BSNL, Air India and MTNL worst performing PSUs in FY 2017; Indian Oil, ONGC emerge as most profitable
Indian Oil, ONGC and Coal India have emerged as the most profitable PSUs for 2016-17, whereas BSNL, Air India and MTNL incurred the highest losses
New Delhi: Indian Oil, ONGC and Coal India have emerged as the most profitable PSUs for 2016-17, whereas BSNL, Air India and MTNL incurred the highest losses, according to a government survey tabled in Parliament.
The Public Enterprises Survey 2016-17, which mapped the performance of central public sector units, showed that the top ten loss-making state-owned firms accounted for a whopping 83.82 percent of the total losses made by 82 loss-making CPSEs during the year.
BSNL, Air India and MTNL incurred 55.66 percent of the total losses suffered by the top ten loss-making CPSEs in 2016-17.
The top three performers - Indian Oil Corporation Ltd, Oil and Natural Gas Corporation (ONGC) and Coal India Ltd - contributed 19.69 percent, 18.45 percent and 14.94 percent, 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 per cent 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 Rs 1,27,602 crore compared to Rs 1,14,239 crore during the previous year, showing a 11.7 percent growth.
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