India has the largest number of profitable companies with revenues or market capitalisation above 5.0 billion US dollars in the Asia Pacific region.
SINGAPORE: India has the largest number of profitable companies with revenues or market capitalisation above 5.0 billion US dollars in the Asia Pacific region, Forbes business magazine said on Thursday.
The US business publication said 12 Indian companies, including the country's biggest mobile phone service provider Bharti Airtel and ICICI bank, were in this year's list of the top regional 50 firms.
It was the largest representation by any country. Taiwan followed in second place with 10 homegrown firms on the list.
China placed third with seven businesses including China Mobile and Lenovo Group, said Forbes.
"With a relatively young population of 1.1 billion, India has its own huge market," the US magazine said.
"Companies such as ICICI Bank, HDFC Bank and Bharti Airtel are growing fast by reaching out to the country's rural customers, not to Western markets."
Other companies on the list include some of Asia's most well-known brands such as Hong Kong carrier Cathay Pacific Airways, Taiwan's computer giant Acer and video game console maker Nintendo of Japan. Only companies with revenues or market capitalization of at least five billion US dollars and a five-year record of operating profitability and return on equity are covered.
Other criteria include long-term profitability, sales and earnings growth, stock price appreciation and projected earnings.
The Fabulous 50 List appears in the September 17 issue of Forbes Asia.
China may be the world's factory, but all seven of the mainland's companies featured this year also rely on customers within its border.
They include China Mobile and the Lenovo Group. More Chinese companies would have made the list but transparency remains an issue, even at the biggest of the old state-owned enterprises, the release said.
Companies on the list are also supplementing organic growth with acquisitions. Tata Steel bought Britain's Corus Group to a chorus of cheers back home, despite the USD13 billion price tag.
Close on the heels of India is Taiwan with ten companies on the list this year. Most of the firms represented are from the island's low-profile tech industry and include Hon Hai Precision Industry, which churns out iPhones, PCs and PlayStations.
Also doing well in the IT sector are Acer, Compal Electronics and Taiwan Semiconductor Manufacturing which jave made a comeback on the list after dropping off last year.
This year's list includes several new entries. Among them are Hong Kong carrier Cathay Pacific Airways, Australian construction firm Leighton Holdings, Japanese computer game maker Nintendo, and Singaporean firms Neptune Orient Lines and SembCorp Industries.
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