Powered by their robust revenue growth and profitability as well as shareholder returns, 12 Indian entities have made it to the list of Asia's 50 best performing companies the maximum for any country in the region.
The list, compiled by US magazine BusinessWeek includes housing finance giant HDFC, automakers Hero Honda and Tata Motors and two other firms of Tata group -- software company TCS and world's sixth largest steelmaker Tata Steel.
Besides, three companies Siemens India (4th), Sterlite Industries (6th) and Cipla (10th) have made to the top ten of BusinessWeek Asia 50, which has been published in the latest September 17 issue of the magazine.
Among these 50 companies, Tata Consultancy Services (23rd) is on top in terms of stock market value with a market capitalisation of about 27.5 billion dollars. Besides, Sterlite, BHEL (44th) and ITC (24th) also figure in the list of top 10 firms in terms of market value.
The ranking of other Indian firms are Suzlon Energy (16th), Hero Honda Motors (20th), Tata Motors (28), Tata Steel (40), HDFC (45th) and Sun Pharmaceutical Industries (48th).
"Most of the Indian companies on our list endured decades of socialist rule, which starved them of capital and technology but guaranteed them a captive market," the magazine said in its report on the Indian firms.
BusinessWeek is a publication of US-based McGraw-Hills Companies.
Compared to 12 Indian companies, there are just three Chinese firms on the list. Hong Kong and Japan are represented by nine and six firms, respectively while there are five each from Taiwan and Indonesia. Pakistan has four companies apart from Singapore, Korea and Malaysia with two firms each.
The BusinessWeek Asia 50, is topped by Unilever Indonesia which has a profitability percentage of 96.4 per cent followed by Taiwan-based High Tech Computer and Malaysia-based Lion Diversified Holdings. Unilever Indonesia has a profitability percentage of 96.4 per cent.
Interestingly, TCS is the lone tech player among the 12 Indian firms. "The Indian companies represented have plenty in common: smart management, low costs and increasingly aspirations to join the elite ranks of multinationals," adds the magazine.
Among the Indian companies, Hero Honda Motors is the leader in terms of profitability percentage with 61.4 per cent followed by TCS with 59.4 per cent and Siemens India with 44.5 per cent.
In terms of sectors,the top 50 list is dominated by the financial companies with 11 firms hogging limelight. To identify the best performers, two core financial measures average return on capital and sales growth, both taken over the past three years were considered.
For financial firms, the asset growth was analysed. Also, the companies were compared with others in their own sector based on return on capital and growth.
However, the magazine also notes, "the one potential brake on India's success is its turbulent politics. Continuing turmoil in Delhi could undo efforts to improve the country's infrastructure, which is vital to economic growth."