Burgundy Private, Axis Bank’s Private Banking Business and Hurun India launched
the ‘2023 Burgundy Private Hurun India 500 ’, the third 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 2023. 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 qualify for inclusion in the ‘2023 Burgundy Private Hurun India 500’ list, companies are required to have a minimum value of INR 6,700 crore, equivalent to US$807 million. The average age of the companies in Burgundy Private Hurun India 500 is 38. The total value of the 2023 Burgundy Private Hurun India 500 companies is INR 231 lakh crore (US$2.8tn), which remains flat when compared with the inaugural edition published in 2021. Both BSE SENSEX and NIFTY 50 rose by 7% year on year, whilst the S&P BSE 500 was up 9.5% 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 partner with Hurun India again, in celebrating India’s 500 most valuable companies. The 3rd edition of the report encapsulates the resilience, dynamism, and competitive spirit ingrained in Indian businesses in a growth challenged world. Despite headwinds – that of continuing fiscal consolidation, higher domestic interest rates, tightening liquidity conditions, as well as slowing exports; India’s economic growth has been impressive. Indian companies and their leadership deserve great acclamation for their contribution to the 2 / 22 country’s unique positioning today. As India heads towards a $5 trillion economy, it will be critical to leverage emerging trends like China plus 1, MSME, and ‘Bharat’ that will act as engines of growth for the country.”
“The companies featuring in the ‘2023 Burgundy Private Hurun India 500’ list have collectively created a value of INR 231 lakh crore for their stakeholders. As India’s leading wealth management franchise, Burgundy Private has closely witnessed this value creation. The India 500 companies have made significant contributions towards nationbuilding, representing 28% of India’s GDP and employing 1.3% of the country’s workforce. What is noteworthy in the report is that 52 companies in the list are less than a decade old, promising to shape the next decade with their entrepreneurial spirit and digital innovations. The presence of women on the boards of 437 companies is another commendable highlight that underscores commitment towards diversity and inclusivity.”
“At Axis Bank, our commitment to building an institution capable of withstanding the challenges of time, remains steadfast. Having successfully concluded the acquisition of Citibank’s India consumer business, the Bank has etched out a unique position for itself in the Indian banking space. The Bank’s wealth management business, which is
among the largest in India grew by 78% YOY. Burgundy Private now advises 35 of the Forbes list of 100 richest Indians. Besides, our ability to deliver ‘One Axis’ as a full-service bank, offering varied solutions across all financial services is a key area of distinctiveness. With India entering its most important decade, we look forward to partnering with the companies on the 2023 Burgundy Private Hurun India 500 list, as they move towards the next milestone in their growth journey.”
Anas Rahman Junaid MD and Chief Researcher, Hurun India said:
“The Burgundy Private Hurun India 500 is not just a list; it’s a vivid narrative of India’s economic renaissance. With its collective value surpassing the GDPs of prominent nations, this list exemplifies India’s ascent as a global economic powerhouse. The upward shift in the qualification threshold mirrors the country’s escalating financial robustness. The significant representation of women on boards and the leadership of professional CEOs reflect a progressive, inclusive corporate culture. Additionally, the list’s employment impact, driving the livelihoods of 70 lakh people, indicates a substantial socio-economic contribution. The surge in the number of companies registering remarkable value growth is a testament to the vibrant and resilient nature of the Indian market. This list is not just
about numbers; it’s a mirror reflecting India’s dynamic economic landscape, marked by innovation, diversity, and a relentless pursuit of excellence.”
