Big boys drive Nifty50’s revenue and profit growth in FY23

• Companies in the Nifty50 index have reported a 21% revenue growth in FY23, with the total revenue rising to ₹57.6 lakh crore from ₹47.5 lakh crore in FY22.
  
• So far, 43 of the 50 companies on the index have declared their FY23 results.
  
• Adani Enterprises reported the highest revenue and profit growth during the year, while Reliance Industries topped the charts in terms of absolute revenue and profit.
  
• India’s top three banks also found a place in the list of companies with the highest net profit, with State Bank of India crossing the ₹50,000 crore annual net profit mark during the year.
  

India’s top listed companies beat analyst estimates to deliver a revenue growth of 21% in FY23, topping Kotak Institutional Equities’ 15% growth estimate. Overall, 40 companies in the benchmark Nifty50 index have delivered revenue growth during FY23, while only three have reported a decline.

So far, 43 of the 50 companies on the index have declared their FY23 results.

An analysis of the results of the top Nifty50 companies by Business Insider India shows that Adani Enterprises topped the charts in terms of revenue and profit growth.

But when it came to absolute numbers, Reliance Industries walked away with the top honours. State Bank of India, HDFC Bank, ICICI Bank and auto companies also figured prominently on the revenue and profitability charts.

FY23 was the first year free of Covid-related disruptions that had hampered business activity in the previous two years. However, several geopolitical events had an impact on supply chains and costs, thereby impacting not only the output of companies, but also their bottom lines.

Despite this, the cumulative revenue of the 43 companies that have declared their FY23 results so far has risen 21% to ₹57.6 lakh crore in FY23. On the profitability front, Nifty50 companies have registered a growth of 9% in FY23, with the cumulative net profit rising to ₹5.6 lakh crore.

Top performers in terms of revenue growth

The Gautam Adani-led Adani Enterprises has topped the charts with its revenue nearly doubling in FY23 from a year earlier. The Adani flagship’s growth during the year was powered by its airport and road businesses, which picked up pace.

Sector-wise, however, the auto sector dominated the list of top five companies in terms of revenue growth. Eicher Motors and Maruti Suzuki were both amongst the top five companies, with revenue growth of 40% and 33%, respectively.

Company	FY23 revenue	FY22 revenue	Change
Adani Enterprises	₹1,38,175 cr	₹70,433 cr	96%
Titan Company	₹40,883 cr	₹29,033 cr	41%
Eicher Motors	₹15,037 cr	₹10,739 cr	40%
Bharat Petroleum	₹4,74,685 cr	₹3,49,060 cr	36%
Maruti Suzuki	₹1,19,712 cr	₹90,075 cr	33%

Source: Company reports, Trendlyne

Top performers in terms of profitability growth

Adani Enterprises topped the charts on this count as well – with its net profit more than tripling from ₹777 crore in FY22 to ₹2,473 crore in FY23. Driving the profitability were the company’s capital-intensive airports and roads businesses.

The auto sector dominated the list once again, with two companies from the sector finding a place in the top five. This includes industry leaders Tata Motors and Maruti Suzuki.

Tata Motors swung back to profitability, driven by a turnaround in its British subsidiary and luxury car maker Jaguar Land Rover. It posted a net profit of ₹2,414 crore in FY23 as against a loss of ₹11,442 crore in FY22. Notably, Tata Motors was the only Nifty50 company which reported a loss in FY22.

Company	FY23 net profit	FY22 net profit	Change
Adani Enterprises	₹2,473 cr	₹777 cr	218%
Tata Motors	₹2,414 cr	-₹11,442 cr	–
Maruti Suzuki	₹8,211 cr	₹3,880 cr	112%
Dr. Reddy's Laboratories	₹4,507 cr	₹2,183 cr	106%
Bharti Airtel	₹8,346 cr	₹4,255 cr	96%

Source: Company reports, Trendlyne

Largest companies in terms of absolute revenue

There were no surprises when it comes to the biggest companies in terms of revenue – Reliance Industries, the largest Indian company by market capitalisation, reported a revenue of ₹9.05 lakh crore in FY23, registering a growth of 27%.

Bharat Petroleum and State Bank of India came in next, followed by two Tata group companies – Tata Motors and Tata Steel.

Company	FY23 revenue	FY22 revenue	Change
Reliance Industries	₹9,04,770 cr	₹7,14,909 cr	27%
Bharat Petroleum	₹4,74,685 cr	₹3,49,060 cr	36%
State Bank of India	₹4,73,378 cr	₹4,06,973 cr	16%
Tata Motors	₹3,50,600 cr	₹2,81,507 cr	25%
Tata Steel	₹2,44,390 cr	₹2,44,744 cr	0%

Source: Company reports, Trendlyne

Together, the top five companies accounted for 42.5% of Nifty50’s total revenue, just a tad higher than 42% in FY22.

Largest companies in terms of absolute profit

Reliance Industries topped the charts in terms of absolute profit too, with a 10% rise in its net profit to ₹66,702 crore in FY23.

The banking sector dominated the list of companies with highest profits. India’s three largest banks – State Bank of India, HDFC Bank and ICICI Bank ranked amongst the top five companies with the highest profits in FY23.

Company	FY23 net profit	FY22 net profit	Change
Reliance Industries	₹66,702 cr	₹60,705 cr	10%
State Bank of India	₹55,648 cr	₹35,374 cr	57%
HDFC Bank	₹45,997 cr	₹38,053 cr	21%
TCS	₹42,147 cr	₹38,327 cr	10%
ICICI Bank	₹34,037 cr	₹25,110 cr	36%

Source: Company reports, Trendlyne

The share of the top five companies in Nifty50’s profit rose sharply to 43.7% in FY23, from 38.6% in FY22.

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