Business Standard



1. Companies are ranked by their latest audited annual revenues on or before the year ended September 30, 2023. The numbers include net sales from the core business, besides other recurring income and non-recurring and extraordin­ary income, but exclude excise duties and other indirect taxes.

2. Wherever possible, figures are on a consolidat­ed basis and include the results of a company’s subsidiari­es, its associates and joint ventures, as reported in its consolidat­ed accounts.

3. The revenues, operating profit, net profit, salary, taxes, and dividends have been annualised if the reported numbers are not for 12 months. Taxes include corporate taxes, deferred tax, cess and dividend distributi­on tax.

4. Market capitalisa­tion is the average for three months ended December 2023.

5. Net profit, net worth and assets have been adjusted for minority interests and exclude revaluatio­n reserves. Net profit after tax is as reported and includes extra-ordinary and non-recurring income.

6. The list only includes non-financial companies and excludes banks, non-banking finance companies, term-lending institutio­ns, home loan companies, Insurance, brokerages, investment companies and those engaged in securities trading and related industries.

7. To qualify for the BS1000 list, a company must be listed and its shares should be traded on either of the two leading stock exchanges in India — BSE or NSE. The company should be incorporat­ed in India and declare its financial results in Indian rupees.

8. The revenue figures of trading companies, gems & jewellery makers, edible oil refiners and technology products resellers have been adjusted to reflect value addition. These industries are characteri­sed by lower value addition — the difference between value of raw material purchases and sale of final products — compared with manufactur­ing companies in sectors such as automobile­s, textiles, chemicals, consumer goods, capital goods and metals. These companies also have much lower investment in plant and equipment. Putting them in the same list (without revenue adjustment) would go against manufactur­ing companies.

9. For trading companies, revenues refer to gross trading margin, and were derived by deducting the cost of purchase of traded/finished goods from their reported gross revenues. This has been done to bring the results of Indian trading companies on a par with internatio­nal norms. However, it must be mentioned that there are as yet no separate accounting rules for trading firms in India.

10. Reported revenues of gems & jewellery makers, edible oil refiners, and technology product distributo­rs and resellers were adjusted in a similar manner, if their average gross trading/manufactur­ing margin in the last three years was less than 10 per cent of their net sales.

11. The numbers have been sourced from Capitaline Plus corporate database maintained by Capital Market Publishers India Ltd. All numbers are as reported in the database, and are in ~ crore, unless specified.

12. The city refers to the location of the company’s head office or its corporate headquarte­rs, and not necessaril­y its place of incorporat­ion or registered office.

13. Financial Sustainabi­lity Index (FSI) broadly indicates “How financiall­y sustainabl­e are a company’s operations?” A higher rank indicates a company’s greater staying power and likelihood of performing better in favourable times. FSI is calculated by assigning 10 per cent weight each to market cap, revenues, ratio of equity to debt, cash flow to interest, cash flow to enterprise value, and market cap to total assets; and 20 per cent weight each to ratio of total income to total assets, and retained earnings to total assets.

14.Unlisted companies are compiled as available and the methodolog­y remains the same.

15. Abbreviati­ons used: OPM – operating profit margin; NPM – net profit margin; RONW – return on networth; ROCE – return on capital employed.

Data has been compiled by BS Research Bureau

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