Continuing with their profitable trend, public sector companies recorded an unheard of 77 per cent growth in profit at Rs 12,469 crore (Rs 124.69 billion) during April-September 2002 in the midst of accelerated privatisation process.
Powered by an impressive 99.45 per cent profit growth in manufacturing sector PSUs reflecting an industrial upturn, as many as 166 state-owned enterprises recorded a turnover of Rs 2,04,695 crore (Rs 2046.95 billion) during first half of this fiscal to post over 6.0 per cent growth over the comparable period in 2001-02.
According to flash results compiled by the annual Public Enterprises Survey (2001-02), placed in Parliament on Monday, the net profit of 166 enterprises out of 230 PSEs increased from Rs 7,058 crore (Rs 70.58 billion) to Rs 12,469 crore (Rs 124.69 billion) as on September 2001, an increase of Rs 5411 crore (Rs 54.11 billion).
The 79 odd cash-rich PSUs became richer by adding Rs 5,183 crore (Rs 51.83 billion) to end the first half with an aggregate net profit of Rs 16,610 crore (Rs 166.1 billion) compared to Rs 11,427 crore (Rs 114.27 billion) in the year-ago period.
About 86 ailing PSUs reduced their losses by 228 crore (Rs 2.28 billion) to Rs 4,141 crore (Rs 41.41 billion) in April-September 2002 compared to Rs 4,369 crore (Rs 43.69 billion) in the year ago period.
The capital employed in these CPSEs also went up by 3.83 per cent to Rs 3,02,520 crore (Rs 302.52 billion) from Rs 2,90,947 crore (Rs 2909.47 billion).
There was a marginal increase in the turnover to capital employed ratio to 135.33 per cent from 132.76 per cent.
The services sector also indicated a better growth of about 10.75 per cent in turnover as compared to the manufacturing sector's performance at 5.43 per cent.