Three lesser-known Indian companies have featured in the Forbes magazine’s latest annual ranking of best companies with under $1 billion in revenue, out of a total 200 companies from across the Asia-Pacific on the list for the year 2017. However, the number of Indian companies in the ranking is down to less than half of the seven companies that made it to the list in the last year 2016, Forbes India reported on Thursday. Notably, there are five companies on the list from India’s arch-rival Pakistan, whose economy is nothing to boast of. The number of Pakistani companies on this list is also down from the last year’s seven.
From India, fruit-pulp juice maker Manpasand Beverages is one of the Forbes’ 200 Best Under a Billion companies. The Vadodara, Gujarat-based Manpasand Beverages has the current market capitalisation worth Rs 4,531.5 crore, or about $707 million. Forbes lists the company’s market capitalisation at $675 million. Manpasand Beverages makes fruit drinks under brands such as MangoSip, Fruits Up, Pure Sip.
The other two Indian companies on the Forbes list are in the technology business. One is Chennai-based cloud solutions provider 8K Miles Software Services. 8K Miles has a current market capitalisation of Rs 1,633 crore, or about $255 million. Another Indian company on the list is Hyderabad-based software development company Kellton Tech Solutions, which has a current market capitalisation of Rs 472 crore, or about $73.5 million, according to the data available with the Bombay Stock Exchange.
Forbes’ ‘Best Under a Billion’ ranks 200 listed companies with annual revenue between $5 million and $1 billion on the basis of profitability, growth and modest indebtedness. This year, from a universe of 18,000 candidates, roughly 875 passed Forbes Asia’s criteria, the publication said, adding that the list has excluded companies that traded thinly, have been trading for less than a year, and those with worrisome accounting, management, ownership or legal troubles. Those included in the final 200 have produced the highest sales and earnings per share growth for both the most recent fiscal one and three-year periods, and the strongest five-year average return on equity, Forbes Asia said in a statement on Thursday.
China-Hong Kong combine tops the list with 70 companies from there on the list this year, though that is down from 98 companies making it to the ranking in the last year 2017. Japan surprised with 38 companies making it to the list this year, triple of the 13 companies that it had on the last year’s list.