According to an official report, the total net profit of operating Central Public Sector Enterprises (CPSEs) increased to Rs 3.22 lakh crore in FY2024, compared to Rs 2.18 lakh crore in FY2023, an increase of over 47 per cent. Shows. The market capitalization of CPSEs more than doubled in FY 2024-25 compared to FY 2023-24, the report said.
Major contributors to the growth in market capitalization are NTPC Limited, Oil and Natural Gas Corporation Limited, Hindustan Aeronautics Limited, Coal India Limited and Indian Railway Finance Corporation Limited. According to the report compiled by the Department of Public Enterprises of the Finance Ministry, a major part of the profit increase of Rs 0.89 lakh crore was contributed by the Petroleum (Refinery and Marketing) group.
“Among the Petroleum (Refinery and Marketing) group, the major contributor to the growth in overall net profit is Indian Oil Corporation Limited (Rs 0.31 lakh crore), the survey said. “The profitability of the Petroleum (Refinery and Marketing) group has impacted the overall profitability.” Net loss of loss-making CPSEs stood at Rs 0.21 lakh crore as against Rs 0.29 lakh crore, a decline of more than 27 per cent. Major loss-making CPSEs include Bharat Sanchar Nigam Limited, Rashtriya Ispat Nigam Limited, Mahanagar Telephone Nigam Limited, Bharat Petro Resources Limited and NMDC Steel Limited.
“Hindustan Petroleum Corporation Ltd turned a loss of Rs 0.15 lakh crore into a profit of Rs 0.15 lakh crore in FY 2023-24, while Bharat Sanchar Nigam Ltd turned a profit of Rs 0.08 lakh crore in FY 2022-23,” the report said. “Succeeded in bringing down the deficit to Rs 0.05 lakh crore in the financial year 2023-24.” The contribution of all CPSEs to the Central Exchequer (CCE) through excise duty, customs duty, GST, corporation tax, interest on central government loans, dividends and other duties and taxes stood at Rs 4.85 lakh crore in FY24, while in FY24 In FY23 it was Rs 4.58 lakh crore, showing an increase of about 6 percent. Among the components of CCE, excise duty is the largest component, accounting for 46 per cent in FY 2023-24. The increase in CCE is mainly due to increase in corporation tax from Rs 0.56 lakh crore in (FY 2022-23) to Rs 0.81 lakh crore in (FY 2023-24).
The top five CPSEs contributing to the central exchequer are Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited, Oil and Natural Gas Corporation Limited and Mangalore Refinery and Petrochemicals Limited.
Comments are closed.