Gujarat PSUs earned profit of Rs 1,000 crore

Against the aggregate investment of nearly Rs 2.5 lakh crore, State Public Sector Undertakings (SPSU) of Gujarat earned profit of hardly over Rs 1,000 crore during the financial year 2018-19.

Of the 87 SPSU, 16 were inactive as on March 31, 2019 said the sources in the state finance department adding that the active SPSU did turnover of Rs 1.48 lakh crore during the period as per their latest financial statements. The turnover of the PSUs was 9.88% of Gujarat’s Gross Domestic Products (GDP) for the financial year.

Of these PSUs, as many as four are listed in stock exchanges including Gujarat Mineral Development Corporation (GMDC), Gujarat State Fertilizer Corporation (GSFC), Gujarat Narmada Valley Fertilizer Corporation (GNFC) and Gujarat Alkalies and Chemicals (GACL).

Sources further said that the thrust of SPSUs investment was mainly in the power and infrastructure sector as the percentage share of investment in Infrastructure sector was as high as 35.85% in 2018-19.

Of the total SPSUs, 10 are engaged in electricity related businesses. The turnover of the power sector SPSUs was Rs 1.09 lakh crore.

The power sector SPSUs earned profit of Rs 1,084.95 crore during the year. In the case of the remaining 77 SPSUs including 73 State government companies and four statutory corporations’ turnover was around Rs 1.42 lakh crore. Out of these 77 SPSUs, 61 were active. Of the active SPSUs, 44 earned profit of Rs 2487 crore while remaining incurred loss of Rs. 2570 crore. “It means, overall the 87 SPSUs of Gujarat earned aggregate profit of Rs 1,002.49 crore during the financial year 2018-19,” said a senior official with the state finance department.

The present value of investments as on March 31, 2019 in 61 active SPSUs is approximately Rs 1.95 lakh crore. Net Worth of 77 SPSUs as on the date was Rs 65,322 crore. In the case of 10 power sector SPSUs value of investments was Rs 1.23 lakh crore and networth was Rs 26,333 crore as on the date.