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Profitability of PSUs continues to rise despite privatisation

Despite the current privatisation spree, the profitability of about 240 state-owned enterprises continued to improve, the Economic Survey for 2001-02 said.

The average gross margin of the 107 public-sector undertakings, which signed memoranda of understandings for 2000-01, was 15.5 per cent higher in 2000-01 than that of 1999-2000 and 12.8 per cent higher than the target set for them, the pre-Budget survey tabled in Parliament said.

All the PSUs increased their net profits to Rs 146 billion during 1999-2000 from Rs 132 billion in the previous year.

Net worth of the state-owned units also went up to Rs 1,611 billion from Rs 1,481 billion during 1998-99 while the paid up capital rose to Rs 824 billion from Rs 769 billion.

Forty nine PSUs were rated excellent, 26 very good, 12 good, 12 fair and seven poor, the survey said.

Twelve PSUs under the petroleum and natural gas ministry continued to improve their performance, the Economic Survey said.

The Oil PSUs recorded a net profit of Rs 118.25 billion against a paid up capital of Rs 52.04 billion during 2000-01, which was substantially higher than Rs 96.83 billion recorded in the previous year.

The survey pointed out that mergers of the oil PSUs was done to improve the viability of standalone companies, provide linkages and strengthen their competitiveness in the face of volatility in global oil markets.

Crude oil production fell to 1.9 per cent during April -November 2001-02 while natural gas production increased by 0.5 per cent over the same period last year.

PTI

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