2022 Hurun India 500

Source:Hurun Report
Author:Hurun Report
IssueTime:2022-12-01

Hurun India launched the ‘2022 Burgundy Private Hurun India 500’, second edition of the list of the 500 most valuable companies in India.

Axis Bank’s Burgundy Private and Hurun India release the second edition of ‘500 most valuable private companies in India’ list

 

Key Highlights:

Ø  The total value of the companies in the ‘2022 Burgundy Private Hurun India 500’ list remains unchanged at INR 226 lakh crore, when compared to last year. This is despite 191 companies in the list cumulatively losing INR 18.3 lakh crore in value

Ø  310 companies in the list saw their value increase in the last year, of which 18 doubled in value. 6 companies rose by INR 1 lakh crore, led by four Adani group companies

Ø  The companies in this list come from 36 cities across India, led by Mumbai (159), Bengaluru (63) and New Delhi (42). These 3 cities contribute to more than half of the ‘2022 Burgundy Private Hurun India 500’ list

Ø  Financial Services and Healthcare led the way with 73 and 60 companies respectively in the list, followed by Chemicals and Consumer Goods with 37 entrants each

Ø  77 new companies broke into the ‘2022 Burgundy Private Hurun India 500’ list this year. Healthcare leads with 10 of the new entrants, followed by Financial Services with 8 and Retail with 7

Ø  25 companies broke into the top 100 this year. Leading this new entrant pack is Ambuja Cements, which debuted at 36th rank, after its acquisition by the Adani Group. Foodtech start-up, Swiggy shot up 56 places to 46th rank

Ø  46% of the companies in this list sell services, 54% sell physical products

Ø  70% of the companies are consumer-facing, 30% are B2B

Ø  The 2022 Burgundy Private Hurun India 500 companies employ 72.6 lakh people in total, with an average of 14,500 employees

Ø  410 companies in  the ‘2022 Burgundy Private Hurun India 500’ list have women’s representation on the board

Ø  68 companies in the 2022 Burgundy Private Hurun India 500 are 100% owned by promoters

Ø  193 companies featured in the 2022 Burgundy Private Hurun India 500 are run by professional CEOs, of which 138 companies are family owned

Ø  Big 3: With a value of INR 17.3 lakh crore, Reliance Industries is India’s most valuable company, followed by Tata Consultancy Services with INR 11.7 lakh crore and HDFC Bank with INR 8.3 lakh crore. Cementing the number one position, Reliance Industries is now 47% or INR 5 lakh crore more valuable than Tata Consultancy Services, the second most valuable company in the 2022 Burgundy Private Hurun India 500

Ø  Biggest gainers in terms of absolute value are Adani Group companies - Adani Total Gas, up INR 2.3 lakh crore; followed by Adani Enterprises, up INR 2.1 lakh crore; Adani Transmission, up INR 1.7 lakh crore and Adani Green Energy, up INR 1.4 lakh crore

Ø  Covid-19 vaccine producer Serum Institute of India increased its value by 20% to INR 2.2 lakh crore and is India’s most valuable unlisted company

Ø  Some interesting changes over the year

o    The threshold to make it to the 2022 Burgundy Private Hurun India 500 is INR 6,000 crore, up 15% from last year

o    The cut-off value to feature in the top 10 of 2022 Burgundy Private Hurun India 500 decreased by 1% to INR 3,81,610 crore

o    309 companies in 2022 Burgundy Private Hurun India 500 saw their value increase during the review period

o    Cumulative sales of companies in the 2022 Burgundy Private Hurun India 500 is INR 70 Lakh crore, an increase of 33% compared to last year

o    The average age of companies featured in the 2022 Burgundy Private Hurun India 500 is 37 years, three years younger than last year

o    39% of 2022 Burgundy Private Hurun India 500 companies are run by professional CEOs compared to 38% last year

o    3.9 lakh new jobs were created by the companies in the list, in the last one year. They also employ 11.6 lakh women

o    Mumbai lost 8 companies in the list when compared to the 2021 Burgundy Private Hurun India 500, whereas Bengaluru and New Delhi gained 11 companies each in the 2022 list

o    The Financial Services sector is the biggest contributor to the 2022 Burgundy Private Hurun India 500 with 15% or 73 companies, down by 5% compared to last year

o    32% of companies featured in the 2022 Burgundy Private Hurun India 500 are unlisted, a 4% increase compared to last year

 

Mumbai, December 01, 2022:  Burgundy Private, Axis Bank’s Private Banking Business and Hurun India launched the 2022 Burgundy Private Hurun India 500 ’,second edition of the list of the 500 most valuable companies in India. These companies are ranked according to their value, defined as market capitalization for listed companies and valuations for non-listed companies. The cut-off date to arrive at this list was 30th October 2022. This list refers to companies headquartered in India only; state-owned companies and subsidiaries of foreign as well as Indian companies are not included.

 

To make it to the ‘2022 Burgundy Private Hurun India 500’ list, companies required to have a minimum value of INR 6,000 crore, equivalent to US$725 million. On an average, companies from the 2022 Burgundy Private Hurun India 500 were founded in 1985, and today are worth a total of INR 226 lakh crore (US$2.7tn), which remains flat when compared with the inaugural edition. Both BSE SENSEX and NIFTY 50 rose by 2% year on year, whilst the S&P BSE 500 was up 2.5% over the same period last year.


Commenting on the launch, Amitabh Chaudhry, Managing Director and Chief Executive Officer, Axis Bank said: "Burgundy Private is delighted to have partnered again with Hurun India in celebrating India’s 500 most valuable companies. The 2nd edition of the Burgundy Private Hurun India 500 report, featuring India’s 500 most valuable companies, could not have come at a better time. From a ‘rare bright spot,’ when most world economies are staring at a slowdown, India is slated to be entering its decade of eminence. Indian companies and their leadership deserve great acclamation for their contribution to the country’s unique positioning today, and they will play an even bigger role in making India the world’s third largest economy over the next decade.”


“Despite global challenges, the companies on the ‘2022 Burgundy Private Hurun India 500’ list created value to the tune of INR 226 lakh crore (USD 2.7 trillion), for their stakeholders. As India’s leading wealth management franchise, Burgundy Private witnessed this value creation from close quarters. The companies on this year’s list contributed immensely to nation building. The top line of these 500 companies is equivalent to 29% of India’s GDP, and these companies employ up to 1.5% of the country’s total workforce. What stood out in the report is that 67 companies on the list are younger than 10 years. These new-age companies will indeed shape the coming decade with their entrepreneurship, technology and digital innovations.”

 

“Axis Bank remains optimistic about the growth opportunities in the Indian economy. Our ability to deliver 'One Axis’ as a full-service bank, offering varied solutions across all financial services, is a key area of our distinctiveness, allowing us to bring unique solutions to our customers. As India moves towards its most important decade, we look forward to partnering with the companies on the 2022 Burgundy Private Hurun India 500 list, as they move towards the next milestone in their growth journey”, he added.

 

Anas Rahman Junaid MD and Chief Researcher, Hurun India said:

 

“It is easy to see why the 2022 Burgundy Private Hurun India 500 represents the most powerful group of companies in India. With a total value of US$2.7tn, which is equal to India’s current GDP, they make up the backbone of India’s economy. Together, these 500 companies had combined sales of US$820bn and employed 7.3 million staff, which is more than the working population of the United Arab Emirates. If you want to understand what is really going on in the Indian economy, understanding the stories behind the 2022 Burgundy Private Hurun India 500, India’s most valuable companies, is a good place to start. Hurun India is delighted to partner with Burgundy Private, Axis Bank’s Private Banking Business to release the 2022 Burgundy Private Hurun India 500.”

 

“This year, the threshold to make the 2022 Burgundy Private Hurun India 500 was INR 6,000 crore, up 15% from last year. This is impressive, considering the cut-off to enter the Hurun Global 500 has come down by 23%. Burgundy Private Hurun India 500 indicates that India is possibly the brightest spot amidst the global economic turmoil. At this rate of growth, the cut-off to enter Burgundy Private Hurun India 500 might well be closer to INR 10,000 crore in five years.”

 

“The 2022 Burgundy Private Hurun India 500 lost INR 1,78,965 crore in value. The sectors that enjoyed strong growth are Energy, Retail, Hospitality and Consumer Goods. Software and Services sector was the hardest hit and cumulatively lost INR 6 lakh crore over last year. On the back of inflation and looming recession, Indian IT outsourcing companies are expected to go slow on closing big-ticket deals.”

 

“The medical diagnostics sector, which enjoyed very high growth during Covid-19 on the back of testing mandates, reversed gains and shed around INR 13,000 crore in value.”

 

“To create one of the 2022 Burgundy Private Hurun India 500 is a crowning achievement for anyone, but there are 18 individuals who have done it more than once. Gautam Adani has launched 7 companies to the list and has acquired the 8th – Ambuja Cements. Perhaps it is not surprising that he is the richest person on the subcontinent. The others include N Chandrasekaran who chairs Tata Sons that added six companies to the list and Sanjeev Goenka and Kumar Mangalam Birla who have added three each to the list.”

 

“These days, the hottest topic for a panel discussion in start-up conferences is start-up valuations, which is the heart of the 2022 Burgundy Private Hurun India 500. Public markets listing which is considered a litmus test for valuations, has ended up becoming a poisoned chalice for a few. For instance, some of the biggest value shedders in the 2022 Burgundy Private Hurun India 500 are start-ups such as Policy Bazaar, Paytm, Zomato and Nykaa which lost 68%, 59%, 50% and 48% respectively in value since last year. This trend is a clear indication that start-up valuations based on “2021 parameters” in private markets are up for a bumpy ride”

 

“In the long run, start-up value creation is going to significantly increase the velocity of companies entering the future editions of the Burgundy Private Hurun India 500. For instance, Zepto and Mensa Brands took just 2 years since their founding year to enter the list. The next wave of most valuable start-ups will be championed by founders who are building for the bottom 800 million people and for climate sustainability.

 

“Mumbai dominates when it comes to the 2022 Burgundy Private Hurun India 500 companies, home to 32% of the India 500 with 159 companies, and 48% or INR 108 lakh crore of the total value, significantly ahead of second-placed Bengaluru with 63 companies, representing 11% of the total value.”

 

“Value is perhaps the best way to measure a company’s performance, since value takes into account not just the current performance of a company but also its future potential. If a business is ‘valued at US$30bn, for example, it means that investors believe it is going to deliver profits of US$30bn within ten years. This changes as new information comes to light, such as impact of wars, inflation, government data, regulations, and general sentiment.”

 

“Curiously, some of the most valuable companies in India had surprisingly low sales. 61 of the 2022 Burgundy Private Hurun India 500 companies had sales of less than INR 1,000 crore in FY 2022.  Adani Total Gas, for example, had revenues of ‘only’ INR 3,248 crore and only 570 employees, yet had a market cap of INR 3,96,245 crore, whilst unicorn Physics Wallah had a value of INR 9,100 crore, despite generating less than INR 233 crore of sales in FY 2022.”

 

“53% of the companies on the 2022 Burgundy Private Hurun India 500, which is ranked by value, are not in the Fortune India 500, which is ranked by sales. The difference came from Hurun excluding companies like Reliance Capital and Varroc Engineering, which had large sales but did not generate enough value to take them over the INR 6,000 crore threshold. Another reason is that the 2022 Burgundy Private Hurun India 500 does not include state-owned companies, the likes of the State Bank of India and Oil and Natural Gas Corporation. Curiously, only 60 state-owned listed companies would have made the cut-off of INR 6,000 crore.”

 

“Hurun has been promoting entrepreneurship through its lists and research since 1999. Starting with the rich list and philanthropy lists, Hurun has gone on to rank unicorns and recently the 500 most valuable companies, on a global level as well as for individual countries, most significantly China and India.”  

 

“Regional governments are competing to attract the most valuable companies in the country, companies from the 2022 Burgundy Private Hurun India 500. These companies represent the biggest opportunity for tax revenues, quality employment and industry leadership.”

 

“India’s start-ups are producing some significant companies. Just under 13% of the 2022 Burgundy Private Hurun India 500 are less than 10 years old, led by Adani Transmission, Adani Green Energy, Swiggy, Razorpay, and CRED. Of these startups, 71 are Unicorns and 8 are Gazelles”

 

“Women make up 16% of the boards of the companies from the 2022 Burgundy Private Hurun India 500. As India’s economy grows and the India 500 becomes bigger, expect the percentage of women board directors to grow too. The 2022 Burgundy Private Hurun India 500 are some of the biggest employers of women in the country led by Tata Consultancy Services with about 2.1 lakh women employees.”

 

“Family businesses still make up the bulk of the Indian economy. 70% of the 2022 Burgundy Private Hurun India 500 are family-run businesses”.

 

The 2022 Burgundy Private Hurun India 500 are spread across 27 different industries, demonstrating the overall growth story of the Indian economy.”

 

“A unique feature of the Indian economy is traditional industrial groups, many of which started over 100 years ago. The top 10 industrial groups own 61 or 12% of the 2022 Burgundy Private Hurun India 500 between them, led by Tata Group with 15 companies followed by the Adani Group with 8 and Murugappa Group with 6.”

 

“The stories of these companies tell the story of the modern Indian economy”, concluded Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

 

Methodology

 

The 2022 Burgundy Private Hurun India 500 is a list of the 500 most valuable companies that are headquartered in India. Government/ State-owned companies and subsidiaries of foreign as well as Indian companies are excluded. Although the cut-off date for the list is 30th October 2022, we have taken an exception for Global Health, Bikaji Foods International and Five-Star Business Finance for which we have considered the closing market cap of the listing day. The aforementioned companies were in the process of going public/ getting listed during the cut-off date.

Valuing private companies is as much an art as it is a science. Hurun India may have missed some companies, but our endeavor is to develop the most comprehensive report of its kind with an objective to identify and acknowledge India’s top businesses. Hurun Report’s team of researchers have traveled the length and breadth of the country, cross-checking information with entrepreneurs, industry experts, journalists, bankers and other sources of publicly available data.

For unlisted companies, Hurun Research’s valuation is based on a comparison with their listed equivalents using prevailing industry multiples such as Price to Earnings, Price to Sales, EV to sales, EV to EBITDA. Other methodologies such as Discounted Cash Flow and Tobin’s Q are also used. In certain cases of early- stage companies, Hurun used the First Chicago Method for valuation. Financial information used is from the latest available annual reports or audited financial statements.

 

 

About Axis Bank:

 

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses. With its 4,760 domestic branches (including extension counters) and 16,043 ATMs across the country as on 30th September 2022, the network of Axis Bank spreads across 2,676 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Axis Group includes Axis Mutual Fund, Axis Securities Ltd., Axis Finance, Axis Trustee, Axis Capital, A.TReDS Ltd., Freecharge and Axis Bank Foundation. 

 

For further information on Axis Bank, please refer to the website: https://www.axisbank.com

 

About Burgundy Private – Private Banking by Axis Bank

 

Burgundy Private, Axis Bank’s private banking business, is one of the fastest growing wealth managers in India, managing client assets of over USD 11.5 bn. With access to the considerable resources of the Axis Group, Burgundy Private provides bespoke wealth management services along with the power and stability of a leading bank to its private clients.

 

Headquartered in Mumbai, with a 225 plus strong team, Burgundy Private manages the wealth of more than 4250 illustrious families across 27 locations in India. The clientele comprises of some of the most distinguished families in the country, including 30% of India’s top 100 families in terms of their net worth.

 

Burgundy Private brings to its clients a comprehensive platform that provides tailored services across wealth management, investment advisory, family-office solutions, personal & corporate banking, family governance & succession-planning and tax advisory.

 

Burgundy Private offers Investment Advisory and Family Office Services through Axis Securities Limited.

 

For more information, please visit www.burgundyprivate.com

 

About the Hurun Report     

                     

Hurun Report is a leading research, luxury publishing and events group established in London in 1998 with presence in India, China, France, UK, USA, Australia, Japan, Canada and Luxembourg. It is widely recognized world-over for its comprehensive evaluation of the wealthiest individuals across the globe. Hurun Report is the largest compiler of the rich list globally.

 

Hurun Report Inc. has four divisions: Hurun Report Media, a stable of digital media and four magazines; Hurun Research Institute; Hurun Conferences, an active events division targeting entrepreneurs and high net worth individuals; and Hurun Investments, a USD20m early-stage venture capital fund with investments into tech, media, retail and education.

 

About Hurun Report India

 

“Promoting Entrepreneurship Through Lists and Research”

 

Hurun India was launched in 2012, under the leadership of Anas Rahman Junaid, a graduate of the University of Oxford. Junaid met Rupert Hoogewerf, the founder of Hurun Global, through Oxford University and the duo thought it was the right time to speak about wealth creation in India as they saw India booming. Since then, Hurun India has been in the pursuit to celebrate the stories of India’s transparent wealth creation, innovation, and philanthropy.

The Five core pillars of Hurun Report India are:

  1. Wealth Creation - We celebrate transparent wealth creation by bringing to light success stories of some of the most amazing entrepreneurs through Hurun Rich Lists.

 

      Hurun India Rich List is a ranking of individuals with a net worth of INR 1,000 Crore+ and has grown to become the most comprehensive rich list from India. Over the last decade, the list grew from 100 individuals from 10 cities to 1,105 richest Indians, from 76 cities.

      Hurun Leading Wealthy Women List is the ranking of the richest self-made women in India

      Hurun Real Estate Rich List ranks the most successful Real Estate entrepreneurs in the country. 

      Hurun India Wealth Report is the most detailed Hurun study on the wealth distribution landscape in India.

  1. Value Creation - Under this pillar, Hurun celebrates the success stories of some of the most respected Indian companies through Hurun India 500 - a ranking of the most valuable non-state-controlled companies and emerging companies and investors that make the future look bright for India through the Hurun India Unicorn Index, Gazelle List, Cheetah List, and Top Investors List.

  2. Sustainability and Philanthropy - Hurun India Philanthropy List, which is on its 6th anniversary, ranks India’s most generous entrepreneurs. Hurun India Impact 50 list ranks India’s most sustainable companies based on their alignment with the UN’s Sustainable Development Goals.

  3. Art - In 2019, the Hurun India Art List was launched, aimed at tracking some of the most successful artists who are alive today by way of cumulative auction prices. Through the art list, our endeavor is to encourage individuals to collect Indian art.

  4. Lifestyle and Luxury -The Hurun Luxury Consumer Survey debuted in 2019 to encourage an understanding about lifestyle and brand preferences of ultra-high net worth individuals, while curating a survey to help them explain their spending habits.

 

Globally, the Hurun brand registers an estimated 8 billion views, 50% YoY growth, on the back of lists and research reports.

 

Hurun India serves as India’s definitive voice celebrating wealth creation, innovation, and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2022, a ranking of the 3,381 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the eleventh India Rich List which ranks the 1,105 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur.

 

For the full details, please refer to www.hurunindia.net

 

For media queries, please contact:

 

 

Axis Bank:

Piyali Reddy

+91 9322657983

piyali.reddy@axisbank.com

Mittal Solanki

+91 9004909465

mittal.solanki@axisbank.com

 

Hurun India:

Vineeth Chandrababu

          +91 99950 61106

vineeth@hurunindia.net

Prajwal Jadhav
+91 9637711549

prajwal.jadhav@communicateindia.com

 

Adfactors PR:

Brijesh Kutty

+91 9920460901

brijesh.kutty@adfactorspr.com

Janki Telivala

+91 9892623468

janki.telivala@adfactorspr.com

 

Communicate India:

Sejuti Ghosh

+91 8291209472

sejuti.ghosh@communicateindia.com Kajal Kamble

+91 9769614105

kajal.kambale@communicateindia.com

 

 

Top 10 of 2022 Burgundy Private Hurun India 500

 

The total value of the top 10 companies remained flat at INR 72.0 lakh crore (US$872bn), equivalent to 37% of India’s GDP and 31% of the total value of the 2022 Burgundy Private Hurun India 500. Five are headquartered in Mumbai.  

 

Table 1: 2022 Burgundy Private Hurun India 500 Top 10

Rank

Company

Value (INR Cr)

Change (%)

Headquarters

CEO

1-

Reliance Industries

17,25,058

3.6%

Mumbai

Mukesh Ambani

2-

Tata Consultancy Services

11,68,390

-10.8%

Mumbai

Rajesh Gopinathan

3-

HDFC Bank

8,33,656

-7.9%

Mumbai

Sashidhar Jagdishan

4-

Infosys

6,46,985

-13.9%

Bengaluru

Salil Parekh

5-

ICICI Bank

6,33,171

17.7%

Mumbai

Sandeep Bakhshi

6

Bharti Airtel

4,89,575

26.9%

Gurugram

Gopal Vittal

7

Housing Development Finance Corporation

4,48,844

-10.4%

Mumbai

Keki M Mistry

8

ITC

4,32,359

48.1%

Kolkata

Sanjiv Puri

9*

Adani Total Gas

3,96,245

144.2%

Ahmedabad

Suresh P Manglani

10*

Adani Enterprises

3,81,610

121.5%

Ahmedabad

Rajesh S Adani

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Compared with 5 and 10 years ago

 

The total value of the top ten most valuable Indian enterprises has increased 262% in the past decade.  

 

Eight companies have made the Top 10 over the past decade. Notable exits from the top 10

include Sun Pharmaceutical Industries and Wipro.  

 

Table 2: Top 10 Five Years Ago                                      Top 10 Ten Years Ago

Rank

Company

Value (INR Cr)

 

Rank

Company

Value (INR Cr)

1

Tata Consultancy Services

7,27,268

 

1

Tata Consultancy Services

4,13,375

2

Reliance Industries

6,72,667

 

2

Reliance Industries

2,88,532

3

HDFC Bank

5,19,456

 

3

ITC

2,65,319

4

ITC

3,42,896

 

4

Infosys

1,90,066

5

Housing Development Finance Corporation

3,00,169

 

5

HDFC Bank

1,62,796

6

Infosys

2,99,846

 

6

Bharti Airtel

1,46,745

7

ICICI Bank

2,28,447

 

7

Housing Development Finance Corporation

1,33,230

8

Kotak Mahindra Bank

2,13,422

 

8

ICICI Bank

1,29,402

9

Larsen & Toubro

1,81,938

 

9

Sun Pharmaceutical Industries

1,26,092

10

Wipro

1,49,838

 

10

Wipro

1,17,757

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Table 3: Companies from the 2022 Burgundy Private Hurun India 500 with the highest value to revenue

Rank

Company

Value to Revenue

Value (INR Cr)

Revenue (INR Cr)

Industry

1

GlobalBees

251

9,100

36

Retail

2

Bajaj Holdings & Investment

152

74,128

487

Investments

3

Apna

139

9,100

66

Services

4

CRED

137

53,800

393

Financial Services

5

IDFC

126

12,364

98

Financial Services

6

Adani Total Gas

122

3,96,245

3,248

Energy

7

Spinny

81

14,500

180

Retail

8

Turtlemint

76

7,500

99

Retail

9

Groww

67

24,800

369

Financial Services

10

Adani Green Energy

60

3,33,106

5,548

Energy

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500, BSE

 

How old are they?

The average age of the 2022 Burgundy Private Hurun India 500 is 39 years, i.e., founded in 1983.

 

25 companies have a history of more than 100 years, of which EID-Parry (India) is more than 200 years old.  

 

153 companies were founded in this millennium of which 64 are less than 10 years old, led by GlobalBees, Mensa Brands, Zepto, Apna, and CRED. 

 

Table 4: Top 10 YoungestCompanies                                Top 10 OldestCompanies

Year

Company

Value (INR Cr)

City

 

Year

Company

Value (INR Cr)

State

2021

GlobalBees

9,100

Maharashtra

 

1788

E.I.D-Parry (India)

10,987

Chennai

2021

Mensa Brands

8,300

Telangana

 

1838

Bennett Coleman

7,400

Mumbai

2020

Motherson Sumi Wiring India

25,595

Maharashtra

 

1863

Bombay Burmah Trading Corporation

6093

Mumbai

2020

Zepto

7,500

Karnataka

 

1875

BSE

7,982

Mumbai

2019

Jubilant Ingrevia

8,198

Karnataka

 

1884

Godfrey Phillips India

7,718

New Delhi

2019

Apna

9,100

Karnataka

 

1889

KRBL

9,398

Noida

2018

CRED

53,800

Gujarat

 

1897

Century Textiles & Industries

9,563

Mumbai

2018

BharatPe

23,600

Delhi

 

1899

The Indian Hotels Company

47,413

Mumbai

2018

Mobile Premier League

19,000

Karnataka

 

1899

CESC

10,174

Kolkata

2018

CoinDCX

17,800

Maharashtra

 

1904

City Union Bank

13,756

Kumbakonam

2018

DealShare

14,100

Karnataka

 

 

 

 

 

2018

Pristyn Care

10,800

Haryana

 

 

 

 

 

2018

Suven Pharmaceuticals

10,141

Telangana

 

 

 

 

 

2018

Twin Health

6,100

Tamil Nadu

 

 

 

 

 

2018

Vodafone Idea

27,462

Maharashtra

 

 

 

 

 

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Table 5: Largest companies funded by PE/VC investors

Rank

Company

Founded Year

Total Funding (INR Cr)

Industry

City

1

BYJU’S

2011

47,680

Education

Bengaluru

2

Ola

2010

41,110

Transportation & Logistics

Bengaluru

3

Paytm

2010

39,460

Financial Services

Noida

4

OYO

2012

32,880

Hospitality

Gurugram

5

Swiggy

2014

29,600

Transportation & Logistics

Bengaluru

6

Zomato

2010

20,550

Transportation & Logistics

Gurugram

7

Sharechat

2015

13,980

Media & Entertainment

Bengaluru

7

Dailyhunt

2007

13,980

Media & Entertainment

Bengaluru

9

Dream11

2008

13,320

Media & Entertainment

Mumbai

10

PharmEasy

2015

13,150

Healthcare

Mumbai

10

Udaan

2016

13,150

Retail

Bengaluru

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Unlisted companies

The 2022 Burgundy Private Hurun India 500 features some of the most valuable unlisted companies. Serum Institute of India is the most valuable unlisted company, followed by BYJU’S and the National Stock Exchange of India.

 

Table 6: 2022 Burgundy Private Hurun India 500 Top 10 unlisted companies

Rank

Company

Value (INR Cr)

Change (%)

Headquarters

CEO

1-

Serum Institute of India

2,19,700

19.8%

Pune

Adar Poonawalla

2

BYJU'S

1,82,200

35.0%

Bengaluru

Byju Raveendran

3

National Stock Exchange of India

1,39,300

-17.2%

Mumbai

Ashishkumar Chauhan

4*

Swiggy

88,600

114.8%

Bengaluru

Sriharsha Majety

5-

OYO

77,800

10.4%

Gurugram

Ritesh Agarwal

6

Dream11

66,200

10.3%

Mumbai

Harsh Jain

7*

Parle Products

62,600

142.6%

Mumbai

Vijay Kantilal Chauhan

8*

Razorpay

62,100

176.0%

Bengaluru

Harshil Mathur

9*

Ola

60,500

168.9%

Bengaluru

Bhavish Aggarwal

10

Intas Pharmaceuticals

59,300

11.3%

Ahmedabad

Nimish Chudgar

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Geographical distribution

The 2022 Burgundy Private Hurun India 500 came from 15 states, led by Maharashtra, Karnataka and Tamil Nadu followed by Delhi, and Haryana. By city, Mumbai led with 159, followed by Bengaluru with 63, and New Delhi with 42.

 

Table 7: Top Cities and States of the 2022 Burgundy Private Hurun India 500

Rank

City

Number

Total Value (INR Cr)

Value

Change (%)

 

Rank

State

Number

1-

Mumbai

159 (-8)

1,08,38,581

-5%

 

1-

Maharashtra

193 (-7)

2-

Bengaluru

63 (+11)

24,98,969

9%

 

2-

Karnataka

63 (+10)

3

New Delhi

42 (+11)

11,11,632

87%

 

3-

Tamil Nadu

43 (-1)

4

Chennai

36 (-2)

7,58,174

6%

 

4

Delhi

42 (+11)

5

Gurugram

35 (-1)

14,06,335

6%

 

5

Haryana

38 (-1)

6

Hyderabad

30 (+3)

4,85,252

-26%

 

6

Telangana

31 (+2)

7

Pune

28 (+3)

11,73,808

-24%

 

7↓

Gujarat

31 (-6)

8-

Ahmedabad

22 (0)

22,26,613

68%

 

8-

Uttar Pradesh

22 (-3)

9

Noida

20 (+1)

4,97,338

-45%

 

9-

West Bengal

18 (-4)

10↓

Kolkata

18 (-4)

8,64,691

10%

 

10-

Kerala

8 (0)

11-

Kochi

4 (0)

92,926

-8%

 

11-

Rajasthan

5 (0)

11-

Vadodara

4 (-1)

59,005

-11%

 

12-

Punjab

3 (0)

11

Coimbatore

4 (+1)

54,083

49%

 

13

Uttarakhand

1 (0)

14

Jaipur

3 (-1)

65,080

-20%

 

13-

Madhya Pradesh

1 (-1)

14

Thrissur

3 (0)

29,971

-7%

 

13*

Goa

1 (+1)

14*

Surat

3 (+1)

26,746

77%

 

 

 

 

14*

Thane

3 (+2)

36,170

93%

 

 

 

 

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 15

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Industry Distribution

Financial Services and Healthcare were the biggest contributors to the 2022 Burgundy Private Hurun India 500 with 73 and 60 companies respectively. The Top 5 industries made up half the 2022 Burgundy Private Hurun India 500.

 

In terms of value created, Financial Services led the way with nearly 20%of the cumulative value of the 2022 Burgundy Private Hurun India 500, followed by Software & Services (12.6%), Telecommunications (10.5%) and Healthcare (8.0%).

 

Table 8: Industry-wide distribution of the 2022 Burgundy Private Hurun India 500

Rank

Main Industry

No. of Cos

% of Total Value

Change (%)

 Biggest companies

1-

Financial Services

73

20.1%

-14%

HDFC Bank, HDFC, ICICI Bank, Kotak Mahindra Bank, Bajaj Finserv, Axis Bank

2-

Healthcare

60

8.0%

4%

Sun Pharmaceutical Industries, Serum Institute of India, Divi's Laboratories, Dr. Reddy's Laboratories, Cipla

3-

Chemicals

37

4.8%

-6%

Asian Paints, Pidilite Industries, Berger Paints, UPL, PI Industries, Nirma

3

Consumer Goods

37

6.6%

-17%

ITC, Dabur India, Godrej Consumer Products, Marico, Tata Consumer Products

5

Software & Services

30

12.4%

-22%

Tata Consultancy Services, Infosys, Wipro, HCL Technologies, Tech Mahindra 

6-

Retail

29

5.3%

34%

Avenue Supermarts, Adani Enterprises, Trent, Udaan, Lenskart, Meesho, Firstcry

7

Automobile & Auto Components

28

5.0%

10%

Bajaj Auto, Tata Motors, Mahindra & Mahindra, Eicher Motors

8-

Industrial Products

20

1.3%

24%

Polycab India, APL Apollo Tubes, Carborundum Universal, Thermax

9

Transportation & Logistics

19

2.6%

31%

Adani Ports and Special Economic Zone, Swiggy, Zomato, Ola, Aegis Logistics

10

Real Estate

16

1.7%

-15.5%

DLF, Godrej Properties, Embassy Office Parks REIT, Macrotech Developers, Oberoi Realty

11

Food & Beverages

15

1.9%

-3%

Britannia Industries, Tata Consumer Products, Jubilant Foodworks, Parle Products

11

Construction Materials

15

2.0%

-24%

Grasim Industries, Shree Cement, Dalmia Bharat

13-

Media & Entertainment

14

1.3%

23%

Dream11, Sun TV Network, Zee Entertainment, Sharechat, Super Cassettes Industries

13

Energy

14

6.5%

74%

Adani Green Energy, Adani Transmission, Adani Total Gas, Adani Power

15

Construction & Engineering

12

2.1%

3%

Larsen & Toubro, Megha Engineering and Infrastructure, Bharat Forge, AIA Engineering,

16

Consumer Electronics

11

1.1%

-11%

Crompton Greaves Consumer Electricals, Godrej & Boyce, TTK Prestige, Bajaj Electricals

16

Metals & Mining

11

2.6%

-26%

JSW Steel, Tata Steel, Vedanta, Hindalco Industries

18-

Telecommunications

10

10.5%

7%

Bharti Airtel, Indus Towers, Tata Communications, Vodafone Idea

19-

Textiles

9

0.4%

-4%

Alok Industries, Welspun India, Trident, Vardhman Textiles, Garware Technical Fibres

20-

Jewellery

8

0.4%

38%

Rajesh Exports, Malabar Gold, Joy Alukkas, GRT Jewellers, Kalyan Jewellers India

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 20

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Biggest Gainers

 

In terms of growth, the 2022 Burgundy Private Hurun India 500 was led by Kolkata-based Vedant Fashions followed by Adani Power and BillDesk.

 

By absolute value, the biggest gainers were Adani Total Gas, Adani Enterprises and Adani Transmission.

 

Table 9: Biggest Gainers by INR Cr                                 Biggest Gainers by %

Rank

 Company

Value Change (INR Cr)

Value (INR Cr)

 

Rank

 Company

Value Change (%)

Value (INR Cr)

1

Adani Total Gas

2,34,012

3,96,245

 

1

Vedant Fashions

450%

35,169

2

Adani Enterprises

2,09,319

3,81,610

 

2

Adani Power

208%

1,29,169

3

Adani Transmission

1,67,413

3,73,545

 

3

BillDesk

195%

38,900

4

Adani Green Energy

1,44,470

3,33,106

 

4

Razorpay

176%

62,100

5

ITC

1,40,376

4,32,359

 

5

Ola

169%

60,500

6

Bharti Airtel

1,03,842

4,89,575

 

6

Adani Wilmar

150%

87,390

7

ICICI Bank

95,438

6,33,171

 

7

Adani Total Gas

144%

3,96,245

8

Adani Power

87,225

1,29,169

 

8

Parle Products

143%

62,600

9

Reliance Industries

59,677

17,25,058

 

9

Elgi Equipments

142%

15,359

10

Mahindra & Mahindra

57,411

1,67,657

 

10

Metro Brands

126%

23,529

11

Adani Wilmar

52,390

87,390

 

11

Adani Enterprises

122%

3,81,610

12

Swiggy

47,350

88,600

 

12

Licious

121%

16,600

13

BYJU'S

47,200

1,82,200

 

13

KPIT Technologies

118%

19,444

14

Sun Pharmaceutical Industries

46,019

2,43,988

 

14

CoinDCX

116%

17,800

15

Razorpay

39,600

62,100

 

15

Swiggy

115%

88,600

16

Ola

38,000

60,500

 

16

upGrad

107%

18,600

17

Axis Bank

37,082

2,78,352

 

17

Gujarat Fluorochemicals

104%

41,644

18

Parle Products

36,800

62,600

 

18

Cars24

102%

27,300

19

Serum Institute of India

36,300

2,19,700

 

19

The Indian Hotels Company

96%

47,413

20

Eicher Motors

34,686

1,05,293

 

20

Tube Investments of India

93%

52,931

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Performance of Indian Unicorn IPOs

 

Four former unicorns which listed on the stock exchanges had a tough year as they cumulatively lost INR 2 lakh crore.

 

Table 10: Unicorn public market value creation

Rank

Company

2022 Value

INR Cr

Change (%)

Main Industry

74

Nykaa

54,652

-48%

Retail

80

Zomato

52,604

-50%

Transportation & Logistics

99

Paytm

41,404

-59%

Financial Services

219

Policy Bazaar

17,353

-68%

Financial Services

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Exits

 

53 companies which featured in last year’s list did not make the the list this year, when the cut-off increased to INR 6,000 crore from INR 5,200 crore last year.

 

By sector, Healthcare saw 11 companies drop out, followed by Software & Services with 8 and Chemicals with 7.  

 

Table 11: Top 10 Drop Outs

Rank 2021

Company

2021 Value INR Cr

Current Value INR Cr

Main Industry

284

Dhani Services

11,590

3,124

Financial Services

294

Vaibhav Global

11,293

5,304

Retail

303

Zensar Technologies

10,806

4,952

Software & Services

307

Lux Industries

10,663

5,203

Consumer Goods

313

Chemplast Sanmar

10,438

5,900

Chemicals & Petrochemicals

326

Tata Steel BSL

9,584

Merged

Metals & Mining

327

Jubilant Pharmova

9,566

5,900

Healthcare

339

Grofers

9,000

Acquired

Retail

343

Neuberg Diagnostics

8,900

5,900

Healthcare

355

HEG

8,803

3,868

Industrial Products

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Table 12: Sectors from the 2022 Burgundy Private Hurun India 500 with the highest revenue

Rank

Main Industry

Total Revenue (INR Cr)

YoY Growth (%)

Total Value (INR Cr)

Company with the highest revenue

Revenue (INR Cr)

1-

Financial Services

11,15,702

6%

45,55,354

HDFC Bank

1,67,695

2-

Telecommunications

9,51,608

38%

23,84,473

Reliance Industries

7,36,581

3

Metals & Mining

8,33,413

44%

5,83,850

Tata Steel

2,44,744

4

Automobile & Auto Components

7,45,040

19%

11,37,827

Tata Motors

2,81,507

5-

Software & Services

5,91,566

12%

28,00,663

Tata Consultancy Services

1,95,772

6-

Healthcare

3,95,513

17%

18,15,173

Sun Pharmaceutical Industries

39,576

7*

Jewellery

3,51,238

15%

91,978

Rajesh Exports

2,43,168

8

Consumer Goods

2,92,554

26%

14,99,176

ITC

67,041

9

Construction & Engineering

2,77,420

23%

4,52,017

Larsen & Toubro

1,58,788

10*

Retail

2,56,871

41%

12,06,710

Adani Enterprises

70,433

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Table 13: Sectors from the 2022 Burgundy Private Hurun India 500 with the highest profits

Rank

Main Industry

Total Net Profit (INR Cr)

YoY Growth (%)

Total Value (INR Cr)

Most Profitable Company

Net Profit (INR Cr)

1-

Financial Services

1,67,904

21%

45,55,354

HDFC Bank

38,150

2

Metals & Mining

1,15,317

112%

5,83,850

Tata Steel

41,786

3

Software & Services

98,028

11%

28,00,663

Tata Consultancy Services

38,449

4*

Telecommunications

55,006

N.A.

23,84,473

Reliance Industries

67,845

5

Healthcare

50,755

16%

18,15,173

Zydus Lifesciences

4,487

6

Consumer Goods

35,184

24%

14,99,176

ITC

15,486

7

Chemicals

24,111

10%

10,69,844

UPL

4,303

8

Construction Materials

21,885

11%

4,48,520

Grasim Industries

11,206

9-

Automobile & Auto Components

17,723

88%

11,37,827

Mahindra & Mahindra

7,253

10-

Construction & Engineering

14,491

78%

4,52,017

Larsen & Toubro

10,194

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Table 14: Highest tax paying sectors in 2022 Burgundy Private Hurun India 500

Rank

Main Industry

Total Corporate Tax (INR Cr)

YoY Growth (%)

Total Value (INR Cr)

Highest Corporate Tax Paid Company

Corporate Tax (INR Cr)

1-

Financial Services

52,626

8%

45,55,354

HDFC Bank

12,722

2

Metals & Mining

36,872

83%

5,83,850

Vedanta

9,555

3

Software & Services

31,090

1%

28,00,663

Tata Consultancy Services

13,238

4

Telecommunications

23,274

91%

23,84,473

Reliance Industries

16,297

5

Healthcare

17,979

26%

18,15,173

Sun Pharmaceutical Industries

1,075

6

Consumer Goods

10,515

16%

14,99,176

ITC

5,237

7

Automobile & Auto Components

9,366

-13%

11,37,827

Tata Motors

4,231

8

Chemicals

7,737

-1%

10,69,844

Asian Paints

1,103

9

Construction & Engineering

5,722

-14%

4,52,017

Larsen & Toubro

4,217

10*

Energy

5,045

49%

14,74,529

Adani Power

1,745

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Table 15: Industrial Groups with multiple companies in 2022 Burgundy Private Hurun India 500

Rank

Industrial Group

Number of Companies

Total Value (INR Cr)

Change

(%)

Most Valuable Companies

1

Tata Group

15 (+1)

20,99,072

-5.4%

Tata Consultancy Services, Titan Company, Tata Steel

2

Adani Group

8 (+1)

19,80,854

106.8%

Adani Transmission, Adani Green Energy, Adani Ports and Special Economic Zone

3

Murugappa Group

6 (+0)

1,78,260

27.7%

Cholamandalam Investment & Finance, Coromandel International, Tube Investments of India

4

Aditya Birla Group

5 (-1)

2,76,779

-45.6%

Grasim Industries, Hindalco Industries, Aditya Birla Fashion & Retail

4

Jindal Group

5 (+0)

2,79,491

-2.6%

JSW Steel, Jindal Steel & Power, JSW Energy

6

Bajaj Group

4 (-1)

4,62,313

-48.3%

Bajaj Finserv, Bajaj Auto, Bajaj Holdings & Investment

6

TVS Group

4 (+0)

1,09,049

34.3%

TVS Motor Company, Sundaram Finance, Sundram Fasteners

6

Godrej Group

4 (-1)

1,56,964

-29.1%

Godrej Consumer Products, Godrej Properties, Godrej & Boyce Manufacturing

6

Rajan Raheja Group

4 (0)

34,697

-3.9%

Exide Industries, Prism Johnson, Supreme Petrochem

10

HDFC Group

3 (-1)

13,96,706

-12.9%

HDFC Bank, Housing Development Finance Corporation

10

Piramal Group

3 (+1)

49,498

-31.6%

Piramal Enterprises, Piramal Glass

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

 Table 16: Most valuable family-run companies by generations 

Generation

CEO

Company

Value (INR Cr)

Industry

Fourth

Sanjiv Bajaj

Bajaj Finserv

2,68,544

Financial Services

Third

Vijay Kantilal Chauhan

Parle Products

62,600

Food & Beverages

Second

Mukesh Ambani

Reliance Industries

17,25,058

Telecommunications

First

Uday Kotak

Kotak Mahindra Bank

3,77,620

Financial Services

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Largest companies by revenue

 

The average sales of the 2022 Burgundy Private Hurun India 500 was INR 16,842 crore.

 

114 of the 2022 Burgundy Private Hurun India 500 had sales of more than INR 10,000 crore in FY2022, of which 27 companies featured in the list with sales of more than INR 50,000 crore .

 

Table 17: Companies from the 2022 Burgundy Private Hurun India 500 with the highest revenue

Rank

Company

Revenue (INR Cr)

YoY Growth (%)

Industry

Value to Revenue (times)

1-

Reliance Industries

7,36,581

47%

Telecommunications

2.3

2

Tata Motors

2,81,507

12%

Automobile & Auto Components

0.5

3

Tata Steel

2,44,744

56%

Metals & Mining

0.5

4

Rajesh Exports

2,43,168

-6%

Jewellery

0.1

5

Hindalco Industries

1,96,195

47%

Metals & Mining

0.5

6

Tata Consultancy Services

1,95,772

17%

Software & Services

6.0

7-

HDFC Bank

1,67,695

8%

Financial Services

5.0

8-

Larsen & Toubro

1,58,788

14%

Construction & Engineering

1.8

9

ICICI Bank

1,57,536

-2%

Financial Services

4.0

10

JSW Steel

1,47,902

84%

Metals & Mining

1.1

11

Housing Development Finance Corporation

1,35,925

-2%

Financial Services

3.3

12

Vedanta

1,35,332

48%

Metals & Mining

0.8

13

Infosys

1,23,936

-2%

Software & Services

4.1

14

Bharti Airtel

1,17,081

16%

Telecommunications

4.2

15

Grasim Industries

96,522

25%

Construction Materials

1.2

16

Mahindra & Mahindra

91,105

21%

Automobile & Auto Components

1.8

17-

HCL Technologies

86,718

14%

Software & Services

3.3

18

Axis Bank

86,114

10%

Financial Services

3.2

19-

Wipro

81,373

27%

Software & Services

2.6

20*

Adani Enterprises

70,433

75%

Retail

5.4

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 20

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

The combined net profit of the 2022 Burgundy Private Hurun India 500 companies was up 51% to INR 6.5 lakh crore in FY22. Sectors such as financial services, software & services, metals & mining, telecommunications and healthcare continued to have rising profits and accounted for more than 3/4th of the profits of the 2022 Burgundy Private Hurun India 500 companies in FY 22.

 

Table 18: Companies from the 2022 Burgundy Private Hurun India 500 with the highest net profit

Rank

Company

Net Profit (INR Cr)

YoY Growth (%)

Industry

Value to Net Profit (times)

1-

Reliance Industries

67,845

26%

Telecommunications

25.4

2

Tata Steel

41,786

410%

Metals & Mining

3.0

3

Tata Consultancy Services

38,449

18%

Software & Services

30.4

4

HDFC Bank

38,150

20%

Financial Services

21.9

5-

ICICI Bank

25,110

37%

Financial Services

25.2

6

Housing Development Finance Corporation

24,042

17%

Financial Services

18.7

7-

Vedanta

23,709

58%

Metals & Mining

4.4

8

Infosys

22,146

27%

Software & Services

25.1

9

JSW Steel

20,938

166%

Metals & Mining

7.8

10

ITC

15,486

16%

Consumer Goods

27.9

11

Axis Bank

14,163

95%

Financial Services

19.7

12

Hindalco Industries

13,730

294%

Metals & Mining

6.6

13

HCL Technologies

13,523

21%

Software & Services

20.9

14

Wipro

12,243

13%

Software & Services

17.3

15

Kotak Mahindra Bank

11,932

21%

Financial Services

31.6

16

Grasim Industries

11,206

60%

Construction Materials

10.1

17*

Serum Institute of India

11,116

186%

Healthcare

19.8

18*

Larsen & Toubro

10,194

24%

Construction & Engineering

27.9

19

Bajaj Finserv

8,314

13%

Financial Services

32.3

20*

Bharti Airtel

8,305

NA^

Telecommunications

58.9

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 20 ^ from loss to profit

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500, BSE

 

How many do they employ?

 

Companies from the 2022 Burgundy Private Hurun India 500 employ 7.3 million people, an average of 14,500. 137 have more than 10,000 employees, led by Tata Consultancy Services with 5,92,195 employees and Quess Corp with 4,36,907 employees. 103 have less than 1,000 employees.

 

Table 19: Top 10 Largest Employers                         

Rank

 Company

Jobs

Job Change

Employee Cost INR Cr

Value (INR Cr)

1-

Tata Consultancy Services

5,92,195

65,750

1,07,554

11,68,390

2-

Quess Corp

4,36,907

73,771

11,687

8,181

3

Reliance Industries

3,40,000

1,03,666

18,775

17,25,058

4-

Infosys

3,14,015

54,396

63,986

6,46,985

5

Larsen & Toubro

2,52,217

-1,08,609

29,734

2,84,251

6-

Wipro

2,47,073

45,408

45,007

2,12,044

7-

HCL Technologies

2,24,834

42,915

46,130

2,82,533

8

SIS

1,44,017

-11,012

7,811

6,160

9

HDFC Bank

1,41,579

21,463

15,897

8,33,656

10

Motherson Sumi Systems

1,28,564

-41,536

15,375

29,139

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Table 20: Top 10 Women Employers

Rank

Company

Jobs

Job Change

Women Employees (%)

Value

(INR Cr)

1-

Tata Consultancy Services

2,10,000

27,055

35%

11,68,390

2-

Infosys

1,24,498

24,177

40%

6,46,985

3-

Wipro

88,946

16,952

36%

2,12,044

4

HCL Technologies

62,780

16,818

28%

2,82,533

5

Reliance Industries

62,560

22,620

18%

17,25,058

6

Motherson Sumi Systems

52,501

26,050

41%

29,139

7-

Tech Mahindra

42,774

13,047

34%

1,03,486

8

ICICI Bank

32,697

1,638

31%

6,33,171

9-

HDFC Bank

22,750

1,010

16%

8,33,656

10*

Page Industries

22,631

5,787

74%

55,511

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Table 21: Companies with the least number of Employees

Rank

Main Industry

Jobs

Industry

Value (INR Cr)

1

Kama Holdings

3

Investments

8,388

2

Max Financial Services

12

Financial Services

24,436

3

Bajaj Holdings & Investment

21

Investments

74,128

4

Tata Investment Corporation

22

Investments

11,871

5

GMR Airports Infrastructure

40

Construction & Engineering

22,605

6

Mensa Brands

48

Investments

8,300

7

Rattanindia Enterprises

97

Energy

6,725

8

Tagros Chemicals

123

Healthcare

7,300

9

Rajesh Exports

135

Jewellery

20,420

10

Farmson Pharmaceutical

140

Healthcare

10,100

10

Hasura

140

Software & Services

8,300

Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Table 22: Top employment generating sectors 2022 Burgundy Private Hurun India 500

Rank

Main Industry

Total Employees

Change

Largest Employer

Number of Employees

1-

Software & Services

16,45,039

1,47,538

Tata Consultancy Services

5,92,195

2-

Financial Services

10,05,912

-30,693

HDFC Bank

1,20,116

3

Healthcare

6,43,198

1,02,512

Cipla

37,212

4

Services

5,83,891

82,073

Quess Corp

4,36,907

5

Automobile & Auto Components

5,01,345

-55,846

Motherson Sumi Systems

1,28,564

6

Telecommunications

4,65,609

1,21,410

Reliance Industries

3,40,000

7

Construction & Engineering

3,70,805

-1,54,340

Larsen & Toubro

2,52,217

8-

Consumer Goods

3,40,726

10,941

Shahi Exports

67,000

9-

Metals & Mining

1,89,949

-48,618

Vedanta

76,185

10*

Industrial Products

1,62,435

46,357

KEC International

37,038

Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Women’s representation on boards

 

Companies from the 2022 Burgundy Private Hurun India 500 appointed 664 women directors on their boards.

 

Table 23: Companies having women representation on the board of directors

Rank

Company

Women Directors

Value (INR Cr)

Promoter family Directors

Independent Women Director

1

Apollo Hospitals Enterprise

6

64,955

Preetha Reddy, Shobana Kamineni, Suneeta Reddy, Sangita Reddy,

V. Kavitha Dutt

Rama Bijapurkar

2

Godrej Consumer Products

5

84,803

Tanya A. Dubash, Nisaba Godrej

Ireena Vittal, Pippa Tubman Armerding, Ndidi Nwuneli

2

Piramal Enterprises

5

20,272

Swati A Piramal

Nandini Piramal

Anjali Bansal

Anita George

Shikha Sharma

2

India Cements

5

7,472

Rupa Gurunath, Chitra Srinivasan

Lakshmi Aparna Sreekumar, Nalini Murari Ratnam, Sandhya Rajan

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Corporate social responsibility

 

Companies from the 2022 Burgundy Private Hurun India 500 spent INR 8,753 crore on CSR initiatives, which is 4% less than what they spent last year.

 

Table 24: Companies from 2022 Burgundy Private Hurun India 500 with the highest CSR Spend

Rank

Company

CSR (INR Cr)

Change (%)

Industry

Value (INR Cr)

1-

Reliance Industries

813

-12%

Telecommunications

17,25,058

2

HDFC Bank

736

16%

Financial Services

8,33,656

3

Tata Consultancy Services

727

0%

Software & Services

11,68,390

4

Tata Steel

406

83%

Metals & Mining

1,24,046

5

ITC

355

0%

Consumer Goods

4,32,359

6

Infosys

345

0%

Software & Services

6,46,985

7

ICICI Bank

267

34%

Financial Services

6,33,171

8

Wipro

222

-12%

Software & Services

2,12,044

9-

HCL Technologies

216

11%

Software & Services

2,82,533

10*

JSW Steel

200

155%

Metals & Mining

1,62,909

Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to Top 10

Source: Hurun Research Institute, 2022 Burgundy Private Hurun India 500

 

Contribution to exchequer

 

Companies from the 2022 Burgundy Private Hurun India 500 contributed INR 2.2 lakh crore to the exchequer, which was nearly 31% of the corporate income-tax collection in FY 2022.

 

Table 25: Highest direct taxpayers from the 2022 Burgundy Private Hurun India 500

Rank

Company

Corporate Tax (INR Cr)

Change

(%)

Main Industry

Value (INR Cr)

1

Reliance Industries

16,297

846%

Telecommunications

17,25,058

2

Tata Consultancy Services

13,238

18%

Software & Services

11,68,390

3

HDFC Bank

12,722

16%

Financial Services

8,33,656

4

Vedanta

9,255

325%

Metals & Mining

1,04,379

5

JSW Steel

8,807

113%

Metals & Mining

1,62,909

6

Tata Steel

8,478

50%

Metals & Mining

1,24,046

7

ICICI Bank

8,457

49%

Financial Services

6,33,171

8

Infosys

7,694

17%

Software & Services

6,46,985

9

Serum Institute of India

5,823

472%

Healthcare

2,19,700

10

Hindalco Industries

5373

97%

Metals & Mining

91,157

11

ITC

5,237

15%

Consumer Goods

4,32,359

12

Axis Bank

4,765

91%

Financial Services

2,78,352

13

Tata Motors

4,231

67%

Automobile & Auto Components

1,37,071

14

Larsen & Toubro

4,217

5%

Construction & Engineering

2,84,251

15

Housing Development Finance Corporation

4,210

12%

Financial Services

4,48,844

16

Bharti Airtel

4,177

-53%

Telecommunications

4,89,575

17

Kotak Mahindra Bank

4,016

23%

Financial Services

3,77,620

18

HCL Technologies

3,428

-27%

Software & Services

2,82,533

19

Bajaj Finserv

2,957

20%

Financial Services