To identify operationally efficient companies, annual data for the last three years have been considered for companies with market caps greater than Rs.100 crore. Financial sector stocks have not been included. The cost-to-income ratio has been worked out for the last three financial years, with 2023-24 as the latest financial year. The companies that have maintained cost-to-income ratios lower than their respective industry medians in all of the last three financial years have been considered. Only those companies that have improved their cost-to-income ratios in 2023-24, compared to 2022-23, have been further screened.
