assets under management (AUM) increased to Rs 43.97 lakh crore as on March 31, 2023 as compared to Rs 40.85 lakh crore as on March 31, 2022, registering an increase of 7.65 per cent. The gross value of new business (VNB) for FY23 also increased 16.46 per cent to Rs 11,553 crore as against Rs 9,920 crore for the previous year. “The regulatory initiatives towards insurance for all by 2047 will present opportunities to grow for the sector and we intend to participate in that growth. As we move forward to grow our business further, we will endeavour to create superior value for all our stakeholders. Finally, we thank all our policyholders, agents, employees and shareholders for maintaining their faith in us,” Mohanty had said at the time of discussing the annual results. Continued Growth During the current fiscal as well, LIC has been clocking incessant growth. For the nine months ended LIC of India Rs crore Total Assets 45,18,867 Total Income 7,88,053 Operating Profit 36,457 Net Profit 36,397 Data by TechSci Research December 31, 2023, LIC recorded a net profit of Rs 26,913 crore. In the same period, in previous fiscal, the net profit stood at Rs 22,970 crore. Commenting on the latest financial performance, Mohanty said, “This is just the beginning. A lot of scope for improvement is still there in certain areas. We are working hard on it and definitely this performance will be sustainable in the coming days.” Going forward, LIC will make continuous improvement in three areas of product mix, channel mix and technology, he added. Team BW I

54 | B W BUSINESSWORLD | 09 March 2024 THE BW REAL 500 ENERGETIC PERFORMER RANK 4 ONCG (Oil & Natural Gas Corporation) ARUN KUMAR SINGH, Chairman & CEO NON-FINANCIAL COMPANIES 54 | B W BUSINESSWORLD | 09 March 2024

09 March 2024 | B W BUSINESSWORLD | 55 ONGC, India’s largest crude oil and natural gas company contributing around 71 per cent to India’s domestic production, has maintained its fourth position on the back of robust financial performance in FY23. Chairman A.K. SINGH explained the highlights for FY23 in his address. Excerpts On the key financial milestones of 2022-23 During FY23, we attained the highestever standalone profit before tax (PBT) of Rs 50,395 crore as against Rs 41,040 crore (FY22) and profit after tax (PAT) of Rs 38,829 crore as against Rs 40,306 crore (FY22). The PAT would have been higher but we have made a provision of Rs 12,107 crore during Q4 of FY23 on account of disputed ST/GST on royalty as a prudent accounting measure. However, ONGC shall continue to contest such disputed matters before various forums. At the group level, we achieved an impressive revenue from operations of Rs 6,84,829 crore and profit after tax of Rs 32,777 crore. On the key focus areas to sustain and boost robust future growth For robust growth in future, we are focusing on three key areas: deepwater exploration, early monetisation through faster project execution and enhancing production through IOR/ EOR techniques. We have continued our stable capex programme and invested over Rs 30,000 crore during FY23. In this period, five major projects with an investment of Rs 8,118 crore were completed. During FY23, five major projects have been approved with total cost of around Rs 13,500 crore with envisaged life cycle gain of 27.64 MMTOE of oil and gas. As on 31.03.23, there were 24-major projects under implementation with a total cost of around Rs 61,352 crore and envisaged lifecycle gain of ~94 MMTOE. On the steps taken to cut carbon emissions & opportunities in renewables Recognising the importance of environmental, social and governance (ESG) aspects, we have achieved substantial progress in reducing emissions. Integrating sustainable practices into our operations have enabled us to lower our Scope-1 and Scope-2 emissions by 17 per cent in the last five years. In FY23, we reduced emissions by 2.66 per cent to 8.89 MMTCO2e, from 9.14 MMTCO2e in FY22. We have set goals to achieve Net Zero emissions for Scope-1 and Scope-2 by 2038. ONGC is also charting a roadmap for opportunities in renewable energy and low-carbon sectors. It is planning to scale up its renewable portfolio to 10 GW by 2030. We are committed to spending around Rs 1 trillion by the end of this decade on our multiple green initiatives. We are also actively exploring collaborations with leading players in the energy space on various low carbon energy opportunities including renewables, green hydrogen, green ammonia and other derivatives of green hydrogen. On the exploration & production (E&P) business In our core E&P business, we have significantly increased our efforts in the exploration and development of Indian sedimenONGC Rs crore Total Assets 6,14,529 Total Income 6,92,903 Operating Profit 43,051 Net Profit 32,777 Data by TechSci Research tary basins. India’s basins are underexplored and offer significant opportunities. Under our ‘Future Exploration Strategy’, ONGC has set up an ambitious target to bring 500,000 sq. km area under active exploration by 2025. A total of 809 LKM (line kilometre) of 2D and 13,696 SKM (square kilometre) of 3D seismic data has been acquired in FY23. A total of 70,000 LKM of state-of-art 2D high-fidelity broadband seismic data (API) was planned to be acquired in three sectors namely West Coast, East Coast and Andaman offshore which was subsequently revised to 82,353 LKM. Team BW 09 March 2024 | B W BUSINESSWORLD | 55

THE BW REAL 500 LEADING THE CHANGE RANK 5 Bharat Petroleum Corporation KRISHNAKUMAR GOPALAN, Chairman & Managing Director NON-FINANCIAL COMPANIES 56 | B W BUSINESSWORLD | 09 March 2024

BHARAT PETROLEUM Corporation (BPCL), a Maharatna, is India’s second-largest government-owned downstream oil producer, and a constant presence in the top five of the BW Real 500 companies list basis its consistently robust financial performance. K. GOPALAN, CMD, BPCL talks about the key highlights of FY23. Excerpts On BPCL’s financial highlights in 2022-23 and key achievements BPCL recorded its highest-ever sales of 48.92 MMT in 2022-23, as against 42.51 MMT in the comparative preceding period, registering a growth of 15 per cent. With a market share of 25 per cent, we retained our position as the second-largest oil marketing company in 2022-23. Our refineries supported the marketing efforts by recording the highest-ever throughput of 38.53 MMT in 2022-23, at a capacity utilisation of 109 per cent. Our revenue from operations rose to an all-time high of Rs 5.3 lakh crore as against Rs 4.3 lakh crore in the previous year, making us the sixth-largest company across all categories in the country by turnover. In this challenging year which was marred by suppressed marketing margins on certain petroleum products, our refineries achieved their all-time high gross refining margins (GRMs) at $20.24/bbl, highest amongst the PSU oil marketers. On how the Q4 performance impacted the company’s overall financials The year’s financial performance was volatile with two quarters of losses, but these were put behind with a recordbreaking performance in the fourth quarter, with standalone profit rising 159 per cent year on year and 231 per cent quarter on quarter to Rs 6,478 crore. For the year as a whole, the company posted a standalone net profit of Rs 1,870 crore as compared to the restated profit of Rs 11,363 crore in FY 2021-22. On FY23 as a landmark year for BPCL in mergers & acquisitions BPCL has a keen eye for identifying opportunities for growth through tapping of congruity and synergies. In this pursuit, the financial year 2022-23 was a landmark year in the history of BPCL, as two strategic mergers were brought to fruition. On July 1, 2022, Bharat Oman Refineries (BORL) was merged with BPCL, followed by the merger of Bharat Gas Resources (BGRL) with BPCL on August 16, 2022. These mergers have proven immensely beneficial, enabling BPCL to consolidate its refining and gas portfolios and unlocking substantial synergies. The benefits include centralized procurement for the merged entities, enhanced tax efficiencies by eliminating inter-company transactions, seamless alignment of business processes, and the pooling of talent and expertise. On the steps taken to strengthen the supply-chain, promote clean energy and sustainable mobility solutions To strengthen the supply chain and streamline the distribution of essential petroleum products, BPCL is investing around Rs 2,753 crore in Petroleum Oil Lubricants and Lube Oil Base Stock installations at Rasayani in Maharashtra and product Bharat Petroleum Rs crore Total Assets 1,88,109 Total Income 5,35,652 Operating Profit 2,821 Net Profit 2,131 Data by TechSci Research pipeline from its Mumbai Refinery to Rasayani. I am happy to share that we are investing almost Rs 1,000 crore to set up two 50MW captive wind power plants in Maharashtra and Madhya Pradesh to support our refineries in Mumbai and Bina. Feasibility studies are in progress for additional energy projects in wind and solar. Significant initiatives are being taken on the sustainable mobility front. We have launched an initiative to offer electric vehicle charging stations at around 7,000 energy stations over the next five years to support and accelerate growth of electric vehicles in the country. Team BW 09 March 2024 | B W BUSINESSWORLD | 57

58 | B W BUSINESSWORLD | 09 March 2024 HINDUSTAN PETROLEUM Corporation (HPCL) is the second-largest LPG marketer in India that also occupies a leadership position in lubricant sales. It has maintained its position in the BW Real 500 rankings. P.K. JOSHI, CMD, explains to its shareholders the high points of the company amid market challenges. Excerpts THE BW REAL 500 DELIVERING HAPPINESS RANK 6 Hindustan Petroleum Corporation PUSHP KUMAR JOSHI, Chairman & Managing Director NON-FINANCIAL COMPANIES 58 | B W BUSINESSWORLD | 09 March 2024

09 March 2024 | B W BUSINESSWORLD | 59 On 2022-23 being a challenging year for the sector and HPCL Crude oil prices continued their rising trend in 2022-23, with benchmark crude prices averaging $96.2 per barrel, the highest since 2013-14. The price volatility was substantial, with crude prices peaking at $123.7 per barrel in June 2022 and reaching a level of $78.6 per barrel by March 2023. Against the backdrop of increased prices and volatility of global crude prices, India’s petroleum product consumption also hit a new record in FY 2022-23, reaching the highest-ever level of 222.3 MMT. HPCL continued to meet the nation’s energy needs even while marketing margins were suppressed for certain petroleum products. I am happy to share that while navigating these challenging environments, gross sales of HPCL registered a growth of 24.7 per cent in 2022-23, rising from Rs 3,72,642 crore in 2021-22 to Rs 4,64,684 crore, thereby reaching a new peak. HPCL achieved its highestever annual sales of 43.45 MMT during the period, with a growth rate of 11 per cent. The highest-ever crude throughput of 19.09 MMT was achieved by our refineries, which is 36.7 per cent higher than the 13.97 MMT of crude processed during the previous year. On the adverse impact of high crude prices on profitability Profitability for the year was impacted due to exceptionally high international crude oil prices, suppressed marketing margins on select transport fuels, hardening of interest rates and adverse Rs/$ exchange rates, all resulting in a net loss of Rs 8,974 crore for the year as compared to profit after tax (PAT) of Rs 6,383 crore during the corresponding Hindustan Petroleum Rs crore Total Assets 1,54,485 Total Income 4,68,261 Operating Profit -9,984 Net Profit -6,980 Data by TechSci Research period of the previous year. On the key highlights for HPCL in 2022-23 HPCL recorded robust growth in sales across various business lines during 2022-23 on the back of a wide array of customercentric initiatives supported by a strong supply chain network. Market sales have touched a new peak of 43.45 MMT during the year, recording the highest-ever sales for major products. The growth was 11 per cent in comparison with sales achieved in the previous year. In retail business, the year 2022-23 saw the highest sales volume of 28.2 MMT. Sales of petrol and diesel increased by 16.2 per cent and 16.5 per cent respectively and LPG sales growth was 4.9 per cent. The domestic LPG segment gained market share for the seventh consecutive year. During the year, the Industrial & Consumer (I&C) business line recorded overall sales of 4.32 MMT. With the continuing recovery in air travel, HPCL achieved ATF sales of 692.5 TMT during 2022-23, registering a growth rate of 33.1 per cent over the previous year. On the steps taken to improve and expand the supply chain infrastructure HPCL significantly expanded the refining and supply chain infrastructure during the year with a capital expenditure of Rs 14,043 crore (including equity investment in its JVCs and subsidiaries) in 2022-23. As part of the Visakh Refinery Modernisation Project (VRMP), a new crude distillation unit (CDU-4) has been commissioned. Three new LPG plants with a combined capacity of 360 TMTPA were commissioned during the year. Team BW 09 March 2024 | B W BUSINESSWORLD | 59

60 | B W BUSINESSWORLD | 09 March 2024 THE BW REAL 500 MOTORING AHEAD RANK 7 TATA Motors N. CHANDRASEKARAN, Chairman NON-FINANCIAL COMPANIES

09 March 2024 | B W BUSINESSWORLD | 61 NDIA’S LEADING multinational automotive manufacturing company Tata Motors gave a good account of itself in a challenging environment to deliver a healthy set of financial numbers and retain its seventh position in this year’s list of BW Real 500 companies. The company was ranked seventh in the previous two lists as well. Addressing the shareholders, N. Chandrasekaran, Chairman, Tata Motors described FY 2022-23 as a “good year” for the company. “We had a good year with all automotive verticals delivering on their strategies leading to multiple achievements. Compared to FY 2021-22, vehicle sales increased 23 per cent to 13,35,819 units. Revenues rose to an all-time high Rs 3.46 lakh crore (up 24 per cent), EBITDA improved by 110 basis points (bps) and the profit before tax (PBT) turned positive at Rs 1,500 crore. All three core auto businesses turned profitable in the second half of the year. Free cash flow (automotive) for the year stood at Rs7,800 crore improving substantially from the negative Rs 9,500 crore recorded in FY 2021-22.” Passenger Vehicles & EVs (India) The business continued to give a robust performance for the third year in succession and recorded its highest ever annual sales of around 5,41,000 vehicles, a growth of 45 per cent over FY22. It became only the third OEM in India to cross 5,00,000 in annual sales. EV sales too crossed 50,000 in annual sales and constituted 12 per cent of the overall sales in Q4. Tata Motors retained the #1 SUV manufacturer rank for the second successive year and became the #2 brand in the Indian car market with NPS score touching 40. In FY23, Tata Motors recorded revenues of Rs 47,900 crore, and delivered EBITDA of 6.4 per cent. With existing capacities nearing saturation, the company acquired a state-of-the-art vehicle manufacturing facility in Sanand, Gujarat, adjacent to its existing plant, with capacity scalable to 4,20,000 units per annum. Towards Profitable Growth In the commercial vehicles segment, following a challenging first half, Tata Motors revised its operating model to target ‘profitable growth’. It moved away from ‘supply chain push’ to ‘retail pull’ model by focusing on VAHAN registration volumes and achieved double digit EBITDA margins in Q4 FY23. In FY23, the business recorded revenues of Rs 70,800 crore, and delivered EBITDA of 7.4 per cent, an improvement of 370 bps over FY22. “The business is being managed across eight verticals and we aim to make each of these verticals profitable and cash accretive,” the chairman said. At the Auto Expo 2023, Tata Motors unveiled 14 newage concepts that, it claims, will shape the future of mobility in the years ahead and launched over 40 new products and 150+ variants across segments, to cater to the evolving needs of seamless cargo and people transport across sub segments and applications. Committed to Going Green Beginning April 1, 2023, the auto industry is mandatorily Tata Motors Rs crore Total Assets 3,36,081 Total Income 3,50,600 Operating Profit 3,058 Net Profit 2,690 Data by TechSci Research complying with the BS VI Phase 2 emission norms. “We introduced multiple segment-first products such as TATA Ace EV, India’s first commercially launched 4-wheeled electric mini truck and Intra Bi-fuel, India’s first Bi-Fuel pick-up truck,” said Girish Wagh, Executive Director, Tata Motors. Overall, in FY23, the company launched over 40 products and 150+ variants for passenger and cargo transportation to fulfil the growing demand for safer, smarter, and greener mobility solutions. Team BW I

62 | B W BUSINESSWORLD | 09 March 2024 THE BW REAL 500 RESILIENT GROWTH RANK 8 RAJESH EXPORTS RAJESH MEHTA, Executive Chairman NON-FINANCIAL COMPANIES Photograph by Bivash Banerjee

09 March 2024 | B W BUSINESSWORLD | 63 INCE ITS INCEPTION in 1989, Rajesh Exports (REL) has been a beacon of excellence in the global gold business. Based out of Bangalore, REL’s reach extends far and wide, making it the unparalleled leader with a footprint across the entire gold value chain, from refining to retailing. As the world’s largest processor of gold, REL proudly handles a whopping 35 per cent of global gold production, cementing its status as India’s foremost exporter of gold products. Boasting the title of the world’s lowest-cost gold jewellery producer, REL sets the gold standard for efficiency and quality. With cutting-edge manufacturing and research facilities in Bengaluru, and Balerna, Switzerland, REL crafts some of the most exquisite gold products on the market. Its extensive marketing network not only blankets India but also stretches across major gold markets worldwide, bringing its brilliance to every corner. What truly sets REL apart is its innovative spirit, constantly pushing boundaries with ground-breaking technologies and processes in jewellery manufacturing. Traded on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India, REL’s securities are held by some of the world’s top institutions, reflecting the confidence in its bright future. With its rich history, global presence, and unwavering commitment to innovation, REL continues to shine as the beacon of the gold industry’s future. Continued Performance The company excelled in its operations, boasting an impressive profit after tax of Rs 1,432.51 crore and revenues of Rs 3.34 lakh crore, compared to the previous year’s Rs 2.4 lakh crore. Despite the hurdles posed by the post-Covid-19 scenario and economic turbulence due to the war in Europe, the company showcased resilience and dynamism. REL is doubling down on its efforts to expand its footprint in the retail sector, and the results are impressive. “We are confident that REL will emerge as a dominant retail force in the jewellery sector in the times to come. Our team will keep working towards further growth of profit margins by aggressively expanding its retail foot print and by adding more and better value added products to its global design portfolio,” said Rajesh Mehta, Executive Chairman, REL. He said REL was constantly rolling out new products across various price ranges, ensuring that its customers always have an extensive selection to choose from. What is the ultimate goal? REL wants to be the first and only global company seamlessly integrated from mining to consumer on a significant scale. “While we’re already well-integrated, we’re laser-focused on beefing up our front-end operations. That means expanding our showroom count worldwide and launching a cutting-edge ecommerce platform for global product distribution. Get ready, world - REL is on the move, and we’re here to shake things up,” Mehta added. Future Opportunity Speaking about future opportunities, Mehta believes that by Rajesh Exports Rs crore Total Assets 19,353 Total Income 3,39,714 Operating Profit 1,478 Net Profit 1,433 Data by TechSci Research moving the gold business from unorganised to organised space will further expand the business in many countries including India. The organised segment has tremendous growth prospects. Growing consciousness of branded jewellery, increasing purchasing power in the Tier 1 and Tier 2 locations, and increasing demand for diamond jewellery are major opportunities for the next 10 to 15 years, said Mehta. However, a major threat could be changes in government policy with regard to import and export of gold products, he cautioned. Team BW S

64 | B W BUSINESSWORLD | 09 March 2024 THE BW REAL 500 GROWTH WITH PURPOSE RANK 9 TATA STEEL T. V. NARENDRAN CEO & Managing Director NON-FINANCIAL COMPANIES

09 March 2024 | B W BUSINESSWORLD | 65 NE OF THE LARGEST integrated steel manufacturers in the world with operations spanning various geographies across the globe, Tata Steel has an annual crude steel capacity of approximately 35 million tonne across both India and overseas operations. Tata Steel India capacity stands at 21.6 million tonne per a n n u m w i t h o p e r a t i o n s a t Jamshedpur and Gamharia in Jharkhand and Kalinganagar and Meramandali in Odisha. During FY23, it completed the acquisition of Neelachal Ispat Nigam (NINL) with a crude steel production capacity of 1 MTPA. Tata Steel restarted the unit within three months of its acquisition, which is testament to the agility and focus on turning around acquired assets. NINL, the company states, will play a critical role in its long product growth aspirations as it gets transformed into a state-of-the-art long products complex within the current decade. Financial Performance During the year, Tata Steel India’s operational performance witnessed many firsts and records including the highest-ever crude steel production of 19.9 million tonne, growing 4 per cent on a Y-o-Y basis. India deliveries increased in line with production, surpassing the previous record. The automotive sector saw a 5 per cent Y-o-Y increase, branded products and retail rose 11 per cent Y-o-Y, and industrial products & projects were up 14 per cent Y-o-Y. The EBITDA for Tata Steel India stood at Rs 27,561 crore, translating to a per tonne EBITDA of Rs 14,606, which is the third-highest in the history of the company and reflected the resilience of the India business in spite of a very volatile and challenging external environment. The company’s India crude steel production accounted for two-thirds of its overall production and this trend is expected to continue as the company focuses on investments and growth in the home market where it enjoys a premium leadership position. In its European business, Tata Steel recorded a revenue of £9,293 million and EBITDA was £477 million resulting in a per tonne EBITDA of £58. The sharp reduction in steel prices in the second half of the year, high energy costs due to the conflict in Ukraine and above-normal inflation impacted the financial performance for the year. The ongoing upgrade of Tata Steel Nederland’s Cold Mill in IJmuiden had an adverse impact on the product mix as well. During FY23, the company also undertook key strategic initiatives towards growth and long-term value creation. In the first half of the year, Tata Steel Long Products, completed the acquisition of NINL under the Government of India divestment programme, at an aggregate consideration of approximately Rs 12,100 crore. For the next fiscal, the company has projected capex at Rs 16,000 crore on a consolidated basis. It said it would be financed through internal accruals over the full year. ESG Stewardship T.V. Narendran, CEO and MD, addressing the shareholders, stated that Tata Steel had long recognised the Tata Steel Rs crore Total Assets 2,88,022 Total Income 2,44,390 Operating Profit 18,235 Net Profit 8,075 Data by TechSci Research Environment, Social and Governance (ESG) stewardship as a core to its purpose. “We have a proud legacy of pioneering positive change, not just within the industry but in the communities where we operate as well, and our commitment remains steadfast. As the shift to a low-carbon economy is likely to unfold faster, the implications on steel, a hard-to-abate sector shall be profound,” he said. “Our net zero target is in line with the Tata Group’s target and is the most ambitious net zero target adopted by any major steel company globally,” Narendran said. Team BW O

66 | B W BUSINESSWORLD | 09 March 2024 THE BW REAL 500 INNOVATING & ADAPTING RANK 10 TATA CONSULTANCY SERVICES K. KRITHIVASAN, CEO & Managing Director NON-FINANCIAL COMPANIES

09 March 2024 | B W BUSINESSWORLD | 67 N SPITE OF A VOLATILE global environment in fiscal year 2022- 23, Tata Consultancy Services (TCS) did well delivering a revenue growth of 17.6 per cent as well an industry-leading 24 per cent growth in operating margin. It’s order book continued to grow at a healthy pace during FY23. A part of the Tata Group, India’s largest diversified multinational business conglomerate, TCS employed over 614,000 of the world’s best trained consultants in 55 countries. In dollar terms, TCS generated consolidated revenues of $27.9 billion in the fiscal year ended March 31, 2023. 5G Push 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 leveraged partnerships to design and orchestrate a completely indigenous softwaredefined 4G/5G network stack. 5G technologies along with IoT, Edge and AI will enable new digital transformation opportunities across industries, both industrial and consumer. Performance Review TCS 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 c urrenc y). 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 at 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. Its 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 14.6 per cent. By geography, North America grew 24.2 per cent, UK grew 11.4 per cent and continental Europe 9.2 per cent. Among emerging markets, Latin America witnessed a growth of nearly 25 per cent whereas India saw a growth of 15 per cent. West Asia and Africa grew 12.5 per cent whereas Asia Pacific market for TCS saw a 7 per cent growth. The board has recommended a final dividend of Rs 24 per share, bringing the total dividend for the year to Rs 115 per share. For the full year, the company’s shareholder pay-out was Rs 42,079 crore, 108.2 per cent of the free cash flow during the year. Change of Guard FY 2022-23 also marked a key milestone in the journey of Rajesh Gopinathan, who was the CEO and MD of TCS for over six years (spent 22 years in all with TCS). He stepped down from his role as CEO and MD on March 31, 2023. In his parting message Gopinathan said: “It has been an absolute privilege and an unparalleled TCS Rs crore Total Assets 1,43,651 Total Income 2,28,907 Operating Profit 56,907 Net Profit 42,303 Data by TechSci Research learning experience to lead our company in the last six years, a period of tremendous growth and transformation for us.” The board nominated K. Krithivasan to step into the role with effect from June 1, 2023. On his appointment, Krithivasan said: “I am truly humbled by this opportunity to lead this remarkable organisation that I have been part of for 34 years. The culture, values and ethos of TCS and the Tata Group have been an inspiration always.” Team BW I

500 NON-FINANCIAL COMPANIES 68 | B W BUSINESSWORLD | 09 March 2024 INDALCO INDUSTRIES, a $28-billion metals powerhouse within the Aditya Birla Group, stands tall as a frontrunner in aluminium and copper. Bolstering its position further, Hindalco’s acquisition of Aleris Corporation in April 2020, orchestrated through its subsidiary Novelis Inc., solidified its reign as the foremost player globally in flat-rolled products and aluminium recycling. Amidst challenges, Hindalco delivered an exceptional financial and operational performance during FY2022- 23. Chairman Kumar Mangalam Birla attributed this to achievements in the copper business, India’s aluminium downstream sector achieving its highest-ever EBITDA, and the consistent performance of Novelis. Hindalco Industries proudly secures its place among the top 15 companies in the BW Real 500 companies list for yet another year, retaining its 11th position. Despite headwinds, Hindalco registered a consolidated EBITDA of Rs 24,131 crore on a turnover of Rs 2,23,202 crore in FY23. Hindalco’s aluminium business in India and Novelis delivered a resilient financial performance in the face of tough market condiTHE BW REAL 500 MAINTAINING EMINENCE RANK 11 HINDALCO INDUSTRIES K. M. BIRLA, Chairman Hindalco Industries Rs crore Total Assets 2,24,817 Total Income 2,24,459 Operating Profit 13,241 Net Profit 10,097 Data by TechSci Research tions arising from inflationary challenges and higher input costs. All the plants operated at their designated capacities during the year in the aluminium and copper businesses, said Birla addressing the shareholders. Record Capex Hindalco announced a substantial capital expenditure of $4.43 billion earmarked for India and Novelis over the next five years. This strategic investment, supported by a robust balance sheet, aims to fuel transformative growth across both entities, with a primary focus on organic expansion in downstream businesses. Growth projects at Novelis totalling $3.3 billion are already underway, while in the Indian market, Hindalco plans to invest approximately $1.13 billion in high-growth downstream ventures spanning EVs, e-mobility, packaging, batteries, building and construction, consumer durables, and resource securitisation through the acquisition of captive coal mines. Furthermore, Hindalco’s unwavering dedication to responsible business practices aligns seamlessly with its commitment to value-enhancing growth. For the third consecutive year, Hindalco achieved the highest ESG score in the aluminium industry. Team BW H Photograph courtesy: Aditya Birla Group

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500 NON-FINANCIAL COMPANIES 70 | B W BUSINESSWORLD | 09 March 2024 UMBAI-HEADQUARTERED Larsen & Toubro is one of the largest and most respected companies in India’s private sector. For its consistent and creditable performance, L&T has been regularly occupying leading positions in the BW Real 500 list. Like last year, it has managed to hold on to its 12th spot. Addressing the shareholders A.M. Naik, Group Chairman, L&T said: “Against the backdrop of continued global uncertainty, L&T turned in a creditable performance and registered appreciable recovery across key performance parameters. Our order inflow for the year stood at Rs 2,30,528 crore, which was achieved on the back of major domestic order wins in hydrocarbon and infrastructure.” Although the international ordering environment was a shade below expectations, said Naik, the strong revival of the domestic market has been a cause for cheer. The L&T group recorded revenues of Rs 1,83,341 crore during FY23, registering a growth of 17 per cent. The growth was aided by improved project execution backed by a strong order book, further complemented THE BW REAL 500 CREDITABLE PERFORMER RANK 12 Larsen & Toubro A.M. NAIK, Chairman Emeritus Larsen & Toubro Rs crore Total Assets 3,30,352 Total Income 1,86,270 Operating Profit 17,109 Net Profit 12,625 Data by TechSci Research by a strong pick-up in the IT & TS businesses amidst fears of global spends slowing down. Robust Order Book According to Naik, as on March 31, 2023, the order book stood at Rs 3,99,526, registering a growth of 12 per cent. The infrastructure segment boasts a 71 per cent share in the consolidated order book. A healthy operational profit after tax of Rs 10,374 crore represented a growth of 21 per cent over the previous year for L&T, the data showed. “A combination of improved profitability and reduced capital intensity has resulted in improved return ratios. The group repaid borrowings during FY23 and improved its debt: equity ratio,” said Naik. L&T continued to focus on shareholder value creation by divesting non-core assets, capturing cost efficiencies, and leveraging technology for productivity gains. Over time, L&T will also invest in various energy transition initiatives as well as incubate and scale up new-age businesses and platforms, Naik informed. Effective September 30, 2023, S. N. Subrahmanyan took over as the chairman and managing director of L&T. Team BW M Photograph by Umesh Goswami

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72 | B W BUSINESSWORLD | 09 March 2024 THE BW REAL 500 NON-FINANCIAL COMPANIES ORMERLY NATIONAL Thermal Power Corporation, NTPC is the largest power producer in India with an installed capacity of over 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-based, 8 hydro, 1 small hydro, 14 solar PV and 4 wind). NTPC is steering ahead to be India’s largest integrated power company and targets to become a 130 GW entity with diversified fuel mix and a 600 BU company in terms of generation by 2032. Thanks to its consistent and robust financial performance, NTPC has been a regular among the top 20 in the list of BW Real 500 companies. This year, it has climbed up three spots. 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 THE BW REAL 500 POWERHOUSE OF CONSISTENCY RANK 13 NTPC GURDEEP SINGH, Chairman & Managing Director NTPC Rs crore Total Assets 4,46,021 Total Income 1,77,977 Operating Profit 24,331 Net Profit 17,121 Data by TechSci Research 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 top-25 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 while addressing 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 growth of 24.24 per cent in its nonfossil portfolio, which plays a vital role in the company’s sustainability strategy. Team BW F

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500 NON-FINANCIAL COMPANIES 74 | B W BUSINESSWORLD | 09 March 2024 NDIA’S LEADING and one of the world’s most efficient integrated steelmakers, JSW Steel has been progressing responsibly across markets with innovation, digitalisation and sustainability as its key anchors. In FY23, the country witnessed an annual growth of 13.3 per cent, reaching 120 million tonne (MT) of domestic steel consumption. “Looking ahead to FY24, we anticipate an incremental steel demand of 8-10 MT in India. Amidst this backdrop of soaring demand, I am elated to announce that JSW Steel is unequivocally the best-placed steel company to meet this need,” said Sajjan Jindal, Chairman, JSW Steel, addressing the shareholders. “Our constant dedication to expansion and innovation positions us optimally as we add 9 MTPA of new capacity, projecting a total capacity of 37 MTPA in India by FY 2024-25. To support our ambitious growth trajectory, we have outlined a capital expenditure plan of approximately Rs 50,000 crore over the next three years,” Jindal added. THE BW REAL 500 PARTNER IN NATION BUILDING RANK 14 JSW Steel SAJJAN JINDAL, Chairman JSW Steel Rs crore Total Assets 2,11,078 Total Income 1,66,990 Operating Profit 5,655 Net Profit 4,139 Data by TechSci Research In the midst of formidable headwinds, JSW Steel demonstrated unwavering resilience, maintaining its capacity utilisation levels at 90 per cent. “We grew our India consolidated crude steel production to 23.62 MT during FY23, and also achieved sales volumes of 21.86 MT. We delivered an EBITDA of Rs 18,547 crore and achieved a net profit of Rs 4,139 crore during FY23,” said Jindal. “Our unflinching commitment to creating value for our esteemed shareholders is reflected in our maintaining a 20 per cent dividend payout ratio,” he added. Renewable Commitment In line with their commitment to renewable energy adoption, the company has already secured contracts for 1 gigawatt (GW) of capacity while successfully operationalising 225 megawatt (MW) of solar capacity at its Vijayanagar plant in April 2022, making it the first steel plant in India to embrace large-scale renewable energy deployment. “As we aim to reach a capacity of 50 million metric tonnes, our aspiration is to power our entire setup through 10 GW of renewable capacity, making us possibly the world’s first major steel manufacturer to achieve this milestone,” said Jindal, adding that the company was on track to achieve its ambitious goal of reducing CO2 emissions intensity by 42 per cent by 2030. Team BW I Photograph by Umesh Goswami

fifffflffiflfifffflffifl fifififffflfiffiflfiffiff UNDER FORTY 2nd EDITION fifffflffiflfl NOMINATE NOW EMINENT JURY SANJEEV AGRAWAL Chairman MMG Group SANGEETA PENDURKAR CEO, Pantaloons, Aditya Birla Fashion & Retail DEVNDRA CHAWLA MD/CEO, Chief Driving Oficer Greencell Mobility ANUPAM BANSAL Director Retail Liberty Shoes RAKESH KAUL Managing Director & CEO Livpure DR ANNURAG BATRA Chairman & Editor in Chief BW Business World and Founder exchange4Media RAJESH JAIN MD & CEO Lacoste India KAZEM SAMANDARI Executive Chairman L’Opéra SAHIL MALIK CEO Da Milano CHEF SUNIL CHAUHAN Founder, Fab Cafe Foods & Chefs United Foodtech DEEP BAJAJ Co Founder Sirona & Pee Buddy BENU SEHGAL Director Splendor Land Base VED SHUKLA Founder & CEO Mylomart & Advisor BW Retail World NOOR FATHIMA WARSIA Group Editorial Director BW Businessworld For Nominations & Queries: Sanjana Choudhary: +91 86900 34757, [email protected] Ved Shukla: +91 98180 97385, [email protected] For sponsorships: Somyajit Sengupta: +91 98182 47444, [email protected] Aparna Sengupta: +91 99580 00128, [email protected] MAR 30, 2024 THE PARK NEW DELHI

76 | B W BUSINESSWORLD | 09 March 2024 THE BW REAL 500 NON-FINANCIAL COMPANIES EDANTA, A SUBSIDIARY of Vedanta Resources, is one of the world’s foremost natural resources conglomerates, with primary interests in zinc, lead, silver, iron ore, steel, copper, aluminium, nickel, power and oil and gas. It is also India’s largest resources company employing over 87,500 people, and has committed $5 billion over the next 10 years towards attaining net-zero transition. It has a 77 per cent market share in India’s primary zinc market via Hindustan Zinc; it is the largest primary aluminium producer in India and accounts for ~25 per cent of India’s crude oil production. In FY23, it reported a strong set of financial results — Rs 1,45,404 crore in revenue and Rs 35,241 crore in EBITDA. “We have generated a healthy net-free cash flow of Rs 18,077 crore. This all-round performance is a testament to our outstanding portfolio and accomplished leadership team,” said Anil Agarwal, Chairman, Vedanta. As of 31 March 2023, the company’s net debt stood at Rs 45,260 crore. The balance sheet position, Vedanta said, remained strong with healthy THE BW REAL 500 DISPLAYING ITS METTLE RANK 15 Vedanta ANIL AGARWAL, Chairman Vedanta Rs crore Total Assets 1,96,356 Total Income 1,50,159 Operating Profit 20,276 Net Profit 14,506 Data by TechSci Research cash and cash equivalents of Rs 20,922 crore and a robust net debt to EBITDA ratio of 1.3x. The average term debt maturity, it added, was maintained at ~3.4 years. Focus on Sustainability In FY23, the company said it was ranked sixth among the top-10 diversified metal and mining peers on the Dow Jones Sustainability Index. Further, Vedanta and its various group companies received multiple awards in finance, operational excellence, CSR and HR categories across various recognised platforms. In his shareholder’s address, Agarwal said the company had an impeccable track record of honouring all capital market commitments. “Vedanta Resources, which is the holding company of Vedanta, deleveraged by $2 billion during FY23 against its commitment of $4 billion deleveraging over three years,” said Agarwal. Across the group, agreements for 788 MW of renewable energy (RE) round-the-clock (RTC) were signed, which would take Vedanta closer to its 2.5 GW RE target and help reduce its carbon footprint significantly, informed Sunil Duggal, CEO, Vedanta. “Cairn India’s iron ore business and Zinc International’s Black Mountain Mines joined HZL to be certified water positive,” Duggal added. Team BW V

09 March 2024 77 | B W BUSINESSWORLD | B W BUSINESSWORLD | 09 March 2024 | 77 THE BW REAL 500 ITH A LEGACY of over 200 years, State Bank of India (SBI) is the leading provider of a wide range of financial products and services in the country. In sheer number terms, SBI boasts more than 48 crore customers, 22,405 branches, and 26.25 per cent market share in debit card spends. The bank 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. SBI also emerged as the market leader in SME financing clocking Rs 3.59 lakh crore in total SME advances THE BW REAL 500 UNMATCHED LEADERSHIP FINANCIAL COMPANIES RANK 1 State Bank of India DINESH KUMAR KHARA, Chairman SBI Rs crore Total Assets 55,16,979 Total Income 4,73,378 Operating Profit 67,205 Net Profit 50,234 Data by TechSci Research for FY23. The company is the second-largest credit card issuer in India with nearly 1.8 crore active users. The bank has one of the largest ATM networks in the country, with 65,627 ATMs, including automated 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. Growth Path During FY2023, SBI’s total deposits grew 9.19 per cent to surpass the Rs 44 lakh crore mark. 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 during FY2023,” said D.K. Khara, Chairman, SBI. Among retail personal loans, Xpress credit loans crossed the Rs 3 lakh crore mark in FY23. “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, during FY23. As of March 2023, SBI’s market share in home loans and auto loans stood at 33.1 per cent and 19.4 per cent, respectively,” Khara said. Team BW W

78 | B W BUSINESSWORLD | 09 March 2024 THE BW REAL 500 OR HDFC BANK, the fiscal year 2022-23 was a very important one as it saw the merger of HDFC with HDFC Bank. The merger took effect from 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 said in his address to the shareholders. Strong Performance In FY23, the bank’s 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 THE BW REAL 500 LEADING RESPONSIBLY FINANCIAL COMPANIES RANK 2 HDFC Bank SASHIDHAR JAGDISHAN, MD & CEO HDFC Bank Rs crore Total Assets 24,66,081 Total Income 1,92,800 Operating Profit 58,485 Net Profit 44,109 Data by TechSci Research to Rs 86,842.2 crore. GNPA declined to 1.12 per cent from 1.17 per cent. In the fiscal under review, the cost-to-income ratio of the bank rose 3.5 per cent over the previous year to stand at 40.4 per cent for FY23. This was due to a 27.3 per cent increase in operating expenses over the previous year. This 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 longterm 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. Team BW F

09 March 2024 79 | B W BUSINESSWORLD | B W BUSINESSWORLD | 09 March 2024 | 79 THE BW REAL 500 FINANCIAL COMPANIES NE OF THE LEADING private banks in the country, ICICI Bank in FY23 saw its core operating profit grow 28.1 per cent year-on-year (YoY) to Rs 49,139 crore. It’s net profit too climbed 36.7 per cent YoY to Rs 31,896 crore while its total deposits jumped nearly 11 per cent. Term deposits saw a 17.1 per cent YoY surge while the average current and savings account deposits grew 8 per cent YoY. The retail loan portfolio also expanded 22.7 per cent YoY while the business banking and SME portfolios grew around 35 per cent and 19.2 per cent, respectively. Expansion in SME and business banking portfolios was attributed to leveraging the branch network and digital offerings such as InstaBIZ and merchant stack, explained Sandeep Bakhshi, MD and CEO, ICICI Bank during the earnings call. The domestic corporate portfolio of the bank also clocked a healthy 21.2 per THE BW REAL 500 GENERATING NUMBERS RANK 3 ICICI Bank SANDEEP BAKHSHI, MD & CEO ICICI Bank Rs crore Total Assets 15,84,207 Total Income 1,29,062 Operating Profit 42,421 Net Profit 31,896 Data by TechSci Research cent YoY growth driven by growth across well-rated financial and non-financial corporates. The rural portfolio of the ICICI bank also witnessed a 13.8 per cent YoY increase. Overall, the domestic loan portfolio expanded 20.5 per cent YoY contributing to an 18.7 per cent growth in the overall loan portfolio as on March 31, 2023. Growth Focus ICICI Bank expanded its branch network by opening 480 new branches, bringing the total to 5,900 branches and 16,650 ATMs and cash recycling machines across India during FY 2023. The bank also hired 23,200 new employees in the last 12 months, taking the total number of employees to 129,000 as of March 31, 2023. Says Bakhshi, “We will continue to make investments in technology, people, distribution, and building our brand. We will remain focused on maintaining a strong balance sheet with prudent provisioning and healthy levels of capital. We remain focused on delivering consistent and predictable returns to our shareholders.” Team BW O

80 | B W BUSINESSWORLD | 09 March 2024 N FY2023, CANARA Bank for the first time crossed Rs 20 lakh crore (Rs 20.42 lakh crore) in revenues for its global business thanks to healthy growth in both deposits and advances. “It is a moment of pride that Canara Bank achieved the five-digit net profit of Rs 10,604 crore for the first time ever during FY 2022-23 with a YoY growth of 86.76 per cent,” said K.S. Raju, Managing Director and Chief Executive Officer, Canara Bank. Addressing the shareholders on bank’s key financial achievements for the fiscal year 2022-23, Raju said: “During FY23, the global business of the bank increased to THE BW REAL 500 ROBUST PERFORMANCE FINANCIAL COMPANIES RANK 4 Canara Bank K.S. RAJU Managing Director & CEO Canara Bank Rs crore Total Assets 13,45,732 Total Income 1,03,187 Operating Profit 14,173 Net Profit 11,254 Data by TechSci Research Rs 20,42,001 crore, up 11.73 per cent YoY, with global deposits growing at 8.5 per cent YoY to Rs 11,79,219 crore and global advances growing 16.4 per cent YoY to Rs 8,62,782 crore.” The enhanced thrust on domestic business, said Raju, resulted in the growth of nearly 10 per cent YoY to Rs 19,12,508 crore with domestic deposits growing 6.5 per cent YoY to Rs 10,94,746 crore. The domestic advances of Canara Bank also grew 15 per cent YoY to Rs 8,17,762 crore in FY23. On Growth Path As of March 31, 2023, the bank’s retail term deposits registered a growth of 4.5 per cent YoY to Rs 4,61,737 crore. Also, at the end of March 2023, CASA deposits stood at Rs 3,66,472 crore with savings deposits at Rs 3,18,818 crore and current deposits at Rs 47,654 crore. The domestic CASA ratio of the bank stood at 33.4 per cent as of March 2023 while maintaining a strong deposits clientele base of around 10.77 crore, Raju informed the shareholders. Raju said Canara Bank remains committed to its founding principles to serve the society at large through its dedicated workforce of 84,978 employees and a pan-India branch network including 9,706 branches along with 12,130 ATMs/ recyclers as of March 2023. Team BW I

09 March 2024 | B W BUSINESSWORLD | 81 THE BW REAL 500 NON-FINANCIAL COMPANIES 81 | B W BUSINESSWORLD | 09 March 2024 XIS BANK’S BALANCE sheet grew 12 per cent year-on-year (YoY) to Rs 13,17,326 crore as on March 31, 2023. Total deposits also witnessed a 15 per cent YoY growth, with the savings account and current account deposits growing 23 per cent and 17 per cent YoY, respectively, said Amitabh Chaudhry, MD & CEO, Axis Bank. “Our ‘Axis Mobile’ app today is the world’s highest rated app at scale with 4.8 rating on Google Play Store and nearly 2 million+ reviews. It also serves as the largest branch for the bank with over 20 million customer registrations, ~12 million monthly active users, 250+ THE BW REAL 500 FINANCIAL COMPANIES RANK 5 Axis Bank AMITABH CHAUDHRY, MD & CEO Axis Bank Rs crore Total Assets 13,44,418 Total Income 1,01,665 Operating Profit 29,396 Net Profit 9,580 Data by TechSci Research services and over 67 per cent of the service requests serviced digitally,” Chaudhry informed the shareholders. Axis 2.0, the end-to-end digital business unit, was operating at scale with over 20 products across liabilities, loans, investment products, insurance and forex accounting for 15-85 per cent of incremental sales for these products, Chaudhry said. This also contributed to its customer obsession journey with net promoter scores for Axis 2.0 products being 10-30 percentage points higher than their physical equivalents, he added. Growing Network As on March 31, 2023, the bank had a network of 4,903 domestic branches and extension counters situated in 2,741 centres compared to 4,758 domestic branches and extension counters situated in 2,702 centres as on March 31, 2022. As on 31st March, 2023, the bank had 15,953 ATMs and cash recyclers spread across the country. The bank’s Axis Virtual Centre is present across six centres with over 1,500 virtual relationship managers as on 31 March 2023. “We, at Axis Bank, remain confident on the growth opportunities in the Indian economy. The banking industry is currently well placed with loan growth being strong across the key segments, margins and asset quality being the best in recent years along with healthy capital position,” said Chaudhry. Team BW A AXIS OF TRUST

THE BW REAL 500 RANKINGS 82 | B W BUSINESSWORLD | 09 March 2024 INDIA’S BIGGEST NON-FINANCIAL COMPANIES 1 Indian Oil Corporation 419,956 951,410 15,038 11,704 129,443 132,495 6.19 7.08 110,004 2 Reliance Industries 1,607,431 903,045 94,046 74,088 709,106 313,966 21.10 10.90 1,577,069 3 Life Insurance Corporation of India 4,518,867 788,053 36,457 36,397 39,906 0 0.95 77.86 337,976 4 Oil & Natural Gas Corporation 614,529 692,903 43,051 32,778 294,965 129,186 38.79 15.06 190,025 5 Bharat Petroleum Corporation 188,109 535,046 2,821 2,131 51,393 60,455 7.80 3.60 74,687 6 Hindustan Petroleum Corporation 154,485 468,261 (9,984) (6,980) 30,844 67,048 (10.69) (32.38) 33,591 7 Tata Motors 336,081 350,600 3,058 2,690 51,833 125,660 9.96 12.14 139,762 8 Rajesh Exports 19,353 339,714 18,235 1,433 14,694 724 9.94 9.72 18,014 9 Tata Steel 288,022 244,390 18,235 8,075 133,575 84,893 12.78 7.27 127,715 10 Tata Consultancy Services 143,651 228,907 56,907 42,303 90,840 0 65.20 46.61 1,173,055 11 Hindalco Industries 224,817 224,459 13,241 10,097 94,595 58,335 11.43 11.67 91,090 12 Larsen & Toubro 330,352 186,270 17,109 12,625 103,286 92,114 10.41 12.20 304,165 13 NTPC 446,021 177,977 24,331 17,121 141,257 173,488 9.42 12.85 169,789 14 JSW Steel 211,078 166,990 5,655 4,139 66,738 55,170 9.65 6.30 166,329 15 Vedanta 196,356 150,159 20,276 14,506 49,055 42,023 21.00 22.00 102,019 16 Infosys 125,816 149,468 33,322 24,108 75,795 0 43.80 32.00 592,394 17 GAIL (India) 107,781 147,204 7,256 5,596 58,352 16,275 9.64 10.42 69,137 18 Coal India 131,667 144,803 38,001 28,125 51,082 4,115 26.83 56.03 131,667 19 Bharti Airtel 446,633 140,081 16,561 12,287 106,444 165,545 12.32 9.19 417,578 20 Adani Enterprises 141,488 138,175 3,250 2,422 37,776 38,320 26.43 11.65 199,551 21 Mangalore Refinery & Petrochemicals 35,145 124,926 4,256 2,655 81,119 16,707 21.12 26.82 9,210 22 Mahindra & Mahindra 205,892 122,475 14,060 11,374 66,525 88,767 18.13 15.90 144,088 23 Grasim Industries 337,205 121,239 14,727 11,078 78,610 101,348 5.77 4.44 107,502 24 Maruti Suzuki India 84,597 119,712 10,323 8,211 61,640 1,216 17.90 14.10 250,489 25 Steel Authority Of India 130,481 105,398 2,892 2,177 50,616 25,662 4.98 3.65 34,159 26 HCL Technologies 93,411 102,814 19,488 14,845 65,398 2,251 34.50 23.30 294,501 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 | 83 INDIA’S BIGGEST NON-FINANCIAL COMPANIES 27 Wipro 117,134 92,753 14,766 11,367 76,570 15,009 18.75 15.80 200,446 28 Chennai Petroleum Corporation 16,036 90,915 4,806 3,532 6,326 4,235 43.08 77.91 3,537 29 SBI Life Insurance Company 309,587 81,598 1,759 1,721 11,924 0 0.66 14.00 110,207 30 Redington (India) 23,283 79,519 1,833 1,439 6,771 3,127 24.70 22.20 13,025 31 Samvardhana Motherson International 61,852 78,958 2,405 1,670 23,690 12,166 8.70 2.48 45,470 32 ITC 85,883 78,499 25,915 19,477 68,296 39 38.72 28.99 476,322 33 HDFC Life Insurance Company 239,619 70,609 1,331 1,368 10,840 950 0.58 10.53 107,296 34 UltraTech Cement 91,387 63,743 7,416 5,073 54,091 9,901 12.10 9.30 220,038 35 Hindustan Unilever 73,087 61,092 13,345 10,144 50,287 98 101.90 20.10 601,578 36 Petronet LNG 22,752 60,422 4,420 3,326 13,764 0 24.58 22.85 34,328 37 Adani Wilmar 20,980 58,446 789 582 8,036 2,226 16.82 7.12 52,747 38 Tata Power Company 128,349 56,547 5,457 3,810 28,468 48,974 12.00 13.00 60,791 39 Interglobe Aviation 59,170 55,881 (304) (306) (6,632) 2,252 4.29 0.00 73,665 40 Tech Mahindra 46,153 54,255 6,446 4,857 27,485 1,578 19.72 14.70 107,336 41 UPL 88,577 54,053 5,150 4,414 32,293 22,999 15.30 13.29 53,867 42 Jindal Steel & Power 69,427 52,768 4,485 3,974 313 12,435 10.89 5.99 55,717 43 ICICI Prudential Life Insurance Company 255,851 51,372 1,370 813 8,617 1,200 0.59 8.09 62,679 44 General Insurance Corporation of India 162,730 47,750 8,544 6,577 44,307 0 12.78 15.28 23,448 45 Power Grid Corporation Of India 250,296 46,606 17,453 15,417 76,039 126,595 12.81 18.57 157,436 46 Sun Pharmaceutical Industries 80,744 44,520 9,408 8,561 59,315 6,198 16.02 15.10 235,879 47 Adani Power 85,821 43,041 7,675 10,727 29,876 42,252 16.17 36.00 73,899 48 Avenue Supermarts 18,106 42,969 3,060 2,378 15,383 0 18.79 14.79 220,311 49 Vodafone Idea 207,243 42,489 (29,298) (29,301) (123,039) 12,296 (4.02) 0.00 28,234 50 Ashok Leyland 54,729 41,783 2,269 1,362 8,260 30,920 13.33 14.50 40,871 51 Oil India 73,883 41,758 13,144 9,854 37,397 18,549 27.94 21.20 27,289 52 Titan Company 27,023 40,883 4,447 3,274 11,762 2,195 34.49 27.42 223,269 53 Ambuja Cements* 51,721 39,675 3,729 3,024 26,301 48 10.48 8.14 104,068 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 84 | B W BUSINESSWORLD | 09 March 2024 54 Bajaj Auto 35,136 37,643 7,842 6,060 29,079 0 27.90 21.60 109,922 55 The New India Assurance Company 98,223 37,058 1,256 1,061 20,291 0 3.28 5.13 16,035 56 Jindal Stainless 27,140 35,823 2,774 2,084 11,803 3,871 21.39 19.27 15,229 57 Hindustan Zinc 35,467 35,477 15,288 10,511 12,087 11,841 46.00 45.00 123,950 58 EID Parry India 18,778 35,283 2,564 1,828 6,085 1,191 27.71 15.57 8,320 59 Asian Paints 25,798 34,875 5,689 4,195 15,896 972 35.60 27.40 264,897 60 Hero MotoCorp 23,917 34,727 3,864 2,800 16,616 313 22.55 17.92 46,909 61 LTIMindtree Ltd 23,496 33,740 5,792 4,410 16,563 125 35.00 28.50 140,799 62 TVS Holdings 39,350 33,690 2,013 1,333 3,231 25,013 18.80 15.10 7,624 63 TVS Motor Company 35,233 32,112 1,936 1,309 5,862 21,626 25.25 27.43 51,176 64 Patanjali Foods 13,244 31,821 1,179 886 9,774 1,454 12.45 11.07 35,085 65 National Fertilizers 12,533 29,809 612 458 2,051 3,991 13.34 16.44 3,554 66 Coromandel International 14,235 29,799 2,725 2,013 7,878 5 34.79 25.45 25,851 67 Indus Towers 46,572 28,743 2,759 2,040 18,415 4,713 11.00 9.66 38,538 68 Hindustan Aeronautics 67,204 28,598 6,510 5,828 23,238 0 18.04 25.00 91,325 69 Chambal Fertilisers & Chemicals 12,770 27,941 1,416 1,034 6,637 3,335 16.20 16.38 10,992 70 United Spirits 9,762 27,889 1,279 1,126 5,854 1 19.90 19.40 55,010 71 Torrent Power 29,910 26,076 3,041 2,165 10,529 10,496 18.22 19.07 24,531 72 Dr. Reddys Laboratories 32,285 25,725 6,049 4,507 23,286 1,119 21.12 20.00 76,981 73 Aurobindo Pharma 39,890 25,146 2,613 1,928 26,781 4,862 9.50 7.50 30,357 74 Apollo Tyres 27,359 24,609 1,427 1,105 12,814 5,588 8.66 5.96 20,317 75 Bharat Heavy Electricals 59,370 23,854 479 477 26,132 5,385 4.13 1.63 24,392 76 MRF 24,369 23,261 1,070 769 14,703 2,430 6.54 5.77 35,646 77 Cipla 29,463 23,229 4,038 2,835 23,246 520 17.78 11.96 72,683 78 ACC*** 20,544 22,552 1,203 885 13,954 0 9.56 6.26 31,308 79 Adani Ports and Special Economic Zone 114,905 22,405 5,489 5,393 45,584 49,819 8.90 11.69 136,499 80 Rashtriya Chemicals and Fertilizers 9,705 21,595 1,273 966 4,038 1,863 20.97 21.03 5,260 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 | 85 81 Rail Vikas Nigam 18,422 21,278 1,798 1,421 5,240 6,408 15.88 19.39 14,303 82 Reliance Infrastructure 60,993 21,161 (2,466) (2,564) 8,942 11,448 1.12 (34.66) 5,075 83 Rain Industries* 22,173 21,116 2,327 1,577 8,783 9,225 15.61 20.00 5,741 84 Siemens 22,265 20,050 2,640 1,962 13,016 0 19.40 14.98 118,487 85 ICICI Lombard General Insurance Company 55,086 18,870 2,113 1,729 9,952 35 20.61 16.55 52,526 86 Gujarat State Petronet 17,316 18,796 3,125 2,342 8,885 0 22.32 17.37 14,952 87 NMDC 28,248 18,435 7,647 5,538 22,328 416 26.96 24.76 32,691 88 Shree Cement 26,334 18,311 1,495 1,269 18,600 2,540 9.11 7.26 94,484 89 Tata Communications 20,553 18,201 2,063 1,801 1,233 7,533 28.30 118.29 35,497 90 Allcargo Logistics 7,337 18,115 895 653 2,814 705 22.93 22.37 8,738 91 Jindal Saw 18,256 18,046 710 443 7,859 4,685 13.44 8.71 4,665 92 Bharat Electronics 35,491 18,015 3,923 2,986 13,148 0 33.15 23.52 71,307 93 Godrej Industries 43,975 17,762 1,681 1,421 7,951 19,449 8.00 15.00 13,595 94 Zydus Lifesciences  25,756 17,424 2,590 2,092 17,415 1,163 14.50 12.90 49,755 95 Gujarat Gas 10,927 17,407 2,025 1,528 6,890 0 29.00 23.83 31,638 96 NLC India 53,068 17,383 2,056 1,426 13,782 22,306 9.27 8.53 10,698 97 KEC International 18,669 17,313 161 176 3,720 3,194 11.40 4.80 11,732 98 Quess Corp 6,119 17,185 284 223 2,421 531 8.23 8.41 5,478 99 Havells India 11,157 17,088 1,447 1,072 6,563 0 22.80 17.10 74,461 100 Bombay Burmah Trading Corporation 15,737 17,079 1,518 (772) 4,020 6,522 29.15 (41.54) 5,661 101 Tata Chemicals 35,084 17,007 2,740 2,434 19,466 6,083 10.43 11.74 24,774 102 Nestle India* 8,979 16,998 3,256 2,391 2,363 30 122.40 108.50 189,033 103 Lupin 22,956 16,715 716 448 12,452 4,244 7.23 3.45 29,501 104 Apollo Hospitals Enterprise 14,428 16,703 1,144 888 6,459 2,710 13.73 12.93 61,984 105 United Breweries 6,280 16,701 417 305 3,938 0 11.36 7.66 37,663 106 Britannia Industries 9,353 16,516 3,033 2,316 3,534 2,981 54.05 76.60 104,107 107 Kalpataru Projects International 19,581 16,401 642 435 4,688 3,682 19.20 15.60 8,679 108 APL Apollo Tubes 5,852 16,213 863 642 2,950 873 27.30 23.50 33,428 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 86 | B W BUSINESSWORLD | 09 March 2024 109 PTC India 16,630 16,003 680 507 4,723 6,521 12.00 9.19 2,518 110 Indraprastha Gas 12,621 15,806 2,122 1,640 7,791 0 23.45 21.13 28,490 111 NCC 16,550 15,701 885 646 6,041 974 13.41 9.39 6,661 112 Bosch 16,252 15,403 1,882 1,426 10,976 0 17.10 12.90 57,129 113 Exide Industries 14,768 15,203 1,138 823 11,047 279 10.31 8.30 15,126 114 Kama Holdings 19,266 15,158 3,000 2,324 5,709 4,354 26.85 21.93 8,058 115 Tube Investments of India 10,252 15,108 1,581 1,325 3,931 629 27.60 20.20 49,180 116 Eicher Motors 19,198 15,037 3,800 2,914 14,963 196 22.70 21.20 80,646 117 SRF 18,755 14,945 2,824 2,162 10,030 3,379 21.68 21.87 71,493 118 Uflex 16,438 14,784 656 481 7,505 5,495 7.97 8.70 2,423 119 JK Tyre and Industries 12,449 14,681 411 263 3,347 4,784 12.90 7.72 3,817 120 CESC 37,712 14,555 1,739 1,397 11,256 14,062 9.10 8.34 8,835 121 National Aluminium Company 17,627 14,490 1,845 1,435 12,208 48 20.26 11.67 14,399 122 Apar Industries 8,218 14,390 855 638 2,198 304 33.80 32.30 9,586 123 Polycab India 9,425 14,241 1,707 1,282 6,481 155 26.10 21.00 43,131 124 Kalyan Jewellers India 10,713 14,109 572 432 2,605 1,655 20.00 12.80 10,852 125 Mphasis 11,609 13,960 2,173 1,638 7,746 198 25.76 20.64 33,832 126 Tata Consumer Products 22,811 13,952 1,794 1,320 16,184 1,183 34.30 7.90 65,853 127 Adani Energy Solutions 53,932 13,840 1,712 1,281 10,547 34,199 7.37 10.78 110,774 128 BASF India 6,565 13,682 543 403 2,658 0 21.50 16.00 9,850 129 Dalmia Bharat 25,543 13,678 1,325 1,079 15,591 3,742 5.90 6.80 36,901 130 Godrej Consumer Products 17,499 13,484 2,133 1,702 13,692 1,034 16.62 13.34 99,012 131 Varun Beverages* 11,618 13,429 2,024 1,550 4,453 3,695 28.88 29.34 85,906 132 Glenmark Pharmaceuticals 19,372 13,307 868 377 9,446 4,348 14.05 3.92 13,112 133 Bharat Forge 18,384 13,083 827 508 6,612 6,852 13.27 14.12 35,871 134 Radico Khaitan 3,719 12,753 275 220 2,181 697 11.28 9.98 15,969 135 Aditya Birla Fashion & Retail 17,041 12,534 (82) (59) 2,395 2,306 3.84 (1.07) 20,336 136 DCM Shriram 10,722 12,199 1,413 911 6,162 1,633 17.97 15.70 11,655 137 Dixon Technologies (India) 4,679 12,198 345 255 1,273 183 33.40 22.40 17,042 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 | 87 138 Aster DM Healthcare 14,881 12,011 535 475 3,949 2,287 7.71 10.20 12,023 139 Dabur India 13,654 11,975 2,219 1,701 8,796 999 26.95 18.00 96,543 140 Pidilite Industries 10,525 11,849 1,723 1,289 7,161 163 23.69 18.69 119,606 141 Alkem Laboratories 13,757 11,815 1,305 1,007 9,021 1,307 12.60 10.90 40,605 142 Biocon 52,043 11,550 897 643 17,267 17,771 25.01 6.00 24,774 143 Gujarat State Fertilizers & Chemicals (GSFC) 13,909 11,518 1,543 1,266 11,960 0 12.11 10.94 4,742 144 Deepak Fertilisers & Petrochemicals Corporation 11,421 11,385 1,816 1,221 4,941 3,613 23.36 27.28 6,927 145 SIS 5,713 11,379 285 347 2,260 1,522 12.00 15.70 4,673 146 CEAT 9,628 11,332 254 182 3,399 2,093 6.77 6.17 5,867 147 UNO Minda 8,309 11,285 891 700 4,041 1,251 19.20 15.70 27,554 148 NHPC 86,087 11,285 5,252 4,235 26,854 29,488 6.70 11.13 40,381 149 JSW Energy 48,742 10,867 1,943 1,480 16,988 24,817 6.66 7.93 39,612 150 Gokul Agro Resources 2,121 10,757 175 132 621 467 28.18 20.35 1,517 151 Ircon International 15,537 10,750 891 765 5,023 1,504 11.81 15.88 5,267 152 Dilip Buildcon 15,439 10,712 103 (139) 3,855 6,658 7.83 (0.04) 2,470 153 PDS 3,109 10,629 357 327 1,028 601 43.70 29.40 4,349 154 Berger Paints India 7,967 10,619 1,162 860 4,397 768 25.53 19.11 56,508 155 Gujarat Narmada Valley Fertilisers & Chemicals (GNFC) 11,696 10,588 1,932 1,464 8,950 0 18.61 16.16 7,916 156 Amara Raja Batteries 7,124 10,480 947 695 5,282 17 17.92 14.10 9,892 157 Vardhman Textiles 11,333 10,329 1,060 805 8,507 1,677 11.34 9.03 8,492 158 Balkrishna Industries 12,348 10,106 1,435 1,057 7,518 3,342 13.32 14.59 37,725 159 Welspun Corp 15,339 10,078 334 199 4,601 3,316 6.99 4.30 5,244 160 SpiceJet 10,280 9,915 (1,503) (1,503) (6,452) 1,185 49.31 0.00 1,824 161 Hindustan Construction Company 13,180 9,912 (89) (27) (866) 5,295 8.18 0.00 2,073 162 Marico 6,946 9,908 1,743 1,322 3,670 475 44.00 36.40 62,041 163 JK Cement 13,285 9,808 631 419 4,609 4,995 4.15 9.03 22,591 164 Dish TV India 4,506 9,769 (2,088) (1,684) (973) 73 (12.63) 0.00 2,394 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 88 | B W BUSINESSWORLD | 09 March 2024 165 Voltas 10,279 9,667 307 136 5,419 616 6.00 2.50 27,075 166 Torrent Pharmaceuticals 15,012 9,665 1,847 1,245 6,029 5,297 22.00 20.00 52,024 167 Macrotech Developers 39,155 9,611 453 490 12,181 9,049 13.82 3.95 44,821 168 Godrej Agrovet 5,486 9,481 378 295 2,145 1,321 9.00 10.87 7,930 169 Tata Steel Long Products 22,225 9,296 (2,538) (2,304) 1,343 14,668 2.11 (41.27) 2,842 170 Supreme Industries 5,694 9,231 1,111 865 4,377 0 21.19 19.65 31,929 171 Shree Renuka Sugars 7,604 9,107 (180) (197) (1,094) 5,549 8.63 0.00 9,387 172 Piramal Enterprises 83,752 9,087 5,991 9,969 31,011 49,384 2.47 32.09 16,190 173 NBCC (India) 12,879 8,961 372 278 1,765 0 17.85 13.69 6,381 174 Endurance Technologies 6,802 8,849 629 480 4,271 483 17.40 12.90 17,465 175 Aegis Logistics 7,163 8,814 645 511 3,497 995 46.42 44.13 13,301 176 CIE Automotive* 9,928 8,811 951 136 4,719 923 16.07 (2.70) 13,052 177 Birla Corporation 14,072 8,795 43 41 5,904 4,350 3.19 1.08 6,855 178 Prestige Estates Projects 36,583 8,772 1,414 1,067 9,574 8,121 12.54 9.44 16,163 179 ABB India* 9,318 8,747 1,363 1,016 4,897 0 27.92 22.83 56,855 180 Escorts Kubota 10,085 8,710 835 637 8,055 0 10.99 7.78 24,951 181 Adani Green Energy 67,361 8,633 1,426 973 4,296 11,088 7.59 16.56 139,577 182 Mazagon Dock Shipbuilders 29,463 8,514 1,403 1,119 4,558 0 26.46 23.50 13,373 183 Trent 8,082 8,503 552 394 2,560 498 12.03 17.13 48,878 184 Container Corporation Of India 13,465 8,483 1,563 1,173 10,921 55 13.50 10.60 35,354 185 Arvind 6,914 8,427 487 413 3,143 1,404 14.52 12.09 2,223 186 Persistent Systems 6,619 8,421 1,241 921 3,889 429 31.44 25.66 35,228 187 Raymond 8,194 8,337 737 537 2,832 2,127 24.49 18.24 8,136 188 Thermax 8,839 8,250 603 451 3,846 811 14.46 11.64 27,319 189 Ashoka Buildcon 17,145 8,235 588 373 1,614 1,906 51.79 21.16 2,077 190 L&T Technology Services 6,917 8,222 1,644 1,174 4,930 0 36.90 26.00 35,678 191 Welspun Living 8,650 8,215 302 203 3,989 2,350 7.21 4.86 6,289 192 The Ramco Cements 14,595 8,190 472 315 6,837 4,487 5.00 5.00 17,879 193 Zee Entertainment Enterprises 13,728 8,168 468 251 10,626 6 7.89 0.44 20,387 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 | 89 194 Divis Laboratories 14,439 8,112 2,369 1,823 12,714 0 17.76 14.28 74,951 195 Cummins India 7,919 8,080 1,591 1,228 5,703 350 28.00 23.00 45,173 196 Coforge 5,683 8,077 951 745 3,109 338 27.48 22.50 23,295 197 PNC Infratech 12,632 8,037 957 658 4,234 6,271 13.30 15.36 7,411 198 Deepak Nitrite 5,129 8,020 1,146 852 4,063 54 27.00 20.83 25,132 199 Blue Star 5,399 8,008 555 401 1,311 578 27.16 30.09 13,283 200 Surya Roshni 3,057 8,002 459 336 1,810 404 22.90 19.67 3,580 201 TeamLease Services 1,768 7,914 115 112 791 19 38.00 13.79 3,829 202 Reliance Power 13,287 7,883 (297) (403) 7,780 21,236 3.95 (4.05) 3,717 203 Polyplex Corporation 7,397 7,747 711 616 3,451 787 15.00 14.00 3,587 204 Kansai Nerolac Paints 6,306 7,569 635 468 4,480 160 13.70 11.10 20,845 205 Sonata Software 4,357 7,520 597 452 1,287 494 35.00 34.74 11,726 206 Jaiprakash Associates 37,768 7,458 (585) (1,352) (1,742) 16,020 (5.23) (19.28) 1,706 207 Prism Johnson 6,556 7,395 (178) (158) 703 1,468 0.60 (10.80) 5,303 208 Brightcom Group 7,896 7,390 1,900 1,371 6,597 0 27.09 19.58 2,946 209 Electrosteel Castings 8,519 7,360 415 316 4,323 2,628 12.57 8.11 1,909 210 RPSG Ventures 13,159 7,308 120 (59) 2,376 2,639 5.97 3.39 1,077 211 GMR Airports Infrastructure 44,111 7,289 (726) (840) (1,396) 31,943 3.64 0.00 24,476 212 Hatsun Agro Products 3,751 7,258 225 166 1,418 1,448 11.97 13.01 18,764 213 CG Power & Industrial Solutions 4,629 7,040 1,002 963 1,485 0 52.25 53.77 45,822 214 Mahanagar Gas 6,032 7,033 1,056 790 4,134 0 24.50 20.04 9,714 215 Paul Merchants 890 7,013 596 44 510 307 9.41 8.62 114 216 Alok Industries 7,461 7,002 (880) (880) (19,397) 24,151 (12.39) 0.00 5,760 217 Amber Enterprises India 6,243 6,980 220 164 1,875 1,344 15.00 8.80 6,148 218 LT Foods 5,321 6,979 563 423 2,762 938 17.80 18.40 3,087 219 Sterlite Technologies 5,206 6,966 315 127 2,011 3,667 18.64 6.74 5,879 220 Solar Industries India 5,036 6,954 1,102 811 2,733 1,169 37.00 29.00 34,318 221 Schaeffler India* 5,727 6,945 1,177 879 4,254 0 26.87 20.51 42,931 222 KEI Industries 3,770 6,940 642 477 2,571 135 24.86 20.12 15,321 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 90 | B W BUSINESSWORLD | 09 March 2024 223 Crompton Greaves Consumer Electricals 5,654 6,936 612 476 2,533 922 204.11 15.02 18,634 224 Varroc Engineering 4,621 6,921 83 39 961 1,635 15.33 3.90 3,810 225 Whirlpool Of India 5,959 6,795 297 224 3,393 0 7.68 6.22 16,684 226 IRB Infrastructure Developers 42,766 6,703 1,077 720 12,775 16,740 9.00 5.00 15,188 227 India Glycols 4,858 6,666 165 141 1,870 1,094 8.00 8.00 1,903 228 PI Industries 8,480 6,651 1,444 1,230 7,183 0 25.59 18.45 45,974 229 Aarti Industries 8,581 6,619 611 545 4,739 2,874 14.65 11.55 18,783 230 JK Paper 8,920 6,609 1,646 1,208 3,865 2,739 26.09 29.87 6,466 231 Kirloskar Industries 7,533 6,536 658 460 2,181 964 14.06 7.30 2,404 232 JK Lakshmi Cement 6,541 6,509 534 369 2,745 1,846 16.00 13.00 9,312 233 Kirloskar Ferrous Industries 5,482 6,467 617 437 1,537 964 26.89 21.67 6,464 234 ISGEC Heavy Engineering 7,075 6,412 290 206 2,297 1,200 13.95 2.39 3,208 235 Triveni Engineering & Industries 4,454 6,391 1,964 1,792 2,643 911 55.00 78.00 5,935 236 Ipca Laboratories 8,626 6,370 745 479 5,817 1,458 11.59 8.06 20,559 237 Jayaswal Neco Industries 6,054 6,365 34 227 1,087 3,409 10.18 11.66 2,054 238 Bajaj Hindusthan Sugar 15,939 6,360 (138) (135) 4,300 4,301 0.74 (4.01) 1,648 239 Fortis Healthcare 12,434 6,359 814 633 6,487 703 7.69 8.12 19,621 240 Trident 6,829 6,357 579 442 4,193 1,374 12.27 10.51 14,243 241 The Fertilizers & Chemicals Travancore 5,434 6,334 613 613 627 1,809 56.95 48.11 13,291 242 Network 18 Media & Investments 13,984 6,321 (16) (16) 4,077 5,815 2.15 (14.50) 5,680 243 Jubilant Pharmova 11,157 6,320 28 (65) 5,383 3,410 2.77 1.00 4,442 244 Black Box 3,002 6,309 29 24 262 352 19.53 8.01 1,567 245 KPR Mill 5,598 6,248 1,084 814 3,673 1,348 27.22 21.96 19,760 246 Great Eastern Shipping Company 15,209 6,171 2,554 2,575 10,133 3,623 21.02 28.10 9,202 247 Jai Balaji Industries 2,960 6,161 105 58 411 860 15.99 10.39 663 248 Firstsource Solutions 5,664 6,153 615 514 3,367 827 13.40 15.30 7,353 249 Mukand 3,178 6,153 172 172 709 1,505 13.80 22.60 2,038 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