NO DOUBT FY21 will be remembered as annus horribilis with the rogue virus not just destroying human lives, but also affecting the Indian economy with real gross domestic product (GDP) growth falling by a record 7.3% in FY21 (around ₹10 lakh crore) — the first-ever massive decline since 1980 — to ₹135 lakh crore. But, every crisis has a silver lining. The year eventually turned out to be annus mirabilis for India Inc. in more ways than one. The initial fears that corporates will sink deep into the red, thankfully, did not play out.
The steep cut in corporate tax in September 2019 — from an effective 35% to 26% — coupled with cost-cutting during the pandemic helped corporates improve bottom lines. As firms deferred capital expenditure, internal cash flows were used to cut down on debt. Companies in the top 15 sectors reduced debt by more than ₹1.7 lakh crore in FY21, according to a State Bank of India study. That is reflected in this year’s Fortune 500 list, with the average debt-equity ratio of companies working out to 1.74x.
This is the first time since 2010 — when Fortune India began chronicling Indian corporates in the marquee listing — that year-on-year (Y-o-Y) revenue growth slid 2.4% in FY21. But, profit turned out to be the best-ever — growing at a record 75% Y-o-Y to ₹6.22 lakh crore, a resounding turnaround from last year when the Fortune 500 universe saw its cumulative profit decline 22% Y-o-Y to ₹3.6 lakh crore. Though the base effect did come into play, the performance was also aided by a concoction of higher prices, lower interest rates, and better cost management. Banking, oil & gas and IT services accounted for over 53% of the Fortune 500 profit pool for the year.
The Debutants
Diese Geschichte stammt aus der December 2021-Ausgabe von Fortune India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der December 2021-Ausgabe von Fortune India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
THEY'RE WITH THE BAND
Thanks to groups like Blackpink and boygenius, musicians' synchronized dressing has reached new heights.
RETURN TO FORM
Strong silhouettes drive spring, whether it's a classic shirtdress or graphic, playful shapes.
COQUETTE
You know it. Tarot actor Avantika knows it. Having gotten a much-needed update, bows are absolutely inescapable right now. Here, we humbly suggest a few ways you can wear them without looking like everyone else.
JEWEL WILL STILL SAVE YOUR SOUL
Artifice is out, mental health is in, and Jewel's been ready for this moment her entire life.
The MAGIC of CHARLOTTE TILBURY
The world's most beguiling makeup artist on beauty, stars, love, and sex.
LOOKING FOR TONI LANE
She was crypto's It Girl, the young woman onstage at the conferences hyping blockchain as a way to radically reshape an unjust world. The young woman at the industry parties schmoozing with wealthy venture capitalists to get them on board. The young woman at the spiritual retreats seeking endless ways to self-improve. People loved her. And then she disappeared. What happened to Toni Lane Casserly-and what does her tragic death reveal?
ONLY IN VENICE
As the Venice Biennale marks its 60th edition, the city's art scene has never been more vibrant.
SUMMER SOUNDS
Meet the breakthrough artists you'll have on repeat.
Ms. Bright Side
For Dua Lipa, queen of the dance floor and everyone's big sister, life is only worth living if you're having fun.
What It's Really Like to Cut Off Your Parents
More and more young people have entered their family estrangement era, for better or worse. But mostly for better.
Higher Power
There will be no \"I just can't believe it!\" sentiments in this story. Twenty-two-year-old pop sensation Tyla isn't interested in being a wide-eyed ingenue-she always knew she'd get here.
BODY BY BOTOX
Barbie neck. Angular shoulders. And a long-lasting back massage? Injections are no longer just for your face.
GREATEST HITS
Musicians are revisiting their fashion \"eras\"-and with them, their pasts.
RISE & SHINE
Van Cleef & Arpels's Poetic Complications collection is the ultimate pick-me-up.
WATER UNDER THE BRIDGE
As he releases One Deep River, Mark Knopfler reflects on the guitars he's loved, the music that keeps his passion youthful... and how he'd like a do-over on that Dire Straits Rock Hall induction.
TIP SHEET
Think effects are a crutch? Reeves Gabrels has a few choice words and good advice) for you.
EYE ON THE PRIZE
Erstwhile blues-rocker Hannah Wicklund finds her true self with an album of songs she calls the most authentic I’ve ever written.”
'THE BUILDING BLOCKS OF OUR BAND IS TWO GUITARS'
Sleater-Kinney were making bass-less records long before the White Stripes and the Black Keys came along. Says co-leader Carrie Brownstein, \"The power comes from the conversation the guitars are having with each other.\"
The Knockoff That Became a Knockout
Forced to stop copying U.S. guitars, Ibanez launched the all-original Artist line and took America by storm.
UNCOMMON FOLK
He grew up in a folk music haven. As he celebrates his latest album, Wide Open Light, Ben Harper shares sights and memories of his childhood home.
Steel of a Deal
Jerry Byrd’s Steel Guitar Favorites packs a heap of American styles in one outstanding disc.
WILD SIDE
After Lou Reed's Berlin concept album bombed, guitarists Steve Hunter and Dick Wagner helped him get his groove back. The result was Rock 'n' Roll Animal, the live classic that redeemed his spirit and saved his career.
YOUR INFLUENCES STICK WITH YOU
Scott Henderson spent lockdown training his ears and building improv skills. As Karnevel! shows, his jazz chops flourished, but his blues-rock roots remain as strong as ever.
'I PLAY LESS NOTES THESE DAYS, BUT THEY ALL MEAN A LOT MORE'
On Broken, Walter Trout packs his licks for maximum impact as he testifies to the hope that can save our divided world.
HOROSCOPES WRITTEN BY MY MOTHER
Your zodiac alignment this month is governed by Venus, the planet of intuition, something my daughter Bess seems to lack.
BEASTLY MATTERS
Where the logic behind the concern for animal welfare begins and ends.
THE PHANTASM
Why was Judith Butler burned in effigy? They have a theory about that.
DESIGN FOR LIVING
Can converting office towers into apartments save empty downtowns from ruin?
TOWER IN FLAMES
What kind of right is academic freedom?
ON NATIVE GROUNDS
Deb Haaland faces the cruel history of the agency she now leads.