It was boom time in 1994, when the industry had registered an all-time high with an annual growth rate of 49.5 per cent. The decline began soon after, with business growing by only 30.4 per cent in 1995-96. In 1996-97, the industry grew by 22.4 per cent.

According to the report, the industry has grossed an income of Rs 799.15 crore in 1997-98, which translates into a capitalised billing of Rs 5,330.09 crore. This figure was arrived at by adding up the financial figures authenticated by chartered accountants and reported to A&M by adding 131 agencies operating in the country.

In terms of ranking of all the agencies by capitalised billings, once again, HindustanThompson Associates (HTA) has emerged the clear leader by clocking 17.5 per cent growth. It has a capitalised billing of Rs 914.9 crore. Ammirati Puri Lintas has captured the second slot with a capitalised billing of Rs 625.6. crore. The gap between HTA and Lintas has widened to Rs 289 crore this year. As expected, Mudra Communications has notched up the third place with a capitalised billing of Rs 424.1 crore.

Says Ammirati Puri Lintas international accounts director Asit Mehra: ``It's good to be big. It's best to be good. HTA has marched past us only because of its market research wing IMRB. If you count the advertising business alone, we are leading. We will be trying hard to beat HTA in 1999.''

At number four is Ogilvy & Mather with a capitalised billing of Rs 389.1 crore, a 24 per cent growth in 1997-98. On its heels are FCB Ulka (capitalised billings: Rs 348.4 crore) and Rediffusion-DY&R (Rs 224.5 crore).

But while Rediffusion has gained by one rank with a growth rate of 33.7 per cent, RKSwamy/BBDO, with Rs 198 crore in capitalised billings, has slid from the fifth to the seventh position in the all-India ranking. Maintaining its position at number eight is McCann-Ericson (Rs 174 crore), which grew by 26 per cent. Placed in the ninth position--down from six in the previous year--is Contract Advertising (Rs 172.1 crore). Contract was the only agency in the Top Ten to register negative growth.

Finally, Chaitra Leo Burnett, holding its earlier position as the last of the Top Ten, grossed Rs 144.8 crore in capitalised billings. According to the survey, the top 25 agencies account for about 85 per cent of the overall billings.