Revenue of Indian companies in UK down, but stay upbeat in Covid-19 crisis
The seventh ‘India Meets Britain Tracker’ developed by consultants Grant Thornton in collaboration with the Confederation of Indian Industry seeks to identify the fastest-growing Indian companies in the UK, as well as the top Indian employers.Updated: May 08, 2020, 16:23 IST
An annual tracker released on Friday shows that there are nearly 850 Indian companies based in the UK, whose combined revenue dwindled to £41.2 billion from £48 billion in 2019, but suggests that they remain positive about the future amidst the Covid-19 pandemic.
The seventh ‘India Meets Britain Tracker’ developed by consultants Grant Thornton in collaboration with the Confederation of Indian Industry seeks to identify the fastest-growing Indian companies in the UK, as well as the top Indian employers.
“Our research identified almost 850 Indian companies operating in the UK…Together, they paid £461.8 million in corporation tax, down from £684.2 million in 2019, and employed 110,793 people, up from 104,783 in 2019”, Anuj Chande of Grant Thornton said.
“This shows the continued importance of the contribution that Indian companies make to the UK economy. This year, 72 companies met the qualifying criteria and feature in the 2020 Tracker, achieving an average growth rate of 49%4 , compared with 46.7% in 2019”.
Seven companies in the ranking achieved turnover growth of more than 100%, including EESL Energypro Assets Ltd (715%), Route Mobile (UK) Ltd (202%) and Dhoot Transmission (UK) Ltd (186%).
One company, Accord Healthcare Ltd, has appeared in the tracker every year since its inception in 2014. Two companies have featured in it for the last four years: Suprajit Europe Ltd and Bharti Airtel (UK) Ltd, it added.
On the challenges posed by the pandemic, the tracker said: “Despite the issues that Indian companies are facing in the UK due to the pandemic, Indian businesses and entrepreneurs remain positive about investing in the UK”.
“Their optimistic, ‘can do’ attitude has been a feature of the UK-India relationship over the past decades. It will be a powerful asset as the two countries seek to strengthen their ties and rebuild their economies once the pandemic has passed”.
The tracker includes Indian-owned corporates with operations headquartered or with a significant base in the UK, with turnover of more than £5 million, year-on-year revenue growth of at least 10% and a minimum two-year track record in the UK, based on the latest published accounts filed as at March 31, 2020.