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
This story is from the December 2021 edition of Fortune India.
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This story is from the December 2021 edition of Fortune India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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