India’s

Top PSUs
2009
Contents
Preface .............................................................................................. I

Foreword ......................................................................................... II

executive summary . ....................................................................III

Methodology ................................................................................ IV

Insights.....................................................................................V-XIV

PSU Listings . ........................................................................ L1-L16

Preface
Dun & Bradstreet India is pleased to release the second edition of its
premium publication, ‘India’s Top PSUs 2009’. The public sector is an
important constituent of the Indian economy, and has been a major
instrument in driving industrial growth, economic development,
employment generation and equitable distribution of wealth in
post-independence India. Designed to reduce regional imbalances,
low employment and inequalities of income, PSUs have played a
significant role in country’s overall economic development.

During 1960-1990, public sector enterprises experienced robust

growth, generated large scale employment and emerged as national
assets. However, in the early 1990’s the economic liberalisation
in India brought about certain fundamental changes in the way
public sector enterprises were organised and conducted their
business. Profitability and productivity emerged as significant aspects
of performance along with equity and commitment to the society.

Contrary to initial expectations, reforms, and the resulting change and innovation have proved
beneficial for public sector enterprises, aiding them in meeting and sometimes, staying ahead
of the competition. Public sector enterprises have shown admirable resilience in absorbing
the impact of economic reforms and are now better prepared to face challenges arising from a
competitive environment.

As the Indian economy grows, PSUs will continue to play an important role in critical sectors
like power, transportation and manufacturing to name a few. For instance, the total public sector
outlay for infrastructure during the 11th Five Year Plan will be around Rs 36,447.2 bn, of which
the share of central sector PSUs is expected to be around 59%. Further, during the 11th Five
Year Plan, it is expected that total investment on infrastructure development by PSUs will reach
Rs 14,365.6 bn which will provide a crucial impetus to the slowing economy in the present
scenario of an economic slowdown.

‘India’s Top PSUs 2009’ is an endeavour to capture the essence of growth and performance of
the public sector in India, and providing the leading players the unique advantage of D&B’s
global footprint in disseminating vital and useful information about these companies to a wide
audience.

We expect ‘India’s Top PSUs 2009’ to be a valuable publication for understanding public sector
enterprises in India and we are sure that this publication will serve as an authoritative and useful
ready reference tool for business leaders globally. I hope you enjoy reading this edition and
I look forward to receiving your suggestions.

Dr Manoj Vaish
President & CEO - India
Dun & Bradstreet

I
Foreword
I am happy to launch the second edition of Dun & Bradstreet’s,
‘India’s Top PSUs 2009’. This publication will prove to be a valuable
resource on the Indian public sector enterprises. Dun & Bradstreet’s
global footprint and market reach will ensure that the publication is
established globally as the premier information resource on Indian
public sector enterprises.

Over the years, especially after the early 1990’s, the Government of
India has taken several initiatives to enable public sector enterprises
to compete with rapidly growing private enterprises. The government
has empowered public enterprises, especially the central government
owned sector enterprises. By introducing the concept of Navratna and
Miniratna the government has attempted to provide room to these
undertakings to operate effectively and independently.

The several initiatives that the government has undertaken over the years have given PSUs
the required impetus, to become market leaders and one of the biggest wealth creators in the
economy. These enterprises have now started thinking beyond India, and some of them have
established global business relationships and alliances through joint ventures or subsidiaries,
and have also begun to access global financial markets for resource mobilisation.

Taking advantage of economic reforms and growing business opportunities that have emerged
on the back of a robustly growing economy, these enterprises are making rapid advances on a
wide range of performance parameters.

It is evident the PSUs have adapted well to changing market dynamics and have taken advantage
of business opportunities that have arisen out of liberal economic policies. We are sure that
‘India’s Top PSUs 2009’ will aid Indian public sector enterprises in promoting business further
and developing useful relationships both overseas and in India.

At Dun & Bradstreet, we will continue to endeavor to meet your expectations from this
publication. I look forward to receiving your feedback and suggestions.

David J. Emery
President
International Partnerships & Asia – Pacific

II
Executive Summary
The public sector has always been a strategic partner in the process
of India’s economic growth and development. In an environment of
economic reforms and liberalisation, the Indian public sector has proved
competitive and has made rapid gains in profitability and productivity.
Public sector enterprises have strong prospects for growth, through
harnessing new business opportunities, while expanding the scope of
current business. This publication, India’s Top PSUs 2009, is an effort
to recognise the strategic importance of this sector.

The publication has profiled 121 leading central public sector

undertakings (CPSUs), which are under the ambit of the Central
Government and represent major industry groups. The aggregate
Total Income of these 121 companies stood at Rs 14,675.41 bn, which
represented a y-o-y growth of 16.8%, and is approximately 31.1% of
the country’s Gross Domestic Product at current prices for FY08. The
aggregate Net Profit reported by the profiled 121 CPSUs in FY08 sums up to Rs 1,221.36 bn.
Further, the y-o-y growth in aggregate Net Profit (PAT) for all 121 companies stood at around
10%. Together, these companies reported an aggregate Net Worth of Rs 7,690.84 bn for FY08, a
Net Profit Margin of 8.3% and a Return on Net Worth of 15.9%.

In this year’s edition, we have also conducted a comparable study of listed PSUs, excluding
banks, vis-a-vis the listed private sector companies with total income in excess of Rs 10 bn.
The comparison threw up some interesting findings:
• The study revealed that total sales of 31 government owned companies is just a little below
the total sales of the 216 private sector companies. This suggests that in terms of revenues, the
31 PSUs are more or less equal to the 216 private sector companies put together.
• Even with gigantic business operations, PSUs have out-performed private companies in
terms of growth in sales in the last four out of five years.
• The 31 PSUs contributed a substantially larger sum to the exchequer through direct taxes and
dividends than the private sector companies. The effective tax rate for the PSUs has grown
from 28.9% in 2004 to over 31.4% in 2008; while the effective tax rate has declined by over 350
basis points for private sector companies to 22.9% during the same period.
• In 2008, the public sector companies paid over 33.5% of their Net Profits as dividends, whereas
their private sector counterparts paid 20.6% of their profits as dividends.
• The cash ratio for the listed public sector enterprises rose sharply from 24% in 2004 to around
42% in 2008, whereas for the private sector companies, the ratio improved from 19.18% in
2004 to 21% in the year 2008. However, 2008 marks a decline from the peak levels of around
30% seen in 2005, 2006 and 2007.
• The PSUs that are part of this comparison study are less leveraged than their private sector
peers. With much less debt than their peers, their financial position is stronger.

The public sector in India has immense potential and prospects for growth and profitability in
the future and will continue to play an important role in the economy. D&B will endeavor to
keep track of various developments in the CPSUs and will develop database and information to
make this publication emerge as an important and reliable source of reference.

Kaushal Sampat
Chief Operating Officer
Dun & Bradstreet India

III
Methodology
The foremost criterion for selection of Top PSUs is based on the condition that the PSU should
necessarily be a Central Public Sector Undertaking (CPSU). Only those CPSUs that are involved in
carrying out business for profit have been included in this study; enterprises that are involved in
charity or any other social cause have been excluded. Subsidiaries and/or associate companies, in
which CPSUs have a majority stake have been considered as separate entities and included in the
publication. The initial selection of the PSU data set was based on the list compiled from various
sources, including internal D&B database; Department of Public Enterprises (DPE); listed PSUs; and
Government of India (GoI) directory and various ministries. The shortlisted PSUs were then sent a
detailed questionnaire seeking basic information on the company and its financials. As a selection
criterion, PSUs with a total income equal to or above Rs 2 bn as on Mar 08 have been featured in this
publication. Companies with negative net worth and those declared financially sick by the Board of
Industrial & Financial Reconstruction (BIFR), as available on the BIFR website, have been eliminated.
The information contained in this book is sourced and compiled from questionnaires circulated and
administered by D&B India, telephonic interviews, mass media channels and authenticated information
available in the public domain, like company annual reports, websites and the Registrar of Companies.
In the eventuality that a company has not responded with critical data, and/or information which is
not available in the public domain, such companies have not been included in this publication. This
is to ensure that all information contained in this publication is verified and authenticated.

The Total Income, Net Profit and Net Worth figures for companies are as per standalone financials
sourced from annual reports/documents from the Registrar of Companies or financial statements for
the financial year 2007-08. Those companies whose schedules where not available has been marked
by (*) in the listing pages. Total income is a sum of revenue and other income, where the revenue is
net of excise duties, sales tax, inter-unit transfers and other government levies. Net profit refers to
profit before considering the impact of prior period and extra-ordinary items. Net worth is the sum
of share capital and reserves & surplus, deducting debit balances appearing in the profit and loss
account, revaluation reserves, miscellaneous expenditure, and intangibles such as patents, goodwill,
trademarks, copyrights, know-how, brands, licenses, rights, computer software and the likes. The
consolidated revenue of the companies has been taken as provided in the annual report of the
respective companies, wherever available. Employee numbers have been taken from the respective
annual reports of companies wherever available and/or from responses received by them.

Formulae used are as under

Particulars Formulae
Net Profit Margin (NPM) Profit after tax /Total Income * 100
Return on Net Worth PAT/ Tangible Net Worth *100
Return on Capital Employed EBIT/ Capital Employed *100

A standardised reporting format has been used for listing company management details in
write-ups, incorporating key designations. Dun & Bradstreet has compiled the companies’ management
details from their respective annual reports and updated these records wherever data were available.
Each company featured in the publication has been allotted its unique identification number
(D-U-N-S ® - Data Universal Numbering System). This will help readers locate and obtain full-fledged
information reports on these companies from the Dun & Bradstreet database.

The editorial team is confident that ‘India’s Top PSUs 2009’ will prove useful and we would be
pleased to receive your invaluable feedback and suggestions. Your satisfaction remains our goal in
Dun & Bradstreet’s journey towards excellence.

IV
 Insights
• Overview of profiled CPSUs
• comparitive study

V
Insights
Dun & Bradstreet (India) attempts to highlight key trends in the Indian public sector undertakings
(PSU) and provides insights into their performance in two sections through this study. In each
section, the study presents the insights derived from a detailed analysis of data gathered through
secondary sources. The first section is an analysis of the financial and operational performance
of the 121 central public sector undertakings forming part of the publication. The second section
presents a comparable matrix between the private companies and the government-owned
companies listed on the NSE.

In an attempt to highlight the industry trend, information was gathered from annual reports,
regulatory filings, and data with industry association, regulatory bodies, government websites
and various other secondary sources. The information thus gathered for analysis was used to
understand changing dynamics of PSUs as compared to private companies.

Section A
This section comments on the performance of PSUs that have long formed the backbone of
the Indian economy. The publication features 121 PSUs that fall under the purview of the Central
government and are also known as Central Public Sector Undertakings (CPSUs).

The PSUs that are featured in this publication have contributed largely to India’s growth story
in recent times. The key highlights of the performance of these CPSUs in FY08 are as follows:
• The total income of the profiled CPSUs was Rs 14,675.41 bn during FY08, which was equivalent
to 31.1% of India’s GDP at current market prices.
• The aggregate net profit margin (NPM) of the profiled PSUs was 8.3% in FY08. Within this,
the manufacturing PSUs and the service PSUs had an NPM of 9.1% and 7.8%, respectively.
• The manufacturing PSUs had the highest return on net worth (RONW) of 19.3% among all
profiled companies while those from the service sector had a RONW of 12.0%.
• PSUs from the Western region ranked the highest in terms of total income with a 57% share.
• In terms of net profit, the Northern region contributed almost 50% of the entire profits of 121
companies profiled in this publication. The Western region followed the Northern region
with a 27% share.
• The average total income per employee of the profiled companies was Rs 7.30 mn whereas
the net profit per employee was Rs 0.6 mn.

VI
Review of the performance of 121 CPSUs
Oil and gas generation sector records highest total income share, albeit, with low margins
The oil and gas generation sector had the highest share in both total income (42.82%) and net
profit (28.94%) of the 121 CPSUs. There was a significant gap between the sector’s share in total
income and net profit on account of its very low NPM of 6%. The iron and steel sector had a
bigger share in the net profit pie (13.59%) than in the total income pie (4.98%) and enjoyed a
healthy NPM of 23%.

Sector-wise total income contribution Sector-wise net profit contribution

Source: D&B Research Source: D&B Research

Sector-wise net profit margin

Source: D&B Research

Manufacturing PSUs register higher RONW

The manufacturing PSUs recorded a higher RONW (19.3%) as compared with the services PSUs

(12.0%). The 121 profiled CPSUs collectively registered a RONW of 15.8%. The profiled PSUs

registered a combined net worth of Rs 7,690.82 bn.

VII
Banking & financial services sector has highest representation but lower share in total income

The banking and financial services sector had the maximum representation of companies (31%).

In spite of this, the share of oil and gas generating companies in the total income of all the

121 companies was more than twice the share of banking and financial services companies.

Key Financials in FY08: Industry Aggregates

Net Profit Return on Net
Sector Total Income Profit After Tax Net Worth
Margin Worth
Rupees in Million In Percent
Banking & Financial Services 2,716,052.17 323,227.94 2,235,378.81 n.a. 14
Oil & Gas Operations 6,284,717.78 353,468.98 1,710,946.38 6 21
Iron Steel & Metals 731,510.24 166,030.39 650,434.50 23 26
Power 607,445.73 135,261.63 1,183,040.59 22 11
Trading 592,847.19 8,451.72 39,832.41 1 21
Coal 319,110.38 80,646.45 324,514.28 25 25
Heavy Engineering 272,922.09 33,540.10 142,776.3 12 23
Insurance 2,285,139.27 39,550.45 183,890.07 2 22
Telecommunication 437,982.07 32,062.74 997,048.53 7 3
Transportation 90,636.25 16,306.46 90,885.06 18 18
Others 337,042.96 32,812.01 132,100.18 10 25
Total 14,675,406.13 1,221,358.87 7,690,847.11 8.32 16
Source: D&B Research
(n.a.- Not Applicable)

Navratnas’ total income equal to 15% of GDP

The 18 Navratnas as identified by the Department of Public Enterprises had a total income of

Rs 6,871.62 bn in FY08, which is equivalent to 15% of India’s GDP at current market prices.

The share of these Navratnas in the combined total income of 121 CPSUs was an impressive 47%

during FY08. Their combined net worth was 41% of the total net worth of all profiled CPSUs.

VIII
Performance of Navratnas
Total Income Net Profit Net Worth
Total Income Net Profit Net Worth
Company y-o-y growth y-o-y growth y-o-y
(Rs Mn) (Rs Mn) (Rs Mn)
(%) (%) growth (%)
Bharat Electronics Limited 41,376.91 1 7,450.94 4 31,463.75 23
Bharat Heavy Electricals Ltd 207,494.00 15 28,602.60 18 107,309.90 22
Bharat Petroleum 1,119,421.76 14 14,551.87 (24) 116,278.21 14
Coal India Ltd 34,774.45 (1) 24,538.58 (13) 124,234.21 4
GAIL (India) Ltd 185,645.50 12 26,232.10 10 129,395.10 14
Hindustan Aeronautics Ltd 103,379.61 16 16,318.80 42 29,984.40 59
Hindustan Petroleum 1,059,017.30 18 11,565.30 (26) 105,116.00 10
Indian Oil Corporation Ltd 2,309,539.60 13 70,015.00 25 407,484.00 18
Mahanagar Telephone Nigam 53,299.33 (5) 2,293.38 49 112,989.94 4
National Aluminium Company 55,435.70 (13) 16,569.10 (31) 88,741.40 15
NMDC Ltd 63,818 .40 41 32,507.60 40 82,643.30 43
NTPC Ltd 399,359.00 13 76,893.00 12 526,083.00 8
Oil & Natural Gas Corporation 648,459.50 7 167,017.57 5 698,333.66 14
Power Finance Corporation 50,400.40 28 12,015.50 22 93,298.00 9
Power Grid Corporation 50,815.30 24 16,305.30 34 133,875.80 25
Rural Electrification 35,376.61 24 8,607.13 31 53,676.92 34
Shipping Corporation 40,616.80 (3) 7,912.20 (20) 56,319.10 10
Steel Authority of India Ltd 413,394.80 17 75,354.90 21 227,794.80 34
Total 6,871,624.97 13 614,750.86 9 3,125,021.49 11
Source: D&B Research

IX
Section B
This section presents a comparable matrix between the private companies and the government-

owned companies listed on the NSE (excluding financial companies). In this endeavour,

D&B India firstly selected the top 31 government-owned listed companies (29 central government

companies and 2 state government companies) in terms of total turnover. Subsequently,

it identified private companies who had a total turnover of over Rs 10 bn. (The benchmark was

taken as Rs 10 bn to ensure fair assessment because out of the 31 PSUs identified for the study,

the 31st company had a total turnover of about Rs 10 bn).

The private companies thus selected were screened further and those companies whose

comparable 12 month data for any of the previous five years were not available were excluded.

The players in the IT and ITeS industry were also excluded because PSUs have a negligible

presence in this industry. Finally, D&B India arrived at 216 private sector companies.

A comparison of PSUs vis-à-vis their private sector peers suggests that PSUs had a significant

role to play in India’s growth story in the last five years. They managed to achieve similar

growth rates as their private peers. It’s noteworthy that because of the government’s role,

PSUs have proved to be a little more risk averse and hence financially-sound. It is expected that

the measured approach that the public enterprises have taken over the last few years will hold

them in good stead in the current financial downturn.

The following study compares the financial parameters such as sales growth, tax payout ratio,

dividend payout ratio et al of PSUs and private companies.

Sales

The total sales of the 31 government-owned companies were just marginally lower than the

total sales of the 216 private sector companies. Though the private sector has grown at a slightly

faster rate than the PSUs, the businesses of PSUs have not lagged far behind in the last five

years. Another noteworthy observation is that in spite of a huge base in terms of turnover, sales

growth of PSUs has remained robust throughout the last five years.

X
 Sales growth

Source: D&B Research and CMIE

Even though PSUs are losing their monopoly and India is taking further strides in liberalising

its economy, PSUs are managing to grow at a healthy pace. Infact it is evident in the study that

the sales growth of PSUs has outperformed the private sector in four out of the past five years.

On further scrutiny of the toplines of the selected companies, a few private sector companies

were found to have earned incomes from discontinued operations. However, no such income

was recorded by the PSUs. One reason for this could be the social commitments of PSUs, which

do not allow them to conduct unviable business units. Instead, the PSUs offset losses arising

from such units with profits earned from different business units.

Income
from discontinued operations (DO)
2005 2006 2007 2008
DO DO DO DO
Private Sector 9.00 7.41 6.75 11.86
Public Sector 0 0 0 0
(Amount in Rs bn)
Source: D&B Research and CMIE

PSUs bring home huge monetary gains despite the social obligations

Apart from fulfilling their social commitments, public sector enterprises are contributing a huge

sum to the exchequer through direct taxes1 and dividends. The effective tax rate for the PSUs

grew from 28.9% in 2004 to over 31.4% in 2008 while the effective tax rate declined by over

350 basis points for private sector companies to 22.9% for the same period.

1
Provision for direct tax = Corporate tax + deferred tax – deferred tax assets / credit + other direct taxes like wealth tax, agricultural income tax,
FBT, other miscellaneous taxes

XI
 Comparision of effective tax rate

Source: D&B Research and CMIE

PSUs not only take the lead while contributing to the government’s kitty through direct taxes

but also lead when it comes to rewarding their shareholders with dividends. In 2008, the public

sector companies paid over 33.5% of their net profit as dividends to equity shareholders, whereas

their private sector peers paid only 20.6% of their profits as dividends. Over the last five years,

the dividend payout ratio has consistently declined for the private sector companies, whereas it

has remained more or less the same for the government-owned companies. As the government

owns a majority stake in the publicly-listed PSUs, a huge share of the dividends goes to the

government’s kitty. Thus, the PSUs make a much higher contribution to the exchequer through

both taxes and dividends.

Comparison of Dividend Payout Ratio

Source: D&B Research and CMIE

XII
Export to Sales

Predictably, the PSUs earn most of their revenues from the domestic market. Exports constitute

a miniscule portion of total sales even though the ratio of exports to sales of PSUs has been

increasing slowly and steadily in the last three years.

Comparison of export to sales

Source: D&B Research and CMIE

Cash Ratio

The cash ratio (cash and bank balance/current liabilities) is an indicator of the extent to which

a company can pay its current liabilities with cash in hand without relying on the sale of

inventory and receipt of accounts receivables. The cash ratio for the listed public sector enterprises

rose sharply from 24% in 2004 to around 42% in 2008. Meanwhile, their private sector peers’

cash ratio initially improved from 19.18% in 2004 to 30.0% levels during 2005, 2006, and 2007,
and later on declined sharply to 21% in 2008. This measure of liquidity suggests that the public

sector enterprises are better off in tackling their current liabilities (42%) with the most liquid

asset — cash.

Comparison of cash ratio

Source: D&B Research and CMIE

XIII
A look at the table below shows that while the cash and bank balances for the listed PSUs have

consistently grown stronger and stronger on the one hand, on the other hand, private sector

peers’ cash balance declined by 7.5% in 2008 as compared with 2007. If the expression Cash is the

king holds true then the PSUs are definitely better prepared for tough times like these.

Cash and Bank Balance

2004 2005 2006 2007 2008
Private Sector 189.87 390.82 468.60 598.48 556.53
Public Sector 297.79 458.90 498.80 756.46 953.49
(Amount in Rs bn)
Source: D&B Research and CMIE

Debt Equity Ratio

The debt-equity ratio (debt/equity), which signifies a company’s financial leverage, has always

remained on the higher side for private sector companies. The public sector companies are lesser

leveraged than their private sector peers because their debt levels are lower; hence, the PSUs are

in a stronger financial position to weather the economic downturn.

Comparison of debt-equity ratio

Source: D&B Research and CMIE

Even though raising money in the present market conditions is becoming a difficult task, the

PSUs are enjoying a low debt and huge cash reserve position. In the past few years, many

private sector companies wanted growth at all costs, whereas PSUs used their strong earnings

to strengthen their balance sheets and make calculated expansions.

(For the analysis, the financial data of PSUs range from March 2004 to March 2008. Also, as different
private companies follow different financial year ending, their financial data ranges from December 2003
to September 2008).

XIV
India’s Top PSUs 2009 Alphabetical Listing L1

India’s Top PSUs 2009

Sr No Company Name Business Operations

1 Agriculture Insurance Company of India Limited Insurance

2 Allahabad Bank Banking

3 Andhra Bank Banking

4 Antrix Corporation Limited Aerospace Equipments

5 Balmer Lawrie and Company Limited Logistics & Industrial Packaging

6 Bank of Baroda Banking

7 Bank of India Banking

8 Bank of Maharashtra Banking

9 BEML Limited Heavy Engineering Products

10 Bharat Dynamics Limited Defence Equipments

11 Bharat Electronics Limited Electronics

12 Bharat Heavy Electricals Limited Heavy Engineering Products

13 Bharat Petroleum Corporation Limited Oil - Refining & Marketing

14 Bharat Sanchar Nigam Limited Telecom

15 Bongaigaon Refinery & Petrochemicals Limited Oil - Refining & Marketing

16 Brahmaputra Valley Fertilizer Corporation Limited Fertilizer

17 Bridge & Roof Company (India) Limited Engineering & Construction

18 Canara Bank Banking

19 Central Bank of India Banking

20 Central Coalfields Limited Coal & Coal Products

21 Central Warehousing Corporation Warehousing Activities

22 Chennai Petroleum Corporation Limited Oil - Refining & Marketing

23 Coal India Limited Coal & Coal Products

24 Cochin Shipyard Limited Manufactures & Maintenance of Vessels

25 Container Corporation of India Limited Logistics

26 Corporation Bank Banking

27 Cotton Corporation of India Limited, The Cotton Distribution

28 Dena Bank Banking

29 Dredging Corporation of India Limited Dredging

30 Electronics Corporation of India Limited Electronics

31 Engineering Projects (India) Limited Construction

India’s Top PSUs 2009 Alphabetical Listing L2

Sr No Company Name Business Operations

32 Engineers India Limited Engineering & Consultancy

33 Export Credit Guarantee Corporation of India Limited Insurance

34 Export-Import Bank of India Financial Services

35 Fertilisers and Chemicals Travancore Limited, The Chemicals & Fertilisers

36 GAIL (India) Limited Gas - Processing, Transmission And Marketing

37 Garden Reach Shipbuilders & Engineers Limited Manufactures & Maintenance of Vessels

38 General Insurance Corporation of India Insurance

39 Hindustan Aeronautics Limited Aerospace Equipments

40 Hindustan Copper Limited Copper Production

41 Hindustan Organic Chemicals Limited Organic chemicals

42 Hindustan Petroleum Corporation Limited Oil - Refining & Marketing

43 HMT Limited Engineering Goods & Tractors

44 Housing & Urban Development Corporation Limited Financial Services

45 IDBI Bank Limited Banking

46 Indian Bank Banking

47 Indian Oil Corporation Limited Oil - Refining & Marketing

48 Indian Overseas Bank Banking

49 Indian Railway Catering and Tourism Corporation Limited Travel & Tourism Services

50 Indian Railway Finance Corporation Limited Financial Services

51 Indian Renewable Energy Development Agency Limited Energy Project Finance

52 Indraprastha Gas Limited Gas Distribution

53 Kudremukh Iron Ore Company Limited Iron & Iron-Ore Products

54 LIC Housing Finance Limited Financial Services

55 Life Insurance Corporation of India Insurance

56 M S T C Limited Marketing of Steel Products

57 Mahanadi Coalfields Limited Coal & Coal Products

58 Mahanagar Telephone Nigam Limited Telecom

59 Maharashtra Elektrosmelt Limited Manufactures Ferro Manganese

60 Mangalore Refinery and Petrochemicals Limited Oil - Refining & Marketing

61 Manganese Ore (India) Limited Exploration of Manganese Ore

62 Mazagon Dock Limited Manufactures & Maintenance of Vessels

63 MMTC Limited Trading

64 Narmada Hydroelectric Development Corporation Limited Power Generation

65 National Aluminium Company Limited Non-Ferrous Metals

India’s Top PSUs 2009 Alphabetical Listing L3

Sr No Company Name Business Operations

66 National Bank for Agriculture and Rural Development Financial Services

67 National Buildings Construction Corporation Limited Construction

68 National Fertilizers Limited Fertilisers

69 National Small Industries Corporation Limited, The Financial Services

70 Neelachal Ispat Nigam Limited Iron & Metal Products

71 New India Assurance Company Limited, The Insurance

72 Neyveli Lignite Corporation Limited Lignite Mining

73 NHPC Limited Power Generation

74 NMDC Limited Mining

75 North Eastern Electric Power Corporation Limited Power Generation & Transmission

76 Northern Coalfields Limited Coal & Coal Products

77 NTPC Limited Power Generation & Distribution

78 NTPC Vidyut Vyapar Nigam Limited Power Distribution

79 Nuclear Power Corporation of India Limited Power Generation

80 Numaligarh Refinery Limited Oil - Refining & Marketing

81 Oil and Natural Gas Corporation Limited Oil Exploration & Production

82 Oil India Limited Oil Exploration & Production

83 ONGC Videsh Limited Oil Exploration & Production

84 Oriental Bank of Commerce Banking

85 Oriental Insurance Company Limited, The Insurance

86 Orissa Minerals Development Company Limited, The Iron & Manganese Ore Mining

87 PEC Limited Trading

88 Petronet LNG Limited Liquefied Natural Gas

89 Power Finance Corporation Limited Financial Services

90 Power Grid Corporation of India Limited Power Generation & Distribution

91 PTC India Limited Power Trading

92 Punjab & Sind Bank Banking

93 Punjab National Bank Banking

94 Rashtriya Chemicals and Fertilizers Limited Fertilisers

95 Rashtriya Ispat Nigam Limited Steel Products

96 RITES Limited Consultancy

97 Rural Electrification Corporation Limited Financial Services

98 Satluj Jal Vidyut Nigam Limited Power Generation

99 SBI Capital Markets Limited Financial Services

India’s Top PSUs 2009 Alphabetical Listing L4

Sr No Company Name Business Operations

100 Shipping Corporation of India Limited, The Bulk Carrier & Tanker Services

101 Small Industries Development Bank of India Financial Services

102 South Eastern Coalfields Limited Coal & Coal Products

103 South Malabar Gramin Bank Banking

104 State Bank of Bikaner & Jaipur Banking

105 State Bank of Hyderabad Banking

106 State Bank of India Banking

107 State Bank of Indore Banking

108 State Bank of Mysore Banking

109 State Bank of Patiala Banking

110 State Bank of Travancore Banking

111 State Trading Corporation of India Limited, The Trading

112 STCL Limited Trading

113 Steel Authority of India Limited Steel & Steel Products

114 Syndicate Bank Banking

115 Telecommunications Consultants India Limited Telecom Consultancy

116 UCO Bank Banking

117 Union Bank of India Banking

118 United Bank of India Banking

119 UTI Asset Management Company Limited Financial Services

120 Vijaya Bank Banking

121 Western Coalfields Limited Coal & Coal Products

India’s Top PSUs 2009 Total Income Listing L5

India’s Top PSUs 2009

Sr No Company Name Total Income (Rs Mn)

1 Indian Oil Corporation Limited 2,309,539.60

2 Life Insurance Corporation of India 2,063,785.05

3 Bharat Petroleum Corporation Limited 1,119,421.76

4 Hindustan Petroleum Corporation Limited 1,059,017.30

5 Oil and Natural Gas Corporation Limited 648,459.50

6 State Bank of India 576,452.36

7 Steel Authority of India Limited 413,394.80

8 NTPC Limited 399,359.00

9 Bharat Sanchar Nigam Limited 380,534.00

10 Mangalore Refinery and Petrochemicals Limited 327,866.87

11 Chennai Petroleum Corporation Limited 281,470.69

12 MMTC Limited 267,655.61

13 Bharat Heavy Electricals Limited 207,494.00

14 GAIL (India) Limited 185,645.50

15 Canara Bank 164,136.09

16 Punjab National Bank 162,625.78

17 State Trading Corporation of India Limited, The 159,905.09

18 Bank of India 144,721.47

19 Bank of Baroda 138,645.13

20 Union Bank of India 105,342.71

21 Hindustan Aeronautics Limited 103,379.61

22 Rashtriya Ispat Nigam Limited 99,042.80

23 IDBI Bank Limited 96,563.08

24 General Insurance Corporation of India* 93,347.32

25 Syndicate Bank 87,963.65

26 Central Bank of India 87,866.09

27 Indian Overseas Bank 87,758.68

28 Numaligarh Refinery Limited 80,278.00

29 South Eastern Coalfields Limited 79,926.16

30 Oriental Bank of Commerce 74,548.40

31 UCO Bank 72,806.85

India’s Top PSUs 2009 Total Income Listing L6

Sr No Company Name Total Income (Rs Mn)

32 New India Assurance Company Limited, The 71,786.37

33 Allahabad Bank 71,359.73

34 ONGC Videsh Limited 70,231.57

35 Oil India Limited 67,954.63

36 Petronet LNG Limited 66,088.93

37 NMDC Limited 63,818.40

38 Indian Bank 62,186.67

39 Bongaigaon Refinery & Petrochemicals Limited 61,145.68

40 PEC Limited* 57,281.12

41 National Aluminium Company Limited 55,435.70

42 National Bank for Agriculture and Rural Development 55,090.97

43 Western Coalfields Limited 54,168.14

44 Mahanagar Telephone Nigam Limited 53,299.33

45 Rashtriya Chemicals and Fertilizers Limited 52,432.90

46 Corporation Bank 52,163.33

47 M S T C Limited* 51,976.50

48 Northern Coalfields Limited 51,825.89

49 Mahanadi Coalfields Limited 51,130.97

50 Power Grid Corporation of India Limited 50,815.30

51 State Bank of Hyderabad 50,802.96

52 Power Finance Corporation Limited 50,400.40

53 State Bank of Patiala* 49,059.40

54 Andhra Bank 48,712.16

55 Central Coalfields Limited 47,284.78

56 Vijaya Bank 44,205.68

57 Nuclear Power Corporation of India Limited 42,663.59

58 National Fertilizers Limited 42,055.85

59 Bharat Electronics Limited 41,376.91

60 Shipping Corporation of India Limited, The 40,616.80

61 United Bank of India* 40,228.10

62 Oriental Insurance Company Limited, The 40,197.81

63 PTC India Limited 39,493.09

64 State Bank of Travancore 38,728.59

65 Bank of Maharashtra 38,207.58

India’s Top PSUs 2009 Total Income Listing L7

Sr No Company Name Total Income (Rs Mn)

66 Neyveli Lignite Corporation Limited 36,380.70

67 Rural Electrification Corporation Limited 35,376.61

68 State Bank of Bikaner & Jaipur 35,236.83

69 Container Corporation of India Limited 35,117.70

70 Coal India Limited 34,774.45

71 NHPC Limited 31,555.00

72 Dena Bank 31,540.25

73 State Bank of Mysore 29,165.28

74 Export-Import Bank of India 28,151.32

75 Housing & Urban Development Corporation Limited 27,289.49

76 Indian Railway Finance Corporation Limited 26,247.85

77 Mazagon Dock Limited 26,098.10

78 Punjab & Sind Bank 25,369.29

79 State Bank of Indore* 25,361.70

80 STCL Limited 24,604.11

81 LIC Housing Finance Limited 21,847.68

82 BEML Limited 20,916.87

83 National Buildings Construction Corporation Limited 19,117.40

84 Hindustan Copper Limited 17,046.93

85 Small Industries Development Bank of India 16,381.68

86 Cotton Corporation of India Limited, The 16,368.31

87 Satluj Jal Vidyut Nigam Limited 15,822.10

88 Kudremukh Iron Ore Company Limited 15,653.57

89 Balmer Lawrie and Company Limited 14,901.75

90 Neelachal Ispat Nigam Limited 14,261.92

91 Manganese Ore (India) Limited 10,241.80

92 Cochin Shipyard Limited * 9,669.09

93 North Eastern Electric Power Corporation Limited* 9,626.76

94 Antrix Corporation Limited 9,402.63

95 Electronics Corporation of India Limited 9,378.29

96 Fertilisers and Chemicals Travancore Limited, The 8,920.13

97 Engineering Projects (India) Limited 8,723.60

98 Engineers India Limited 8,574.39

99 Export Credit Guarantee Corporation of India Limited 8,271.56

India’s Top PSUs 2009 Total Income Listing L8

Sr No Company Name Total Income (Rs Mn)

100 NTPC Vidyut Vyapar Nigam Limited 7,960.85

101 Central Warehousing Corporation 7,762.29

102 Agriculture Insurance Company of India Limited 7,751.17

103 Narmada Hydroelectric Development Corporation Limited 7,680.70

104 Dredging Corporation of India Limited 7,597.75

105 Indraprastha Gas Limited 7,294.16

106 Bridge & Roof Company (India) Limited* 7,147.91

107 RITES Limited 6,607.02

108 Garden Reach Shipbuilders & Engineers Limited 6,299.78

109 Bharat Dynamics Limited 6,130.21

110 Hindustan Organic Chemicals Limited 5,920.68

111 Indian Railway Catering and Tourism Corporation Limited 5,243.40

112 National Small Industries Corporation Limited, The 4,813.01

113 Telecommunications Consultants India Limited* 4,148.74

114 UTI Asset Management Company Limited 4,048.80

115 Maharashtra Elektrosmelt Limited 3,215.94

116 Orissa Minerals Development Company Limited, The 3,017.68

117 Brahmaputra Valley Fertilizer Corporation Limited 2,632.04

118 Indian Renewable Energy Development Agency Limited* 2,469.33

119 HMT Limited 2,444.25

120 South Malabar Gramin Bank 2,345.76

121 SBI Capital Markets Limited 2,300.77

India’s Top PSUs 2009 Net Profit Listing L9

India’s Top PSUs 2009

Sr No Company Name Net Profit (Rs Mn)

1 Oil and Natural Gas Corporation Limited 167,017.57

2 NTPC Limited 76,893.00

3 Steel Authority of India Limited 75,354.90

4 Indian Oil Corporation Limited 70,015.00

5 State Bank of India 67,291.25

6 NMDC Limited 32,507.60

7 Bharat Sanchar Nigam Limited 29,748.10

8 Bharat Heavy Electricals Limited 28,602.60

9 GAIL (India) Limited 26,232.10

10 Coal India Limited 24,538.58

11 Punjab National Bank 20,487.63

12 Bank of India 20,094.03

13 Rashtriya Ispat Nigam Limited 19,423.50

14 Oil India Limited 17,900.69

15 National Aluminium Company Limited 16,569.10

16 Mahanadi Coalfields Limited 16,500.04

17 Hindustan Aeronautics Limited 16,318.80

18 Power Grid Corporation of India Limited 16,305.30

19 Canara Bank 15,650.07

20 Bharat Petroleum Corporation Limited 14,551.87

21 Bank of Baroda 14,355.22

22 New India Assurance Company Limited, The 14,011.28

23 Union Bank of India 13,870.29

24 South Eastern Coalfields Limited 13,665.70

25 Northern Coalfields Limited 13,592.16

26 Satluj Jal Vidyut Nigam Limited 13,148.50

27 Mangalore Refinery and Petrochemicals Limited 12,729.93

28 National Bank for Agriculture and Rural Development 12,261.48

29 Indian Overseas Bank 12,023.36

30 Power Finance Corporation Limited 12,015.50

31 Hindustan Petroleum Corporation Limited 11,565.30

India’s Top PSUs 2009 Net Profit Listing L10

Sr No Company Name Net Profit (Rs Mn)

32 Chennai Petroleum Corporation Limited 11,221.77

33 NHPC Limited 10,888.00

34 Nuclear Power Corporation of India Limited 10,765.96

35 Neyveli Lignite Corporation Limited 10,655.60

36 Indian Bank 10,087.39

37 General Insurance Corporation of India* 9,927.83

38 Allahabad Bank 9,747.42

39 ONGC Videsh Limited 9,415.52

40 Rural Electrification Corporation Limited 8,607.13

41 Syndicate Bank 8,480.67

42 Life Insurance Corporation of India 8,446.26

43 Oriental Bank of Commerce 8,409.38

44 Shipping Corporation of India Limited, The 7,912.20

45 Container Corporation of India Limited 7,524.10

46 Bharat Electronics Limited 7,450.94

47 Corporation Bank 7,349.88

48 IDBI Bank Limited 7,294.56

49 Central Coalfields Limited 6,333.65

50 Western Coalfields Limited 6,016.32

51 Andhra Bank 5,755.71

52 State Bank of Hyderabad 5,569.89

53 Central Bank of India 5,501.64

54 Manganese Ore (India) Limited 4,798.18

55 Export Credit Guarantee Corporation of India Limited 4,794.31

56 Petronet LNG Limited 4,746.53

57 Indian Railway Finance Corporation Limited 4,231.81

58 State Bank of Patiala* 4,137.30

59 UCO Bank 4,121.56

60 LIC Housing Finance Limited 3,872.62

61 State Bank of Travancore 3,861.11

62 Punjab & Sind Bank 3,823.58

63 Housing & Urban Development Corporation Limited 3,740.22

64 Numaligarh Refinery Limited 3,648.43

65 Dena Bank 3,597.90

India’s Top PSUs 2009 Net Profit Listing L11

Sr No Company Name Net Profit (Rs Mn)

66 Narmada Hydroelectric Development Corporation Limited 3,516.20

67 Vijaya Bank 3,432.48

68 Export-Import Bank of India 3,330.46

69 Bank of Maharashtra 3,283.87

70 United Bank of India* 3,189.50

71 State Bank of Mysore 3,188.54

72 State Bank of Bikaner & Jaipur 3,150.02

73 Bongaigaon Refinery & Petrochemicals Limited 2,960.67

74 National Buildings Construction Corporation Limited 2,798.73

75 North Eastern Electric Power Corporation Limited* 2,583.11

76 Hindustan Copper Limited 2,540.63

77 Mazagon Dock Limited 2,412.10

78 State Bank of Indore* 2,340.00

79 Mahanagar Telephone Nigam Limited 2,293.38

80 Agriculture Insurance Company of India Limited 2,277.76

81 MMTC Limited 2,132.36

82 Small Industries Development Bank of India 2,104.32

83 Engineers India Limited 1,970.21

84 Indraprastha Gas Limited 1,744.56

85 Antrix Corporation Limited 1,682.36

86 Rashtriya Chemicals and Fertilizers Limited 1,541.10

87 Central Warehousing Corporation 1,499.55

88 Orissa Minerals Development Company Limited, The 1,488.37

89 Dredging Corporation of India Limited 1,463.59

90 UTI Asset Management Company Limited 1,404.40

91 BEML Limited 1,361.48

92 Electronics Corporation of India Limited 1,321.23

93 SBI Capital Markets Limited 1,303.35

94 State Trading Corporation of India Limited, The 1,236.65

95 Neelachal Ispat Nigam Limited 1,210.39

96 Kudremukh Iron Ore Company Limited 1,118.89

97 National Fertilizers Limited 1,084.51

98 Cochin Shipyard Limited* 964.04

99 M S T C Limited* 922.00
India’s Top PSUs 2009 Net Profit Listing L12

Sr No Company Name Net Profit (Rs Mn)

100 RITES Limited 919.83

101 Balmer Lawrie and Company Limited 870.16

102 Garden Reach Shipbuilders & Engineers Limited 773.02

103 PTC India Limited 487.60

104 Indian Renewable Energy Development Agency Limited* 483.47

105 Bharat Dynamics Limited 476.51

106 PEC Limited* 413.99

107 Maharashtra Elektrosmelt Limited 363.24

108 STCL Limited 288.39

109 South Malabar Gramin Bank 220.24

110 Cotton Corporation of India Limited, The 214.23

111 Indian Railway Catering and Tourism Corporation Limited 210.36

112 NTPC Vidyut Vyapar Nigam Limited 190.50

113 Engineering Projects (India) Limited 130.90

114 Oriental Insurance Company Limited, The 93.02

115 Bridge & Roof Company (India) Limited* 61.76

116 National Small Industries Corporation Limited, The 42.20

117 Telecommunications Consultants India Limited* 21.26

118 Hindustan Organic Chemicals Limited (200.12)

119 HMT Limited (573.14)

120 Brahmaputra Valley Fertilizer Corporation Limited (1,044.90)

121 Fertilisers and Chemicals Travancore Limited, The (1,910.20)

India’s Top PSUs 2009 Net Worth Listing L13

India’s Top PSUs 2009

Sr No Company Name Net Worth (Rs Mn)

1 Bharat Sanchar Nigam Limited 880,058.60

2 Oil and Natural Gas Corporation Limited 698,333.66

3 NTPC Limited 526,083.00

4 State Bank of India 490,326.62

5 Indian Oil Corporation Limited 407,484.00

6 National Bank for Agriculture and Rural Development 314,177.31

7 Steel Authority of India Limited 227,794.80

8 Nuclear Power Corporation of India Limited 221,862.85

9 NHPC Limited 172,391.80

10 Power Grid Corporation of India Limited 133,875.80

11 GAIL (India) Limited 129,395.10

12 Coal India Limited 124,234.21

13 Bharat Petroleum Corporation Limited 116,278.21

14 Rashtriya Ispat Nigam Limited 114,810.40

15 Mahanagar Telephone Nigam Limited 112,989.94

16 Bank of Baroda 110,439.27

17 Punjab National Bank 107,466.67

18 Bharat Heavy Electricals Limited 107,309.90

19 Hindustan Petroleum Corporation Limited 105,116.00

20 Power Finance Corporation Limited 93,298.00

21 National Aluminium Company Limited 88,741.40

22 Bank of India 88,262.93

23 Neyveli Lignite Corporation Limited 84,499.30

24 Canara Bank 82,956.33

25 NMDC Limited 82,643.30

26 Oil India Limited 79,329.70

27 New India Assurance Company Limited, The 69,728.04

28 IDBI Bank Limited 67,998.92

29 General Insurance Corporation of India* 66,837.68

30 Oriental Bank of Commerce 57,759.03

31 Shipping Corporation of India Limited, The 56,319.10

India’s Top PSUs 2009 Net Worth Listing L14

Sr No Company Name Net Worth (Rs Mn)

32 Union Bank of India 56,162.66

33 Northern Coalfields Limited 55,603.56

34 Rural Electrification Corporation Limited 53,676.92

35 Small Industries Development Bank of India 52,597.97

36 Indian Bank 49,955.47

37 Indian Overseas Bank 47,427.00

38 Mahanadi Coalfields Limited 46,867.16

39 South Eastern Coalfields Limited 44,595.25

40 Allahabad Bank 43,688.81

41 Corporation Bank 42,285.12

42 Housing & Urban Development Corporation Limited 41,626.56

43 ONGC Videsh Limited 40,558.24

44 North Eastern Electric Power Corporation Limited* 39,701.06

45 Narmada Hydroelectric Development Corporation Limited 39,607.40

46 Central Bank of India 39,040.94

47 Syndicate Bank 38,651.72

48 Mangalore Refinery and Petrochemicals Limited 37,809.65

49 Western Coalfields Limited 34,352.39

50 Chennai Petroleum Corporation Limited 34,274.45

51 Andhra Bank 32,492.89

52 Export-Import Bank of India 32,063.73

53 Bharat Electronics Limited 31,463.75

54 Container Corporation of India Limited 31,319.90

55 Hindustan Aeronautics Limited 29,984.40

56 State Bank of Patiala* 27,086.29

57 State Bank of Hyderabad 26,941.46

58 United Bank of India* 26,612.80

59 Satluj Jal Vidyut Nigam Limited 26,119.50

60 UCO Bank 24,668.67

61 Indian Railway Finance Corporation Limited 24,255.65

62 Numaligarh Refinery Limited 22,391.75

63 Vijaya Bank 20,883.78

64 Kudremukh Iron Ore Company Limited 20,870.80

65 Oriental Insurance Company Limited, The 20,215.86

India’s Top PSUs 2009 Net Worth Listing L15

Sr No Company Name Net Worth (Rs Mn)

66 Central Coalfields Limited 18,861.72

67 LIC Housing Finance Limited 18,312.99

68 Export Credit Guarantee Corporation of India Limited 18,133.69

69 Bank of Maharashtra 17,653.85

70 State Bank of Travancore 17,181.10

71 State Bank of Bikaner & Jaipur 17,132.12

72 Petronet LNG Limited 16,182.91

73 BEML Limited 16,104.49

74 Punjab & Sind Bank 15,642.91

75 Dena Bank 15,602.61

76 Rashtriya Chemicals and Fertilizers Limited 15,354.60

77 PTC India Limited 14,795.42

78 National Fertilizers Limited 14,076.70

79 State Bank of Mysore 13,778.15

80 State Bank of Indore* 13,162.80

81 Dredging Corporation of India Limited 12,303.25

82 Engineers India Limited 11,493.92

83 Bongaigaon Refinery & Petrochemicals Limited 11,489.47

84 Central Warehousing Corporation 11,072.04

85 MMTC Limited 10,277.13

86 Hindustan Copper Limited 8,997.05

87 Indian Renewable Energy Development Agency Limited* 8,186.49

88 Manganese Ore (India) Limited 8,126.82

89 Neelachal Ispat Nigam Limited 7,188.15

90 Mazagon Dock Limited 6,426.20

91 Agriculture Insurance Company of India Limited 5,896.35

92 Orissa Minerals Development Company Limited, The 5,810.18

93 Indraprastha Gas Limited 5,732.57

94 Electronics Corporation of India Limited 5,572.92

95 UTI Asset Management Company Limited 5,479.90

96 RITES Limited 5,372.68

97 State Trading Corporation of India Limited, The 5,248.85

98 Garden Reach Shipbuilders & Engineers Limited 4,855.42

99 Bharat Dynamics Limited 4,850.52

India’s Top PSUs 2009 Net Worth Listing L16

Sr No Company Name Net Worth (Rs Mn)

100 SBI Capital Markets Limited 4,394.98

101 Cochin Shipyard Limited* 4,320.64

102 Telecommunications Consultants India Limited* 3,999.99

103 HMT Limited 3,759.66

104 Antrix Corporation Limited 3,654.82

105 National Buildings Construction Corporation Limited 3,353.17

106 Balmer Lawrie and Company Limited 3,246.06

107 Life Insurance Corporation of India 3,078.46

108 Cotton Corporation of India Limited, The 3,021.83

109 M S T C Limited* 2,706.50

110 Fertilisers and Chemicals Travancore Limited, The 2,492.60

111 National Small Industries Corporation Limited, The 2,438.10

112 South Malabar Gramin Bank 1,795.79

113 Hindustan Organic Chemicals Limited 1,369.51

114 PEC Limited* 1,260.69

115 Engineering Projects (India) Limited 1,009.71

116 Maharashtra Elektrosmelt Limited 952.29

117 Bridge & Roof Company (India) Limited* 820.82

118 Indian Railway Catering and Tourism Corporation Limited 788.49

119 STCL Limited 512.80

120 Brahmaputra Valley Fertilizer Corporation Limited 441.57

121 NTPC Vidyut Vyapar Nigam Limited 417.27

India’s Top PSUs 2009
Published in India by Dun & Bradstreet Information Services India Pvt Ltd. (D&B)

Registered Office
ICC Chambers, Saki Vihar Road,
Powai, Mumbai - 400 072.
Tel: +91 22 6680 1300/2847 6291-93
Fax: +91 22 2847 6281/82
Email: eagops@mail.dnb.co.in
URL: www.dnb.co.in
New Delhi Office Bengaluru Office Dun & Bradstreet Predictive
FB - 01, NSIC STP Centre, No. 7/2 Gajanana Towers, Sciences & Analytics Pvt Ltd
NSIC Bhawan, 1st Floor , Annaswamy Mudaliar Street, 9th Floor, Prince Infocity, 286/1,
Okhla Industrial Estate, Opposite Ulsoor Lake, Old Mahabalipuram Road,
New Delhi - 110 020. Bengaluru - 560 042. Kandanchavadi, Kottivakkam,
Tel: +91 11 4149 7900/01/6537 8227 Tel: +91 80 4073 1100/30 Chennai – 600 096.
Fax: +91 11 4149 7902 Fax: +91 80 4073 1110 Tel: +91 44 6677 9999
Email: dbdelhi@mail.dnb.co.in Email: dnbblr@vsnl.com Fax: +91 44 6677 9988
Ahmedabad Office Email: info@chn.dnb.co.in
G-01, Samruddhi, Chennai Office
Opp. Old High Court, 2D, 2nd Floor, Taas Mahal,
Ahmedabad - 380 014. 10, Montieth Road, Egmore,
Tel: +91 79 2754 0558/59 Chennai - 600 008.
Fax: +91 79 2754 0560 Tel: +91 44 2851 6648/79
Email: dbabd@mail.dnb.co.in Fax:+91 44 2851 6698
Email: dbmadras@mail.dnb.co.in
Kolkata Office
166B, S.P. Mukherjee Road, Hyderabad Office
Merlin Links, 3rd Floor, Unit 3E, 103, “Saeed Plaza”, 6-1-73,
Kolkata - 700 026. Above HDFC Bank, Lakdi-Ka-Pul,
Tel: +91 33 2465 0204 Hyderabad - 500 004.
Fax: +91 33 2465 0205 Tel: +91 40 6662 4102, 6651 4102
Email: dbkolkata@mail.dnb.co.in Fax: +91 40 6661 9358
Email: hyd2_dnbhyd@sancharnet.in

Editor Yashika Singh, Sanketh Arouje

Sub-Editors Sachin Khedekar, Avinash Khemka, Diya Sengupta

Editorial Team Deepa Venkateshwaran, Debabrata Das, Hemant Sangani, Neha Chaturvedi, Janit Mahadevia, Ajay Lobo,
Nidhi Bajaj, Dheeren Khemani, Devendra Chaubal, Ajit Parab, Imran Baig, Mahendra Mahale

Marketing Ravi Saneja
Priyanka Badlani, Shivani Gauri, Carlton Lewis, Payal Thakkar, Ami Shah, Alok Gupta, Alok Hawaldar,
Meenal Chandorkar, Punit Somani, Shradha Baranwal, Mansi Gupta, Mrinal Agarwal, Gagan Bhatla,
Neethi Rana, Mainak Mitra, Hariharan P, Sophia Godinho, Ankur Singh

Operations Team Nadeem Kazi, Abhishek Dalvi, Vishwa Desai, Altamash Mahimi

Design Team Mohan Chilvery, Pramod Vast

Tushar Awate, Sonal Gangnaik, Shilpa Chandolikar, Parul Nirmal

All rights reserved

This publication is copyright and all rights are reserved. Apart from any fair dealing for the purpose of private study, research,
criticism or review as permitted under the Copyright Act, no part may be reproduced by any process without written permission.
Enquiries should be addressed to the publishers.
Although every effort has been made in compiling and checking the information given in this publication to ensure that it is ac-
curate, the authors, the publishers and their servants or agents shall not be held responsible for the continued currency of the
information or for any errors, negligence or otherwise howsoever or for any consequence arising therefrom.

India’s Top PSUs 2009

Second Edition
ISBN 978-81-89262-43-3

Printed By Srinivas Fine Arts (P) Ltd.