Economic Survey: Mining sector PSUs post highest rise in net profit in FY12

Economic Survey: Mining sector PSUs post highest rise in net profit in FY12 New Delhi: Public sector companies in the mining sector have registered the highest increase in net profit of over 29 percent to Rs 61,610 crore in 2011-12, says the Economic Survey.

"CPSEs in the mining sector registered the highest increase of 29.5 percent to Rs 61,610 crore in net profit and turnover of Rs 1.88 lakh crore, up 17.7 percent, in 2011-12 compared to the same period in 2010-11," the survey for 2012-13 tabled in Parliament on Wednesday said.

However, PSUs operating in manufacturing sector recorded a decline of 22.7 percent to Rs 23,720 crore in their net profit in 2011-12. This was despite a rise of 27.73 percent to Rs 12.10 lakh crore in the turnover during the period, it said.

The survey said net profit of PSUs operating in electricity sector grew by 13.4 percent to Rs 21,239 crore and their turnover rose by 16.2 percent rise to Rs 97,623 crore during the period under review.

Besides, it said, the share of industrial CPSEs in the total investment in CPSEs in terms of gross block stood at 77.46 percent during the year.

It further said that "There were total 260 CPSEs, under the administrative ministries/departments as on March 31, 2012. Of these, 225 were in operation and 35 under construction."

As on March 31, 2011, there were 248 CPSEs in the country.

Also, the government had set a target of raising Rs 40,000 crore by way of disinvestment in various CPSEs during 2011-12 and raised Rs 13,854 crore, which included disinvestment by way of 'offer for sale' (OFS) in Oil and Natural Gas Commission (ONGC) amounting to Rs 12,749.50 crore.

For 2012-13, the government has set a disinvestment target of Rs 30,000 crore. So far in the current fiscal, it has been able to realise Rs 21,504 crore through stake sale in five companies including NBCC, Hindustan Copper, NMDC and NTPC.

The government has said it is likely to offload its stake in four PSUs -- NALCO, MMTC, Rashtriya Chemicals and Fertilisers (RCF) and SAIL -- in the 2012-13 fiscal.