Among mid-sized firms, India defeats China in Forbes Asia


Forbes Asia published a list of the top 200 mid-sized companies in the Asia-Pacific region last week in its 2022 edition. These companies have annual revenues under $1 billion and are publicly traded. This year, 24, as opposed to 26 in 2021, Indian companies made the “Best Under A Billion” list.

This placed India in fourth place among Asian countries, one spot ahead of China, which had 22 businesses on the list. The majority of publicly traded firms are located in Taiwan, with 30, followed by Japan with 29 and South Korea with 27.

The goal of the list, according to Forbes Asia, is to showcase companies that have long-term sustainable performance across several characteristics. In addition to these quantitative standards, qualitative filters were applied to weed out particular businesses that weren’t thought to meet the Forbes Asia profile. State-controlled businesses, subsidiaries of larger businesses, and corporations with significant governance, accounting, management, or environmental issues were excluded. According to Forbes Asia, their selection process “ensured a regional diversity of enterprises across the region.”

This year’s Best Under A Billion list highlights the shift in consumer spending away from healthcare and pharmaceutical companies, which dominated the list the previous year when the region was still severely impacted by the COVID-19 outbreak. The post-pandemic return to regular life has benefited everyone from fashion designers to mall owners, restaurant owners, consumer electronics manufacturers, entertainment businesses, and dealers of luxury brand items.

Taiwan’s Aspeed is one of 75 companies that were on the list last year and are back this year, showcasing their resilience in a fast-changing economy.

Indian clothing producer Dollar Industries is one of the businesses mentioned in the Forbes Asia report. Following the restoration of trade and supply chain disruptions brought on by COVID-19, Dollar Industries experienced 30% sales growth for the fiscal year that ended in March, with a 72% increase in net profit. The company recently expanded its selection of women’s clothes and also built a warehouse and a spinning mill.

Aarti Industries Limited is another company from India that made the list (AIL). Chemicals produced by AIL are utilized to produce medicines, agrochemicals, polymers, additives, surfactants, pigments, and dyes in the downstream process. AIL has evolved over the past ten years from an Indian company serving international markets to a worldwide organization with cutting-edge manufacturing facilities in India.

UMS Holdings, which offers precision engineering and manufacturing solutions to assist the semiconductor sector, is another Singaporean business that made the list. For the fiscal year that concluded on December 31, 2021, UMS’ net profit attributable to shareholders climbed by 46 percent to an all-time high of $38.7 million on record revenue of $198 million, which was a 65 percent rise over what it handled in the previous fiscal year.

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