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India's Companies

India's Companies

RAMF.SH DAVE / MINT VIA GETTY IMAGES 3M IN D IA * IA D IN 3M there w ill h ardly be an urban urban an be ardly h ill w there ETURN: R SHAREHOLDER o th er parts o f th e w o rld , th a t hasn’t hasn’t t a th , rld o w e th f o parts er th o GROWTH: SALES are unlikely to know th e e xte n t o f f o t n xte e e th know ever, how to They, unlikely ct. u are d ro p 3M a used any m in as India, in Tape, household agic M or rite -B tch co S it Be nutil tra ad ecn ogi s ie g lo chno te and aterial m industrial 66 1 FORBES INDIA AUGUST 4,2017 AUGUST INDIA 1 FORBES 66 atmAai himn Aai Group Adani chairman, Adani, Gautam THESE COMPANIES HAVE THE RESILIENCE TO FACE CHALLENGING AND EVER-EVOLVING EVER-EVOLVING AND CHALLENGING FACE TO RESILIENCE THE HAVE COMPANIES THESE BUT WITHOUT COMPROMISING ON PROFITABILITY OR RETURNS, THUS FINDING A PLACE PLACE A FINDING THUS RETURNS, OR PROFITABILITY ON COMPROMISING WITHOUT BUT AKTCNIIN,ADOTEFR HI PES HY AEGON RAPIDLY, GROWN HAVE PEERS.THEY THEIR OUTPERFORM AND CONDITIONS, MARKET T'LDER RETURN 3-year | SALES GROWTH 3-year CAGR 3-year GROWTH SALES | 3-year RETURN T'LDER ON THE THIRD EDITION OF OF EDITION THIRD THE ON 12 19 222 as surgical dressings th a t w ork ork w t a th dressings surgical as including invented, has 3M t a th to th e p ost o f m anaging d irector, irector, d anaging m f o ost p e th to the year, d e n Last itio d n ents. ir-co -a n o environm n in even ell w com p an y elevated Debarati Sen Sen Debarati elevated y an p com such novations in India-specific ’ fset r n . ing w gro the is fastest 3M y’s n a p m o c subsidiary innesota-based M Indian the The f o ns. tio en ra om rpo w co w fe the f o one her aking m in senior positions in p rivate rivate p in positions senior in FORBES INDIA'S FORBES COMPANIES ADAM PORTS AND PORTS ADAM ZONE ECONOMIC SPECIAL SHAREHOLDER RETURN: RETURN: SHAREHOLDER l gv Ida oxi t t to ity im x ro p India give hich w ill w Kerala, in , rt o p Vizhinjam nt e m ip building sh is y tran n a pa m co ercial m rts o com p largest India’s GROWTH: SALES The A dani g ro u p com p an y y an p com p u ro g dani A The acquire co n tro l o f G ujarat ujarat G f o l tro n co acquire and ns tio ra e p o its expand Asia. East and the ulf G to Persian Europe m shipping lanes—fro international he oties business. in ft he containers its e th to add uld o w to talks in ly d rte o p re is to oney m raising also is Pipavav Ports Ltd, w hich hich w Ltd, Ports Pipavav INDIA’S 3-year average I A ll figures in percent | # New Entrant I ffl Returnee Iffl Entrant New # | percent in figures ll A I average 3-year ANNUAL LIST OF SUPER 50 COMPANIES 50 SUPER OF LIST ANNUAL n t 24 24 t n 20

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AJANTA PHARMA AJANTA SALES GROWTH: GROWTH: SALES RETURN: SHAREHOLDER A graw al have tra n sfo rm e d the the d e rm sfo n tra have Rajesh al and graw A Yogesh rothers B generic drugs. Having established established Having drugs. panies generic com g in w ro aceutical g pharm fastest 1973, in India’s generic f o uncles one and to er in th fa unded fo ir e th business, by beleaguered ALEMBIC its trained has Asia janta in A frica, arkets A m and on hold firm a specialty and niche on focusing by w here its sales and filings o f f o filings and arket, m US sales its crative here lu w e th on sight e dus ae ie sharply. risen have drugs new The 109-year-old, V adodara-based adodara-based V 109-year-old, The RETURN: SHAREHOLDER PHARMACEUTICALS e ntities in th e co u ntry. The cu rre n t t n rre cu The a ntry. u co pharm e st th e in ld in o Am e th ntities f the e o y b one is d te o ily, m fam ro p pany, com GROWTH: SALES the enterprise in to a m odern m aker aker m odern m a to in enterprise the and Pranav by —led n tio era n e g wnfo -n h ucs i lo a also is success The . t-end nt fron ifica n n ow sig a ith w drugs, generic d f e o rm sfo tran —have in m A Shaunak hisad ua resources. human supply f and o up chains beefing as such its h g u ro th arket m US the in presence result o f ope ra tio na l im provem ents, ents, provem im l na tio ra ope f o result 18 19 40 39 354 128

a new growth area as well as hedge this microfinance pioneer is living against a possible move by dealers up to the mandate of financial AMARA RAJA BATTERIES towards big-box retailers. All indications inclusion for the poor, particularly SHAREHOLDER RETURN: 134 suggest the company is on track to women, which it started with as a SALES GROWTH: 20 increase its stock price at least as rapidly non-profit organisation. It is using 24 as it has done in the last decade. smartphone apps to bring digital Amara Raja Batteries is the market wallets and electronic transactions leader in the industrial battery to its customers and even those who segment, and is within touching AUROBINDO PIIARMA aren't its members. For instance, it is distance of unseating Exide SHAREHOLDER RETURN: 156 pilot-testing an Aadhaar-based digital Industries in the automotive battery SALES GROWTH: 23 payments feature in Humnabad taluk space. The company introduced 32 in Karnataka’s Bidar district to bring the concept of maintenance-free Established in 1986, it is among the ‘Digital India’ to those who truly need it. batteries in India and transformed top 10 pharma companies in India by the way batteries are sold. It built revenue. The drugmaker is a market capacity at the right time and leader in semi-synthetic penicillin, and escaped the trap that fast-growing is present in therapeutic areas including SHAREHOLDER RETURN: 311 companies typically fall into—large neurosciences and cardiovascular SALES GROWTH: 10 debt and unutilised capacity. ailments. Around 70 percent of its 51 turnover come from global markets. Last year, Nusli Wadia's Britannia While analysts have preferred Industries opened its first research and Aurobindo for its diversified portfolio development centre at its headquarters and long product pipeline, they have in Bengaluru. Built at a cost of ?200 also expressed concerns over the crore, the facility will house analytical, com pany’s R&D quality and lack of sensory and m icrobiology labs. The significant launches in the US lately. company also continued to expand its product range and strengthened its market dominance in the ?4,000-crore premium cookies space with the SHAREHOLDER RETURN:561 SALES GROWTH: 35 launch of Good Day Wonderfulls. * 21 The non-banking financial company from the , under the C ADI LA HEALTHCARE leadership of Rajeev Jain, remains one Jay Galla, MD, Amara Raja Batteries SHAREHOLDER RETURN: 122 of the fastest growing in its segment, SALES GROWTH: 10 led by consumer finance, lending to Y 31 small and medium enterprises, and to This Ahmedabad-based drugmaker commercial and rural borrowers. As ASIIOK LEYLAND * is looking to double its sales of March 2017, its book size is more in the US, one of its largest SHAREHOLDER RETURN:281 than ?57,122 crore. Even in the post­ SALES GROWTH: 28 markets, to more than $1 billion. demonetisation phase, growth continues The company has a 20-acre 15 to be strong in the consumer durables India's second-largest commercial consolidated research facility, and personal loan segments. The stock in addition to multiple research vehicle manufacturer is reducing its markets have recognised this, with a dependence on the trucks business and sites and manufacturing plants in near-15 times increase in the stock price India and the US, which have US focusing on non-cyclical and profitable of Bajaj Finance in the past five years. sectors such as defence, spare parts and Food and Drug Administration exports. It is aggressively expanding approvals. Cadila is credited with and consolidating its presence across INDIA launching India’s first new chemical India, the Middle East and Africa. SHAREHOLDER RETURN: 201 entities, and it aspires to become a Even as it continues to launch new SALES GROWTH: 9 research-led drugmaker by 2020. products, is ramping up 25 production of its India-made ‘Circuit’ After improving its market share, the electric bus. The com pany has posted Kolkata-headquartered paint company double-digit margins in the last 10 has now become the eountry’s quarters and a smooth transition to second largest. It has successfully BS IV emission norms and GST would managed to expand its popular home be critical for its immediate future. paint business as well as work on a fledgling insulation business. More recent innovations include a kind of paint for houses in desert regions, SHAREHOLDER RETURN: 105 which deflects dust particles. SALES GROWTH: 10 3 0 India’s largest paint com pany has, in BHARAT FINANCIAL the recent past, started entering allied INCLUSION # sectors such as kitchens, bathrooms and SHAREHOLDER RETURN: 274 furniture. While its dom inance in the SALES GROWTH: 4 4 Pankaj Patel, chairman and managing decorative paint segment is complete, 22 director, Zydus Cadila the company sees these sectors as Today, as a publicly listed business, JAY JAY G A LLA : MEXY XAVIER; PANKAJ PATEL: PRASAD GORI

SHAREHOLDER RETURN: 3-year I SALES GROWTH: 3-year CAGR I RE f 3-year average I All figures in percent I » New Entrant 135 R etu rn e e

AUGUST 4, 2017 FO RBES INDIA I 67 SIDDHARTHA LAL: AMiT VERMA; RASHESH SHAH: MEXY XAVIER CHOLAMANDALAM COMPANY FINANCE AND INVESTMENT Cholamandalam Investment and and Investment Cholamandalam HRHLE RETURN:SHAREHOLDER RETURN ON EQUITY: EQUITY: ON RETURN SALES iacn bsns, hlmnaa is Cholamandalam business, financing Murugappa India’s South of unit services financial the as1978 in having started year, next anniversary 40th its celebrating be will Company Finance Group. Started as an equipment equipment anas Started Group. small businesses and vehicles, vehicles, and businesses small among its customers, in partnership partnership in customers, its app among mobile a of use the isexpanding it year, This broking. stock and housing, for loans offering provider, services financial afull-fledged now town India, where the bulk of the the of bulk the where India, town ih oiewle poie Mavin, provider wallet mobile with opn’ bace r located. are branches company’s CRISIL small­ to access digital bringing a e u i 97 i tnad Poor’s & 1987, isStandard in up set was RETURN ON EQUITY: EQUITY: ON RETURN HRHLE RETURN: SHAREHOLDER SALES services: Ratings, data analytics and and analytics data Ratings, services: firm. analytics global majority-owned which agency, ratings largest India’s corporations and financial institutions. institutions. financial and large corporations companies, medium and micro, small towards catered solutions of gamut whole the provides now It hsJn, t ogta pretsae in stake percent 9 a bought it June, This its arch rival Care Ratings, in a move that that move a in Ratings, Care rival arch its becomes the second largest shareholder shareholder largest second the (Crisil becomes investment strategic a as is seen DEWAN HOUSING FINANCE HOUSING DEWAN business. ratings credit the on its of refocus indicative and LIC) after Care,in CORPORATION * CORPORATION (See in d lv s s lv d in 68 I FORBES INDIA I FORBES 68 HRHLE EUN -er AE RWH -erCG I CAGR 3-year GROWTH: SALES | 3-year RETURN: SHAREHOLDER EDELWEISS FINANCIAL EDELWEISS SERVICES * SERVICES SHAREHOLDER RETURN: RETURN: SHAREHOLDER RETURN ON ON RETURN a diversified financial company company financial diversified a that now concentrates on on concentrates now that SALES dles Fnnil evcs is Services Financial Edelweiss a bank in the near future for for future near the in bank a become to plans company loans.The agriculture and housing which it is focusing on its credit credit its on isfocusing it which services powerhouse between between powerhouse services financial a become has It business. found areas for growth, especially especially growth, for areas found always has and 2015, and 2008 hn tetr og phase. tough a enters it when page 54) page GROWTH: GROWTH: GROWTH: GROWTH: pr 0 per S GROWTH: GROWTH: EQUITY: EQUITY: 13 12

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ahs Sa, himnad CEO, and chairman Shah, Rashesh dles Fnnil Services Financial Edelweiss SHAREHOLDER RETURN: SHAREHOLDER optto rm Patanjali, from competition EQUITY: ON RETURN GROWTH: SALES , has continued to to continued has conglomerate, fierce of face the in Even space with their flagship brand brand flagship their with FMCGspace the in stronghold its retain Kolkata-based the Group, Emami brands Zandu and Kesh King. This King. Kesh and Zandu brands healthcare ayurvedic and Emami has been possible due to a robust robust a to due possible been has and strong processes. The group group The processes. strong and enjoys leadership positions in their their in positions leadership enjoys quality, high on focus line, product rm esrn n blpit pen ballpoint and newsprint from ranging verticals, business diverse this year, the group made its foray foray its made group the year, Earlier this bio-diesel. and cement to tips the Frank Ross pharmacy chain, pharmacy Ross Frank the a with sector pharmaceutical the into EICIIER MOTORS EICIIER hc i curd nte mid-1990s. the in acquired it which under launched Rosscare, brand, new The maker of the iconic Royal Enfield Enfield Royal iconic the of maker The RETURN: SHAREHOLDER SALES GROWTH: GROWTH: SALES ^800-crore investment in FY18 that FY18 inthat investment ^800-crore RETURN capabilities to meet surging demand. demand. surging meet to capabilities motorbike has been continuously continuously been has motorbike investing in building capacity and and capacity building in investing two technical centres in India and and India in centres technical two third a of opening the towards go will T450 crore will go towards the the towards go will crore T450 as development product UK, the a announced it year, this Earlier manufacturing-facility near , Chennai, near manufacturing-facility well as market expansion. Another Another expansion. market as well growth of VECV, the commercial commercial the VECV, of growth eil prtos trn sajit * aasjoint runs it operations vehicle venture with the Volvo Group. Volvo the with venture RETURN O RETURN N EQUITY:ON n F QvlTV 12 5

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idata a, D&CO Ece Motors Eicher CEO, & MD Lai, Siddhartha SHAREHOLDER RETURN: RETURN: SHAREHOLDER INDIA The company expanded its reach reach its expanded company The EQUITY: ON RETURN SALES GROWTH: GROWTH: SALES acquisition of Lloyd Consumer Consumer Lloyd of acquisition the with market durables consumer $15-billion India’s in from Lloyd Electric & Engineering Engineering & Electric Lloyd from clocked revenues of ?1,384 crore ?1,384 crore of revenues clocked which Consumer, Lloyd crore. Ltd this February for T1,600 for February this Ltd conditioners, televisions, washing washing televisions, conditioners, in FY2016, manufacturers air manufacturers FY2016, in appliances. For Havells, the the Havells, For appliances. acquisition is in line with its stated stated its with line is in acquisition household other and machines objective of penetrating “deeper “deeper penetrating of objective into homes” of consumers. of homes” into IIDFC BANK IIDFC RETURN ON EQUITY: EQUITY: ON RETURN RETURN: SHAREHOLDER SALES GROWTH: GROWTH: SALES and a truly diversified bank, both both bank, diversified truly a and private bank in terms of assets, of terms in bank private largest India’s is Bank HDFC side of the book and in providing providing in and book the of liability side the up building of terms in a wide range of loans. As of FY17, of As loans. of range wide a it has total deposits of nearly ^6.6 ^6.6 nearly of deposits hastotal it lakh crore, and more than 4,700 4,700 than more and crore, lakh and innovate in digital banking, banking, digital in innovate and towns. and cities 2,500 in branches with more than 70 percent of of percent 70 than more with invest to continues SBI, it Like carried out through the internet internet the through out carried being transactions financial its oaot4 pret n FY13. in percent 44 about to compared phones, mobile and (See * ZINC HINDUSTAN ae 63) page 12 20

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non-banking finance company to INDIA a focussed mortgage lender. Even SHAREHOLDER RETURN: in a tepid market, the company is 217 SALES GROWTH: 20 well poised for growth, led by its RETURN ON EQUITY’ 19 digital platform eHome loans and its In FY17, India's largest carmaker focus on smart city home loans. continued to script a strong revival driven by higher volumes as well KANSAI NEROLAC PAINTS as its foray into premium vehicles. ! SHAREHOLDER RETURN: 232 Following the success of Ciaz, Baleno | SALES GROWTH: 13 and Brezza Vitara last fiscal, it launched I RETURN ON EQUITY' 27 Ignis in January to target millennials. Maintaining its leadership in industrial The increasing share of premium cars and automotive paints, Nerolac in Maruti’s overall sales has led to has also managed to strengthen its improved margins though pressure presence in the decorative paint from higher raw material costs and Romesh Sobti, MD & CEO, Induslnd Bank segment. This, and falling input prices, adverse forex movement remains. have helped the company improve INDUSIND BANK margins, making it the best performing SHAREHOLDER RETURN: 190 paint stock in the past year. The SHAREHOLDER RETURN: 124 j SALES GROWTH: 20 company (formerly Goodlass Nerolac, SALES GROWTH: 12 16 which was rechristened when it RETURN ON EQUITY: 27 This was one of the early entrants became a subsidiary of the Japanese With 19 acquisitions since 2002, the to be touted as a new generation Kansai Paint Company) has been company that started as a supplier bank when the RBI decided to making steady gains in the highly- to Maruti Suzuki is now the country’s grant more licences to private competitive Indian paint market. largest maker of auto components. banks in the early 1990s. The bank's All through, it has maintained a return fortunes have completely changed EIC HOUSING FINANCE on capital employed of at least 40 under the leadership of Romesh SHAREHOLDER RETURN: 171 percent. Its next target is to triple Sobti (since 2008): From being a SALES GROWTH: 15 its revenue to $18 billion by 2020. relatively marginalised player in its RETURN ON EQUITY 19 early years to a robust universal While the 28-year-old company bank, where growth came from MOTILAL OSWAL continues to consolidate its core building a liability banking book mortgage business, the government’s FINANCIAL SERVICES * and a strong diversified loan book. (See page 58) thrust on affordable housing could In the coming years, it seeks to bolster it further. Through its product further rebalance its loan book, with offerings, it aims to cross ?2 lakh a focus on business loans, loans MRF S crore in loan portfolio in the next against property/shares and rural SHAREHOLDER RETURN: 183 few years. It has one of the industry’s loans. It also plans to expand digital SALES GROWTH: 7 most extensive marketing networks RETURN ON EQUITY: banking operations in a big way. 35 in India and an extended network The leader in India’s replacement tyre of over 11,000 intermediaries. It market is keenly eyeing opportunities reports stable asset quality figures. in the performance motorcycle Ill L HOLDINGS * SHAREHOLDER RETURN: 442 SALES GROWTH: 20 18 The company focussed solely on its SHAREHOLDER RETURN: 193 capital market-related businesses till ♦ SALES GROWTH: 8 2013 and then diversified into a non­ RETURN ON EQUITY; 37 banking finance company. Today, 65 The homegrown FMCG major percent of the group’s profit come has created brands that have from gold loans, small business loans, become synonymous with the housing loans and auto loans. Of categories they operate in-be it this, the housing loans business is coconut oil brand PaFachute or the fastest growing, accounting for edible oil and oats brand Saffola. 15 percent of the group’s profits. The company is looking at newer categories such as premium edible oil, healthy snacks and HOUSING male grooming segments as the FINANCE # growth drivers for this fiscal. SHAREHOLDER RETURN: 4 04 Marico expects robust growth SALES GROWTH: 24 in the male grooming segment 28 with the acquisition of a 45 It is the fourth-largest housing percent stake in Ahmedabad- finance company in India, w ith more based Zed Lifestyle that owns than ?90,000 crore in assets under Beardo which offers products management. Over the years, it has for hair and skin care. Harsh Mariwala, Chairman, Marico successfully transformed from a small ROMESH ROMESH SOBTI. MEXY XAVIER

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segment. It has added a new series Kishore Biyani led- named Masseter to its product this year. The purpose is largely for portfolio, designed to be a cornering joint sales forecasting and planning, specialist. Earlier this year, the SHAREHOLDER RETURN: 132 and exclusive product releases. company signed an Moll with the SALES GROWTH: 12 29 Gujarat government to set up a RAJ ESI I EXPORTS manufacturing facility in the state. It is the largest manufacturer of adhesives and industrial chemicals SHAREHOLDER RETURN:512 Expectations of a strong growth for SALES GftOWTH: 102 the M&HCV and tractor segments in India and collaborates with electricians, carpenters and * 24 augur well for MRF, though the rise This Bengaluru-based gold exporter and in rubber prices remains a concern. plumbers to ensure a loyal customer base. Pidilite entered the arts retailer bagged a D,140 crore export and materials segment in the late order from a UAE-based company in * '80s and established the Hobby May this year. After this order, which SHAREHOLDER RETURN:529 Ideas product range in 2002. The is to be delivered by September, the SALES GROWTH: 41 company saw£n opportunity in company’s export order book stands 22 waterproofing, acquired Dr Fixit at ?36,820 crore. It has also upped Founded in 1981 by VC Nannapaneni, from the Mahindras in 2000 and the ante on its domestic jewellery the Hyderabad-based drugmaker turned it into a successful brand. retail business under the brand Shubh. has a niche focus on oncology in In recent months, its share price which it controls a quarter of the has improved after the GST Council domestic market. It has restricted its slashed the applicable tax on gold and focus on developed markets to sell jewellery, making it 5 percent from the complex generics and partnered with earlier proposed rate of 18 percent. other pharma companies to mitigate development and litigation-related SHREE CEMENTS risks. As it expands its business SHAREHOLDER RETURN: 204 across new therapeutic areas such as SALES GROWTH: 17 Hepatitis C and cardio-diabetology, 17 the Street believes Natco is well- is the largest and most placed to counter macro headwinds successful among the Bangur family facing the pharma sector. companies. Run by Hari Mohan and son Prashant Bangur (Hari’s father Benu Bharat Puri, managing director, Pidilite Gopal Bangur is chairman), it is on track SHAREHOLDER RETURN: 135 to achieve its capacity expansion plan SALES GROWTH: 22 of 40 million tonnes by 2019. Its stock 51 is up 350 times since 2002. Also on the The India franchise of Jockey and PIRAMAL ENTERPRISES * cards is a plant in Karnataka, making it Speedo makes and sells everything SHAREHOLDER RETURN: 296 the first southern state it will operate in. from swimwear to innerwear for men SALES GROWTH: 24 and women. Jockey, which Page has 14 been selling in India since 1997, is Under the group leadership of Ajay SYMPHONY * India’s largest innerwear brand by Piramal, the strategy and positioning (See page 50) value, with sales rising steadily and of the flagship listed firm has been the company having better pricing transformed from a pharmaceutical-led to a diversified conglomerate. Growth power compared to rivals. The stock SHAREHOLDER RETURN:206 has compounded at 45 percent over is being driven by the financial services businesses, which include wholesale and SALES GROWTH: 12 the last decade, placing it among the i 11 39 top performing stocks of this period. real estate development financing, and retail exposure through the acquisition Brothers Sudhir and Samir Mehta have of stakes in Shriram Group companies. resurrected the company after Torrent PI INDUSTRIES * Fresh growth will be built on the Pharma lost 70 percent of its business SHAREHOLDER RETURN: 220 platforms of a housing finance business. when the erstwhile Soviet Union SALES GROWTH: 14 Investors have seen a 28 percent collapsed in 1991. A good track record 31 annualised return over the past 20 years. of securing approval for new drugs in PI Industries meets the process the US has helped the company. But research, analytical development as pricing pressure in the US impacts and largescale manufacturing needs PROCTER & GAMBLE HYGIENE Indian pharma companies, a couple of of agrochemical biggies and other AND HEALTH CARE strategic acquisitions made in India are global innovators. The agrochemicals SHAREHOLDER RETURN: 142 likely to help offset any weakness. company introduces new products SALES GROWTH: 8 almost every year and wants to 30 scale up this activity. It has signed Among the world’s largest consumer TUBE INVESTMENTS an agreement with Sony Corp and products companies, it enjoys an OF INDIA # Hokkaido University of Japan to set enviable market share in India. Its SHAREHOLDER RETURN:259 up a joint research centre to carry hygiene and healthcare division has a SALES GROWTH: 12 out niche research in the area of bouquet of famous brands, including 17 synthetic organic chemicals that can Vicks, Whisper, Pantene and Gillette. The Murugappa Group company, whose be applied in the electronics industry. To further boost sales, P&G entered businesses include manufacturing I into a Walmart-like pact with the automotive components, bicycles and

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fitness equipment and financial services, points of sale to enable Indians to ZEE ENTERTAINMENT is undertaking a demerger to unlock benefit from financial inclusion. It shareholder value. The company would wants to set up 75,000 Vakrangee ENTERPRISES SHAREHOLDER RETURN: 9 9 be split into two: A manufacturing Kendras (the retail network arm that SALES GROWTH: entity and a financial services company. eases up the process of opening 13 At present, its financial services bank accounts and offers end-to-end 25 business comprises equity holding banking services in rural areas) across With over 32 domestic and 39 international channels, this is among in Cholamandalam Investment and India, covering each pin code, and is the leading entertainment companies Finance Company, Cholamandalam MS the largest single systems integrator in India. The com pany’s high growth General Insurance Company Limited for all key government projects. comes primarily from five segments— and Cholamandalam MS Risk Services. movies, live entertainment, music, WABCO INDIA broadcasting and digital businesses. SHAREHOLDER RETURN: 190 The plan is to enter more markets SALES GROWTH: 27 internationally and also grow their 18 digital business. The acquisition of India The auto-component maker could Webportal and a stake in Bengaluru- be a key beneficiary of the expected based Tagos Design Innovations Pvt growth in M&HCV volumes in the Ltd are steps in that direction. domestic market. The rise in India’s infrastructure spending and the THE DROPOUTS* anticipated scrappage policy for commercial vehicles would be major positives for the company. Wabco is Bayer CropScience a leader in air-braking systems and it stands to gain from the government’s Blue Dart Express Sudarshan Venu, joint MD, TVS Motor Co focus on emission and road safety norms. It remains debt-free with a Divis Laboratories TVS MOTOR COMPANY healthy return ratio. As a subsidiary Gillette India SHAREHOLDER RETURN: 360 of W abco Holdings, it has the SALES GROWTH: 17 potential to improve its exports. 26 HCL Technologies Over the last few years, TVS Motor WHIRLPOOL OF INDIA * announced new model launches and SHAREHOLDER RETURN: 439 Lupin designs to plug gaps in its product SALES GROWTH: 15 M indtree portfolio as well as make its brand ! y 24 more aspirational. Earlier this year, Sun Pharmaceuticals Innovative product development the Chennai-based two- and-three- Sundaram Finance and a strong customer focus are wheeler manufacturer announced Supreme Industries the reasons behind Whirlpool of that it has earmarked T350 crore India's strong performance in the Tata Consultancy Services capex for new product development country. The recent launch of a first- and capacity expansion in FY18. In of-its-kind, in-built induction oven 2016-17, it unseated Hero MotoCorp *from the 2016 list is a hat-tip to that commitment. A to become the second largest subsidiary of global home appliances player in the scooter segment. company Whirlpool Corporation, METHODOLOGY Whirlpool of India is a major player in the refrigerators and washing Forbes India, with knowledge support from PwC India, adopted a robust multiple-stage process • machine segments and also makes air- UPL to select India’s Super 50 Companies. In the first conditioners, microwaves and purifiers. SHAREHOLDER RETURN: 289 stage, a set of eliminators was employed to arrive SALES GROWTH: 16 It is counted among the top five at a critical mass of strong contenders. Out of all RETURN ON EG' 21 consumer durables companies in India. the listed companies on the stock exchanges, we India's largest crop protection company selected those with a market capitalisation of has a large global presence due to a „ more than ^10,000 crore (as of March 31, 2017). series of acquisitions. Its secret sauce lies From these, all PSUs were eliminated; only the SHAREHOLDER RETURN: 290 top two companies based on market capitalisa­ in using India’s low-cost manufacturing SALES GROWTH: 18 base and adding onto it product tion from any busines^group were included; 20 companies where trading was suspended for penal registration, marketing and distribution Among the new private banks in India, reasons were removed and so were those that that are needed to sell overseas. Sounds Yes Bank got its licence from the RBI in were listed after April 1, 2014. This yielded a list of simple, but unlike pharma companies, 2004. It has built its presence backed 135 companies which were further evaluated on a a few Indian specialty chemical players by strong corporate and institutional different set of parameters. These parameters in­ have been able to do this successfully. banking operations, besides retail and cluded shareholder returns exhibited on the stock SME lending. Despite asset quality exchange over a three-year period, sales growth VAKRANGEE concerns, Yes Bank is poised for a (three-year CAGR) and return on equity (three- fresh leg of growth after it raised year average). As a final check, we considered SHAREHOLDER RETURN: 246 those companies which were more consistent than near $750 million through a qualified SALES GROWTH: 27 others—in the context of our parameters—and we p institutional placement in March. . TV 30 also used relevant eliminators to remove the outli- a The company focuses on creating This would help it ramp up its retail ers. The result is a strong list of companies that a large network of last-mile retail operations and also improve margins. comprise Forbes India’s Super 50 listing.

REPORTING BY: Anshul Dhamija, Aveek Datta, Harichandan Arakali, Pravin Palande, Salil Panchal, Samar Srivastava, Shruti Venkatesh and Varsha Megham

AUGUST 4,2017 FORBES INDIA 71

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