Online edition of India's National Newspaper
Wednesday, Apr 23, 2008
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Online edition of India's National Newspaper Wednesday, Apr 23, 2008 ePaper | Mobile/PDA Version |
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NEW YORK:It may be reining gold for India origin executives as they are reaching the corner room of more Fortune-listed American firms but, ironically, total profits of such entities have more than halved in a year’s time. Compared to six last year, as many as 10 Fortune firms are now headed by CEOs of India origin, but the cumulative profits of these entities is down by half during this period, an analysis of the Fortune 1000 list reveals. The list has banking major Citigroup, which has Nagpur-born Vikram Pandit as its CEO, at the eighth position — the top slot for any PIO-run firms. Together, the ten companies have recorded revenue of about $253 billion for year 2007, which marks an increase of about $20 billion from a year ago. The six PIO-run firms in last year’s Fortune 1000 list had a total revenue of about $233 billion. While LSI Corporation, run by Abhijit Y. Talwarkar, has recorded a loss, the annual profit has declined for three others, namely Citigroup, Rajiv L Gupta-headed specialty chemicals firm Rohm & Haas and Surya Mohapatra-run medical devices maker Quest Diagnostics. However, the full-year revenue has increased for as many as nine companies, except for Hartford Financial Services, run by Ramani Ayer. All the 10 such companies in this year’s list are Citigroup, Indra Nooyi-led cola major PepsiCo, Hartford, Rohm & Haas, Quest Diagnostics, Shantanu Narayen-run Adobe Systems, Dinesh C. Paliwal-headed Harman International, Jai Nagarkatti- led life-sciences company Sigma-Aldrich, Francisco D’Souza- headed Cognizant Technology and LSI Corporation. — PTI
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