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BW Businessworld

The Masters Of Growth

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If you looked at the macroeconomic numbers, the past two years were among the worst in over a decade. If you looked at corporate results, you would find that the majority of companies reported a depressing picture of both revenue and profit growth. But if you really drilled deep into the corporate results database, you would find a handful of companies in different industries that had not slowed down at all. Indeed, many of them had accelerated their pace, both in terms of revenue as well as profit growth.

BW | Businessworld conducts a survey to identify India’s fastest growing companies every year. Though it is an annual exercise, we do not look at just a one-year performance because we believe that it can be misleading. Instead, we try to identify companies that have grown in three of the past four years in terms of revenues. We also make sure that the revenue growth is backed by profits and that we do not pick companies that have weak bottom lines. We create different size segments, so that the comparison is fair, and that a small company with a small base does not get compared with a large organisation with a much bigger base.

The top companies in our charts after this year’s exercise form an eclectic bunch. There are two IT services companies in two different size categories. One of them — TCS — has shown an amazing average growth of almost 30 per cent per annum, despite a hostile economic environment in its key market. It has done so by focusing sharply on markets, which still showed growth potential, and by restructuring its internal operations. The other company is Tech Mahindra, which is much smaller than TCS, and has grown essentially using the inorganic route. It swallowed Satyam, which was a much bigger company, and has more than doubled in size in just a couple of years.

There are also natural resource companies, steel companies, cement companies and jewellers in the list of our fastest growing companies this year. While the overall issue is obviously the result of a team effort, executive editor Rajeev Dubey anchors the Fastest Growing Companies exercise for BW | Businessworld.

This is the first issue after the Budget proposals were presented by new finance minister Arun Jaitley. He had limited time — and limited leeway — to make radical changes, given the state of the finances he inherited from his predecessor. So while there is some disappointment that he did not offer any big bang proposals in his maiden Budget speech, the Budget needs to be judged from the direction it points towards. To understand the key points in this Budget, turn to page 34.

(This story was published in BW | Businessworld Issue Dated 11-08-2014)