According to a survey tabled in Parliament on Thursday, the Indian Oil Corporation, ONGC and NTPC emerged as the top three most profitable PSUs in 2017-18, while BSNL, Air India and MTNL incurred the highest losses for the second consecutive year.
A report published on Thursday by The Economic Times stated that the Public Enterprises Survey 2017-18, which mapped the performance of central public sector units, revealed that the top ten loss making PSUs claimed 84.71 per cent of the total losses made by all the 71 CPSEs.
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The report also stated that three star performers, including Indian Oil Corporation, Oil & Natural Gas Corporation (ONGC) and NTPC, contributed 13.37 per cent, 12.49 per cent and 6.48 per cent, respectively to the total profit earned by CPSEs during 2017-18, the survey revealed.
It has also been reported that Coal India and Power Grid Corporation were placed in the fourth and fifth positions in the list of top 10 profit making Central Public Sector Enterprises (CPSEs) in the 2017-18 fiscal.
Three worst performing PSUs include BSNL, Air India and MTNL, which contributed 52.15 per cent of the total loss incurred by CPSEs in 2017-18.
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On the other hand, Power Finance Corporation entered into the list of the top ten profit making CPSEs, while Mangalore Refinery & Petrochemicals Ltd has not featured in the latest list, the report said.
The top ten profit making CPSEs accounted for 61.83 per cent of the total profit earned by all the 184 profit making state-owned firms during the year.
Meanwhile, Bharat Coking Coal Limited incurred huge losses in 2017-18 and entered into the list of top ten loss making CPSEs, while India Infrastructure Finance Co and Eastern Coalfields, which were profit making PSUs till 2016-17, have started making losses and featured in the list of top ten loss making state-owned firms during 2017-18.
It may be mentioned that the Assam Government signed a Rs 10,000 crore MoU with OIL in the first part of this year at the ‘Advantage Assam: Global Investors Summit’.
According to media reports, ONGC has planned to invest around 60 billion rupees to drill 200 development wells in Assam’s Sivasagar district, a project that is expected to go on for around seven years, a senior official with the state-owned upstream giant.