India Inc?s sales have increased steadily during the last ten years. The compounded annual growth rate or CAGR of the top 100 companies in terms of composite ranking was 17.86% during the past ten years i.e. 1999-2000 to 2008-09.

In actual value terms, the total sales of the top 100 companies steadily increased from Rs 3.57 lakh crore during 1999-2000 to Rs 15.68 lakh crore during 2008-09. Indian Oil kept the first position intact throughout this period. The sales CAGR of Indian Oil was 13.75% during the above period. The sales of the company steadily increased from Rs 83,176 crore during 1999-00 to Rs 2.65 lakh crore during 2008-09 after a decline in 2001-02.

On the other hand, the private sector giant, Reliance Industries improved its rank from the sixth place during 1999-2000 to the second slot during 2008-09. Sales of the company was grew at a CAGR of 29.9%. In absolute terms, sales of Reliance Industries steadily increased from Rs 13,396 crore during 1999-2000 to Rs 1.42 lakh crore during 2008-09.

Several factors have contributed to this enviable track record of Reliance Industries. These include best-in-class project execution; world class assets; economies of scale; use of contemporary technology and financial discipline. Among the 100 companies, more than 40% of CAGR in sales was achieved in the case of Essar Oil (75.77%), Welspun-Guj Stahl Rohren (69.41%), Rajesh Exports (68.30%), Lupin (55.14%), Pantaloon Retail (I) (53.60%), Jindal Steel & Power (44.87%), Jaiprakash Associates (44.26%), IVRCL Infrastructure (42.06%), Infosys Technologies (41.66%) and Sesa Goa (40.58%).

The sales of Welspun-Guj Stahl Rohren steadily increased from Rs 50 crore during 1999-2000 to Rs 5,747 crore during 2008-09. Acoording to the directors report, recently, Welspun bagged numerous projects, taking the order book to an unprecedented Rs 7,740 crore, largely from international oil and gas giants, reaffirming Welspun?s premium position in the international pipe market. Additionally, it won some high-profile and significant orders for its recently commissioned plate mills, from large international clients.

Similarly, in the case of Pantaloon as well, the sales steadily increased from Rs 135 crore during 1999-2000 to Rs 6,423 crore during 2008-09. According to the directors report, the company gained strength from its commitment to rewrite rules, retain values and is building a strong foundation for long term, sustainable and profitable growth. It worked diligently to bring in productivity and efficiency to increase square foot sales.

On the other hand, the lowest CAGR was seen in the case of Hindustan Unilever (5.50%), Shipping Corporation (5.64%), CESC (6.46%), Century Textiles & Inds (6.72%), Neyveli Lignite Corpn.(7.32%) and Nirma (8.5%).The net sales of Nirma steadily increased from Rs 1,725 crore during 1999-2000 to Rs 3,031 crore during 2008-09, after a decline in 2001-02 and 2004-05.

A negative growth rate was seen in the case of MTNL (-1.66%) and Tata Communications (-6.66%) during the study period.

During 2008-09, the top five companies in terms of sales were Indian Oil, Reliance Industries, BPCL, HPCL and ONGC. But in 1999-2000, the top five were Indian Oil, HPCL, BPCL, ONGC and SAIL. Four companies, namely Indian Oil, BPCL, HPCL and ONGC are common in the top five list during both the years.

Among the 100 companies, the sales CAGR of 52 companies exceeded the average sales CAGR of the top 100 companies during the last 10 years.