India Inc's success story is on a roll with two Indian firms -- Kotak Mahindra Bank and Suzlon Energy emerging as prospective candidates for the future Forbes Asia Fabulous 50 list.
NEW DELHI: India Inc's success story is on a roll with two Indian firms -- Kotak Mahindra Bank and Suzlon Energy emerging as prospective candidates for the future Forbes Asia Fabulous 50 list, while 12 Indian corporates have already made it to the list this year.
Based on their recent good performances, the US-based Forbes magazine has named Kotak Mahindra Bank and Suzlon Energy under 'Waiting in the Wings' list along with ten other companies from the Asian region.
In a note accompanying the 'Waiting in the Wings' list, Forbes said, "If recent results continue, look for these dozen companies to contend for future appearances on our Fab 50 listings."
The Forbes Asia Fabulous 50 list, covers only companies with revenues or market capitalisation of at least five billion US dollars and a five-year record of operating profitability and return on equity. Other criteria include long-term profitability, sales and earnings growth, stock price appreciation and projected earnings.
Kotak Mahindra which is one of the fast growing banks in the country had a total income of Rs 594.4 crore and a net profit of Rs 47.67 crore in the latest June quarter. Its market cap stands around Rs 23,528.09 crore.
In early 2003, Kotak Mahindra Finance Ltd received the green signal from the Reserve Bank of India (RBI) to enter banking business. It is part of Kotak Mahindra group.
Wind power major Suzlon energy has a global market share of six per cent in the wind power sector and has a presence in US, China, Australia, Brazil, Italy, Portugal and South Korea.
For the latest June quarter, Suzlon recorded net sales of Rs 839.1 crore and a profit of Rs 89.4 crore. Suzlon Energy has a market cap of Rs 36,872.38 crore.
There are four Chinese firms in the list -- Anhui Conch Cement (construction materials), China Vanke, Guangzhou R&F Properties (both are into property development) and Tingyi Holding (food products).
Rest of the companies listed are Philippines-based conglomerate Ayala Corp, Indonesia-based Bank Rakyat Indonesia (bank) and Bumi Resources (coal mining), Hong Kong-based China Mengniu Dairy (dairy products), Thailand's Kasinkornbank and Australia-based Worleyparsons (engineering services).
Meanwhile, a total of 12 Indian companies had found a place in the latest third annual 'Forbes Asia Fabulous 50' list. The companies named are Bharat Heavy Electricals, Bharti Airtel, Grasim Industries, HDFC Bank, ICICI Bank, Infosys Technologies, Larsen & Toubro, Reliance Industries, Satyam Computer Services, Tata Consultancy Services, Tata Steel and Wipro.
Most of the Indian firms on the list, however, did not have to leave home to find success, Forbes Asia had 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. Others, such as Grasim, Larsen & Toubro and Reliance, are shoring up the country's infrastructure at a furious pace.
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