Central PSUs Record 47 Per Cent Jump In Net Profit For 2023-24, Market Cap Doubles|Economy News

New Delhi: Overall Net Profit of operating Central Public Sector Enterprises (CPSEs) climbed to Rs 3.22 lakh crore in FY24 as versus Rs 2.18 lakh crore in FY23 revealing a boost of over 47 percent, according to a main record. The market capitalisation of CPSEs greater than increased in Fiscal Year 2024-25 as contrasted to Fiscal Year 2023-24, the record stated.

The significant factors to the boost in market cap are NTPC Ltd, Oil & & Natural Gas Corporation Ltd, Hindustan Aeronautics Ltd, Coal India Ltd andIndian Railway Finance Corporation Ltd A significant percentage of the boost in earnings of Rs 0.89 lakh crore was added by the Petroleum (Refinery & &Marketing )team, according to the record assembled 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 study stated.

Net Loss of loss-incurring CPSEs was Rs 0.21 lakh crore as versus Rs 0.29 lakh crore revealing a decline of over 27 percent. 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. .
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“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 record stated.

Contribution to the Central Exchequer( CCE) of all CPSEs using import tax task, customizeds task, GST, firm tax obligation, rate of interest on Central Government fundings, returns, and various other tasks and tax obligations stood at Rs 4.85 lakh crore in FY 24 as versus Rs 4.58 lakh crore in FY 23, revealing a boost of around 6 percent. .
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Among the elements of CCE, Excise task is the greatest element which represents 46 percent in FY 2023-24. The boost in CCE is mostly as a result of a boost in Corporation tax obligation from Rs 0.56 lakh crore in (FY 2022-23) to Rs 0.81 lakh crore in (FY 2023- 24). .
.(* )leading 5 CPSEs adding to the

The are Central Exchequer, Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd & & Oil and Natural Gas Corporation Ltd and Mangalore Refinery.Petrochemicals Ltd