Indian Oil Corporation Limited (IOCL) Oil and Natural Gas Corp (ONGC) and Coal India Limited (CIL) have emerged as the most profitable Central public sector undertakings (CPSU) for 2016-17. On the other hand, BSNL, Air India and MTNL registered the highest losses, as per Public Enterprises Survey 2016-17 tabled in Parliament on Tuesday said.
The top three profitable state-owned companies contributed 19.69%, 18.45% and 14.94%, respectively, to the total profit earned during 2016-17.
The Survey indicated that the number of loss-making central enterprises have continued to jump for the third consecutive year, growing to 82 in the last financial year.
The net loss posted by all 82 loss-making central companies stood at Rs 250.45 billion, with BSNL, Air India and MTNL incurring 55% of the overall losses. The loss making public sector undertakings also included Hindustan Photo Films Manufacturing Company Limited and Rashtriya Ispat Nigam Limited (RINL).
On an aggregate, the net profit of 257 public sector undertakings in the country grew 11.7% to Rs 1,27,602 crore in 2016-17, corresponding to 11.1% growth last year.
Oil companies registered a sharp growth in profits on account of moderation in oil prices and the govt’s decision to give them full resistance from under-recoveries. This resulted in Hindustan Petroleum Corporation Limited (HPCL) and Mangalore Refinery and Petrochemicals Limited entering the coveted list of the top ten profit-making PSUs. The oil PSUs jointly contributed 47% of the total profit by PSUs in 2016-17, up from 37.4% the year before.