Financial Daily from THE HINDU group of publications
Wednesday, Jun 09, 2004
Industry & Economy - PSU
Indian Oil tops profitable PSU list
New Delhi , June 8
AMONG the 240 Central public sector undertakings (CPSUs), Indian Oil Corporation (IOC) has notched up the highest turnover of Rs 1,23,628 crore during fiscal 2002-03, while Oil and Natural Gas Corporation (ONGC), which was fourth in terms of turnover after Hindustan Petroleum and Bharat Petroleum, posted the highest annual profit of Rs 10,529 crore during that year.
Also, while Food Corporation of India (FCI), Steel Authority of India and Kochi Refineries ranked fifth, seventh and tenth, respectively, in terms of turnover, they were nowhere near the top profitable PSUs for that year.
These are some of the findings of the Public Enterprises Survey 2002-03 released here on Tuesday by the Ministry of Heavy Industries and Public Enterprises.
The survey shows that overall the CPSUs showed healthy growth during the year with a net 13.71 per cent increase in total gross turnover from Rs 4,78,732 crore in 2001-02 to Rs 5,44,390 crore in 2002-03 against a growth of 4.47 per cent registered during fiscal 2001-02.
According to the survey, the total net profit of the 240 CPSUs increased from Rs 25,978 crore in 2001-02 to Rs 32,141 crore during 2002-03, while the EPS increased from Rs 2.45 in 2001-02 to Rs 2.86 in 2002-03.
Among the loss-making CPSUs, Fertiliser Corporation tops the chart with an annual loss of Rs 1,166 crore in fiscal 2002-03 followed by Hindustan Fertiliser with a loss of Rs 1,058 crore.
Mangalore Refinery and Petrochemicals was the only loss making oil CPSU at that point of time with a loss of Rs 411 crore.
According to the findings, the top 10 profitable CPSUs earned a net profit of Rs 29,951 crore which is 52 per cent of the total net profit of Rs 43,085 crore of all the CPSUs.
On the other hand, the top 10 loss-making CPSUs accounted for an aggregate loss of Rs 5,345 crore, which is 48.84 per cent of the total loss of all the loss making CPSUs amounting to Rs 10,944 crore.
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