Revenue of Indian companies in UK down, but stay upbeat in Covid-19 crisis

An annual tracker launched on Friday exhibits that there are practically 850 Indian corporations primarily based within the UK, whose mixed income dwindled to £41.2 billion from £48 billion in 2019, however means that they continue to be positive in regards to the future amidst the Covid-19 pandemic.

The seventh ‘India Meets Britain Tracker’ developed by consultants Grant Thornton in collaboration with the Confederation of Indian Industry seeks to determine the fastest-growing Indian corporations within the UK, in addition to the highest Indian employers.

“Our research identified almost 850 Indian companies operating in the UK…Together, they paid £461.8 million in corporation tax, down from £684.2 million in 2019, and employed 110,793 people, up from 104,783 in 2019”, Anuj Chande of Grant Thornton mentioned.

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“This shows the continued importance of the contribution that Indian companies make to the UK economy. This year, 72 companies met the qualifying criteria and feature in the 2020 Tracker, achieving an average growth rate of 49%4 , compared with 46.7% in 2019”.

Seven corporations within the rating achieved turnover progress of greater than 100%, together with EESL Energypro Assets Ltd (715%), Route Mobile (UK) Ltd (202%) and Dhoot Transmission (UK) Ltd (186%).

One firm, Accord Healthcare Ltd, has appeared within the tracker yearly since its inception in 2014. Two corporations have featured in it for the final 4 years: Suprajit Europe Ltd and Bharti Airtel (UK) Ltd, it added.

On the challenges posed by the pandemic, the tracker mentioned: “Despite the issues that Indian companies are facing in the UK due to the pandemic, Indian businesses and entrepreneurs remain positive about investing in the UK”.

“Their optimistic, ‘can do’ attitude has been a feature of the UK-India relationship over the past decades. It will be a powerful asset as the two countries seek to strengthen their ties and rebuild their economies once the pandemic has passed”.

The tracker consists of Indian-owned corporates with operations headquartered or with a major base within the UK, with turnover of greater than £5 million, year-on-year income progress of a minimum of 10% and a minimal two-year observe file within the UK, primarily based on the newest printed accounts filed as at March 31, 2020.