TCS, HCL Tech, Tech Mahindra In Forbes' 50 Best Companies In Asia-Pacific List

TCS makes it to the list for the seventh time while Tech Mahindra, the country's fifth-largest IT player, debuts on the list after net profits soared 112% to touch $500 million. Indian conglomerate ITC failed to make it to the list this year.

Forbes said TCS, India's largest IT company, boasts a market cap of $71.25 billion, bigger than the country's next three IT companies combined.

"Long dependent on the US market, (TCS) may soon generate more than half its revenue outside the US," the publication said.

South Korea has six companies on the list, followed by Hong Kong with three and two each from Japan, Australia, Malaysia, Singapore and Thailand.

Technology companies dominated the list with nine representatives.

The consumer durables industry has the second most members with seven companies, including four motor vehicle giants from China and India, as the rise of Asia's middle class continues to drive demand.

Three oil and gas companies make it into the rank, up from only one firm from last year.

The list is chosen from a pool of 1,300 companies in the region that have at least $3 billion in market cap or annual revenue.

Forbes took into account performance measures and outlook and did not include companies that carried a lot of debt or were more than 50% state-owned.

Read More: 9 Smartphones under 10, 000 with Excellent Battery Backup  and 10 Countries On The Edge Of Bankruptcy