BSNL, Air India, MTNL worst performing PSUs in FY 17
New Delhi: Indian Oil, Oil and Natural Gas Corporation (ONGC) and Coal India have emerged as the most profitable public sector units (PSUs) for 2016-17, whereas BSNL, Air India and MTNL incurred the highest losses, according to a government survey tabled in parliament on Monday.
The Public Enterprises Survey 2016-17, which mapped the performance of central public sector enterprises (CPSEs), showed that the top ten loss-making state-owned firms accounted for a whopping 83.82% of the total losses made by 82 loss-making CPSEs during the year.
BSNL, Air India and MTNL incurred 55.66% of the total losses suffered by the top ten loss-making CPSEs in 2016-17. The top three performers—Indian Oil Corporation Ltd, ONGC and Coal India Ltd—contributed 19.69%, 18.45% and 14.94%, respectively, to the total profit earned by the top ten profit making CPSEs during 2016-17.
Hindustan Petroleum Corporation and Mangalore Refinery and Petrochemicals Ltd have entered the coveted list of the top ten profit-making CPSEs, while Hindustan Fertiliser Corporation and Power Finance Corporation have moved out of this league.
The top ten profit-making companies accounted for 63.57% of the total profit made by 174 profit making CPSEs during the year. Hindustan Cables, BHEL and ONGC Videsh Limited (OVL), which had incurred losses in 2015-16, swung into profit in 2016-17, while Western Coalfields Ltd, STCL, Air India Engineering Services and Brahmaputra Crackers and Polymer Ltd entered into the top ten loss-making CPSEs.
The overall net profit of all 257 operating PSUs during 2016-17 stood at Rs1,27,602 crore compared to Rs1,14,239 crore during the previous year, showing a 11.7% growth.
- Uber’s self-driving casualty may not be the last
- Travis Kalanick buys real estate company, takes CEO reins
- South Korea’s Moon Jae-in says three-way summit with North Korea, US possible
- Google said to sweeten deals with publishers as tech woos media
- Midhani IPO opens today: Brokerages divided on prospects