New Delhi, Dec 22 (IANS) Overall Net Profit of operating Central Public Sector Enterprises (CPSEs) rose to Rs 3.22 lakh crore in FY24 as against Rs 2.18 lakh crore in FY23 showing an increase of over 47 per cent, according to an official report.
The market capitalisation of CPSEs more than doubled in Fiscal Year 2024-25 as compared to Fiscal Year 2023-24, the report said.
The major contributors to the increase in market cap are NTPC Ltd, Oil & Natural Gas Corporation Ltd, Hindustan Aeronautics Ltd, Coal India Ltd and Indian Railway Finance Corporation Ltd.
A major proportion of the increase in profit of Rs 0.89 lakh crore was contributed by the Petroleum (Refinery & Marketing) group, according to the report compiled by the Public Enterprises Department of the Finance Ministry.
“Within the Petroleum (Refinery & Marketing) group, the major contribution towards the increase in Overall Net Profit is contributed by Indian Oil Corporation Ltd (Rs 0.31 lakh crore). The profitability of the Petroleum (Refinery & Marketing) group has impacted the overall profitability,” the survey said.
Net Loss of loss-incurring CPSEs was Rs 0.21 lakh crore as against Rs 0.29 lakh crore showing a decrease of over 27 per cent. Major loss-incurring CPSEs are Bharat Sanchar Nigam Ltd, Rashtriya Ispat Nigam Ltd, Mahanagar Telephone Nigam Ltd, Bharat Petro Resources Ltd and NMDC Steel Ltd.
“Hindustan Petroleum Corporation Ltd. converted from a loss of Rs 0.15 lakh crore to a profit of Rs 0.15 Lakh crores in FY 2023-24, while Bharat Sanchar Nigam Ltd was able to reduce the loss from Rs 0.08 lakh crore in FY 2022-23 to Rs 0.05 lakh crore in FY 2023-24,” the report said.
Contribution to the Central Exchequer (CCE) of all CPSEs by way of excise duty, customs duty, GST, corporation tax, interest on Central Government loans, dividend, and other duties and taxes stood at Rs 4.85 lakh crore in FY 24 as against Rs 4.58 lakh crore in FY 23, showing an increase of around 6 per cent.
Among the components of CCE, Excise duty is the highest component which accounts for 46 per cent in FY 2023-24. The increase in CCE is mainly due to an 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 Ltd, Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd, Oil & Natural Gas Corporation Ltd and Mangalore Refinery and Petrochemicals Ltd.
–IANS
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