India’s Top 500 Value Creators 2023

108 | India’s Top 500 Value Creators 2023 Companies considered for evaluation: Private sector companies and public sector enterprises listed on the Bombay Stock Exchange and/or the National Stock Exchange, India’s two major stock exchanges, for the preceding five-year period, i.e., companies that were listed as on 31st March 2019, were considered for evaluation. Exclusions: o Companies that were de-listed until 31st March 2023 were excluded from the list. o Companies for which annual reports for the financial year 2022-23 were unavailable at the time of compiling this publication have been excluded. o The editorial team further applied a set of criteria to eliminate companies, including but not limited to negative net worth, accumulated losses, Z group companies, and financial health. Source of data: All the financial information in the publication is based on standalone financials sourced from annual reports or audited financial statements for the period between June 30, 2022, and March 31, 2023. In case the published financial statement is for a period that is less than 12months, the financials have been annualized for the purpose of shortlisting, ranking, and profiling. Selection of Value Creators: The universe of companies was mapped against a set of more than 25 parameters to arrive at the list of Top 500 Value Creator 2023. These include total shareholder return (TSR), free cash flow, revenue growth, profit growth, return on equity, change in return on equity, debt to equity, margin improvement, among others. The various financial computations are based on D&B’s methodology and have been explicitly explained in the ‘Definitions and Calculations’ section. Dun & Bradstreet has developed an in-house proprietary model for selecting top value creators for awards in respective their sectors. The model took into consideration key financial indicators in areas of business size, total shareholders return growth, profitability, leverage, and solvency among others. METHODOLOGY Dun & Bradstreet