India’s TOP 500 Companies 2020

INDIA’S TOP 500 COMPANIES 2020 7 ‘India’s Top 500 Companies 2020’ includes private sector companies and public sector enterprises (PSEs) listed on the Bombay Stock Exchange (BSE) and/or the National Stock Exchange (NSE), India’s two major stock exchanges. Total income as per standalone financial statements remains the primary criteria for the initial shortlisting of companies. Companies that were listed before March 31, 2019 were considered for inclusion. However, the editorial team continues to use a diverse set of parameters to refine and arrive at the list of Top 500 companies. Such criteria include three year losses, negative net worth, market capitalization, and financial health (*). Further, companies that were de- listed until March 31, 2019 were excluded from the publication. Total income, net profit, and net worth continue to be the criteria used for ranking Dun & Bradstreet’s ‘India’s Top 500 Companies 2020’. * Macroeconomic conditions in India, in the past few years have impacted the financial health of many Indian companies. There have been instances wherein companies faced difficulties in servicing their debt and have been subject to bankruptcy proceedings at the National Company Law Tribunal (NCLT) or have adopted different debt restructuring mechanisms. In such cases (where information is public), an additional criteria set has been applied to include and exclude companies from the Top 500 list. This edition also features financial comparison of the profiled companies classified under different sectors. We have identified 58 distinct sectors for classifying companies. We have classified companies into the respective sectors based on the company’s line of business falling within the defined scope of the sector as mentioned in the ‘Sector Definition’. In the case of companies operating in more than one sector, we have classified these companies based on the major source of that company’s income. The main source of information includes FY19 segmental revenues and other related business information. The ‘Diversified’ category includes companies operating in more than one segment, where no single segment contributes to more than 35% of the overall revenue of the company. Companies that could not be classified under any of the sectors as per the ‘Sector Definition’ and did not have any identifiable peers meriting a separate sector were classified as ‘Others’. Within each sector, the companies are further ranked on the basis of their total income. All the financial information in the publication is based on standalone financials sourced from annual reports or audited financial statements. Financial information for the period ending between October 31, 2018 and September 30, 2019 has been considered for the purpose of the publication. In effect, for the majority of Top 500 Companies, the audited financial statements have been considered for the period ended March 31, 2019. For companies where the published financial statement is for a period other than 12 months, the financials have been annualized for the purpose of shortlisting, ranking, and profiling. Dun & Bradstreet has excluded companies whose annual reports were not available in public domain at the time of compiling this publication. In general, all information used in the publication is from publicly available relevant sources. The various financial computations are based on D&B’s methodology and have been explicitly explained in the ‘Definitions and Calculations’ section. Each company featuring in the publication has been allotted a unique identification number (D-U-N-S® - Data Universal Numbering System), which will help readers locate and obtain full-fledged business information reports on these companies from the Dun & Bradstreet database. Methodology Dun & Bradstreet